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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
OPERATING ACTIVITIES    
Net loss (including net loss attributable to non-controlling interests) $ (26,878) $ (16,151)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,915 2,379
Amortization of stock-based compensation 643 580
Impairment of land and other inventories 14,097 168
Distribution (return) of earnings and notes receivable from unconsolidated entities 3,248 (32)
Equity (earnings) losses from unconsolidated entities (15) 207
Changes in operating assets and liabilities:    
Restricted cash 42 (22,381)
Receivables, net 802 (185)
Income tax receivable 0 33,627
Land and other inventories (49) 446
Prepaid expenses and other assets 1,922 252
Accounts payable and accrued and other liabilities 1,908 184
Earn-out liability (1,022) 0
Customer deposits and deferred revenues (159) 21
NET CASH USED IN OPERATING ACTIVITIES (3,546) (885)
INVESTING ACTIVITIES    
Investment in property and equipment (35) (48)
Return from (investment in) Poinciana Parkway 0 30
Investment in unconsolidated entities 0 (82)
NET CASH USED IN INVESTING ACTIVITIES (35) (100)
FINANCING ACTIVITIES    
Proceeds from issue of 7.50% Convertible Notes 100,000 0
Principal payments of real estate borrowings (1,856) (55,881)
Repurchase 4.50% Convertible Notes (59,402) 0
Debt issue costs (4,627) 0
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 34,115 (55,881)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 30,534 (56,866)
Cash and cash equivalents at beginning of period 115,502 217,132
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 146,036 $ 160,266