XML 17 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating Activities:    
Net income $ 56,120 $ 36,476
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation expense 2,038 6,163
Depreciation and amortization 2,704 2,367
Impairment Data; Inventory Impairments 4,850 1,600
Other-than-temporary impairment of marketable securities 182 719
Gain on sale of marketable securities (1,758) (262)
Deferred income tax expense 10,033 7,873
Net changes in assets and liabilities:    
Restricted cash (1,249) (196)
Trade and other receivables 5,419 (26,235)
Mortgage loans held-for-sale 43,491 (3,029)
Prepaid expenses and other assets (7,602) (2,975)
Accounts payable and accrued liabilities 8,845 19,517
Net cash provided by (used in) operating activities 120,887 (22,086)
Investing Activities:    
Purchases of marketable securities (12,043) (15,426)
Sales of marketable securities 11,450 50,765
Purchases of property and equipment (1,364) (3,117)
Net cash provided by (used in) investing activities (1,957) 32,222
Financing Activities:    
Advances (payments) on mortgage repurchase facility, net (45,358) 4,686
Dividend payments (25,809) (24,504)
Proceeds from exercise of stock options 7,304
Net cash used in financing activities (63,863) (19,818)
Net increase (decrease) in cash and cash equivalents 55,067 (9,682)
Cash and cash equivalents:    
Beginning of period 282,909 180,988
End of period 337,976 171,306
Housing Completed or Under Construction [Member]    
Net changes in assets and liabilities:    
Housing completed or under construction and land under development (39,707) (186,805)
Land and Land Under Development [Member]    
Net changes in assets and liabilities:    
Housing completed or under construction and land under development $ 37,521 $ 122,701