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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 31,883 $ 71
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 5,456 5,085
Equity in income of unconsolidated entities, net (1,542) (750)
Deferred income taxes, net 3,638 7
Amortization of stock-based compensation 3,625 3,435
Charges for impairments and lot option abandonments 349 5,202
Changes in assets and liabilities:    
Real estate inventories (127,509) (29,695)
Receivables (14,425) (6,642)
Other assets 1,154 (5,476)
Accounts payable 11,155 (14,708)
Accrued expenses and other liabilities (5,589) (73,446)
Returns on investments in unconsolidated entities, net 2,831 1,992
Net cash used in operating activities (88,974) (114,925)
Cash flows from investing activities:    
Purchases of property and equipment (8,239) (7,224)
Proceeds from sale of property and equipment 17 7
Investments in unconsolidated entities (929) (231)
Net cash used in investing activities (9,151) (7,448)
Cash flows from financing activities:    
Borrowings from debt 500,000  
Repayment of debt   (10)
Debt issuance costs 0 (3,124)
Proceeds from issuance of common stock under share-based awards 690 198
Minimum tax withholding paid on behalf of employees for share-based awards (5,446) (3,605)
Share repurchases (102,001) 0
Net cash provided by (used in) financing activities 393,243 (6,541)
Net increase (decrease) in cash and cash equivalents 295,118 (128,914)
Cash and cash equivalents–beginning of period 329,011 277,696
Cash and cash equivalents–end of period $ 624,129 $ 148,782