Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

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Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating activities:    
Net income $ 4,638 $ 15,702 [1]
Adjustment to reconcile net income to net cash provided by operating activities:    
Recoveries from loan losses, net (961) (4,813)
Provision for notes receivable allowances 11,145 8,006
Depreciation, amortization and accretion, net 6,875 6,017
Share-based compensation expense 3,049 3,452
Net gains on sales of real estate held-for-sale (1,332) (4,070)
Equity in losses (earnings) of unconsolidated real estate joint ventures 17 (1,280) [1]
Return on investment in unconsolidated real estate joint ventures 277 2,058
Increase in deferred income tax 1,093 6,612
Impairment losses 618 232 [1]
Interest accretion on redeemable 5% cumulative preferred stock 209 446
Increase in notes receivable (7,607) (5,264)
Increase in VOI inventory (8,237) (9,673)
Increase in trade inventory (613) (685)
Decrease in real estate inventory 2,192 5,690
Increase in other assets (6,726) (6,353)
Decrease in other liabilities (11,203) (17,759)
Net cash provided by operating activities (6,566) (1,682)
Investing activities:    
Return of investment in unconsolidated real estate joint ventures 2,068 1,672
Investments in unconsolidated real estate joint ventures (4,920) (57)
Repayment of loans receivable 1,179 15,170
Proceeds from sales of real estate held-for-sale 1,936 11,943
Additions to real estate held-for-sale and held-for-investment (289) (193)
Purchases of property and equipment (9,693) (8,075)
Proceeds from the sale of property and equipment   280
Decrease in cash from other investing activities (42) (183)
Net cash (used in) provided by investing activities (9,761) 20,557
Financing activities:    
Repayments of notes payable and other borrowings (75,493) (53,906)
Proceeds from notes payable and other borrowings 14,791 26,866
Payments for debt issuance costs (115) (663)
Payments of interest on redeemable 5% cumulative preferred stock (125) (188)
Dividends paid on Common Stock (934) (779)
Distributions to noncontrolling interest (1,220) (1,121)
Net cash used in financing activities (63,096) (29,791)
Decrease in cash, cash equivalents and restricted cash (79,423) (10,916)
Cash, cash equivalents and restricted cash at beginning of period 421,097 409,247
Cash, cash equivalents and restricted cash at end of period 341,674 398,331
Supplemental cash flow information:    
Interest paid on borrowings 9,745 8,059
Income taxes paid 862 283
Supplementary disclosure of non-cash investing and financing activities:    
Construction funds receivable transferred to real estate 2,288 3,704
Operating lease assets recognized upon adoption of ASC 842 113,183  
Operating lease liability recognized upon adoption of ASU 842 123,240  
Operating lease assets obtained in exchange for new operating lease liabilities 5,864  
Reduction in redeemable 5% cumulative preferred stock   (4,862)
Reduction in note receivable from holder of redeemable 5% cumulative preferred stock   (5,000)
Increase in other assets upon issuance of Community Development District Bonds 8,110  
Assumption of Community Development District Bonds by developer 1,035 1,792
Reconciliation of cash, cash equivalents and restricted cash:    
Total cash, cash equivalents, and restricted cash $ 421,097 $ 409,247
[1] See Note 1 for a summary of adjustments.