Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 76,361 $ 37,240 $ 50,039
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred taxes (3,117) (4,038) (130)
Depreciation and amortization 376 43 25
(Gain) loss on disposal of fixed assets (4) 8 (1)
Changes in operating assets and liabilities:      
Accrued receivables and other assets (12,226) (2,874) (564)
Income taxes payable (1,100) 1,316 228
Prepaid income taxes (1,202) 816
Notes receivable for land sales 49 44 784
Unearned revenue 29,600 9,196 (1,361)
Accounts payable, accrued expenses and other liabilities 5,093 22 (270)
Net cash provided by operating activities 93,830 40,957 49,566
Cash flows from investing activities:      
Proceeds from sale of fixed assets 27 18 25
Purchase of fixed assets (18,747) (977) (221)
Net cash used in investing activities (18,720) (959) (196)
Cash flows from financing activities:      
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (34,267) (33,085) (28,770)
Dividends paid (10,681) (2,507) (2,403)
Net cash used in financing activities (44,948) (35,592) (31,173)
Net increase in cash and cash equivalents 30,162 4,406 18,197
Cash and cash equivalents, beginning of period 49,418 45,012 26,815
Cash and cash equivalents, end of period 79,580 49,418 45,012
Supplemental disclosure of cash flow information:      
Income taxes paid $ 49,002 $ 20,725 $ 24,386