XML 19 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 20,943 $ 12,830
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 6,291 6,484
Stock based compensation 47 93
Gain on sale of investments (10,757) (40)
Other-than-temporary impairment loss 769 0
Deferred income tax expense 4,312 920
Cost of real estate sold 9,043 5,091
Expenditures for and acquisition of real estate to be sold (6,137) (5,397)
Accretion income and other (2,574) (1,544)
Impairment losses 133 357
Changes in operating assets and liabilities:    
Notes receivable (1,548) 518
Claim settlement receivable 0 (12,746)
Other assets (1,468) 1,646
Other liabilities 4,077 412
Income taxes receivable 26,671 1,948
Net cash provided by operating activities 49,802 10,572
Cash flows from investing activities:    
Expenditures for operating property (25,872) (3,146)
Expenditures for property and equipment (2,520) (632)
Proceeds from the disposition of assets 0 3
Purchases of investments (104,008) (308,174)
Maturities of investments 0 185,000
Sales of investments 144,256 83,307
Maturities of assets held by special purpose entities 787 787
Net cash provided by (used in) investing activities 12,643 (42,855)
Cash flows from financing activities:    
Capital contribution from non-controlling interest 188 0
Capital distribution to non-controlling interest (1,530) 0
Repurchase of common shares (135,995) (14,820)
Borrowings on construction loan 1,624 0
Principal payments for debt (1,050) (384)
Debt issue costs (20) 0
Net cash used in financing activities (136,783) (15,204)
Net decrease in cash and cash equivalents (74,338) (47,487)
Cash and cash equivalents at beginning of the period 241,111 212,773
Cash and cash equivalents at end of the period 166,773 165,286
Cash paid during the period for:    
Interest expense 10,879 10,921
Income taxes 5,403 2,302
Non-cash financing and investing activities:    
Increase in Community Development District debt 59 21
Expenditures for operating properties and property and equipment financed through accounts payable $ 4,125 $ 147