Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities:    
Net income/(loss) $ 12,041 $ (4,754)
Adjustments to reconcile net income/(loss) to net cash used in operating activities:    
Depreciation and amortization 2,158 1,693
Stock-based compensation 1,844 1,653
Loss on early extinguishment of debt 700 0
Excess income tax benefit from stock-based awards 464 0
Equity in earnings from unconsolidated entities (2,632) (1,423)
Distributions of earnings from unconsolidated entities 3,722 1,252
Other operating expenses 3,632 313
Changes in assets and liabilities:    
Increase in real estate (38,876) (52,722)
Decrease/(increase) in deposits on real estate under option or contract 3,030 99
Increase in receivables and prepaid expenses and other assets (5,312) 1,355
Increase in accounts payable and accrued liabilities 14,671 (5,210)
Increase in home sale deposits 5,367 2,382
Net cash used in operating activities (119) (55,362)
Cash flows from investing activities:    
Investments in unconsolidated entities (28) (130)
Distributions of capital from unconsolidated entities 74 0
Purchases of property and equipment (2,704) (2,336)
Proceeds from sales of property and equipment 33 350
Maturities of investments and securities 43,999 50,000
Payments to purchase investments and securities (46,826) (76,503)
Increase in restricted cash 0 (83)
Net cash provided by investing activities (5,452) (28,702)
Cash flows from financing activities:    
Repayments of senior notes (17,264) 0
Proceeds from issuance of senior and senior convertible notes 175,000 0
Debt issuance costs (1,143) 0
Excess income tax benefit from stock-based awards 464 0
Proceeds from stock option exercises 3,078 1,055
Net cash provided by financing activities 160,135 1,055
Net increase in cash and cash equivalents 154,564 (83,009)
Cash and cash equivalents at beginning of period 170,457 173,612
Cash and cash equivalents at end of period $ 325,021 $ 90,603