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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 748,379 $ 859,414
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,405 8,991
Equity-based compensation expense 47,436 31,755
Contract land deposit recoveries, net (9,999) (6,342)
Gain on sale of loans, net (81,131) (94,813)
Mortgage loans closed (2,620,507) (3,133,046)
Mortgage loans sold and principal payments on mortgage loans held for sale 2,542,359 3,195,784
Net change in assets and liabilities:    
Increase in inventory (231,814) (431,379)
Increase in contract land deposits (10,630) (20,917)
Decrease (increase) in receivables 4,183 (16,394)
(Decrease) increase in accounts payable and accrued expenses (89,815) 25,716
Increase in customer deposits 54,959 21,656
Other, net (19,621) 2,781
Net Cash Provided by (Used in) Operating Activities 344,204 447,206
Cash flows from investing activities:    
Investments in and advances to unconsolidated joint ventures (1,224) (9,222)
Distribution of capital from unconsolidated joint ventures 180 0
Purchase of property, plant and equipment (11,448) (8,751)
Proceeds from the sale of property, plant and equipment 2,039 346
Net Cash Provided by (Used in) Investing Activities (10,453) (17,627)
Cash flows from financing activities:    
Purchase of treasury stock (311,125) (1,015,703)
Repayments of Senior Debt 0 (600,000)
Principal payments on finance lease liabilities (811) (723)
Proceeds from the exercise of stock options 161,724 113,822
Net Cash Provided by (Used in) Financing Activities (150,212) (1,502,604)
Net increase (decrease) in cash, restricted cash, and cash equivalents 183,539 (1,073,025)
Cash, restricted cash, and cash equivalents, beginning of the period 2,574,518 2,636,984
Cash, restricted cash, and cash equivalents, end of the period 2,758,057 1,563,959
Supplemental disclosures of cash flow information:    
Interest paid during the period, net of interest capitalized 14,781 32,627
Income taxes paid during the period, net of refunds 262,608 291,721
Distribution of earnings from unconsolidated joint ventures $ 2,000 $ 4,000