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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES:      
Net income $ 490,662 $ 396,868 $ 239,874
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Impairment of inventory and abandoned land transaction write-offs 18,352 0 8,435
Equity in income from joint venture arrangements (6) (103) (466)
Mortgage loan originations (2,069,615) (2,239,928) (1,843,576)
Net loss (gain) from property disposals 0 (1,943) 0
Proceeds from the sale of mortgage loans 2,103,139 2,195,980 1,764,845
Fair value adjustment of mortgage loans held for sale (408) 2,586 (318)
Capitalization of originated mortgage servicing rights (8,872) (16,213) (6,048)
Amortization of mortgage servicing rights 1,624 1,640 2,427
Loss on sale of mortgage servicing rights 318    
Gain on sale of mortgage servicing rights   (1,135) (33)
Depreciation 12,982 12,691 12,636
Amortization of debt discount and debt issue costs 2,568 2,584 2,515
Loss on early extinguishment of debt, excluding prepayment penalty 0 2,040 950
Stock-based compensation expense 8,787 8,559 7,138
Deferred Income Tax Expense (7,767) (4,068) 3,448
Change in assets and liabilities:      
Inventory (348,650) (508,189) (134,941)
Other assets (31,476) 2,329 (17,253)
Accounts payable (15,908) 58,836 60,643
Customer deposits (14,746) 35,229 38,173
Accrued compensation 8,745 7,732 9,420
Other liabilities 34,342 27,682 20,465
Net cash (used in) provided by operating activities 184,071 (16,823) 168,334
INVESTING ACTIVITIES:      
Purchase of property and equipment (9,333) (25,301) (11,677)
Return of Capital from Joint Venture Arrangements 1,892 1,213 2,477
Investment in and advances to joint venture arrangements (20,139) (51,622) (28,539)
Proceeds from the sale of mortgage servicing rights 200 15,417 3,869
Proceeds from sale of property 0 8,571 0
Net cash provided by (used in) investing activities (27,380) (51,722) (33,870)
FINANCING ACTIVITIES:      
Repayments of Senior Notes 0 (250,000) (300,000)
Proceeds from issuance of senior notes 0 300,000 400,000
Proceeds from bank borrowings - homebuilding operations 362,000 0 306,800
Repayments of bank borrowings - homebuilding operations (362,000) 0 (372,800)
(Net repayment of) net proceeds from bank borrowings - financial services operations (20,419) 40,526 88,730
Proceeds from (principal repayment of) notes payable-other and community development district bond obligations (4,549) 478 (1,756)
Repurchase of common shares (55,334) (51,520) (1,912)
Debt issue costs (2,581) (6,622) (8,705)
Proceeds from exercise of stock options 1,366 11,241 9,906
Net cash provided (used in) by financing activities (81,517) 44,103 120,263
Net (decrease) increase in cash, cash equivalents and restricted cash 75,174 (24,442) 254,727
Cash, Cash Equivalents, and Restricted Cash-Period Start 236,368 260,810 6,083
Cash, Cash Equivalents, and Restricted Cash-Period End 311,542 236,368 260,810
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Interest — net of amount capitalized (649) (1,056) (7,811)
Income taxes 155,052 109,881 63,666
NON-CASH TRANSACTIONS DURING THE PERIOD:      
Community development district infrastructure 9,612 11,893 (5,335)
Consolidated inventory not owned 14,280 (7,146) 1,980
Distribution of single-family lots from unconsolidated LLC's $ 23,820 $ 28,064 $ 29,740