22.	S upplemental Guarantor Information

Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior notes payable (please see Note 15 "Senior Notes Payable"). Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Three Months Ended March 31, 2016
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Homebuilding:
Revenues	$	461,738		$	534,454		$	189,491		―			$	1,185,683
Cost of sales		(372,841	)		(430,002	)		(135,652	)	―				(938,495	)
Gross margin		88,897			104,452			53,839		―				247,188
Selling, general and administrative expenses		(55,051	)		(67,846	)		(13,804	)	―				(136,701	)
Income (loss) from unconsolidated joint ventures		689			144			356		―				1,189
Equity income of subsidiaries		54,167		―			―				(54,167	)	―
Interest income (expense), net		1,337			(965	)		(372	)	―			―
Other income (expense)		(3,615	)		189			18		―				(3,408	)
Homebuilding pretax income		86,424			35,974			40,037			(54,167	)		108,268
Financial Services:
Financial services pretax income	―			―				6,936		―				6,936
Income before taxes		86,424			35,974			46,973			(54,167	)		115,204
Provision for income taxes		(13,763	)		(17,474	)		(11,306	)	―				(42,543	)
Net income	$	72,661		$	18,500		$	35,667		$	(54,167	)	$	72,661

	Three Months Ended March 31, 2015
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Homebuilding:
Revenues	$	136,892		$	219,728		$	113,658		―			$	470,278
Cost of sales		(103,358	)		(170,957	)		(81,858	)	―				(356,173	)
Gross margin		33,534			48,771			31,800		―				114,105
Selling, general and administrative expenses		(23,146	)		(32,750	)		(10,174	)	―				(66,070	)
Income (loss) from unconsolidated joint ventures		26		―				(477	)	―				(451	)
Equity income of subsidiaries		23,367		―			―				(23,367	)	―
Interest income (expense), net		3,223			(2,744	)		(479	)	―			―
Other income (expense)		(1,001	)		(148	)		853		―				(296	)
Homebuilding pretax income		36,003			13,129			21,523			(23,367	)		47,288
Financial Services:
Financial services pretax income	―			―				1,208		―				1,208
Income before taxes		36,003			13,129			22,731			(23,367	)		48,496
Provision for income taxes		(4,398	)		(7,324	)		(5,169	)	―				(16,891	)
Net income	$	31,605		$	5,805		$	17,562		$	(23,367	)	$	31,605

22.	S upplemental Guarantor Information (continued)

CONDENSED CONSOLIDATING BALANCE SHEET

	March 31, 2016
	CalAtlantic Group, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	86,958	$	35,975	$	46,595	―			$	169,528
Restricted cash	―		―			34,652	―				34,652
Intercompany receivables		2,136,557	―			74,958		(2,211,515	)	―
Inventories:
Owned		2,618,174		2,340,739		1,358,153	―				6,317,066
Not owned		29,382		36,231		3,978	―				69,591
Investments in unconsolidated joint ventures		6,064		4,537		126,990	―				137,591
Investments in subsidiaries		1,699,320	―		―			(1,699,320	)	―
Deferred income taxes, net		361,170	―		―			(12,043	)		349,127
Goodwill and other intangibles, net		969,315	―		―		―				969,315
Other assets		66,658		42,098		4,448	―				113,204
Total Homebuilding Assets		7,973,598		2,459,580		1,649,774		(3,922,878	)		8,160,074
Financial Services:
Cash and equivalents	―		―			23,691	―				23,691
Restricted cash	―		―			22,985	―				22,985
Mortgage loans held for sale, net	―		―			187,444	―				187,444
Mortgage loans held for investment, net	―		―			21,553	―				21,553
Other assets	―		―			17,633		(1,643	)		15,990
Total Financial Services Assets	―		―			273,306		(1,643	)		271,663
Total Assets	$	7,973,598	$	2,459,580	$	1,923,080	$	(3,924,521	)	$	8,431,737

LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	71,131	$	77,322	$	21,183	―			$	169,636
Accrued liabilities and intercompany payables		222,732		1,476,321		923,000		(2,150,243	)		471,810
Revolving credit facility		266,000	―		―		―				266,000
Secured project debt and other notes payable		94,856	―			4,004		(74,958	)		23,902
Senior notes payable		3,376,910	―		―		―				3,376,910
Total Homebuilding Liabilities		4,031,629		1,553,643		948,187		(2,225,201	)		4,308,258
Financial Services:
Accounts payable and other liabilities	―		―			16,567	―				16,567
Mortgage credit facilities	―		―			164,943	―				164,943
Total Financial Services Liabilities	―		―			181,510	―				181,510
Total Liabilities		4,031,629		1,553,643		1,129,697		(2,225,201	)		4,489,768

Equity:
Total Equity		3,941,969		905,937		793,383		(1,699,320	)		3,941,969
Total Liabilities and Equity	$	7,973,598	$	2,459,580	$	1,923,080	$	(3,924,521	)	$	8,431,737

22.	S upplemental Guarantor Information (continued)

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2015
	CalAtlantic Group, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	6,387	$	112,852	$	31,837	―			$	151,076
Restricted cash	―		―			35,990	―				35,990
Intercompany receivables		2,380,899	―			152,505		(2,533,404	)	―
Inventories:
Owned		2,524,927		2,304,305		1,240,727	―				6,069,959
Not owned		32,393		38,925		11,928	―				83,246
Investments in unconsolidated joint ventures		5,353		4,330		123,080	―				132,763
Investments in subsidiaries		1,644,453	―		―			(1,644,453	)	―
Deferred income taxes, net		405,945	―		―			(9,751	)		396,194
Goodwill		933,360	―		―		―				933,360
Other assets		67,578		48,027		3,163	―				118,768
Total Homebuilding Assets		8,001,295		2,508,439		1,599,230		(4,187,608	)		7,921,356
Financial Services:
Cash and equivalents	―		―			35,518	―				35,518
Restricted cash	―		―			22,914	―				22,914
Mortgage loans held for sale, net	―		―			325,770	―				325,770
Mortgage loans held for investment, net	―		―			22,704	―				22,704
Other assets	―		―			18,886		(1,643	)		17,243
Total Financial Services Assets	―		―			425,792		(1,643	)		424,149
Total Assets	$	8,001,295	$	2,508,439	$	2,025,022	$	(4,189,251	)	$	8,345,505

LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	91,873	$	82,906	$	16,902	―			$	191,681
Accrued liabilities and intercompany payables		415,803		1,538,096		903,761		(2,378,867	)		478,793
Secured project debt and other notes payable		170,167	―			4,061		(148,545	)		25,683
Senior notes payable		3,462,016	―		―		―				3,462,016
Total Homebuilding Liabilities		4,139,859		1,621,002		924,724		(2,527,412	)		4,158,173
Financial Services:
Accounts payable and other liabilities	―		―			39,860		(17,386	)		22,474
Mortgage credit facilities	―		―			303,422	―				303,422
Total Financial Services Liabilities	―		―			343,282		(17,386	)		325,896
Total Liabilities		4,139,859		1,621,002		1,268,006		(2,544,798	)		4,484,069

Equity:
Total Equity		3,861,436		887,437		757,016		(1,644,453	)		3,861,436
Total Liabilities and Equity	$	8,001,295	$	2,508,439	$	2,025,022	$	(4,189,251	)	$	8,345,505

22.	S upplemental Guarantor Information (continued)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Three Months Ended March 31, 2016
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(43,214	)	$	(42,551	)	$	58,143		$ ―			$	(27,622	)

Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(135	)		(45	)		(4,011	)	―				(4,191	)
Distributions of capital from unconsolidated homebuilding joint ventures	―			―				99		―				99
Loan to parent and subsidiaries	―			―				71,000			(71,000	)	―
Other investing activities		488			(199	)		853		―				1,142
Net cash provided by (used in) investing activities		353			(244	)		67,941			(71,000	)		(2,950	)

Cash Flows From Financing Activities:
Change in restricted cash	―			―				1,267		―				1,267
Borrowings from revolving credit facility		386,400		―			―			―				386,400
Principal payments on revolving credit facility		(120,400	)	―			―			―				(120,400	)
Principal payments on secured project debt and other notes payable		(1,724	)	―				(57	)	―				(1,781	)
Loan from subsidiary		(71,000	)	―			―				71,000		―
Net proceeds from (payments on) mortgage credit facilities	―			―				(138,479	)	―				(138,479	)
(Contributions to) distributions from Corporate and subsidiaries		(700	)	―				700		―			―
Repurchases of common stock		(87,050	)	―			―			―				(87,050	)
Common stock dividend payments		(4,792	)	―			―			―				(4,792	)
Issuance of common stock under employee stock plans, net of tax withholdings		2,055		―			―			―				2,055
Other financing activities	―				(23	)	―			―				(23	)
Intercompany advances, net		20,643			(34,059	)		13,416		―			―
Net cash provided by (used in) financing activities		123,432			(34,082	)		(123,153	)		71,000			37,197

Net increase (decrease) in cash and equivalents		80,571			(76,877	)		2,931		―				6,625
Cash and equivalents at beginning of period		6,387			112,852			67,355		―				186,594
Cash and equivalents at end of period	$	86,958		$	35,975		$	70,286		$ ―			$	193,219

	Three Months Ended March 31, 2015
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(26,142	)	$	(61,490	)	$	(6,439	)	―			$	(94,071	)

Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures	―			―				(7,639	)	―				(7,639	)
Distributions of capital from unconsolidated homebuilding joint ventures	―			―				5,732		―				5,732
Loan to parent and subsidiaries	―			―				10,000			(10,000	)	―
Other investing activities		(1,080	)		(697	)		(4,200	)	―				(5,977	)
Net cash provided by (used in) investing activities		(1,080	)		(697	)		3,893			(10,000	)		(7,884	)

Cash Flows From Financing Activities:
Change in restricted cash	―			―				(1,019	)	―				(1,019	)
Borrowings from revolving credit facility		27,700		―			―			―				27,700
Principal payments on revolving credit facility		(12,700	)	―			―			―				(12,700	)
Principal payments on secured project debt and other notes payable	―			―				(311	)	―				(311	)
Loan from subsidiary		70,000		―			―				(70,000	)	―
Net proceeds from (payments on) mortgage credit facilities	―			―				(77,876	)		80,000			2,124
(Contributions to) distributions from Corporate and subsidiaries		9,973		―				(9,973	)	―			―
Repurchases of common stock		(22,073	)	―			―			―				(22,073	)
Issuance of common stock under employee stock plans, net of tax withholdings		(3,930	)	―			―			―				(3,930	)
Excess tax benefits from share-based payment arrangements		3,369		―			―			―				3,369
Intercompany advances, net		(131,144	)		61,909			69,235		―			―
Net cash provided by (used in) financing activities		(58,805	)		61,909			(19,944	)		10,000			(6,840	)

Net increase (decrease) in cash and equivalents		(86,027	)		(278	)		(22,490	)	―				(108,795	)
Cash and equivalents at beginning of period		133,304			1,061			78,028		―				212,393
Cash and equivalents at end of period	$	47,277		$	783		$	55,538		―			$	103,598