Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities:
Net income (loss)	$ (869)	$ 4,545
Adjustments to reconcile net income to net cash used in operating activities:
Deferred taxes	(27)	(5,841)
Amortization of equity based compensation	985	254
Tax valuation adjustment from stock-based compensation	97	0
Distributions of earnings from unconsolidated joint ventures	0	2,702
Equity in net income of unconsolidated joint ventures	7	(1,868)
Deferred profit from unconsolidated joint ventures	312	(978)
Depreciation and amortization	125	113
Abandoned project costs	149	115
Net changes in operating assets and liabilities:
Restricted cash	138	138
Contracts and accounts receivable	5,875	(3,572)
Due from affiliates	53	1,505
Real estate inventories	(100,725)	(11,215)
Other assets	(1,603)	5,556
Accounts payable	5,470	3,546
Accrued expenses and other liabilities	(10,723)	(4,530)
Due to affiliates	(30)	0
Net cash used in operating activities	(100,766)	(9,530)
Investing activities:
Purchases of property and equipment	(174)	(155)
Contributions to unconsolidated joint ventures	(4,327)	(2,131)
Distributions of capital from unconsolidated joint ventures	3,531	6,492
Net cash provided by (used in) investing activities	(970)	4,206
Financing activities:
Borrowings from credit facility and other notes payable	115,339	21,677
Repayments of credit facility and other notes payable	(14,822)	(8,623)
Minimum tax withholding paid on behalf of employees for stock awards	(630)	0
Tax valuation adjustment from stock-based compensation	(97)	0
Net cash provided by financing activities	99,790	13,054
Net increase (decrease) in cash and cash equivalents	(1,946)	7,730
Cash and cash equivalents – beginning of period	45,874	44,058
Cash and cash equivalents – end of period	$ 43,928	$ 51,788