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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
OPERATING ACTIVITIES:    
Net income $ 25,105 $ 22,918
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Equity in income of unconsolidated joint ventures (389) (212)
Mortgage loan originations (404,599) (333,684)
Proceeds from the sale of mortgage loans 433,406 350,591
Fair value adjustment of mortgage loans held for sale (2,185) 824
Capitalization of originated mortgage servicing rights (2,964) (2,283)
Amortization of mortgage servicing rights 751 552
Depreciation 4,149 3,141
Amortization of debt discount and debt issue costs 1,701 1,594
Stock-based compensation expense 2,126 1,978
Deferred income tax expense 13,832 13,358
Change in assets and liabilities:    
Cash held in escrow (467) 194
Inventory (46,856) (108,165)
Other assets (7,185) (6,551)
Accounts payable 18,791 15,305
Customer deposits 7,848 6,679
Accrued compensation (10,566) (11,387)
Other liabilities 7,974 (1,062)
Net cash (used in) provided by operating activities 40,472 (46,210)
INVESTING ACTIVITIES:    
Change in restricted cash 1,035 1,583
Purchase of property and equipment (11,029) (1,401)
Investment in unconsolidated joint ventures (5,782) (4,210)
Net cash used in investing activities (15,776) (4,028)
FINANCING ACTIVITIES:    
Proceeds from bank borrowings - homebuilding operations 192,200 220,700
Repayments of bank borrowings - homebuilding operations (166,000) (145,100)
Net proceeds from (repayments of) bank borrowings - financial services operations (30,982) (15,698)
Principal repayments of notes payable-other and CDD bond obligations 111 (1,288)
Dividends paid on preferred shares (2,438) (2,438)
Debt issue costs (193) (40)
Proceeds from exercise of stock options 73 340
Net cash (used in) provided by financing activities (7,229) 56,476
Net increase (decrease) in cash and cash equivalents 17,467 6,238
Cash and cash equivalents balance at beginning of period 10,205 15,535
Cash and cash equivalents balance at end of period 27,672 21,773
SUPPLEMENTAL DISCLOSURE OF CASH PAID DURING THE YEAR:    
Interest — net of amount capitalized (2,152) 6,696
Income taxes 1,801 1,278
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure (296) (1,075)
Consolidated inventory not owned (838) 13,507
Distribution of single-family lots from unconsolidated joint ventures $ 14,978 $ 3,834