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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 26,333 $ 106,560
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 11,561 12,579
Equity in income of unconsolidated entities, net (2,696) (2,587)
Deferred income taxes, net 3,097 12,428
Amortization of stock-based compensation 6,786 7,190
Charges for impairments and lot option abandonments 5,490 857
Changes in assets and liabilities:    
Real estate inventories (50,700) (188,407)
Receivables (6,778) 65,989
Other assets (1,774) (2,792)
Accounts payable (18,221) 16,066
Accrued expenses and other liabilities (80,964) (32,805)
Returns on investments in unconsolidated entities, net 3,927 4,873
Net cash used in operating activities (103,939) (49)
Cash flows from investing activities:    
Purchases of property and equipment (13,142) (15,682)
Proceeds from sale of property and equipment 46 3
Investments in unconsolidated entities (712) (1,178)
Net cash used in investing activities (13,808) (16,857)
Cash flows from financing activities:    
Borrowings from debt 400,000 0
Repayment of debt (381,895) (21,685)
Debt issuance costs (3,125) 0
Distributions to noncontrolling interests 0 (1)
Proceeds from issuance of common stock under share-based awards 199 1,633
Minimum tax withholding paid on behalf of employees for share-based awards (3,612) (6,049)
Net cash provided by (used in) financing activities 11,567 (26,102)
Net decrease in cash and cash equivalents (106,180) (43,008)
Cash and cash equivalents–beginning of period 277,696 282,914
Cash and cash equivalents–end of period $ 171,516 $ 239,906