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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
OPERATING ACTIVITIES:    
Net income $ 33,872 $ 25,105
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in income of joint venture arrangements (127) (389)
Mortgage loan originations (468,832) (404,599)
Proceeds from the sale of mortgage loans 535,256 433,406
Fair value adjustment of mortgage loans held for sale (4,390) (2,185)
Capitalization of originated mortgage servicing rights (2,239) (2,964)
Amortization of mortgage servicing rights 546 751
Depreciation 4,608 4,149
Amortization of debt discount and debt issue costs 1,712 1,701
Stock-based compensation expense 2,566 2,126
Deferred income tax expense 797 13,832
Change in assets and liabilities:    
Inventory (146,171) (46,856)
Other assets 1,897 (7,185)
Accounts payable 9,860 18,791
Customer deposits 7,499 7,848
Accrued compensation (13,415) (10,566)
Other liabilities (2,759) 7,974
Net cash (used in) provided by operating activities (39,320) 40,939
INVESTING ACTIVITIES:    
Purchase of property and equipment (1,872) (11,029)
Return of investment from Investment in joint venture arrangements 1,078 0
Investment in joint venture arrangements (5,807) (5,782)
Net proceeds from sale of mortgage servicing rights 7,558 0
Net cash provided by (used in) investing activities 957 (16,811)
FINANCING ACTIVITIES:    
Proceeds from bank borrowings - homebuilding operations 289,400 192,200
Repayments of bank borrowings - homebuilding operations (191,700) (166,000)
Net repayment of bank borrowings - financial services operations (63,377) (30,982)
Proceeds from notes payable-other and community development district bond obligations (2,752) 111
Dividends paid on preferred shares (2,438) (2,438)
Debt issue costs (63) (193)
Proceeds from exercise of stock options 4,792 73
Net cash (used in) provided by financing activities 33,862 (7,229)
Net increase (decrease) in cash and cash equivalents (4,501) 16,899
Cash and cash equivalents balance at beginning of period 34,441 13,101
Cash and cash equivalents balance at end of period 29,940 30,000
SUPPLEMENTAL DISCLOSURE OF CASH PAID DURING THE YEAR:    
Interest — net of amount capitalized 7,381 (2,152)
Income taxes 17,770 1,801
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure 5,399 (296)
Consolidated inventory not owned 4,735 (838)
Distribution of single-family lots from joint venture arrangements $ 9,995 $ 14,978