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
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net earnings/(loss) $ 40,184 $ 3,251
Adjustments to reconcile net income/(loss) to net cash used in operating activities:    
Depreciation and amortization 4,658 3,614
Stock-based compensation 3,941 3,273
Loss on early extinguishment of debt 3,796 5,772
Excess income tax benefit from stock-based awards (1,687) 0
Equity in earnings from unconsolidated entities (5,998) (3,651)
Deferred tax asset valuation benefit (3,057) (7,705)
Distributions of earnings from unconsolidated entities 7,236 2,995
Other 4,022 1,202
Changes in assets and liabilities:    
Increase in real estate (113,992) (140,662)
(Increase)/decrease in deposits on real estate under option or contract (7,361) 424
(Increase)/decrease in receivables and prepaid expenses and other assets (13,167) 1,758
Increase in accounts payable and accrued liabilities 48,715 20,934
Increase in home sale deposits 13,189 3,888
Net cash used in operating activities (19,521) (104,907)
Cash flows from investing activities:    
Investments in unconsolidated entities (116) (405)
Distributions of capital from unconsolidated entities 74 0
Purchases of property and equipment (5,787) (4,383)
Proceeds from sales of property and equipment 32 364
Maturities of investments and securities 71,024 120,201
Payments to purchase investments and securities (76,938) (76,502)
Increase in restricted cash (4,327) (6,962)
Net cash (used in)/provided by investing activities (16,038) 32,313
Cash flows from financing activities:    
Repayments of senior notes (102,822) (315,080)
Proceeds from issuance of senior notes 175,000 300,000
Debt issuance costs (1,403) (5,334)
Excess income tax benefit from stock-based awards 1,687 0
Noncontrolling interest acquisition (257) 0
Proceeds from stock option exercises 10,916 1,222
Net cash provided by/(used in) financing activities 83,121 (19,192)
Net increase/(decrease) in cash and cash equivalents 47,562 (91,786)
Cash and cash equivalents at beginning of period 170,457 173,612
Cash and cash equivalents at end of period $ 218,019 $ 81,826