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, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net earnings $ 43,874 $ 23,572
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 5,866 3,670
Stock-based compensation 5,209 3,295
Equity in earnings from unconsolidated entities (2,610) (3,098)
Distributions of earnings from unconsolidated entities 3,244 3,280
Other 2,301 (18)
Changes in assets and liabilities:    
Increase in real estate (87,732) (89,222)
Decrease in deposits on real estate under option or contract 7,406 5,532
Decrease/(increase) in other receivables, prepaids and other assets 5,426 (20,162)
Decrease in accounts payable and accrued liabilities (15) (16,064)
(Decrease)/increase in home sale deposits (298) 4,449
Net cash used in operating activities (17,329) (84,766)
Cash flows from investing activities:    
Investments in unconsolidated entities 0 (10)
Purchases of property and equipment (6,383) (3,238)
Proceeds from sales of property and equipment 30 49
Maturities/sales of investments and securities 1,018 1,226
Payments to purchase investments and securities (1,018) (1,226)
Net cash used in investing activities (6,353) (3,199)
Cash flows from financing activities:    
Proceeds from Credit Facility, net 0 45,000
Repayment of loans payable and other borrowings (2,197) (3,048)
Repayment of senior notes (175,000) 0
Proceeds from issuance of senior notes 206,000 0
Payment of debt issuance costs (3,315) 0
Net cash provided by financing activities 25,488 41,952
Net increase/(decrease) in cash and cash equivalents 1,806 (46,013)
Cash and cash equivalents, beginning of period 170,746 131,702
Cash and cash equivalents, end of period $ 172,552 $ 85,689