XML 18 R6.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
OPERATING ACTIVITIES:    
Net income $ 9,189 $ 9,568
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Equity in income of unconsolidated joint ventures (307) (198)
Mortgage loan originations (177,038) (151,285)
Proceeds from the sale of mortgage loans 210,960 165,257
Fair value adjustment of mortgage loans held for sale (1,359) (358)
Capitalization of originated mortgage servicing rights (1,561) (816)
Amortization of mortgage servicing rights 339 261
Depreciation 2,033 1,509
Amortization of debt discount and debt issue costs 851 797
Stock-based compensation expense 916 868
Deferred income tax expense 4,995 5,664
Change in assets and liabilities:    
Cash held in escrow (359) 208
Inventory (29,510) (42,182)
Other assets (3,013) (3,408)
Accounts payable (5,284) (5,886)
Customer deposits 3,900 3,593
Accrued compensation (14,457) (13,713)
Other liabilities 761 845
Net cash (used in) provided by operating activities 1,056 (29,276)
INVESTING ACTIVITIES:    
Change in restricted cash 689 603
Purchase of property and equipment (10,706) (111)
Investment in unconsolidated joint ventures (2,846) (1,337)
Net cash used in investing activities (12,863) (845)
FINANCING ACTIVITIES:    
Proceeds from bank borrowings - homebuilding operations 154,100 130,400
Repayments of bank borrowings - homebuilding operations (83,400) (70,400)
Net proceeds from (repayments of) bank borrowings - financial services operations (36,462) (13,656)
Principal repayments of notes payable-other and CDD bond obligations 364 (642)
Dividends paid on preferred shares (1,219) (1,219)
Debt issue costs (99) 0
Proceeds from exercise of stock options 73 61
Net cash (used in) provided by financing activities 33,357 44,544
Net increase (decrease) in cash and cash equivalents 21,550 14,423
Cash and cash equivalents balance at beginning of period 10,205 15,535
Cash and cash equivalents balance at end of period 31,755 29,958
SUPPLEMENTAL DISCLOSURE OF CASH PAID DURING THE YEAR:    
Interest — net of amount capitalized 253 (140)
Income taxes 451 97
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure (186) (257)
Consolidated inventory not owned (1,086) (309)
Distribution of single-family lots from unconsolidated joint ventures $ 14,427 $ (145)