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Cash, Cash Equivalents and Restricted Cash
6 Months Ended
Jun. 30, 2015
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash
 
Cash and cash equivalents totaled $280.0 million and $521.2 million at June 30, 2015 and December 31, 2014, respectively. The Company considers all highly liquid short-term investments purchased with an original maturity of three months or less and cash held in escrow accounts to be cash equivalents.
 
At June 30, 2015 and December 31, 2014, the Company had restricted cash of $18.3 million and $35.7 million, respectively. The Company has various secured letter of credit agreements that require it to maintain cash deposits as collateral for outstanding letters of credit. Cash restricted under these agreements totaled $17.7 million and $33.8 million at June 30, 2015 and December 31, 2014, respectively. In addition, RMC Mortgage Corporation and its subsidiaries (“RMCMC”) had restricted cash related to funds held in trust for third parties that totaled $602,000 and $1.9 million at June 30, 2015 and December 31, 2014, respectively.