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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
OPERATING ACTIVITIES:    
Net income $ 45,974 $ 33,872
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in loss (income) from joint venture arrangements (224) (127)
Mortgage loan originations (519,802) (468,832)
Proceeds from the sale of mortgage loans 584,700 535,256
Fair value adjustment of mortgage loans held for sale (1,318) (4,390)
Capitalization of originated mortgage servicing rights (2,486) (2,239)
Amortization of mortgage servicing rights 383 546
Depreciation 5,278 4,608
Amortization of debt discount and debt issue costs 1,443 1,712
Stock-based compensation expense 2,730 2,566
Deferred income tax expense 910 797
Change in assets and liabilities:    
Inventory (137,689) (146,171)
Other assets (4,166) 1,897
Accounts payable 13,730 9,860
Customer deposits 10,976 7,499
Accrued compensation (15,467) (13,415)
Other liabilities (4,673) (2,759)
Net cash (used in) provided by operating activities (19,701) (39,320)
INVESTING ACTIVITIES:    
Purchase of property and equipment (4,615) (1,872)
Return of capital from Investment in joint venture arrangements 676 1,078
Acquisition (100,960) 0
Cash contributions to joint venture arrangements (4,321) (5,807)
Net proceeds from sale of mortgage servicing rights 5,111 7,558
Net cash provided by (used in) investing activities (104,109) 957
FINANCING ACTIVITIES:    
Repayments of 2018 Convertible Notes (65,941) 0
Proceeds from bank borrowings - homebuilding operations 353,900 289,400
Principal repayments of bank borrowings - homebuilding operations (172,100) (191,700)
Net repayment of bank borrowings - financial services operations (75,032) (63,377)
(Principal repayment of) proceeds from notes payable - other and community development district bond obligations (1,214) (2,752)
Dividends paid on preferred shares 0 (2,438)
Debt issue costs (115) (63)
Proceeds from exercise of stock options 426 4,792
Net cash (used in) provided by financing activities 39,924 33,862
Net increase (decrease) in cash and cash equivalents (83,886) (4,501)
Cash and cash equivalents balance at beginning of period 151,703 34,441
Cash and cash equivalents balance at end of period 67,817 29,940
SUPPLEMENTAL DISCLOSURE OF CASH PAID DURING THE YEAR:    
Interest — net of amount capitalized 9,643 7,381
Income taxes 10,176 17,770
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure (1,260) 5,399
Consolidated inventory not owned (6,751) 4,735
Distribution of single-family lots from joint venture arrangements 10,641 9,995
Common stock issued for conversion of convertible notes $ 20,309 $ 0