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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
OPERATING ACTIVITIES:    
Net income $ 17,723 $ 18,063
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in loss (income) from joint venture arrangements 121 (310)
Mortgage loan originations (251,200) (235,481)
Proceeds from the sale of mortgage loans 299,823 297,125
Fair value adjustment of mortgage loans held for sale (1,363) 676
Capitalization of originated mortgage servicing rights 803 1,066
Amortization of mortgage servicing rights 300 297
Depreciation 2,841 2,570
Amortization of debt discount and debt issue costs 676 782
Gain on Sale of Investments 0 (1,224)
Stock-based compensation expense 912 1,039
Deferred income tax expense 335 335
Change in assets and liabilities:    
Inventory (60,737) (70,119)
Other assets 2,225 (7,229)
Accounts payable 1,424 (8,914)
Customer deposits 4,281 6,790
Accrued compensation (24,835) (22,454)
Other liabilities (17,082) (11,942)
Net cash (used in) provided by operating activities (22,633) (32,414)
INVESTING ACTIVITIES:    
Purchase of property and equipment (460) (130)
Acquisition 0 (100,763)
Investment in joint venture arrangements (6,041) (1,890)
Net proceeds from sale of mortgage servicing rights 0 6,335
Net cash provided by (used in) investing activities (6,501) (96,448)
FINANCING ACTIVITIES:    
Repayments of 2018 Convertible Notes 0 (65,941)
Proceeds from bank borrowings - homebuilding operations 218,100 233,500
Payments for Repurchase of Common Stock (5,150) 0
Principal repayments of bank borrowings - homebuilding operations (116,700) (71,200)
Net repayment of bank borrowings - financial services operations (49,142) (65,484)
(Principal repayment of) proceeds from notes payable - other and community development district bond obligations 0 (565)
Dividends paid on preferred shares 0 0
Proceeds from exercise of stock options 2,428 426
Net cash (used in) provided by financing activities 49,536 30,736
Net increase (decrease) in cash and cash equivalents 20,402 (98,126)
Cash and cash equivalents balance at beginning of period 21,529 151,703
Cash and cash equivalents balance at end of period 41,931 53,577
SUPPLEMENTAL DISCLOSURE OF CASH PAID DURING THE YEAR:    
Interest — net of amount capitalized 14,460 13,905
Income taxes 362 122
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure (664) (550)
Consolidated inventory not owned (3,388) (3,346)
Distribution of single-family lots from joint venture arrangements 1,054 659
Common stock issued for conversion of convertible notes $ 0 $ 20,309