| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||||||||||
Net Income (Loss) Attributable to Parent | ||||||||||
127,587 | 107,663 | 72,081 | 56,609 | 51,763 | 50,789 | 151,423 | 13,347 | -33,877 | -26,269 | -62,109 |
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||
Impairment of inventory and abandoned land transaction write-offs | ||||||||||
5,002 | 5,809 | 7,681 | 3,992 | 3,638 | 2,410 | 5,805 | 3,368 | 21,938 | 13,158 | 49,346 |
Impairment of investment in joint venture arrangements | ||||||||||
- | - | - | - | - | 1,047 | 0 | 390 | 1,029 | 0 | 7,731 |
Excess tax benefit from stock-based payment arrangements | ||||||||||
- | - | - | - | - | - | - | - | - | - | -101 |
Equity in loss (income) from joint venture arrangements | ||||||||||
311 | 312 | 539 | 640 | 498 | 347 | 306 | 0 | 0 | - | -14 |
Bargain purchase gain | ||||||||||
- | - | - | - | - | - | - | 1,219 | 0 | 0 | - |
Mortgage loan originations | ||||||||||
1,382,695 | 1,200,474 | 1,078,520 | 969,690 | 807,986 | 677,418 | 627,509 | 520,708 | 376,132 | 416,498 | 420,761 |
Net loss (gain) from property disposals | ||||||||||
448 | 0 | 0 | - | - | - | - | - | - | - | - |
Proceeds from the sale of mortgage loans | ||||||||||
1,394,841 | 1,206,167 | 1,064,635 | 939,080 | 773,189 | 669,625 | 614,726 | 505,368 | 365,234 | 406,944 | 420,943 |
Fair value adjustment of mortgage loans held for sale | ||||||||||
-2,261 | 3,764 | 3,675 | -3,591 | -590 | 3,191 | -2,094 | -1,494 | 3,065 | -1,220 | -2,612 |
Servicing Asset at Fair Value, Period Increase (Decrease) | ||||||||||
- | - | - | - | - | - | - | - | - | 0 | - |
Capitalization of originated mortgage servicing rights | ||||||||||
4,684 | 4,550 | 5,005 | -5,569 | -4,726 | -4,009 | 0 | 0 | - | - | - |
Amortization of mortgage servicing rights | ||||||||||
1,547 | 784 | 1,069 | 1,652 | 1,010 | 775 | 0 | 0 | - | - | - |
Net loss from property disposals | ||||||||||
- | - | - | - | - | - | - | - | - | - | -951 |
Bad debt expense | ||||||||||
- | - | - | - | - | - | - | - | - | - | 2,523 |
Depreciation | ||||||||||
11,691 | 10,956 | 9,630 | 8,552 | 6,612 | 5,175 | 4,973 | 7,158 | 5,114 | 5,194 | 5,244 |
Amortization of debt discount and debt issue costs | ||||||||||
2,712 | 2,791 | 3,475 | 3,402 | 3,306 | 3,121 | 3,338 | 2,584 | 2,460 | 2,562 | 2,627 |
Gain on sale of mortgage servicing rights | ||||||||||
0 | 1,224 | 654 | 0 | - | - | - | - | - | - | - |
Loss on early extinguishment of debt, including transaction costs | ||||||||||
- | - | - | - | 2,883 | 0 | 1,726 | 0 | 0 | -8,378 | 0 |
Payment of original issue discount on redemption of senior notes | ||||||||||
- | - | - | - | -3,126 | 0 | 0 | - | - | - | - |
Stock-based compensation expense | ||||||||||
5,846 | 5,974 | 6,044 | 5,315 | 3,942 | 3,215 | 2,344 | 1,734 | 1,866 | 2,811 | 3,111 |
Deferred income tax expense | ||||||||||
-3,851 | -4,957 | -12,437 | 31,311 | 32,526 | 25,790 | 15,547 | 5,076 | 12,950 | -10,797 | -8,220 |
Deferred tax asset valuation allowance | ||||||||||
- | - | - | - | - | 9,291 | 126,458 | 5,076 | -12,950 | -10,797 | -8,220 |
Other | ||||||||||
- | - | - | - | - | - | - | - | - | 61 | - |
Write-off of unamortized debt discount and financing costs | ||||||||||
- | - | - | - | - | - | - | - | - | - | 554 |
Change in assets and liabilities: | ||||||||||
Cash held in escrow | ||||||||||
- | - | - | - | - | - | 37 | 125 | -3,155 | 36 | -3,511 |
Inventory | ||||||||||
88,358 | 157,573 | 168,622 | 83,775 | 159,011 | 209,318 | 156,708 | 73,874 | 33,014 | 44,996 | -37,221 |
Other assets | ||||||||||
2,072 | -2,044 | 186 | 13,643 | 6,296 | 5,286 | 10,219 | 8,460 | -1,291 | -34,351 | -9,287 |
Accounts payable | ||||||||||
-6,485 | 3,750 | 14,021 | 16,334 | 9,827 | 5,112 | 22,536 | 5,358 | 11,503 | -9,232 | 10,720 |
Customer deposits | ||||||||||
2,407 | 1,521 | 4,222 | 2,589 | 3,458 | 497 | 1,023 | 5,867 | 1,118 | -814 | 325 |
Accrued compensation | ||||||||||
3,944 | 3,486 | 2,338 | 4,853 | 1,861 | 1,182 | 9,753 | 6,421 | -123 | -471 | -2,169 |
Other liabilities | ||||||||||
-11,005 | 9,403 | 6,384 | 30,234 | 4,673 | 7,618 | 11,975 | 4,302 | -2,458 | -13,665 | -3,301 |
Net Cash Provided by (Used in) Operating Activities | ||||||||||
65,631 | -2,592 | -53,184 | 34,197 | -82,365 | -132,504 | -73,974 | -46,995 | -33,961 | -37,302 | 68,481 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||||||||||
Change in restricted cash | ||||||||||
- | - | - | - | - | - | 5,185 | -32,779 | 2,566 | 19,585 | 19,155 |
Purchase of property and equipment | ||||||||||
4,526 | 8,141 | 8,799 | 13,106 | 3,659 | 2,946 | 2,382 | 933 | 1,352 | 1,560 | 4,008 |
Return of capital from joint venture arrangements | ||||||||||
812 | 676 | 3,518 | - | - | - | - | - | - | - | - |
Acquisition, net of cash acquired | ||||||||||
- | - | - | 0 | -23,950 | 0 | 0 | -4,707 | -4,654 | 0 | 0 |
Return of capital from Investment in joint venture arrangements | ||||||||||
- | - | - | 3,207 | 1,226 | 1,523 | 1,522 | 0 | 0 | 13 | 809 |
Acquisition, net of cash acquired | ||||||||||
0 | 100,960 | 0 | - | - | - | - | - | - | - | - |
Investment in joint venture arrangements | ||||||||||
30,188 | 31,867 | 12,088 | -21,746 | -18,162 | 20,415 | 29,509 | 1,817 | 752 | 1,229 | 5,003 |
Net proceeds from sale of mortgage servicing rights | ||||||||||
0 | 6,335 | 8,212 | 0 | 3,065 | 2,135 | 0 | 0 | - | - | - |
Proceeds from sale of property | ||||||||||
6,308 | 0 | 0 | - | - | - | - | - | - | - | - |
Net loss from property disposals | ||||||||||
- | - | - | - | - | - | - | - | - | - | 7,878 |
Net cash provided by (used in) investing activities | ||||||||||
-27,594 | -133,957 | -9,157 | -31,645 | -41,480 | -19,703 | -35,554 | 25,322 | -9,324 | -22,361 | -19,479 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||||||||
Repayments of senior notes due 2021 | ||||||||||
- | - | - | - | 226,874 | 0 | 0 | 41,443 | 0 | 166,088 | - |
Net proceeds from issuance of senior notes | ||||||||||
0 | 0 | 250,000 | 0 | 300,000 | 0 | 0 | 29,700 | 0 | 197,174 | - |
Proceeds from issuance of convertible senior subordinated notes | ||||||||||
0 | -65,941 | 0 | 0 | - | - | 86,250 | - | - | 0 | - |
Net proceeds from issuance of common shares | ||||||||||
- | - | - | - | - | - | 54,617 | 42,085 | 0 | 0 | 52,568 |
Proceeds from bank borrowings - homebuilding operations | ||||||||||
696,500 | 666,600 | 398,300 | 351,500 | 417,300 | 192,600 | 0 | 0 | - | - | - |
Principal repayments of bank borrowings - homebuilding operations | ||||||||||
747,900 | 549,200 | 438,600 | -355,000 | -403,500 | -162,600 | 0 | 0 | - | - | - |
Net repayment of bank borrowings - financial services operations | ||||||||||
-16,264 | -15,027 | 15,300 | 29,247 | 38,269 | 5,350 | 12,072 | 15,351 | - | - | - |
Repayments of senior notes, including transaction costs | ||||||||||
- | - | - | - | - | - | - | - | - | - | 0 |
Proceeds from issuance of senior notes | ||||||||||
- | - | - | - | - | - | - | - | - | - | 0 |
Repayments of bank borrowings - net | ||||||||||
- | - | - | - | - | - | - | - | 20,409 | 8,055 | -10,936 |
Proceeds from (principal repayments of) notes payable-other and CDD bond obligations | ||||||||||
-110 | -4,638 | 4,161 | -2,026 | -1,077 | 1,728 | -3,315 | 5,304 | -52 | -325 | -10,782 |
Redemption of preferred shares | ||||||||||
0 | 0 | -50,420 | 0 | 0 | - | -50,352 | 0 | 0 | - | - |
Dividends paid on preferred shares | ||||||||||
0 | 0 | 3,656 | -4,875 | -4,875 | -4,875 | -3,656 | 0 | 0 | - | - |
Payments for repurchase of common stock | ||||||||||
5,150 | 25,709 | 0 | 0 | - | - | - | - | - | - | - |
Debt issue costs | ||||||||||
203 | 248 | 6,707 | -240 | -5,818 | 2,081 | 5,501 | 5,881 | 220 | 7,874 | 2,318 |
Payments on capital lease obligations | ||||||||||
- | - | - | - | - | - | - | - | - | - | 91 |
Proceeds from exercise of stock options | ||||||||||
19,644 | 538 | 11,225 | 182 | 1,035 | 1,944 | 2,640 | 4,762 | 1,500 | 12 | 70 |
Excess tax deficiency from stock-based payment arrangements | ||||||||||
- | - | - | - | - | - | - | - | 233 | -13 | -101 |
Net cash (used in) provided by financing activities | ||||||||||
-53,483 | 6,375 | 179,603 | 18,788 | 114,460 | 32,066 | 92,755 | 107,378 | 21,870 | 30,941 | 28,410 |
Cash and Cash Equivalents, Period Increase (Decrease) | ||||||||||
-15,446 | -130,174 | 117,262 | 21,340 | -9,385 | -120,141 | -16,773 | 85,705 | -21,415 | -28,722 | 77,412 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||
Interest — net of amount capitalized | ||||||||||
18,962 | 17,793 | 10,168 | 6,597 | 15,173 | 9,730 | 11,834 | 13,083 | 12,756 | 6,774 | 5,541 |
Income taxes | ||||||||||
36,993 | 25,279 | 36,802 | 2,271 | 2,308 | 2,386 | 765 | 281 | -372 | 302 | 201 |
NON-CASH TRANSACTIONS DURING THE PERIOD | ||||||||||
Community development district infrastructure | ||||||||||
1,139 | -657 | 12,573 | -542 | -1,553 | -559 | -1,504 | -1,349 | -1,129 | -1,074 | -2,189 |
Consolidated inventory not owned | ||||||||||
-11,374 | -2,237 | 14,017 | 1,521 | 5,399 | -1,167 | -17,330 | 16,161 | 2,476 | -148 | -4,933 |
Distribution of single-family lots from joint venture arrangements | ||||||||||
27,700 | 16,158 | 16,600 | 28,130 | 8,236 | 25,689 | 4,800 | 0 | 0 | - | - |
Common stock issued for conversion of convertible notes | ||||||||||
0 | 20,309 | 57,500 | 0 | 0 | - | - | - | - | - | - |
Contingent consideration related to acquisition | ||||||||||
- | - | - | - | - | - | - | - | 329 | 0 | 0 |