Note 21 - Supplemental Guarantor Information | 9 Months Ended |
Sep. 30, 2013 |
Supplemental Guarantor Information [Abstract] | ' |
Supplemental Guarantor Information [Text Block] | ' |
21. Supplemental Guarantor Information |
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Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior notes payable. The guarantees are full and unconditional and joint and several. Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries. |
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CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
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| | Three Months Ended September 30, 2013 | |
| | Standard | | | Guarantor Subsidiaries | | | Non- | | | Consolidating Adjustments | | | Consolidated | |
Pacific Corp. | Guarantor Subsidiaries | Standard |
| | Pacific Corp. |
| | (Dollars in thousands) | |
Homebuilding: | | | | | | | | | | | | | | | | | | | | |
Revenues | | $ | 228,520 | | | $ | 212,707 | | | $ | 70,529 | | | $ | ― | | | $ | 511,756 | |
Cost of sales | | | (165,466 | ) | | | (162,589 | ) | | | (54,311 | ) | | | ― | | | | (382,366 | ) |
Gross margin | | | 63,054 | | | | 50,118 | | | | 16,218 | | | | ― | | | | 129,390 | |
Selling, general and administrative expenses | | | (25,799 | ) | | | (29,095 | ) | | | (7,045 | ) | | | ― | | | | (61,939 | ) |
Income (loss) from unconsolidated joint ventures | | | 165 | | | | (111 | ) | | | (86 | ) | | | ― | | | | (32 | ) |
Equity income (loss) of subsidiaries | | | 22,421 | | | | ― | | | | ― | | | | (22,421 | ) | | | ― | |
Interest income (expense), net | | | 3,827 | | | | (2,732 | ) | | | (1,095 | ) | | | ― | | | | ― | |
Other income (expense) | | | (495 | ) | | | 144 | | | | 652 | | | | ― | | | | 301 | |
Homebuilding pretax income (loss) | | | 63,173 | | | | 18,324 | | | | 8,644 | | | | (22,421 | ) | | | 67,720 | |
Financial Services: | | | | | | | | | | | | | | | | | | | | |
Financial services pretax income | | | ― | | | | ― | | | | 2,416 | | | | ― | | | | 2,416 | |
Income (loss) before income taxes | | | 63,173 | | | | 18,324 | | | | 11,060 | | | | (22,421 | ) | | | 70,136 | |
Provision for income taxes | | | (4,238 | ) | | | (5,913 | ) | | | (1,050 | ) | | | ― | | | | (11,201 | ) |
Net income (loss) | | $ | 58,935 | | | $ | 12,411 | | | $ | 10,010 | | | $ | (22,421 | ) | | $ | 58,935 | |
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| | Three Months Ended September 30, 2012 | |
| | Standard | | | Guarantor Subsidiaries | | | Non- | | | Consolidating Adjustments | | | Consolidated | |
Pacific Corp. | Guarantor Subsidiaries | Standard |
| | Pacific Corp. |
| | (Dollars in thousands) | |
Homebuilding: | | | | | | | | | | | | | | | | | | | | |
Revenues | | $ | 148,216 | | | $ | 141,155 | | | $ | 29,170 | | | $ | - | | | $ | 318,541 | |
Cost of sales | | | (119,019 | ) | | | (111,353 | ) | | | (24,064 | ) | | | - | | | | (254,436 | ) |
Gross margin | | | 29,197 | | | | 29,802 | | | | 5,106 | | | | - | | | | 64,105 | |
Selling, general and administrative expenses | | | (20,157 | ) | | | (19,968 | ) | | | (2,996 | ) | | | - | | | | (43,121 | ) |
Income (loss) from unconsolidated joint ventures | | | 310 | | | | (38 | ) | | | (311 | ) | | | - | | | | (39 | ) |
Equity income (loss) of subsidiaries | | | 4,285 | | | | - | | | | - | | | | (4,285 | ) | | | - | |
Interest income (expense), net | | | 4,209 | | | | (4,215 | ) | | | (1,663 | ) | | | - | | | | (1,669 | ) |
Other income (expense) | | | 808 | | | | 22 | | | | (713 | ) | | | - | | | | 117 | |
Homebuilding pretax income (loss) | | | 18,652 | | | | 5,603 | | | | (577 | ) | | | (4,285 | ) | | | 19,393 | |
Financial Services: | | | | | | | | | | | | | | | | | | | | |
Financial services pretax income | | | - | | | | - | | | | 2,511 | | | | - | | | | 2,511 | |
Income (loss) before income taxes | | | 18,652 | | | | 5,603 | | | | 1,934 | | | | (4,285 | ) | | | 21,904 | |
(Provision) benefit for income taxes | | | 3,058 | | | | (2,343 | ) | | | (909 | ) | | | - | | | | (194 | ) |
Net income (loss) | | $ | 21,710 | | | $ | 3,260 | | | $ | 1,025 | | | $ | (4,285 | ) | | $ | 21,710 | |
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| | Nine Months Ended September 30, 2013 | |
| | Standard | | | Guarantor Subsidiaries | | | Non- | | | Consolidating Adjustments | | | Consolidated | |
Pacific Corp. | Guarantor Subsidiaries | Standard |
| | Pacific Corp. |
| | (Dollars in thousands) | |
Homebuilding: | | | | | | | | | | | | | | | | | | | | |
Revenues | | $ | 599,452 | | | $ | 556,691 | | | $ | 152,015 | | | $ | ― | | | $ | 1,308,158 | |
Cost of sales | | | (450,521 | ) | | | (429,729 | ) | | | (121,230 | ) | | | ― | | | | (1,001,480 | ) |
Gross margin | | | 148,931 | | | | 126,962 | | | | 30,785 | | | | ― | | | | 306,678 | |
Selling, general and administrative expenses | | | (69,750 | ) | | | (77,771 | ) | | | (15,310 | ) | | | ― | | | | (162,831 | ) |
Income (loss) from unconsolidated joint ventures | | | 1,660 | | | | (235 | ) | | | (176 | ) | | | ― | | | | 1,249 | |
Equity income (loss) of subsidiaries | | | 43,692 | | | | ― | | | | ― | | | | (43,692 | ) | | | ― | |
Interest income (expense), net | | | 13,112 | | | | (9,423 | ) | | | (3,689 | ) | | | ― | | | | ― | |
Other income (expense) | | | 1,503 | | | | (13 | ) | | | 1,134 | | | | ― | | | | 2,624 | |
Homebuilding pretax income (loss) | | | 139,148 | | | | 39,520 | | | | 12,744 | | | | (43,692 | ) | | | 147,720 | |
Financial Services: | | | | | | | | | | | | | | | | | | | | |
Financial services pretax income | | | ― | | | | ― | | | | 8,953 | | | | ― | | | | 8,953 | |
Income (loss) before income taxes | | | 139,148 | | | | 39,520 | | | | 21,697 | | | | (43,692 | ) | | | 156,673 | |
Provision for income taxes | | | (15,253 | ) | | | (13,873 | ) | | | (3,652 | ) | | | ― | | | | (32,778 | ) |
Net income (loss) | | $ | 123,895 | | | $ | 25,647 | | | $ | 18,045 | | | $ | (43,692 | ) | | $ | 123,895 | |
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| | Nine Months Ended September 30, 2012 | |
| | Standard | | | Guarantor Subsidiaries | | | Non- | | | Consolidating Adjustments | | | Consolidated | |
Pacific Corp. | Guarantor Subsidiaries | Standard |
| | Pacific Corp. |
| | (Dollars in thousands) | |
Homebuilding: | | | | | | | | | | | | | | | | | | | | |
Revenues | | $ | 335,887 | | | $ | 407,520 | | | $ | 73,708 | | | $ | ― | | | $ | 817,115 | |
Cost of sales | | | (265,519 | ) | | | (325,276 | ) | | | (61,188 | ) | | | ― | | | | (651,983 | ) |
Gross margin | | | 70,368 | | | | 82,244 | | | | 12,520 | | | | ― | | | | 165,132 | |
Selling, general and administrative expenses | | | (56,524 | ) | | | (58,490 | ) | | | (7,751 | ) | | | ― | | | | (122,765 | ) |
Loss from unconsolidated joint ventures | | | (648 | ) | | | (157 | ) | | | (1,902 | ) | | | ― | | | | (2,707 | ) |
Equity income (loss) of subsidiaries | | | 8,923 | | | | ― | | | | ― | | | | (8,923 | ) | | | ― | |
Interest income (expense), net | | | 11,948 | | | | (12,799 | ) | | | (4,965 | ) | | | ― | | | | (5,816 | ) |
Other income (expense) | | | 4,616 | | | | 322 | | | | (230 | ) | | | ― | | | | 4,708 | |
Homebuilding pretax income (loss) | | | 38,683 | | | | 11,120 | | | | (2,328 | ) | | | (8,923 | ) | | | 38,552 | |
Financial Services: | | | | | | | | | | | | | | | | | | | | |
Financial services pretax income | | | ― | | | | ― | | | | 6,514 | | | | ― | | | | 6,514 | |
Income (loss) before income taxes | | | 38,683 | | | | 11,120 | | | | 4,186 | | | | (8,923 | ) | | | 45,066 | |
(Provision) benefit for income taxes | | | 5,813 | | | | (4,325 | ) | | | (2,058 | ) | | | ― | | | | (570 | ) |
Net income (loss) | | $ | 44,496 | | | $ | 6,795 | | | $ | 2,128 | | | $ | (8,923 | ) | | $ | 44,496 | |
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CONDENSED CONSOLIDATING BALANCE SHEET |
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| | 30-Sep-13 | |
| | Standard | | | Guarantor | | | Non-Guarantor | | | Consolidating | | | Consolidated | |
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard |
| | | | Pacific Corp. |
| | (Dollars in thousands) | |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Homebuilding: | | | | | | | | | | | | | | | | | | | | |
Cash and equivalents | | $ | 202,270 | | | $ | 365 | | | $ | 143,364 | | | $ | ― | | | $ | 345,999 | |
Restricted cash | | | ― | | | | ― | | | | 27,524 | | | | ― | | | | 27,524 | |
Trade, intercompany and other receivables | | | 1,227,039 | | | | 6,641 | | | | 9,698 | | | | (1,224,192 | ) | | | 19,186 | |
Inventories - owned | | | 752,675 | | | | 971,366 | | | | 686,608 | | | | ― | | | | 2,410,649 | |
Inventories - not owned | | | 6,488 | | | | 40,810 | | | | 56,436 | | | | ― | | | | 103,734 | |
Investments in unconsolidated joint ventures | | | 328 | | | | 467 | | | | 57,535 | | | | ― | | | | 58,330 | |
Investments in subsidiaries | | | 768,092 | | | | ― | | | | ― | | | | (768,092 | ) | | | ― | |
Deferred income taxes, net | | | 409,009 | | | | ― | | | | ― | | | | (3,097 | ) | | | 405,912 | |
Other assets | | | 41,570 | | | | 4,763 | | | | 2,479 | | | | ― | | | | 48,812 | |
Total Homebuilding Assets | | | 3,407,471 | | | | 1,024,412 | | | | 983,644 | | | | (1,995,381 | ) | | | 3,420,146 | |
Financial Services: | | | | | | | | | | | | | | | | | | | | |
Cash and equivalents | | | ― | | | | ― | | | | 17,129 | | | | ― | | | | 17,129 | |
Restricted cash | | | ― | | | | ― | | | | 1,795 | | | | ― | | | | 1,795 | |
Mortgage loans held for sale, net | | | ― | | | | ― | | | | 75,211 | | | | ― | | | | 75,211 | |
Mortgage loans held for investment, net | | | ― | | | | ― | | | | 10,989 | | | | ― | | | | 10,989 | |
Other assets | | | ― | | | | ― | | | | 6,876 | | | | (1,950 | ) | | | 4,926 | |
Total Financial Services Assets | | | ― | | | | ― | | | | 112,000 | | | | (1,950 | ) | | | 110,050 | |
Total Assets | | $ | 3,407,471 | | | $ | 1,024,412 | | | $ | 1,095,644 | | | $ | (1,997,331 | ) | | $ | 3,530,196 | |
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LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | |
Homebuilding: | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 13,048 | | | $ | 9,997 | | | $ | 6,256 | | | $ | ― | | | $ | 29,301 | |
Accrued liabilities and intercompany payables | | | 161,880 | | | | 706,739 | | | | 546,061 | | | | (1,218,202 | ) | | | 196,478 | |
Secured project debt and other notes payable | | | ― | | | | ― | | | | 5,105 | | | | ― | | | | 5,105 | |
Senior notes payable | | | 1,832,517 | | | | ― | | | | ― | | | | ― | | | | 1,832,517 | |
Total Homebuilding Liabilities | | | 2,007,445 | | | | 716,736 | | | | 557,422 | | | | (1,218,202 | ) | | | 2,063,401 | |
Financial Services: | | | | | | | | | | | | | | | | | | | | |
Accounts payable and other liabilities | | | ― | | | | ― | | | | 13,626 | | | | (11,037 | ) | | | 2,589 | |
Mortgage credit facilities | | | ― | | | | ― | | | | 64,180 | | | | ― | | | | 64,180 | |
Total Financial Services Liabilities | | | ― | | | | ― | | | | 77,806 | | | | (11,037 | ) | | | 66,769 | |
Total Liabilities | | | 2,007,445 | | | | 716,736 | | | | 635,228 | | | | (1,229,239 | ) | | | 2,130,170 | |
| | | | | | | | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | | | | | | | | |
Total Stockholders' Equity | | | 1,400,026 | | | | 307,676 | | | | 460,416 | | | | (768,092 | ) | | | 1,400,026 | |
Total Liabilities and Equity | | $ | 3,407,471 | | | $ | 1,024,412 | | | $ | 1,095,644 | | | $ | (1,997,331 | ) | | $ | 3,530,196 | |
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| | 31-Dec-12 | |
| | Standard | | | Guarantor | | | Non-Guarantor | | | Consolidating | | | Consolidated | |
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard |
| | | | Pacific Corp. |
| | (Dollars in thousands) | |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Homebuilding: | | | | | | | | | | | | | | | | | | | | |
Cash and equivalents | | $ | 154,722 | | | $ | 114 | | | $ | 185,072 | | | $ | ― | | | $ | 339,908 | |
Restricted cash | | | ― | | | | ― | | | | 26,900 | | | | ― | | | | 26,900 | |
Trade, intercompany and other receivables | | | 845,549 | | | | 4,219 | | | | 19,981 | | | | (859,025 | ) | | | 10,724 | |
Inventories - owned | | | 759,553 | | | | 766,188 | | | | 445,677 | | | | ― | | | | 1,971,418 | |
Inventories - not owned | | | 4,495 | | | | 36,991 | | | | 29,809 | | | | ― | | | | 71,295 | |
Investments in unconsolidated joint ventures | | | 1,649 | | | | 622 | | | | 50,172 | | | | ― | | | | 52,443 | |
Investments in subsidiaries | | | 717,205 | | | | ― | | | | ― | | | | (717,205 | ) | | | ― | |
Deferred income taxes, net | | | 455,224 | | | | ― | | | | ― | | | | 148 | | | | 455,372 | |
Other assets | | | 37,817 | | | | 3,267 | | | | 834 | | | | ― | | | | 41,918 | |
Total Homebuilding Assets | | | 2,976,214 | | | | 811,401 | | | | 758,445 | | | | (1,576,082 | ) | | | 2,969,978 | |
Financial Services: | | | | | | | | | | | | | | | | | | | | |
Cash and equivalents | | | ― | | | | ― | | | | 6,647 | | | | ― | | | | 6,647 | |
Restricted cash | | | ― | | | | ― | | | | 2,420 | | | | ― | | | | 2,420 | |
Mortgage loans held for sale, net | | | ― | | | | ― | | | | 119,549 | | | | ― | | | | 119,549 | |
Mortgage loans held for investment, net | | | ― | | | | ― | | | | 9,923 | | | | ― | | | | 9,923 | |
Other assets | | | ― | | | | ― | | | | 7,249 | | | | (2,692 | ) | | | 4,557 | |
Total Financial Services Assets | | | ― | | | | ― | | | | 145,788 | | | | (2,692 | ) | | | 143,096 | |
Total Assets | | $ | 2,976,214 | | | $ | 811,401 | | | $ | 904,233 | | | $ | (1,578,774 | ) | | $ | 3,113,074 | |
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LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | |
Homebuilding: | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 8,038 | | | $ | 10,537 | | | $ | 3,871 | | | $ | - | | | $ | 22,446 | |
Accrued liabilities and intercompany payables | | | 175,054 | | | | 519,139 | | | | 343,485 | | | | (839,534 | ) | | | 198,144 | |
Secured project debt and other notes payable | | | 6,804 | | | | ― | | | | 4,712 | | | | ― | | | | 11,516 | |
Senior notes payable | | | 1,530,502 | | | | ― | | | | ― | | | | ― | | | | 1,530,502 | |
Total Homebuilding Liabilities | | | 1,720,398 | | | | 529,676 | | | | 352,068 | | | | (839,534 | ) | | | 1,762,608 | |
Financial Services: | | | | | | | | | | | | | | | | | | | | |
Accounts payable and other liabilities | | | ― | | | | ― | | | | 11,026 | | | | (8,535 | ) | | | 2,491 | |
Mortgage credit facilities | | | ― | | | | ― | | | | 105,659 | | | | (13,500 | ) | | | 92,159 | |
Total Financial Services Liabilities | | | ― | | | | ― | | | | 116,685 | | | | (22,035 | ) | | | 94,650 | |
Total Liabilities | | | 1,720,398 | | | | 529,676 | | | | 468,753 | | | | (861,569 | ) | | | 1,857,258 | |
| | | | | | | | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | | | | | | | | |
Total Stockholders' Equity | | | 1,255,816 | | | | 281,725 | | | | 435,480 | | | | (717,205 | ) | | | 1,255,816 | |
Total Liabilities and Equity | | $ | 2,976,214 | | | $ | 811,401 | | | $ | 904,233 | | | $ | (1,578,774 | ) | | $ | 3,113,074 | |
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CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
|
| | Nine Months Ended September 30, 2013 | |
| | Standard | | | Guarantor | | | Non-Guarantor | | | Consolidating | | | Consolidated | |
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard |
| | | | Pacific Corp. |
| | (Dollars in thousands) | |
Cash Flows From Operating Activities: | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | | $ | 247,524 | | | $ | (180,993 | ) | | $ | (192,927 | ) | | $ | ― | | | $ | (126,396 | ) |
| | | | | | | | | | | | | | | | | | | | |
Cash Flows From Investing Activities: | | | | | | | | | | | | | | | | | | | | |
Investments in unconsolidated homebuilding joint ventures | | | (393 | ) | | | (49 | ) | | | (12,500 | ) | | | ― | | | | (12,942 | ) |
Distributions of capital from unconsolidated homebuilding joint ventures | | | ― | | | | 100 | | | | 2,219 | | | | ― | | | | 2,319 | |
Net cash paid for acquisitions | | | (113,793 | ) | | | ― | | | | ― | | | | ― | | | | (113,793 | ) |
Other investing activities | | | (931 | ) | | | (2,824 | ) | | | (979 | ) | | | ― | | | | (4,734 | ) |
Net cash provided by (used in) investing activities | | | (115,117 | ) | | | (2,773 | ) | | | (11,260 | ) | | | | | | | (129,150 | ) |
| | | | | | | | | | | | | | | | | | | | |
Cash Flows From Financing Activities: | | | | | | | | | | | | | | | | | | | | |
Change in restricted cash | | | ― | | | | ― | | | | 1 | | | | ― | | | | 1 | |
Principal payments on secured project debt and other notes payable | | | (6,804 | ) | | | ― | | | | (485 | ) | | | ― | | | | (7,289 | ) |
Proceeds from issuance of senior notes payable | | | 300,000 | | | | ― | | | | ― | | | | ― | | | | 300,000 | |
Payment of debt issuance costs | | | (4,045 | ) | | | ― | | | | ― | | | | ― | | | | (4,045 | ) |
Net proceeds from (payments on) mortgage credit facilities | | | ― | | | | ― | | | | (27,979 | ) | | | ― | | | | (27,979 | ) |
(Contributions to) distributions from Corporate and subsidiaries | | | (6,891 | ) | | | ― | | | | 6,891 | | | | ― | | | | ― | |
Payment of common stock issuance costs | | | (350 | ) | | | ― | | | | ― | | | | ― | | | | (350 | ) |
Proceeds from the exercise of stock options | | | 11,781 | | | | ― | | | | ― | | | | ― | | | | 11,781 | |
Intercompany advances, net | | | (378,550 | ) | | | 184,017 | | | | 194,533 | | | | ― | | | | ― | |
Net cash provided by (used in) financing activities | | | (84,859 | ) | | | 184,017 | | | | 172,961 | | | | | | | | 272,119 | |
| | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and equivalents | | | 47,548 | | | | 251 | | | | (31,226 | ) | | | ― | | | | 16,573 | |
Cash and equivalents at beginning of period | | | 154,722 | | | | 114 | | | | 191,719 | | | | ― | | | | 346,555 | |
Cash and equivalents at end of period | | $ | 202,270 | | | $ | 365 | | | $ | 160,493 | | | $ | ― | | | $ | 363,128 | |
|
| | Nine Months Ended September 30, 2012 | |
| | Standard | | | Guarantor | | | Non-Guarantor | | | Consolidating | | | Consolidated | |
Pacific Corp. | Subsidiaries | Subsidiaries | Adjustments | Standard |
| | | | Pacific Corp. |
| | (Dollars in thousands) | |
Cash Flows From Operating Activities: | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | | $ | 80,893 | | | $ | (82,699 | ) | | $ | (143,730 | ) | | $ | (25,600 | ) | | $ | (171,136 | ) |
| | | | | | | | | | | | | | | | | | | | |
Cash Flows From Investing Activities: | | | | | | | | | | | | | | | | | | | | |
Investments in unconsolidated homebuilding joint ventures | | | (2,525 | ) | | | (144 | ) | | | (76,009 | ) | | | 25,600 | | | | (53,078 | ) |
Distributions of capital from unconsolidated homebuilding joint ventures | | | 1,205 | | | | ― | | | | 10,735 | | | | ― | | | | 11,940 | |
Net cash paid for acquisitions | | | ― | | | | ― | | | | (60,752 | ) | | | ― | | | | (60,752 | ) |
Other investing activities | | | (1,170 | ) | | | (402 | ) | | | (133 | ) | | | ― | | | | (1,705 | ) |
Net cash provided by (used in) investing activities | | | (2,490 | ) | | | (546 | ) | | | (126,159 | ) | | | 25,600 | | | | (103,595 | ) |
| | | | | | | | | | | | | | | | | | | | |
Cash Flows From Financing Activities: | | | | | | | | | | | | | | | | | | | | |
Change in restricted cash | | | ― | | | | ― | | | | 5,034 | | | | ― | | | | 5,034 | |
Principal payments on secured project debt and other notes payable | | | ― | | | | ― | | | | (782 | ) | | | ― | | | | (782 | ) |
Principal payments on senior subordinated notes payable | | | (9,990 | ) | | | ― | | | | ― | | | | ― | | | | (9,990 | ) |
Proceeds from senior notes payable | | | 253,000 | | | | ― | | | | ― | | | | ― | | | | 253,000 | |
Payments of debt issuance costs | | | (8,081 | ) | | | ― | | | | ― | | | | ― | | | | (8,081 | ) |
Net proceeds from (payments on) mortgage credit facilities | | | ― | | | | ― | | | | 24,227 | | | | ― | | | | 24,227 | |
Proceeds from the issuance of common stock | | | 75,849 | | | | ― | | | | ― | | | | ― | | | | 75,849 | |
Distributions from (contributions to) Corporate and subsidiaries | | | 73,000 | | | | ― | | | | (73,000 | ) | | | ― | | | | ― | |
Payments of common stock | | | (3,913 | ) | | | ― | | | | ― | | | | ― | | | | (3,913 | ) |
Proceeds from the exercise of stock options | | | 8,321 | | | | ― | | | | ― | | | | ― | | | | 8,321 | |
Intercompany advances, net | | | (226,719 | ) | | | 83,242 | | | | 143,477 | | | | ― | | | | ― | |
Net cash provided by (used in) financing activities | | | 161,467 | | | | 83,242 | | | | 98,956 | | | | ― | | | | 343,665 | |
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Net increase (decrease) in cash and equivalents | | | 239,870 | | | | (3 | ) | | | (170,933 | ) | | | ― | | | | 68,934 | |
Cash and equivalents at beginning of period | | | 66,757 | | | | 176 | | | | 343,589 | | | | ― | | | | 410,522 | |
Cash and equivalents at end of period | | $ | 306,627 | | | $ | 173 | | | $ | 172,656 | | | $ | ― | | | $ | 479,456 | |
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