XML 18 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Operating Activities:        
Net income $ 63,899 $ 33,871 $ 102,663 $ 56,120
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Stock-based compensation expense     6,075 2,038
Depreciation and amortization     9,952 2,704
Inventory impairments 200 750 4,850
Other-than-temporary impairment of marketable securities     182
Net gain on sale of available-for-sale marketable securities     (1,758)
Net gain on marketable equity securities (1,278)   (125)
Amortization of discount / premiums on marketable debt securities, net     (366)
Deferred income tax expense     3,557 10,033
Net changes in assets and liabilities:        
Trade and other receivables     (2,317) 5,419
Mortgage loans held-for-sale     30,929 43,491
Prepaid and other assets     (5,108) (7,602)
Accounts payable and accrued liabilities     15,835 8,845
Net cash provided by (used in) operating activities     (56,188) 122,136
Investing Activities:        
Purchases of marketable securities     (14,659) (12,043)
Maturities of marketable securities     50,000
Sales of marketable securities     12,460 11,450
Purchases of property and equipment     (13,051) (1,364)
Net cash provided by (used in) investing activities     34,750 (1,957)
Financing Activities:        
Payments on mortgage repurchase facility, net     (31,521) (45,358)
Dividend payments     (33,793) (25,809)
Proceeds from exercise of stock options     5,835 7,304
Net cash used in financing activities     (59,479) (63,863)
Net increase (decrease) in cash, cash equivalents and restricted cash     (80,917) 56,316
Cash, cash equivalents and restricted cash:        
Beginning of period     514,240 286,687
End of period 433,323 343,003 433,323 343,003
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 433,323 343,003 433,323 343,003
End of period 433,323 343,003 433,323 343,003
Homebuilding Segment [Member]        
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Inventory impairments 200 750 4,850
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 378,219 314,814 378,219 314,814
Restricted cash 7,443 5,027 7,443 5,027
Financial Services Segment [Member]        
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents $ 47,661 $ 23,162 47,661 23,162
Housing Completed or Under Construction [Member]        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     (133,576) (39,707)
Land and Land Under Development [Member]        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     $ (84,457) $ 37,521