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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities:      
Net income $ 238,312 $ 210,780 $ 141,835
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Stock-based compensation expense 26,016 14,017 5,857
Depreciation and amortization 23,054 21,326 5,321
Inventory impairments 935 21,850 10,010
Other-than-temporary impairment of marketable securities 0 0 286
Net gain on sale of available-for-sale marketable securities 0 0 (18,122)
Net (gain) loss on marketable equity securities (11,797) 3,745 0
Gain on sale of metropolitan district bond securities (related party) 0 0 (35,847)
Amortization of discount / premiums on marketable debt securities 0 (366) 0
Deferred income tax expense 13,670 3,729 44,787
Net changes in assets and liabilities:      
Trade and other receivables (12,997) (4,638) (13,763)
Mortgage loans held-for-sale (47,810) (11,097) 660
Prepaid expenses and other assets (4,694) (245) (13,121)
Accounts payable and accrued liabilities 66,205 49,325 22,320
Net cash provided by (used in) operating activities 57,833 (7,906) 70,506
Investing Activities:      
Purchases of marketable securities (11,708) (18,850) (67,239)
Maturities of marketable securities 0 50,000 0
Sales of marketable securities 7,637 16,230 83,315
Proceeds from sale of metropolitan district bond securities (related party) 0 0 44,253
Purchases of property and equipment (24,714) (27,166) (2,539)
Net cash provided by (used in) investing activities (28,785) 20,214 57,790
Financing Activities:      
Advances (payments) on mortgage repurchase facility, net 32,801 4,475 (2,145)
Proceeds from issuance of senior notes 0 0 146,463
Dividend payments (73,117) (67,718) (51,897)
Payments of deferred financing costs 0 (3,026) (2,665)
Issuance of shares under stock-based compensation programs, net 15,341 9,860 9,501
Net cash provided by (used in) financing activities (24,975) (56,409) 99,257
Net increase (decrease) in cash, cash equivalents and restricted cash 4,073 (44,101) 227,553
Cash, cash equivalents and restricted cash:      
Beginning of year 470,139 514,240 286,687
End of year 474,212 470,139 514,240
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 474,212 470,139 514,240
End of year 474,212 470,139 514,240
Homebuilding Segment [Member]      
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Inventory impairments 935 21,850 10,010
Net gain on sale of available-for-sale marketable securities 0 0 (17,775)
Gain on sale of metropolitan district bond securities (related party) 0 0 (35,847)
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 424,186 414,724 472,957
Restricted cash 14,279 6,363 8,812
Financial Services Segment [Member]      
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Net gain on sale of available-for-sale marketable securities (11,797) 3,745 0
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 35,747 49,052 32,471
Housing Completed or Under Construction [Member]      
Net changes in assets and liabilities:      
Housing completed or under construction and land under development (83,484) (12,082) (69,548)
Land and Land Under Development [Member]      
Net changes in assets and liabilities:      
Housing completed or under construction and land under development $ (149,577) $ (304,250) $ (10,169)