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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
OPERATING ACTIVITIES:    
Net income $ 36,047 $ 38,488
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Equity in income of unconsolidated joint ventures (413) (248)
Mortgage loan originations (654,905) (537,385)
Proceeds from the sale of mortgage loans 687,420 553,390
Fair value adjustment of mortgage loans held for sale (1,059) (761)
Capitalization of originated mortgage servicing rights (4,350) (3,789)
Amortization of mortgage servicing rights 1,262 729
Depreciation 6,328 4,823
Amortization of debt discount and debt issue costs 2,552 2,390
Stock-based compensation expense 3,483 3,073
Deferred income tax expense 20,911 23,469
Change in assets and liabilities:    
Cash held in escrow 18 265
Inventory (96,510) (203,144)
Other assets (16,364) (8,645)
Accounts payable 23,301 20,612
Customer deposits 6,872 7,217
Accrued compensation (6,073) (5,016)
Other liabilities 18,000 9,336
Net cash provided by (used in) operating activities 26,520 (95,196)
INVESTING ACTIVITIES:    
Change in restricted cash 1,880 3,615
Purchase of property and equipment (11,619) (2,003)
Investment in unconsolidated joint ventures (10,060) (10,725)
Net Proceeds from Sale of Mortgage Servicing Rights 0 3,065
Net cash used in investing activities (19,799) (6,048)
FINANCING ACTIVITIES:    
Proceeds from bank borrowings - homebuilding operations 276,800 329,400
Repayments of bank borrowings - homebuilding operations (235,600) (203,300)
Net repayment of bank borrowings - financial services operations (32,165) (12,140)
Proceeds from (principal repayment of) notes payable-other and CDD bond obligations 125 (155)
Dividends paid on preferred shares (3,656) (3,656)
Debt issue costs (193) (420)
Proceeds from exercise of stock options 73 1,035
Net cash (used in) provided by financing activities 5,384 110,764
Net increase (decrease) in cash and cash equivalents 12,105 9,520
Cash and cash equivalents balance at beginning of period 10,205 15,535
Cash and cash equivalents balance at end of period 22,310 25,055
SUPPLEMENTAL DISCLOSURE OF CASH PAID DURING THE YEAR:    
Interest — net of amount capitalized 8,919 5,705
Income taxes 2,073 1,694
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure (467) (1,412)
Consolidated inventory not owned (145) 10,810
Distribution of single-family lots from unconsolidated joint ventures $ 20,912 $ 5,460