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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OPERATING ACTIVITIES:    
Net income $ 18,063 $ 16,883
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in income of joint venture arrangements (310) (17)
Mortgage loan originations (235,481) (217,346)
Proceeds from the sale of mortgage loans 297,125 262,644
Fair value adjustment of mortgage loans held for sale (676) (4,874)
Capitalization of originated mortgage servicing rights (1,066) (975)
Amortization of mortgage servicing rights 297 448
Depreciation 2,570 2,281
Amortization of debt discount and debt issue costs 782 854
Stock-based compensation expense 1,039 1,028
Deferred income tax expense 335 426
Change in assets and liabilities:    
Inventory (70,119) (54,758)
Other assets (7,229) (348)
Accounts payable (8,914) (8,809)
Customer deposits 6,790 4,524
Accrued compensation (22,454) (20,159)
Other liabilities (11,942) (5,077)
Net cash (used in) provided by operating activities (31,190) (23,275)
INVESTING ACTIVITIES:    
Purchase of property and equipment (130) (993)
Payments to Acquire Businesses, Gross (100,763) 0
Investment in joint venture arrangements (1,890) (3,197)
Net proceeds from sale of mortgage servicing rights 5,111 7,396
Net cash provided by (used in) investing activities (97,672) 3,206
FINANCING ACTIVITIES:    
Repayments of 2018 Convertible Notes (65,941) 0
Proceeds from bank borrowings - homebuilding operations 233,500 162,000
Principal repayments of bank borrowings - homebuilding operations (71,200) (91,400)
Net repayment of bank borrowings - financial services operations (65,484) (45,958)
(Principal repayment of) proceeds from notes payable - other and community development district bond obligations (565) 607
Dividends paid on preferred shares 0 (1,219)
Proceeds from exercise of stock options 426 496
Net cash (used in) provided by financing activities 30,736 24,526
Net increase (decrease) in cash and cash equivalents (98,126) 4,457
Cash and cash equivalents balance at beginning of period 151,703 34,441
Cash and cash equivalents balance at end of period 53,577 38,898
SUPPLEMENTAL DISCLOSURE OF CASH PAID DURING THE YEAR:    
Interest — net of amount capitalized 13,905 10,503
Income taxes 122 72
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure (550) 5,801
Consolidated inventory not owned (3,346) 4,440
Distribution of single-family lots from joint venture arrangements 659 7,012
Common stock issued for conversion of convertible notes $ 20,309 $ 0