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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:  
Net (loss)/income$ (9,332)$ 8,045
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities:  
Depreciation and amortization5,2676,139
Real-estate-related impairments2,3011,526
Stock-based compensation5,2154,062
Loss on early extinguishment of debt, net of transaction costs03,454
Equity in earnings from unconsolidated entities(3,931)(3,832)
Distributions of earnings from unconsolidated entities4,6095,236
Other operating expenses371(266)
Changes in assets and liabilities:  
Increase in real estate(60,785)(70,883)
Increase in deposits on real estate under option or contract(3,061)(1,038)
(Increase)/decrease in receivables and prepaid expenses and other assets(1,797)96,638
Increase/(decrease) in accounts payable and accrued liabilities6,794(9,256)
Increase/(decrease) in home sale deposits3,136(1,662)
Net cash (used in)/provided by operating activities(51,213)38,163
Cash flows from investing activities:  
Investments in unconsolidated entities(427)(546)
Distributions of capital from unconsolidated entities10152
Purchases of property and equipment(5,429)(5,039)
Proceeds from sales of property and equipment4065
Maturities of investments and securities324,000100,220
Payments to purchase investments and securities(213,896)(240,716)
(Increase)/decrease in restricted cash(1,765)7,400
Net cash provided by/(used in) investing activities102,533(138,464)
Cash flows from financing activities:  
Repayments of senior notes0(197,543)
Proceeds from issuance of senior notes0195,134
Debt issuance costs0(3,067)
Proceeds from stock option exercises1,8311,770
Net cash provided by/(used in) financing activities1,831(3,706)
Net increase/(decrease) in cash and cash equivalents53,151(104,007)
Cash and cash equivalents at beginning of period103,953249,331
Cash and cash equivalents at end of period$ 157,104$ 145,324