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
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net earnings as reported $ 93,033 $ 78,375
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 8,154 7,169
Stock-based compensation 9,035 7,040
Loss on early extinguishment of debt 0 3,796
Excess income tax benefit from stock-based awards (2,197) (1,733)
Equity in earnings from unconsolidated entities (6,917) (9,555)
Deferred tax asset valuation benefit 0 (4,614)
Distributions of earnings from unconsolidated entities 8,784 10,796
Other 8,361 3,071
Changes in assets and liabilities:    
Increase in real estate (350,868) (221,668)
Increase in deposits on real estate under option or contract (27,552) (20,425)
Increase in receivables and prepaid expenses and other assets (19,502) (14,224)
Increase in accounts payable and accrued liabilities 34,501 106,862
Increase in home sale deposits 9,015 15,584
Net cash used in operating activities (236,153) (39,526)
Cash flows from investing activities:    
Investments in unconsolidated entities (245) (107)
Distributions of capital from unconsolidated entities 0 79
Purchases of property and equipment (16,367) (9,717)
Proceeds from sales of property and equipment 173 39
Maturities of investments and securities 115,584 132,900
Payments to purchase investments and securities (35,697) (139,672)
Cash paid for acquisitions (130,677) (18,379)
Increase in restricted cash 0 (1,966)
Net cash used in investing activities (67,229) (36,823)
Cash flows from financing activities:    
Repayment of senior subordinated notes 0 (102,822)
Proceeds from issuance of senior notes 0 175,000
Debt issuance costs 0 (1,403)
Excess income tax benefit from stock-based awards 2,197 1,733
Noncontrolling interest acquisition 0 (257)
Proceeds from issuance of common stock, net 110,420 0
Proceeds from stock option exercises 734 11,225
Net cash provided by financing activities 113,351 83,476
Net (decrease)/increase in cash and cash equivalents (190,031) 7,127
Cash and cash equivalents at beginning of period 274,136 170,457
Cash and cash equivalents at end of period $ 84,105 $ 177,584