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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Operating Activities:        
Net income $ 50,580 $ 53,392 $ 145,723 $ 156,055
Adjustments to reconcile net income to net cash used in operating activities:        
Stock-based compensation expense     18,178 8,500
Depreciation and amortization     15,478 15,406
Inventory impairments 0 11,098 610 11,848
Net gain on marketable equity securities (767) (3,004) (7,934) (3,129)
Amortization of discount / premiums on marketable debt securities, net     0 (366)
Deferred income tax expense     9,488 4,092
Net changes in assets and liabilities:        
Trade and other receivables     (4,682) (7,049)
Mortgage loans held-for-sale, net     32,191 23,278
Prepaid and other assets     (3,889) (12,328)
Accounts payable and accrued liabilities     23,929 26,067
Net cash used in operating activities     (33,118) (59,246)
Investing Activities:        
Purchases of marketable securities     (10,340) (17,183)
Maturities of marketable securities     0 50,000
Sales of marketable securities     6,277 13,310
Purchases of property and equipment     (20,128) (19,899)
Net cash provided by (used in) investing activities     (24,191) 26,228
Financing Activities:        
Payments on mortgage repurchase facility, net     (26,344) (21,556)
Dividend payments     (54,337) (50,733)
Issuance of shares under stock-based compensation programs, net     16,304 9,859
Net cash used in financing activities     (64,377) (62,430)
Net decrease in cash, cash equivalents and restricted cash     (121,686) (95,448)
Cash, cash equivalents and restricted cash:        
Beginning of period     470,139 514,240
End of period 348,453 418,792 348,453 418,792
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 348,453 418,792 348,453 418,792
End of period 348,453 418,792 348,453 418,792
Homebuilding Segment [Member]        
Adjustments to reconcile net income to net cash used in operating activities:        
Inventory impairments (0) 11,098 610 11,848
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 285,338 360,947 285,338 360,947
Restricted cash 16,325 7,866 16,325 7,866
Financial Services Segment [Member]        
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents $ 46,790 $ 49,979 46,790 49,979
Housing Completed or Under Construction [Member]        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     (251,749) (131,657)
Land and Land Under Development [Member]        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     $ (10,461) $ (149,963)