XML 21 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows From Operating Activities:      
Net income $ 213,509 [1] $ 215,865 [1] $ 188,715
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
(Income) loss from unconsolidated joint ventures (1,966) 668 (949)
Cash distributions of income from unconsolidated joint ventures 2,830 1,875 3,375
Depreciation and amortization 41,151 27,347 21,916
Loss on disposal of property and equipment 39 11 17
Amortization of stock-based compensation 15,624 8,469 9,015
Excess tax benefits from share-based payment arrangements (9,250) (13,404)  
Deferred income tax provision 38,636 98,998 84,214
Changes in cash and equivalents due to:      
Mortgage loans held for sale (42,871) (52,838) (2,543)
Inventories - owned (497,836) (664,427) (433,652)
Inventories - not owned 34,770 (33,027) (43,319)
Other assets (2,998) 4,529 (2,279)
Accounts payable (89,461) 9,314 13,325
Accrued liabilities 26,462 34,223 7,949
Net cash provided by (used in) operating activities (271,361) (362,397) (154,216)
Cash Flows From Investing Activities:      
Investments in unconsolidated homebuilding joint ventures (91,453) (10,506) (24,328)
Distributions of capital from unconsolidated homebuilding joint ventures 19,582 18,010 4,763
Cash acquired in connection with merger 268,517    
Net cash paid for acquisitions   (33,770) (116,262)
Other investing activities (11,972) (4,754) (8,030)
Net cash provided by (used in) investing activities 184,674 (31,020) (143,857)
Cash Flows From Financing Activities:      
Change in restricted cash 652 (16,762) 6,565
Borrowing from revolving credit facility 852,700    
Principal payments on revolving credit facility (852,700)    
Principal payments on secured project debt and other notes payable (2,532) (1,458) (8,334)
Principal payments on senior notes payable (29,789) (4,971)  
Proceeds from the issuance of senior notes payable   300,000 300,000
Payment of debt issuance costs (1,016) (6,230) (5,316)
Net proceeds from (payments on) mortgage credit facilities 110,469 (11,454) 8,708
Repurchases of common stock (22,073) (36,781)  
Common stock dividend payments (4,851)    
Issuance of common stock under employee stock plans, net of withholdings 1,000 6,771 13,536
Excess tax benefits from share-based payment arrangements 9,250 13,404  
Other financing activities (222)    
Net cash provided by (used in) by financing activities 60,888 242,519 314,809
Net increase (decrease) in cash and equivalents (25,799) (150,898) 16,736
Cash and equivalents at beginning of year 212,393 363,291 346,555
Cash and equivalents at end of year 186,594 212,393 363,291
Cash and equivalents at end of year $ 212,393 $ 212,393 363,291
Preferred Stock [Member]      
Cash Flows From Financing Activities:      
Payment of issuance costs in connection with preferred shareholder equity transactions     $ (350)
[1] Per share amounts do not add across due to rounding differences in quarterly amounts and due to the impact of differences between the quarterly and annual weighted average share calculations.