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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Operating activities      
Net income $ 96,455 $ 50,295 $ 49,540
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation and amortization 12,031 6,973 5,580
Stock-based compensation expense 13,743 9,542 6,657
Deferred income taxes (4,155) 674 1,507
Distributions from unconsolidated subsidiaries 7,432 5,243  
Equity in income of unconsolidated subsidiaries (14,849) (12,176) (191)
(Gain) loss on disposition of assets 1,979 577 (446)
Changes in assets and liabilities:      
Cash held in escrow 13,640 (17,679) (8,227)
Accounts receivable 1,227 (166) (488)
Inventories (284,977) (83,380) (91,859)
Prepaid expenses and other assets (27,255) (16,583) (12,275)
Accounts payable 52,560 (3,670) 4,657
Accrued expenses and other liabilities (1,662) 1,405 854
Mortgage loans held for sale (61,747) (52,327)  
Net cash used in operating activities (195,578) (111,272) (44,691)
Investing activities      
Purchases of property and equipment (15,803) (17,627) (7,762)
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) (17,000)
Other investing activities 303 154 1,561
Net cash used in investing activities (43,536) (134,446) (23,201)
Financing activities      
Borrowings under revolving credit facilities 721,000 175,000 220,000
Payments on revolving credit facilities (518,500) (370,000) (160,000)
Proceeds from issuance of senior notes   527,500  
Proceeds from insurance notes payable 11,839 2,320 11,612
Extinguishments of debt assumed in business combination (94,231) (151,919)  
Principal payments on notes payable (5,371) (6,998) (9,217)
Debt issuance costs (3,642) (8,579) (1,156)
Net proceeds from mortgage repurchase facilities 56,236 48,320  
Net proceeds from issuances of common stock 30,947 98,063 11,369
Repurchases of common stock upon vesting of stock based compensation (5,484) (5,231) (1,015)
Repurchases of common stock under our stock repurchase program (10,952)   (2,393)
Net cash provided by (used in) financing activities 181,842 308,476 69,200
Net increase (decrease) (57,272) 62,758 1,308
Cash and cash equivalents and Restricted cash, Beginning of period 93,713 30,955 29,647
Cash and cash equivalents and Restricted cash, End of period 36,441 93,713 30,955
Supplemental cash flow disclosure      
Cash paid for income taxes 39,656 29,632 23,467
Cash and cash equivalents and Restricted cash      
Cash and cash equivalents 32,902 88,832 29,450
Restricted cash (Note 8) 3,539 4,881 1,505
Cash and cash equivalents and Restricted cash, End of period $ 36,441 $ 93,713 $ 30,955