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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES    
Net loss (including net income attributable to non-controlling interests) $ (3,954,000) $ (3,208,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,786,000 2,425,000
Amortization of stock-based compensation 2,320,000 2,141,000
Change in fair value of contingent consideration (298,000) 0
Equity in loss (earnings) from unconsolidated entities (160,000) 10,000
Gain on disposal of assets (31,000) 0
Changes in operating assets and liabilities:    
Restricted cash (9,826,000) (8,818,000)
Land and other inventories (121,154,000) (111,226,000)
Receivables (4,182,000) (200,000)
Assets held for sale 0 19,537,000
Prepaid expenses and other assets 2,391,000 469,000
Accounts payable, estimated development liability, and accrued and other liabilities 16,822,000 14,168,000
Customer deposits 2,863,000 2,105,000
NET CASH USED IN OPERATING ACTIVITIES (112,423,000) (82,597,000)
INVESTING ACTIVITIES    
Investment in property and equipment (1,075,000) (549,000)
Proceeds from sales of property and equipment 31,000 12,000
Business acquisitions (95,182,000) (62,684,000)
Investment in unconsolidated entities (2,882,000) (1,955,000)
Return of capital from unconsolidated entities 0 33,000
NET CASH USED IN INVESTING ACTIVITIES (99,108,000) (65,143,000)
FINANCING ACTIVITIES    
Gross proceeds from issuance of debt 79,926,000 200,000,000
Gross proceeds from credit facility 40,000,000 0
Debt issuance costs (2,068,000) (9,220,000)
Principal payments of debt (53,163,000) (5,421,000)
Payments of credit facility (10,000,000) 0
Other financing activities, net (1,246,000) (501,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 53,449,000 184,858,000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (158,082,000) 37,118,000
Cash and cash equivalents at beginning of period 180,334,000 144,727,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 22,252,000 181,845,000
Non-cash transactions:    
Transfer from assets held for sale to land and other inventories 4,051,000 0
Distribution of land from unconsolidated joint venture $ 19,860,000 $ 0