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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
OPERATING ACTIVITIES:      
Net Loss $ (33,877) $ (26,269) $ (62,109)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Inventory valuation adjustments and abandoned land transaction write-offs 21,938 13,158 49,346
Impairment of investment in Unconsolidated LLCs 1,029 0 7,731
Mortgage loan originations (376,132) (416,498) (420,761)
Proceeds from the sale of mortgage loans 365,234 406,944 420,943
Fair value adjustment of mortgage loans held for sale (3,065) 1,220 2,612
Net loss from property disposals 0 12 951
Bad debt expense 0 0 2,523
Depreciation 5,114 5,194 5,244
Amortization of intangibles, debt discount and debt issue costs 2,460 2,562 2,627
Loss on extinguishment of debt, including transaction costs 0 8,378 0
Share-based compensation expense 1,866 2,811 3,111
Deferred income tax benefit (12,950) (10,797) (8,220)
Deferred tax asset valuation allowance 12,950 10,797 8,220
Excess tax (benefit) deficiency from stock-based payment arrangements (233) 13 101
Equity in undistributed (income) loss of Unconsolidated LLCs 0 (275) 14
Write-off of unamortized debt discount and financing costs 0 311 554
Change in assets and liabilities:      
Cash held in escrow 3,155 (36) 3,511
Inventory (33,014) (44,996) 37,221
Other assets 1,524 34,351 9,287
Accounts payable 11,503 (9,232) 10,720
Customer deposits 1,118 (814) 325
Accrued compensation (123) (471) (2,169)
Other liabilities (2,458) (13,665) (3,301)
Net cash (used in) provided by operating activities (33,961) (37,302) 68,481
INVESTING ACTIVITIES:      
Change in restricted cash (2,566) (19,585) (19,155)
Purchase of property and equipment (1,352) (1,560) (4,008)
Acquisition, net of cash acquired (4,654) 0 0
Proceeds from the sale of property 0 0 7,878
Investment in Unconsolidated LLCs (752) (1,229) (5,003)
Return of investment from Unconsolidated LLCs 0 13 809
Net cash used in investing activities (9,324) (22,361) (19,479)
FINANCING ACTIVITIES:      
Repayments of senior notes, including transaction costs 0 (166,088) 0
Proceeds from issuance of senior notes 0 197,174 0
Proceeds from (repayments of) bank borrowings - net 20,409 8,055 (10,936)
Principal repayments of note payable-other and community development district bond obligations (52) (325) (10,782)
Net proceeds from issuance of common stock 0 0 52,568
Debt issue costs (220) (7,874) (2,318)
Payments on capital lease obligations 0 0 (91)
Proceeds from exercise of stock options 1,500 12 70
Excess tax deficiency (benefit) from stock-based payment arrangements 233 (13) (101)
Net cash provided by financing activities 21,870 30,941 28,410
Net (decrease) increase in cash and cash equivalents (21,415) (28,722) 77,412
Cash and cash equivalents balance at beginning of period 81,208 109,930 32,518
Cash and cash equivalents balance at end of period 59,793 81,208 109,930
Cash paid during the year for:      
Interest — net of amount capitalized 12,756 6,774 5,541
Income taxes (372) 302 201
NON-CASH TRANSACTIONS DURING THE YEAR:      
Community development district infrastructure (1,129) (1,074) (2,189)
Consolidated inventory not owned 2,476 (148) (4,933)
Contingent consideration related to acquisition $ 329 $ 0 $ 0