Six Months Ended

March 31,

2006

2005

Cash flows from operating activities:

Net income (loss)

$

194,264

$

(14,640

)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Depreciation and amortization

5,061

4,606

Stock-based compensation expense

5,981

5,029

Deferred income tax provision

11,014

—

Tax benefit from stock transactions

(6,893

)

—

Equity in earnings of unconsolidated joint ventures

(682

)

(199

)

Goodwill impairment charge

—

130,235

Cash distributions of income from unconsolidated joint ventures

—

3,050

Changes in operating assets and liabilities:

Decrease/(increase) in accounts receivable

35,216

(3,931

)

Increase in inventory

(469,144

)

(420,134

)

Increase in residential mortgage loans available-for-sale

(27,775

)

—

Increase in other assets

(22,437

)

(8,796

)

Increase in trade accounts payable

9,056

9,416

(Decrease)/increase in other liabilities

(79,560

)

42,894

Other changes

217

1,023

Net cash used in operating activities

(345,682

)

(251,447

)

Cash flows from investing activities:

Capital expenditures

(7,335

)

(5,968

)

Investments in unconsolidated joint ventures

(36,668

)

(35,575

)

Distributions from unconsolidated joint ventures

2,911

1,742

Net cash used in investing activities

(41,092

)

(39,801

)

Cash flows from financing activities:

Net change in book overdraft

74,417

—

Treasury stock purchases

(133,207

)

—

Repayment of other notes payable

(5,354

)

(9,443

)

Borrowings under credit facilities

699,469

—

Repayment of credit facilities

(534,812

)

—

Debt issuance costs

(871

)

—

Proceeds from stock option exercises

6,574

1,280

Tax benefit from stock transactions

6,893

—

Dividends paid

(8,250

)

(5,539

)

Net cash provided/(used) by financing activities

104,859

(13,702

)

Decrease in cash and cash equivalents

(281,915

)

(304,950

)

Cash and cash equivalents at beginning of period

297,098

320,880

Cash and cash equivalents at end of period

$

15,183

$

15,930

Supplemental cash flow information:

Interest paid

$

53,818

$

39,527

Income taxes paid

$

108,900

$

76,185

Supplemental disclosures of non-cash activities:

Consolidated inventory not owned

$

78,258

$

—

Land purchased through issuance of notes payable

$

32,595

$

22,076