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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability $ 18,858 $ 0
Operating activities    
Net income 29,564 39,824
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 1,541 3,972
Net change in deferred income taxes 986 1,470
Stock based compensation expense 4,728 5,187
Equity in income of unconsolidated joint ventures (2,290) (1,465)
Distributions from unconsolidated joint ventures 1,257 3,815
(Gain) loss on extinguishment of debt (383) 0
Net changes in operating assets and liabilities:    
Receivables (2,695) (2,441)
Escrow proceeds receivable 0 (478)
Real estate inventories - owned 62,669 (198,518)
Real Estate Inventories Inventories Not Owned 75,561 0
Financial Services Liabilities (10,015) 0
Other assets, net (4,045) (1,693)
Accounts payable (14,345) 20,935
Accrued expenses (51,214) (558)
Net cash (used in) operating activities (59,803) (129,950)
Investing activities    
Cash paid for acquisitions, net of cash acquired 3,900 475,221
Sales (purchases) of property and equipment 310 (6,183)
Net cash (used in) investing activities (3,590) (481,404)
Financing activities    
Proceeds from borrowings on notes payable 67,112 120,739
Principal payments on notes payable (62,897) (53,898)
Proceeds from borrowings on revolver 285,000 255,000
Payments on revolver (197,000) (110,000)
Payment of deferred loan costs (87) (9,340)
Shares remitted to, or withheld by the Company for employee tax withholding (2,356) (4,696)
Payments to repurchase common stock 0 (6,121)
Finance Lease, Principal Payments (1,208) 0
Cash contributions from members of consolidated entities 2,854 120,102
Cash distributions to members of consolidated entities (22,709) (33,971)
Net cash provided by financing activities 65,112 477,815
Net increase (decrease) in cash and cash equivalents 1,719 (133,539)
Cash and cash equivalents — beginning of period 33,779 182,710
Cash and cash equivalents — end of period 35,498 49,171
Supplemental disclosures:    
Cash paid for taxes 22,525 21,298
Supplemental disclosures of non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for new operating lease liabilities 5,074 5,387
Accrued deferred loan costs 13 869
Business Combination, Purchase Price Holdback 5,000 0
Inventory reclassified to Other assets upon adoption of ASC 606 0 5,365
Non-cash additions to Real estate inventories - not owned and Liabilities from inventories not owned 75,561 52,776
Proceeds from Stock Options Exercised (6) 0
8 1/2% Senior Notes due November 15, 2020    
Financing activities    
Proceeds from issuance of 7% senior notes   350,000
5 3/4% Senior Notes due April 15, 2019    
Financing activities    
Principal payments of 8.5% Senior Notes 0 (150,000)
5 7/8% Senior Notes due January 31, 2025    
Financing activities    
Principal payments of 8.5% Senior Notes (3,591) 0
Payments on revolver   (110,000)
6% Senior Notes due September 1, 2023    
Financing activities    
Proceeds from issuance of 7% senior notes $ 0 $ 350,000