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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES:    
Net income $ 16,883 $ 9,189
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in income of joint venture arrangements (17) (307)
Mortgage loan originations (217,346) (177,038)
Proceeds from the sale of mortgage loans 262,644 210,960
Fair value adjustment of mortgage loans held for sale (4,874) (1,359)
Capitalization of originated mortgage servicing rights (975) (1,561)
Amortization of mortgage servicing rights 448 339
Depreciation 2,281 2,033
Amortization of debt discount and debt issue costs 854 851
Stock-based compensation expense 1,028 916
Deferred income tax expense 426 4,995
Change in assets and liabilities:    
Inventory (54,758) (29,510)
Other assets (348) (3,013)
Accounts payable (8,809) (5,284)
Customer deposits 4,524 3,900
Accrued compensation (20,159) (14,457)
Other liabilities (5,077) 761
Net cash (used in) provided by operating activities (23,275) 1,415
INVESTING ACTIVITIES:    
Purchase of property and equipment (993) (10,706)
Investment in joint venture arrangements (3,197) (2,846)
Net proceeds from sale of mortgage servicing rights 7,396 0
Net cash provided by (used in) investing activities 3,206 (13,552)
FINANCING ACTIVITIES:    
Proceeds from bank borrowings - homebuilding operations 162,000 154,100
Repayments of bank borrowings - homebuilding operations (91,400) (83,400)
Net repayment of bank borrowings - financial services operations (45,958) (36,462)
Proceeds from notes payable-other and community development district bond obligations 607 364
Dividends paid on preferred shares (1,219) (1,219)
Debt issue costs 0 (99)
Proceeds from exercise of stock options 496 73
Net cash (used in) provided by financing activities 24,526 33,357
Net increase (decrease) in cash and cash equivalents 4,457 21,220
Cash and cash equivalents balance at beginning of period 34,441 13,101
Cash and cash equivalents balance at end of period 38,898 34,321
SUPPLEMENTAL DISCLOSURE OF CASH PAID DURING THE YEAR:    
Interest — net of amount capitalized 10,503 253
Income taxes 72 451
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure 5,801 (186)
Consolidated inventory not owned 4,440 (1,086)
Distribution of single-family lots from joint venture arrangements $ 7,012 $ 14,427