XML 68 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net income $ 182,179 $ 168,666
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 12,583 9,375
Excess income tax benefit from equity-based compensation (6,786) (23,811)
Equity-based compensation expense 44,874 30,385
Contract land deposit recoveries, net (4,108) (4,590)
Gain on sale of loans (32,621) (43,951)
Mortgage loans closed (1,714,682) (1,673,257)
Mortgage loans sold and principal payments on mortgage loans held for sale 1,761,410 1,753,024
Distribution of earnings from unconsolidated joint ventures 4,790 4,323
Net change in assets and liabilities:    
Increase in inventory (272,457) (231,676)
Increase in contract land deposits (42,586) (22,399)
Increase in receivables (1,755) (3,909)
Increase in accounts payable and accrued expenses 22,224 114,395
Increase in customer deposits 18,401 22,540
Other, net (13,327) (10,950)
Net cash (used in) provided by operating activities (41,861) 88,165
Cash flows from investing activities:    
Investments in and advances to unconsolidated joint ventures   (11,000)
Distribution of capital from unconsolidated joint ventures 8,710 6,135
Additions to property, plant and equipment (27,324) (14,069)
Proceeds from sale of property, plant and equipment 626 381
Net cash used in investing activities (17,988) (18,553)
Cash flows from financing activities:    
Purchases of treasury stock (409,436) (435,809)
Repayments under non-recourse debt related to consolidated variable interest entity and note payable (2,819) (4,488)
Distributions to partner in consolidated variable interest entity (281)  
Excess income tax benefit from equity-based compensation 6,786 23,811
Proceeds from the exercise of stock options 65,639 7,564
Net cash used in financing activities (340,111) (408,922)
Net decrease in cash and cash equivalents (399,960) (339,310)
Cash and cash equivalents, beginning of the period 866,253 1,153,507
Cash and cash equivalents, end of the period 466,293 814,197
Supplemental disclosures of cash flow information:    
Interest paid during the period, net of interest capitalized 24,252 24,673
Income taxes paid during the period, net of refunds $ 121,772 $ 55,209