Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net earnings $ 23,572 $ 20,969
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 3,670 3,402
Stock-based compensation 3,295 4,758
Excess income tax provision from stock-based awards 0 516
Equity in earnings from unconsolidated entities (3,098) (2,635)
Distributions of earnings from unconsolidated entities 3,280 3,477
Other (18) 1,048
Changes in assets and liabilities:    
Increase in real estate (89,222) (116,035)
Decrease/(increase) in deposits on real estate under option or contract 5,532 (4,046)
Increase in other receivables, prepaids and other assets (20,162) (168)
(Decrease)/increase in accounts payable and accrued liabilities (16,064) 455
Increase in home sale deposits 4,449 6,442
Net cash used in operating activities (84,766) (81,817)
Cash flows from investing activities:    
Investments in unconsolidated entities (10) (63)
Purchases of property and equipment (3,238) (3,940)
Proceeds from sales of property and equipment 49 35
Maturities/sales of investments and securities 1,226 645
Payments to purchase investments and securities (1,226) (645)
Net cash used in investing activities (3,199) (3,968)
Cash flows from financing activities:    
Proceeds from Credit Facility, net 45,000 0
Repayment of loans payable and other borrowings (3,048) (3,893)
Excess income tax provision from stock-based awards 0 (516)
Proceeds from stock option exercises 0 161
Net cash provided by/(used in) financing activities 41,952 (4,248)
Net decrease in cash and cash equivalents (46,013) (90,033)
Cash and cash equivalents, beginning of period 131,702 262,208
Cash and cash equivalents, end of period $ 85,689 $ 172,175