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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES:      
Net income $ 396,868 $ 239,874 $ 127,587
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Impairment of inventory and abandoned land transaction write-offs 0 8,435 5,002
Equity in income from joint venture arrangements (103) (466) (311)
Mortgage loan originations (2,239,928) (1,843,576) (1,382,695)
Net loss (gain) from property disposals (1,943) 0 (448)
Proceeds from the sale of mortgage loans 2,195,980 1,764,845 1,394,841
Fair value adjustment of mortgage loans held for sale 2,586 (318) 2,261
Capitalization of originated mortgage servicing rights (16,213) (6,048) (4,684)
Amortization of mortgage servicing rights 1,640 2,427 1,547
Gain on sale of mortgage servicing rights (1,135) (33) 0
Depreciation 12,691 12,636 11,691
Amortization of debt discount and debt issue costs 2,584 2,515 2,712
Loss on early extinguishment of debt, excluding prepayment penalty 2,040 950 0
Stock-based compensation expense 8,559 7,138 5,846
Deferred Income Tax Expense (4,068) 3,448 3,851
Change in assets and liabilities:      
Inventory (508,189) (134,941) (88,358)
Other assets 2,329 (17,253) (2,072)
Accounts payable 58,836 60,643 (6,485)
Customer deposits 35,229 38,173 2,407
Accrued compensation 7,732 9,420 3,944
Other liabilities 27,682 20,465 (11,005)
Net cash (used in) provided by operating activities (16,823) 168,334 65,631
INVESTING ACTIVITIES:      
Purchase of property and equipment (25,301) (11,677) (4,526)
Return of Capital from Joint Venture Arrangements 1,213 2,477 812
Investment in and advances to joint venture arrangements (51,622) (28,539) (30,188)
Proceeds from the sale of mortgage servicing rights 15,417 3,869 0
Proceeds from sale of property 8,571 0 6,308
Net cash provided by (used in) investing activities (51,722) (33,870) (27,594)
FINANCING ACTIVITIES:      
Repayments of Senior Notes (250,000) (300,000) 0
Proceeds from issuance of senior notes 300,000 400,000 0
Proceeds from bank borrowings - homebuilding operations 0 306,800 696,500
Repayments of bank borrowings - homebuilding operations 0 (372,800) (747,900)
(Net repayment of) net proceeds from bank borrowings - financial services operations 40,526 88,730 (16,264)
Proceeds from (principal repayment of) notes payable-other and community development district bond obligations 478 (1,756) (110)
Repurchase of common shares (51,520) (1,912) (5,150)
Debt issue costs (6,622) (8,705) (203)
Proceeds from exercise of stock options 11,241 9,906 19,644
Net cash provided (used in) by financing activities 44,103 120,263 (53,483)
Net (decrease) increase in cash, cash equivalents and restricted cash (24,442) 254,727 (15,446)
Cash, Cash Equivalents, and Restricted Cash-Period Start 260,810 6,083 21,529
Cash, Cash Equivalents, and Restricted Cash-Period End 236,368 260,810 6,083
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Interest — net of amount capitalized 1,056 7,811 18,962
Income taxes 109,881 63,666 36,993
NON-CASH TRANSACTIONS DURING THE PERIOD:      
Community development district infrastructure 11,893 (5,335) 1,139
Consolidated inventory not owned (7,146) 1,980 (11,374)
Distribution of single-family lots from unconsolidated LLC's $ 28,064 $ 29,740 $ 27,672