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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating activities    
Net income $ 26,732 $ 12,834
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 3,512 1,790
Stock-based compensation expense 3,865 1,453
Deferred income tax benefit (4,004) (1,631)
Excess tax benefit on stock-based compensation   (37)
Gain on disposition of assets (106) (145)
Changes in assets and liabilities:    
Accounts receivable (15,762) (11,094)
Inventories (156,544) (116,078)
Prepaid expenses and other assets 1,668 (10,894)
Accounts payable (8,766) (285)
Accrued expenses and other liabilities 2,502 14,816
Net cash used in operating activities (146,903) (109,271)
Investing activities    
Purchases of property and equipment (4,204) (393)
Proceeds on sale of assets 1,441  
Proceeds from secured note receivable 76  
Acquisitions of businesses   (178,235)
Net cash used in investing activities (2,687) (178,628)
Financing activities    
Borrowings under revolving credit facilities 135,000 99,000
Payments on revolving credit facilities (55,000) (99,000)
Proceeds from issuance of senior notes 58,956 198,478
Proceeds from issuances of notes payable 448 5,894
Principal payments on notes payable (6,815) (1,562)
Debt issuance costs (2,817) (5,132)
Net proceeds from issuances of common stock   81,890
Repurchases of common stock upon vesting of restricted stock awards (859)  
Excess tax benefit on stock-based compensation   37
Net cash provided by financing activities 128,913 279,605
Net increase (decrease) in cash and cash equivalents (20,677) (8,294)
Cash and cash equivalents, Beginning of period 33,462 109,998
Cash and cash equivalents, End of period 12,785 101,704
Non-cash investing and financing information    
Secured note receivable from sale of Tuscany golf course 3,000  
Supplemental cash flow disclosure    
Cash paid for income taxes 18,439 13,289
Cash paid for interest, net of amounts capitalized $ 8 $ 13