|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
| Net income from continuing operations |
$ 26,457 |
|
$ 23,527 |
|
| Adjustments to reconcile net income from continuing operations to net cash used for operating activities: |
|
|
|
|
| Depreciation and amortization |
4,802 |
|
4,718 |
|
| Inventory and other asset impairments and write-offs |
418 |
|
618 |
|
| Stock-based compensation expense |
6,862 |
|
5,633 |
|
| Changes in assets and liabilities: |
|
|
|
|
| Increase in inventories |
(67,449) |
|
(100,126) |
|
| Decrease in mortgage loans held-for-sale |
66,667 |
|
70,539 |
|
| Decrease in deferred income taxes |
3,488 |
|
11,833 |
|
| Net change in other assets, payables and other liabilities |
(66,236) |
|
(41,279) |
|
| Excess tax benefits from stock-based compensation |
(1,833) |
|
0 |
|
| Other operating activities, net |
(519) |
|
(326) |
|
| Net cash used for operating activities from continuing operations |
(27,343) |
|
(24,863) |
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
| Contributions to unconsolidated joint ventures |
(305) |
|
(31) |
|
| Return of investment in unconsolidated joint ventures |
367 |
|
0 |
|
| Additions to property, plant and equipment |
(7,569) |
|
(4,704) |
|
| Purchases of marketable securities, available-for-sale |
(275) |
|
(119,344) |
|
| Proceeds from sales and maturities of marketable securities, available-for-sale |
350 |
|
169,487 |
|
| Net cash (used for) provided by investing activities from continuing operations |
(7,432) |
|
45,408 |
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
| Retirement of long-term debt |
(126,481) |
|
0 |
|
| Decrease in borrowings against financial services revolving credit facilities, net |
(48,687) |
|
(13,965) |
|
| Common stock dividends |
(1,457) |
|
(1,432) |
|
| Issuance of common stock under stock-based compensation |
12,972 |
|
21,331 |
|
| Excess tax benefits from stock-based compensation |
1,833 |
|
0 |
|
| Decrease in restricted cash |
6,661 |
|
4,781 |
|
| Other financing activities, net |
(823) |
|
(93) |
|
| Net cash (used for) provided by financing activities from continuing operations |
(155,982) |
|
10,622 |
|
| Net (decrease) increase in cash and cash equivalents from continuing operations |
(190,757) |
|
31,167 |
|
| Cash flows from operating activities-discontinued operations |
0 |
|
(27) |
|
| Cash and cash equivalents at beginning of period |
521,195 |
[1] |
228,013 |
[1] |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD |
330,438 |
|
259,153 |
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
|
| Cash paid for income taxes |
(1,416) |
|
(949) |
|
| SUPPLEMENTAL DISCLOSURES OF NONCASH ACTIVITIES |
|
|
|
|
| Decrease (increase) in consolidated inventory not owned related to land options |
203 |
|
(1,441) |
|
| Increase in short-term borrowings |
$ 17,550 |
|
$ 85 |
|
|
|
|