Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities
Net income	$ 1,978	$ 1,979
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,431	2,449
Amortization of premium/discount of marketable securities	328	392
Equity in earnings of unconsolidated joint ventures	(2,806)	(1,586)
Non-cash retirement plan expense	507	851
Deferred income taxes	1	0
Stock compensation expense	1,900	1,562
Changes in operating assets and liabilities:
Receivables, inventories and other assets, net	(2,830)	521
Current liabilities	124	(4,040)
Net cash provided by operating activities	1,633	2,128
Investing Activities
Maturities and sales of marketable securities	14,665	8,352
Funds invested in marketable securities	(12,200)	(6,142)
Property and equipment expenditures	(12,113)	(11,479)
Reimbursement proceeds from Communities Facilities District	4,971	0
Investment in unconsolidated joint ventures	0	(9,532)
Distribution of equity from unconsolidated joint ventures	1,100	0
Investments in long-term water assets	0	(482)
Other	(38)	453
Net cash (used in) provided by investing activities	(3,615)	(18,830)
Financing Activities
Borrowings of short-term debt	10,560	14,700
Repayments of short-term debt	(13,450)	(4,500)
Repayments of long-term debt	(126)	(116)
Taxes on vested stock grants	(529)	(515)
Net cash used in financing activities	(3,545)	9,569
Decrease in cash and cash equivalents	(5,527)	(7,133)
Cash and cash equivalents at beginning of year	5,638	9,031
Cash and cash equivalents at end of period	111	1,898
Supplemental cash flow information
Accrued capital expenditures included in current liabilities	1,383	1,183
Taxes paid	$ 2,117	$ 0