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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income $ 66,472 $ 49,114 $ 37,048
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 25,654 24,499 12,631
Non-cash stock-based expense 5,621 3,251 2,519
Acceleration of interest expense related to debt conversion 0 5,205 12,414
Loss (gain) on sale of assets 77 (540) 170
Deferred income taxes (13,195) 22,026 466
Distributions from long-term investments 1,258 1,416 2,011
Equity in (losses) earnings from long-term investments 2,681 (3,140) (3,126)
(Gain) loss on sale of investment securities available for sale (11,138) 11 (5,152)
Equity in earnings from real estate ventures (2,001) (4,103) (22,925)
Distributions from investments in real estate ventures 5,894 5,152 4,251
Non-cash interest expense 6,504 35,584 22,995
Non-cash interest income 0 0 (90)
Gain on acquisition of Douglas Elliman 0 0 (60,842)
Impairment of investment securities 12,846 0 0
Impairment of long-term investments 811 0 0
Impairment of real estate held for sale 230 0 0
Changes in assets and liabilities:      
Receivables (1,414) (11,197) 5,975
Inventories 3,806 3,173 6,897
Accounts payable and accrued liabilities 37,936 5,708 41,047
Payments due under the Master Settlement Agreement (2,796) (925) (32,690)
Other assets and liabilities, net 5,233 (27,858) 28,427
Net cash provided by operating activities 144,479 107,376 52,026
Cash flows from investing activities:      
Sale of investment securities 270,576 154,615 117,021
Maturities of investment securities 5,491 930 27
Purchase of investment securities (214,146) (305,731) (170,463)
Proceeds from sale or liquidation of long-term investments 1,303 2,416 10,927
Purchase of long-term investments (10,000) (12,000) (5,501)
(Increase) decrease in restricted assets (6,889) (872) 1,081
Investments in real estate ventures (70,272) (40,916) (75,731)
Distributions from investments in real estate ventures 17,563 7,309 3,142
Issuance of notes receivable (4,410) (8,250) (8,600)
Cash acquired in Douglas Elliman consolidation 0 0 116,935
Proceeds from sale of fixed assets 4 4 48
Capital expenditures (10,977) (23,404) (13,275)
Increase in cash surrender value of life insurance policies (1,742) (484) (628)
Purchase of subsidiaries 0 (750) (67,616)
Repayment of notes receivable 4,000 4,850 0
Purchase of preferred securities 0 (1,000) 0
Pay down of investment securities 8,739 1,849 681
Proceeds from sale of preferred securities 1,000 0 0
Investments in real estate held for sale (12,603) 0 0
Net cash used in investing activities (22,363) (221,434) (91,952)
Cash flows from financing activities:      
Proceeds from issuance of debt 2,105 413,914 457,767
Repayments of debt (6,684) (12,601) (422,581)
Deferred financing charges (624) (12,360) (11,750)
Borrowings under revolver 153,361 886,130 978,788
Repayments on revolver (167,915) (898,788) (977,794)
Dividends and distributions on common stock (188,151) (167,328) (144,711)
Distributions to non-controlling interest (3,280) (9,339) (11,764)
Contributions from non-controlling interest 813 0 0
Proceeds from exercise of Vector options 1,441 5,151 544
Tax benefit of options exercised 821 1,178 38
Net cash (used in) provided by financing activities (208,113) 205,957 (131,463)
Net (decrease) increase in cash and cash equivalents (85,997) 91,899 (171,389)
Cash and cash equivalents, beginning of year 326,365 234,466 405,855
Cash and cash equivalents, end of year $ 240,368 $ 326,365 $ 234,466