Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Net income	$ 1,575	$ 4,820
Adjustments to reconcile net income to net cash used in operating activities:
Deferred taxes	(27)	(5,841)
Amortization of equity based compensation	1,742	1,235
Tax valuation adjustment from stock-based compensation	97	0
Distributions of earnings from unconsolidated joint ventures	1,095	7,452
Equity in net income of unconsolidated joint ventures	(3,940)	(5,124)
Deferred profit from unconsolidated joint ventures	332	(1,435)
Depreciation and amortization	251	232
Abandoned project costs	329	443
Net changes in operating assets and liabilities:
Restricted cash	104	148
Contracts and accounts receivable	9,164	6,016
Due from affiliates	88	2,172
Real estate inventories	(170,246)	(103,750)
Other assets	(50)	4,076
Accounts payable	3,737	4,094
Accrued expenses and other liabilities	(9,711)	(4,704)
Due to affiliates	(239)	0
Net cash used in operating activities	(165,699)	(90,166)
Investing activities:
Purchases of property and equipment	(296)	(238)
Cash assumed from joint venture at consolidation	2,009	0
Contributions to unconsolidated joint ventures	(5,656)	(4,712)
Distributions of capital from unconsolidated joint ventures	7,405	24,806
Net cash provided by investing activities	3,462	19,856
Financing activities:
Borrowings from credit facility	175,000	74,450
Repayments of credit facility	11,000	10,000
Borrowings from other notes payable	343	1,799
Repayments of other notes payable	(15,636)	(2,517)
Payments of Debt Issuance Costs	(1,064)	0
Cash distribution to noncontrolling interest in subsidiary	(725)	(822)
Minimum tax withholding paid on behalf of employees for stock awards	(647)	0
Tax valuation adjustment from stock-based compensation	(97)	0
Net cash provided by financing activities	146,174	62,910
Net increase (decrease) in cash and cash equivalents	(16,063)	(7,400)
Cash and cash equivalents – beginning of period	45,874	44,058
Cash and cash equivalents – end of period	$ 29,811	$ 36,658