XML 66 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Nov. 30, 2011
Nov. 30, 2010
Nov. 30, 2009
Cash flows from operating activities:      
Net loss $ (178,768) $ (69,368) $ (101,784)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:      
Equity in (income) loss/gain on wind down of unconsolidated joint ventures 36,553 (772) 35,600
Distributions of earnings from unconsolidated joint ventures 8,703 20,410 7,662
Loss on loan guaranty 30,765    
Gain on sale of operating property (8,825)    
Amortization of discounts and issuance costs 2,150 2,149 1,586
Depreciation and amortization 2,031 3,289 5,235
(Gain) loss on early extinguishment of debt/loss on voluntary termination of revolving credit facility (3,612) 1,802 976
Tax benefits from stock-based compensation   (583) 4,093
Stock-based compensation 8,054 8,074 3,977
Inventory impairments and land option contract abandonments 25,791 19,925 168,149
Changes in assets and liabilities:      
Receivables (2,220) 211,318 35,667
Inventories (12,345) (129,334) 433,075
Accounts payable, accrued expenses and other liabilities (253,547) (199,205) (252,620)
Other, net (2,275) (1,669) 8,296
Net cash provided (used) by operating activities (347,545) (133,964) 349,912
Cash flows from investing activities:      
Investments in unconsolidated joint ventures (67,260) (15,669) (19,922)
Proceeds from sale of operating property 80,600    
Sales (purchases) of property and equipment, net (242) (420) (1,375)
Net cash provided (used) by investing activities 13,098 (16,089) (21,297)
Cash flows from financing activities:      
Change in restricted cash 50,996 (1,185) 1,112
Proceeds from issuance of senior notes     259,737
Payment of senior notes issuance costs     (4,294)
Repayment of senior and senior subordinated notes (100,000)   (453,105)
Payments on mortgages and land contracts due to land sellers and other loans (89,461) (101,154) (78,983)
Issuance of common stock under employee stock plans 1,796 1,851 3,074
Excess tax benefit associated with exercise of stock options 0 583 0
Payments of cash dividends (19,240) (19,223) (19,097)
Repurchases of common stock 0 (350) (616)
Net cash provided (used) by financing activities (155,909) (119,478) (292,172)
Net increase (decrease) in cash and cash equivalents (490,356) (269,531) 36,443
Cash and cash equivalents at beginning of year 908,430 1,177,961 1,141,518
Cash and cash equivalents at end of year $ 418,074 $ 908,430 $ 1,177,961