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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income $ 77,266 $ 66,472 $ 49,114
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 22,359 25,654 24,499
Non-cash stock-based expense 10,034 5,621 3,251
Acceleration of interest expense related to debt conversion 0 0 5,205
(Gain) loss on sale of assets (42) 77 (540)
Deferred income taxes 12,571 (13,195) 22,026
Distributions from long-term investments 1,347 1,258 1,416
Gain on liquidation of long-term investments accounted for at cost (189) 0 0
Equity in losses (earnings) from long-term investments 2,754 2,681 (3,140)
(Gain) loss on sale of investment securities available for sale (2,907) (11,138) 11
Equity in earnings from real estate ventures (5,200) (2,001) (4,103)
Distributions from real estate ventures 23,446 5,894 5,152
Non-cash interest expense (10,549) (6,504) (35,584)
Impairment of investment securities 5,381 12,846 0
Impairment of long-term investments 1,587 811 0
Impairment of real estate, net 0 230 0
Changes in assets and liabilities:      
Receivables (5,809) (1,414) (11,197)
Inventories (3,317) 3,806 3,173
Accounts payable and accrued liabilities (22,922) 37,936 5,708
Payments due under the Master Settlement Agreement (10,968) (2,796) (925)
Other assets and liabilities, net (18,304) 5,233 (27,858)
Net cash provided by operating activities 97,636 144,479 107,376
Cash flows from investing activities:      
Sale of investment securities 116,070 270,576 154,615
Maturities of investment securities 10,822 5,491 930
Purchase of investment securities (117,211) (214,146) (305,731)
Proceeds from sale or liquidation of long-term investments 4,552 1,303 2,416
Purchase of long-term investments (50) (10,000) (12,000)
Decrease (increase) in restricted assets 10,181 (6,889) (872)
Investments in real estate ventures (44,107) (70,272) (40,916)
Distributions from real estate ventures 33,204 17,563 7,309
Issuance of notes receivable 0 (4,410) (8,250)
Proceeds from sale of fixed assets 45 4 4
Capital expenditures (26,691) (10,977) (23,404)
Increase in cash surrender value of life insurance policies (484) (1,742) (484)
Purchase of subsidiaries (250) 0 (750)
Repayment of notes receivable 4,410 4,000 4,850
Purchase of preferred securities 0 0 (1,000)
Pay down of investment securities 9,212 8,739 1,849
Proceeds from sale of preferred securities 0 1,000 0
Investments in real estate held for sale (245) (12,603) 0
Net cash used in investing activities (542) (22,363) (221,434)
Cash flows from financing activities:      
Proceeds from issuance of debt 243,620 2,105 413,914
Repayments of debt (5,365) (6,684) (12,601)
Deferred financing costs (6,600) (624) (12,360)
Borrowings under revolver 144,294 153,361 886,130
Repayments on revolver (110,614) (167,915) (898,788)
Dividends and distributions on common stock (198,947) (188,151) (167,328)
Distributions to non-controlling interest (11,545) (3,280) (9,339)
Contributions from non-controlling interest 248 813 0
Proceeds from exercise of Vector options 398 1,441 5,151
Tax benefit of options exercised 579 821 1,178
Net cash provided by (used in) financing activities 56,068 (208,113) 205,957
Net increase (decrease) in cash and cash equivalents 153,162 (85,997) 91,899
Cash and cash equivalents, beginning of year 240,368 326,365 234,466
Cash and cash equivalents, end of year $ 393,530 $ 240,368 $ 326,365