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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Operating activities      
Net income $ 112,994 $ 96,455 $ 50,295
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation and amortization 13,382 12,031 6,973
Stock-based compensation expense 15,316 13,743 9,542
Loss on debt extinguishment 10,832    
Inventory impairment and other 4,783    
Deferred income taxes 3,174 (4,155) 674
Distributions from unconsolidated subsidiaries   7,432 5,243
Equity in income of unconsolidated subsidiaries   (14,849) (12,176)
Loss (gain) on disposition of assets 361 1,979 577
Changes in assets and liabilities:      
Cash held in escrow (10,964) 13,640 (17,679)
Accounts receivable (13,974) 1,227 (166)
Inventories (129,024) (284,977) (83,380)
Prepaid expenses and other assets 41,542 (27,255) (16,583)
Accounts payable (5,113) 52,560 (3,670)
Accrued expenses and other liabilities (39,263) (1,662) 1,405
Mortgage loans held for sale (72,853) (61,747) (52,327)
Net cash used in operating activities (68,807) (195,578) (111,272)
Investing activities      
Purchases of property and equipment (16,117) (15,803) (17,627)
Business combinations, net of acquired cash   (28,036) (130,047)
Proceeds from sale of South Carolina operations     17,074
Investment in unconsolidated subsidiaries     (4,000)
Proceeds from sale of intangible asset 1,730    
Other investing activities 104 303 154
Net cash used in investing activities (14,283) (43,536) (134,446)
Financing activities      
Borrowings under revolving credit facilities 1,548,500 721,000 175,000
Payments on revolving credit facilities (1,682,300) (518,500) (370,000)
Proceeds from issuance senior notes 500,000   527,500
Extinguishment of senior notes due 2022 (391,942)    
Principal payments on notes payable (20,237) (5,371) (6,998)
Proceeds from insurance notes payable 13,719 11,839 2,320
Extinguishments of debt assumed in business combination   (94,231) (151,919)
Debt issuance costs (6,140) (3,642) (8,579)
Net proceeds from mortgage repurchase facilities 69,540 56,236 48,320
Net proceeds from issuances of common stock 79,052 30,947 98,063
Repurchases of common stock upon vesting of stock-based compensation (3,583) (5,484) (5,231)
Repurchases of common stock under stock repurchase program (1,439) (10,952)  
Net cash provided by (used in) financing activities 105,170 181,842 308,476
Net increase (decrease) 22,080 (57,272) 62,758
Cash and cash equivalents and Restricted cash, Beginning of period 36,441 93,713 30,955
Cash and cash equivalents and Restricted cash, End of period 58,521 36,441 93,713
Supplemental cash flow disclosure      
Cash paid for income taxes 26,936 39,656 29,632
Cash and cash equivalents and Restricted cash      
Cash and cash equivalents 55,436 32,902 88,832
Restricted cash (Note 7) $ 3,085 $ 3,539 $ 4,881