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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
OPERATING ACTIVITIES:    
Net income $ 56,199 $ 36,047
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in income of joint venture arrangements (198) (413)
Mortgage loan originations (732,587) (654,905)
Proceeds from the sale of mortgage loans 798,946 687,420
Fair value adjustment of mortgage loans held for sale (4,326) (1,059)
Capitalization of originated mortgage servicing rights (3,873) (4,350)
Amortization of mortgage servicing rights 789 1,262
Depreciation 7,078 6,328
Amortization of debt discount and debt issue costs 2,632 2,552
Stock-based compensation expense 4,034 3,483
Deferred income tax expense 1,306 20,911
Change in assets and liabilities:    
Inventory (212,660) (96,510)
Other assets 4,763 (16,364)
Accounts payable 17,386 23,301
Customer deposits 8,427 6,872
Accrued compensation (9,341) (6,073)
Other liabilities (4,600) 18,000
Net cash (used in) provided by operating activities (66,025) 26,502
INVESTING ACTIVITIES:    
Purchase of property and equipment (6,017) (11,619)
Return of investment from Investment in joint venture arrangements 1,833 0
Investment in joint venture arrangements (8,439) (10,060)
Net proceeds from sale of mortgage servicing rights 7,558 0
Net cash provided by (used in) investing activities (5,065) (21,679)
FINANCING ACTIVITIES:    
Net proceeds from issuance of senior notes 250,000 0
Proceeds from bank borrowings - homebuilding operations 366,500 276,800
Principal repayments of bank borrowings - homebuilding operations (406,800) (235,600)
Net repayment of bank borrowings - financial services operations (61,620) (32,165)
(Principal repayment of) proceeds from notes payable - other and community development district bond obligations (2,358) 125
Dividends paid on preferred shares (3,656) (3,656)
Debt issue costs (6,572) (193)
Proceeds from exercise of stock options 4,791 73
Net cash (used in) provided by financing activities 140,285 5,384
Net increase (decrease) in cash and cash equivalents 69,195 10,207
Cash and cash equivalents balance at beginning of period 34,441 13,101
Cash and cash equivalents balance at end of period 103,636 23,308
SUPPLEMENTAL DISCLOSURE OF CASH PAID DURING THE YEAR:    
Interest — net of amount capitalized 15,386 8,919
Income taxes 27,702 2,073
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure 4,822 (467)
Consolidated inventory not owned 14,675 (145)
Distribution of single-family lots from joint venture arrangements 11,839 20,912
Common stock issued for conversion of convertible notes 57,500 0
Reclassification of preferred shares subject to redemption $ 50,420 $ 0