Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net income (loss)	$ 9,165	$ (773)
Adjustments to reconcile net income to net cash used in operating activities:
Deferred taxes	(4,439)	(1,387)
Amortization of equity based compensation	2,725	1,807
Distributions of earnings from unconsolidated joint ventures	10,514	784
Equity in net income of unconsolidated joint ventures	(9,180)	(995)
Deferred profit from unconsolidated joint ventures	(1,448)	0
Depreciation and amortization	349	245
Abandoned project costs	551	162
Net changes in operating assets and liabilities:
Restricted cash	146	(912)
Contracts and accounts receivable	2,080	(2,448)
Due from affiliates	1,873	51
Real estate inventories	(104,833)	(65,125)
Other assets	5,074	(153)
Accounts payable	7,665	9,997
Accrued expenses and other liabilities	(3,206)	(3,606)
Net cash used in operating activities	(82,964)	(62,353)
Investing activities:
Purchases of property and equipment	(289)	(846)
Contributions to unconsolidated joint ventures	(7,967)	(24,645)
Distributions of capital from unconsolidated joint ventures	25,682	3,073
Net cash provided by (used in) investing activities	17,426	(22,418)
Financing activities:
Net proceeds from issuance of common stock	0	87,800
Repurchase of common stock	0	(11,988)
Borrowings from notes payable	87,504	90,949
Repayments of notes payable	(29,581)	(31,535)
Cash distribution to noncontrolling interest in subsidiary	(822)	(52)
Minimum tax withholding paid on behalf of employees for stock awards	(248)	0
Net cash provided by financing activities	56,853	135,174
Net (decrease) increase in cash and cash equivalents	(8,685)	50,403
Cash and cash equivalents – beginning of period	44,058	9,541
Cash and cash equivalents – end of period	35,373	59,944
Supplemental disclosures of cash flow information
Interest paid, net of amounts capitalized	0	0
Income taxes paid	8,356	1,470
Supplemental disclosures of non-cash transactions
Purchase of real estate with note payable to land seller	0	17,000
Purchase of real estate with notes payable to affiliate	747	0
Contribution of real estate to unconsolidated joint ventures	18,828	1,890
Contribution of real estate from noncontrolling interest in subsidiary	1,301	751
Deductible transaction costs and additional contribution of deferred tax assets from IPO	$ 0	$ 707