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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES:      
Net income $ 127,587 $ 107,663 $ 72,081
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Impairment of inventory and abandoned land transaction write-offs 5,002 5,809 7,681
Equity in income from joint venture arrangements (311) (312) (539)
Mortgage loan originations (1,382,695) (1,200,474) (1,078,520)
Net loss (gain) from property disposals (448) 0 0
Proceeds from the sale of mortgage loans 1,394,841 1,206,167 1,064,635
Fair value adjustment of mortgage loans held for sale 2,261 (3,764) (3,675)
Capitalization of originated mortgage servicing rights (4,684) (4,550) (5,005)
Amortization of mortgage servicing rights 1,547 784 1,069
Gain on sale of mortgage servicing rights 0 (1,224) (654)
Depreciation 11,691 10,956 9,630
Amortization of debt discount and debt issue costs 2,712 2,791 3,475
Stock-based compensation expense 5,846 5,974 6,044
Deferred Income Tax Expense 3,851 4,957 12,437
Change in assets and liabilities:      
Inventory (88,358) (157,573) (168,622)
Other assets (2,072) 2,044 (186)
Accounts payable (6,485) 3,750 14,021
Customer deposits 2,407 1,521 4,222
Accrued compensation 3,944 3,486 2,338
Other liabilities (11,005) 9,403 6,384
Net cash (used in) provided by operating activities 65,631 (2,592) (53,184)
INVESTING ACTIVITIES:      
Purchase of property and equipment (4,526) (8,141) (8,799)
Acquisition 0 (100,960) 0
Return of Capital from Joint Venture Arrangements 812 676 3,518
Investment in and advances to joint venture arrangements (30,188) (31,867) (12,088)
Proceeds from the sale of mortgage servicing rights 0 6,335 8,212
Proceeds from sale of property 6,308 0 0
Net cash provided by (used in) investing activities (27,594) (133,957) (9,157)
FINANCING ACTIVITIES:      
Proceeds from issuance of senior notes 0 0 250,000
Proceeds from issuance of convertible senior subordinated notes 0 (65,941) 0
Proceeds from bank borrowings - homebuilding operations 696,500 666,600 398,300
Repayments of bank borrowings - homebuilding operations (747,900) (549,200) (438,600)
(Net repayment of) net proceeds from bank borrowings - financial services operations (16,264) (15,027) 15,300
Proceeds from (principal repayment of) notes payable-other and community development district bond obligations (110) (4,638) 4,161
Redemption of preferred shares 0 0 (50,420)
Dividends paid on preferred shares 0 0 (3,656)
Repurchase of common shares (5,150) (25,709) 0
Debt issue costs (203) (248) (6,707)
Proceeds from exercise of stock options 19,644 538 11,225
Net cash provided (used in) by financing activities (53,483) 6,375 179,603
Net increase (decrease) in cash, cash equivalents and restricted cash (15,446) (130,174) 117,262
Cash, Cash Equivalents, and Restricted Cash-Period Start 21,529 151,703 34,441
Cash, Cash Equivalents, and Restricted Cash-Period End 6,083 21,529 151,703
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Interest — net of amount capitalized 18,962 17,793 10,168
Income taxes 36,993 25,279 36,802
NON-CASH TRANSACTIONS DURING THE PERIOD:      
Community development district infrastructure 1,139 (657) 12,573
Consolidated inventory not owned (11,374) (2,237) 14,017
Distribution of single-family lots from unconsolidated LLC's 27,672 16,158 16,600
Common stock issued for conversion of convertible notes $ 0 $ 20,309 $ 57,500