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(ASSETS:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 639.55 Td (Cash and cash equivalents) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 639.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 639.68 Td (22,310) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 639.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 639.55 Td (10,205) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 627.55 Td (Restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.80 627.68 Td (998) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 627.55 Td (2,896) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 615.55 Td (Mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 615.68 Td (95,545) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 615.55 Td (127,001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 603.55 Td (Inventory) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.75 603.68 Td (1,225,153) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 603.55 Td (1,112,042) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 591.55 Td (Property and equipment - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 591.68 Td (21,792) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 591.55 Td (12,897) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 579.55 Td (Investment in unconsolidated joint ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 579.68 Td (26,528) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 579.55 Td (36,967) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 566.85 Td (Deferred income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 566.83 Td (39,944) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 566.85 Td (67,404) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 554.55 Td (Other assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 554.68 Td (64,967) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 554.55 Td (46,142) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 542.55 Td (TOTAL ASSETS) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 542.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.75 542.68 Td (1,497,237) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 542.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 542.55 Td (1,415,554) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 524.55 Td (LIABILITIES AND SHAREHOLDERS EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 508.55 Td (LIABILITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 496.55 Td (Accounts payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 496.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.75 496.68 Td (110,179) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 496.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 496.55 Td (86,878) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 484.55 Td (Customer deposits) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 484.68 Td (26,439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 484.55 Td (19,567) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 472.55 Td (Other liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 472.68 Td (99,969) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 472.55 Td (93,670) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 460.55 Td (Community development district \(CDD\) obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.80 460.68 Td (551) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 460.55 Td (1,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 448.55 Td (Obligation for consolidated inventory not owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.80 448.68 Td (5,862) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 448.55 Td (6,007) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 436.55 Td (Notes payable bank - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 436.68 Td (85,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 436.55 Td (43,800) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 424.55 Td (Notes payable bank - financial services operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 424.68 Td (91,483) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 424.55 Td (123,648) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 412.55 Td (Notes payable - other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.80 412.68 Td (8,566) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 412.55 Td (8,441) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 400.55 Td (Convertible senior subordinated notes due 2017 - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 400.68 Td (56,949) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 400.55 Td (56,518) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 388.55 Td (Convertible senior subordinated notes due 2018 - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 388.68 Td (85,246) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 388.55 Td (84,714) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 376.55 Td (Senior notes due 2021 - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.75 376.68 Td (295,401) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 376.55 Td (294,727) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 364.55 Td (TOTAL LIABILITIES) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 364.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.75 364.68 Td (865,645) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 364.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 364.55 Td (818,988) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 348.55 Td (Commitments and contingencies \(Note 6\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.80 348.68 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 348.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 330.55 Td (SHAREHOLDERS EQUITY:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 317.85 Td (Preferred shares - $.01 par value; authorized 2,000,000 shares; 2,000 shares issued and outstanding at both ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 309.85 Td ( September 30, 2016 and December 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 309.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 309.83 Td (48,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 309.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 309.85 Td (48,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 296.85 Td (Common shares - $.01 par value; authorized 58,000,000 shares at both September 30, 2016 and December 31, 2015;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 288.85 Td (issued 27,092,723 shares at both September 30, 2016 and December 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.80 288.83 Td (271) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 288.85 Td (271) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 276.55 Td (Additional paid-in capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.75 276.68 Td (243,481) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 276.55 Td (241,239) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 264.55 Td (Retained earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.75 264.68 Td (387,818) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 264.55 Td (355,427) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 251.85 Td (Treasury shares - at cost - 2,423,890 and 2,443,679 shares at September 30, 2016 and December 31, 2015, respectively) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.10 251.83 Td (\(48,141) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.80 251.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 251.85 Td (\(48,534) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 251.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 239.55 Td (TOTAL SHAREHOLDERS EQUITY) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 239.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.75 239.68 Td (631,592) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 239.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 239.55 Td (596,566) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 225.85 Td (TOTAL LIABILITIES AND SHAREHOLDERS EQUITY) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 225.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.75 225.83 Td (1,497,237) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 225.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 225.85 Td (1,415,554) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 200.50 Td (See Notes to Unaudited Condensed Consolidated Financial Statements.) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.80 740.25 Td (M/I HOMES, INC. ) Tj ET Q q 0 0 0 rg BT 300.42 740.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.55 728.25 Td (UNAUDITED CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 324.72 728.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 359.27 728.25 Td (A) Tj ET Q q 0 0 0 rg BT 365.75 728.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 430.67 728.25 Td ( INCOME) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 671.75 m 326 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 671.75 m 379 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 671.75 m 386 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 671.75 m 439 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 671.75 m 326 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 671.75 m 379 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 671.75 m 386 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 671.75 m 439 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 671.75 m 449 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 671.75 m 502 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 671.75 m 509 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 671.75 m 562 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 574.75 m 326 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 561.75 m 326 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 574.75 m 379 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 561.75 m 379 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 574.75 m 386 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 561.75 m 386 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 574.75 m 439 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 561.75 m 439 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 574.75 m 449 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 561.75 m 449 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 574.75 m 502 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 561.75 m 502 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 574.75 m 509 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 561.75 m 509 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 574.75 m 562 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 561.75 m 562 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 561.75 m 326 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 561.75 m 379 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 561.75 m 386 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 561.75 m 439 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 561.75 m 449 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 561.75 m 502 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 561.75 m 509 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 561.75 m 562 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 542.75 m 326 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 542.75 m 379 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 542.75 m 386 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 542.75 m 439 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 542.75 m 449 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 542.75 m 502 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 542.75 m 509 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 542.75 m 562 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 542.75 m 326 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 542.75 m 379 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 542.75 m 386 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 542.75 m 439 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 542.75 m 449 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 542.75 m 502 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 542.75 m 509 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 542.75 m 562 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 523.75 m 326 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 523.75 m 379 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 523.75 m 386 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 523.75 m 439 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 523.75 m 449 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 523.75 m 502 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 523.75 m 509 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 523.75 m 562 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 523.75 m 326 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 523.75 m 379 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 523.75 m 386 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 523.75 m 439 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 523.75 m 449 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 523.75 m 502 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 523.75 m 509 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 523.75 m 562 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 504.75 m 326 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 504.75 m 379 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 504.75 m 386 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 504.75 m 439 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 504.75 m 449 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 504.75 m 502 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 504.75 m 509 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 504.75 m 562 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 504.75 m 326 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 504.75 m 379 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 504.75 m 386 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 504.75 m 439 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 504.75 m 449 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 504.75 m 502 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 504.75 m 509 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 504.75 m 562 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 464.75 m 326 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 464.75 m 379 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 464.75 m 386 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 464.75 m 439 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 464.75 m 449 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 464.75 m 502 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 464.75 m 509 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 464.75 m 562 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 419.75 m 326 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 419.75 m 379 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 419.75 m 386 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 419.75 m 439 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 419.75 m 449 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 419.75 m 502 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 419.75 m 509 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 419.75 m 562 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 419.75 m 326 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 419.75 m 379 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 419.75 m 386 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 419.75 m 439 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 419.75 m 449 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 419.75 m 502 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 419.75 m 509 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 419.75 m 562 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 374.75 m 326 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 374.75 m 379 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 374.75 m 386 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 374.75 m 439 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 374.75 m 449 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 374.75 m 502 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 374.75 m 509 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 374.75 m 562 374.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 696.98 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 688.98 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 696.98 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 688.98 Td (September 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 676.00 Td (\(In thousands, except per share amounts\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.00 675.98 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 676.00 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.00 675.98 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 676.00 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 657.00 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 656.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 656.98 Td (442,464) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 657.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 657.00 Td (363,457) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 656.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.75 656.98 Td (1,168,081) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 657.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 657.00 Td (949,472) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 644.00 Td (Costs and expenses:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 631.00 Td (Land and housing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 630.98 Td (363,635) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 631.00 Td (285,416) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 630.98 Td (943,515) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 631.00 Td (744,194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 618.00 Td (General and administrative) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 617.98 Td (29,160) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 618.00 Td (23,651) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 617.98 Td (78,249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 618.00 Td (64,690) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 605.00 Td (Selling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 604.98 Td (27,663) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 605.00 Td (24,270) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 604.98 Td (75,462) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 605.00 Td (64,891) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 592.00 Td (Equity in income of unconsolidated joint ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.10 591.98 Td (\(24) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 591.98 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.10 592.00 Td (\(36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 592.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.10 591.98 Td (\(413) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.80 591.98 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 592.00 Td (\(248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 592.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 579.00 Td (Interest) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 578.98 Td (3,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 579.00 Td (3,658) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 578.98 Td (13,160) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 579.00 Td (11,870) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 566.00 Td (Total costs and expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 565.98 Td (424,021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 566.00 Td (336,959) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.75 565.98 Td (1,109,973) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 566.00 Td (885,397) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 547.00 Td (Income before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 546.98 Td (18,443) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 547.00 Td (26,498) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 546.98 Td (58,108) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 547.00 Td (64,075) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 528.00 Td (Provision for income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 527.98 Td (7,501) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 528.00 Td (10,928) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 527.98 Td (22,061) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 528.00 Td (25,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 509.00 Td (Net income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 508.98 Td (10,942) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 509.00 Td (15,570) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 508.98 Td (36,047) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 509.00 Td (38,488) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 488.00 Td (Preferred dividends) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 487.98 Td (1,218) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 488.00 Td (1,218) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 487.98 Td (3,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 488.00 Td (3,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 469.00 Td (Net income to common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 468.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 468.98 Td (9,724) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 469.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 469.00 Td (14,352) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 468.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 468.98 Td (32,391) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 469.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 469.00 Td (34,832) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 450.00 Td (Earnings per common share:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 437.00 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 436.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.80 436.98 Td (0.39) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 437.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 437.00 Td (0.58) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 436.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 436.98 Td (1.31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 437.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 437.00 Td (1.42) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 424.00 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 423.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.80 423.98 Td (0.35) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 424.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 424.00 Td (0.51) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 423.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 423.98 Td (1.17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 424.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 424.00 Td (1.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 405.00 Td (Weighted average shares outstanding:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 392.00 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 391.98 Td (24,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 392.00 Td (24,605) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 391.98 Td (24,665) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 392.00 Td (24,551) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 379.00 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 378.98 Td (30,139) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 379.00 Td (30,067) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 378.98 Td (30,093) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 379.00 Td (30,021) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 356.05 Td (See Notes to Unaudited Condensed Consolidated Financial Statements.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.80 740.25 Td (M/I HOMES, INC. ) Tj ET Q q 0 0 0 rg BT 300.42 740.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.75 728.25 Td (UNAUDITED CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 284.92 728.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 319.47 728.25 Td (A) Tj ET Q q 0 0 0 rg BT 325.95 728.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 369.11 728.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 385.13 728.25 Td ( SHAREHOLDERS) Tj ET Q q 0 0 0 rg BT 473.57 728.25 Td ( EQUITY) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202 695.75 m 248 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 695.75 m 252 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 695.75 m 285 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 695.75 m 289 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 695.75 m 335 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 695.75 m 339 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 695.75 m 372 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 695.75 m 376 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 695.75 m 417 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 695.75 m 421 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 695.75 m 462 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 695.75 m 466 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 695.75 m 508 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 695.75 m 512 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 695.75 m 562 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202 683.75 m 248 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 683.75 m 252 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 683.75 m 285 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 683.75 m 335 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 683.75 m 339 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 683.75 m 372 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 656.75 m 202 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202 656.75 m 248 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 656.75 m 252 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 656.75 m 285 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 656.75 m 289 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 656.75 m 335 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 656.75 m 339 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 656.75 m 372 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 656.75 m 376 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 656.75 m 417 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 656.75 m 421 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 656.75 m 462 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 656.75 m 466 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 656.75 m 508 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 656.75 m 512 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 656.75 m 562 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 518.75 m 202 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202 518.75 m 248 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 518.75 m 252 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 518.75 m 285 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 518.75 m 289 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 518.75 m 335 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 518.75 m 339 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 518.75 m 372 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 518.75 m 376 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 518.75 m 417 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 518.75 m 421 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 518.75 m 462 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 518.75 m 466 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 518.75 m 508 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 518.75 m 512 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 518.75 m 562 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 506.75 m 202 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202 506.75 m 248 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 506.75 m 252 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 506.75 m 285 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 506.75 m 289 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 506.75 m 335 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 506.75 m 339 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 506.75 m 372 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 506.75 m 376 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 506.75 m 417 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 506.75 m 421 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 506.75 m 462 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 506.75 m 466 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 506.75 m 508 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 506.75 m 512 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 506.75 m 562 506.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.90 697.88 Td (Nine Months Ended September 30, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 216.45 687.70 Td (Preferred Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.40 687.70 Td (Common Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 213.80 669.00 Td (Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.90 661.00 Td (Outstanding) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.80 669.00 Td (Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.90 661.00 Td (Outstanding) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.85 675.70 Td (Additional) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.40 667.70 Td (Paid-in) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.40 659.70 Td (Capital) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.75 669.00 Td (Retained) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.75 661.00 Td (Earnings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.40 669.00 Td (Treasury) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.80 661.00 Td (Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.30 675.70 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.55 667.70 Td (Shareholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.80 659.70 Td (Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 661.00 Td (\(Dollars in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.85 661.00 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.85 661.00 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 648.70 Td (Balance at December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.75 648.70 Td (2,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.50 648.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.80 648.70 Td (48,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.75 648.70 Td (24,649,044) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.50 648.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.80 648.70 Td (271) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.50 648.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.75 648.70 Td (241,239) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 648.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.75 648.70 Td (355,427) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.50 648.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.10 648.70 Td (\(48,534) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 648.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.50 648.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 648.70 Td (596,566) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 636.70 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.80 636.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 636.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.80 636.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 636.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.80 636.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.75 636.70 Td (36,047) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 636.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 636.70 Td (36,047) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 624.00 Td (Dividends declared to preferred) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 616.00 Td (shareholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.80 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.80 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.80 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.10 616.00 Td (\(3,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 616.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 616.00 Td (\(3,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 616.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 603.00 Td (Reversal of deferred tax asset related to) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 595.00 Td (stock options and executive deferred) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 587.00 Td (compensation distributions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.80 587.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 587.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.80 587.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 587.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.10 587.00 Td (\(1,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.80 587.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 587.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 587.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 587.00 Td (\(1,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 587.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 574.70 Td (Stock options exercised) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.80 574.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 574.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.75 574.70 Td (6,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 574.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.10 574.70 Td (\(46) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.80 574.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 574.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.75 574.70 Td (119) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 574.70 Td (73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 562.70 Td (Stock-based compensation expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.80 562.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 562.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.80 562.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 562.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.75 562.70 Td (3,483) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 562.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 562.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 562.70 Td (3,483) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 550.70 Td (Deferral of executive and director) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 542.70 Td (compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.80 543.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 543.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.80 543.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 543.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.75 543.00 Td (109) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 543.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 543.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 543.00 Td (109) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 530.70 Td (Executive and director deferred) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 522.70 Td (compensation distributions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.80 523.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 523.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.75 523.00 Td (13,789) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 523.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.10 523.00 Td (\(274) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.80 523.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 523.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.75 523.00 Td (274) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 523.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 510.83 Td (Balance at September 30, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.75 510.83 Td (2,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.50 510.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.80 510.83 Td (48,163) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.75 510.83 Td (24,668,833) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.50 510.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.80 510.83 Td (271) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 510.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.75 510.83 Td (243,481) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.50 510.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.75 510.83 Td (387,818) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.50 510.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.10 510.83 Td (\(48,141) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 510.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.50 510.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 510.83 Td (631,592) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 488.05 Td (See Notes to Unaudited Condensed Consolidated Financial Statements.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.80 749.25 Td (M/I HOMES, INC. ) Tj ET Q q 0 0 0 rg BT 309.42 749.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.45 737.25 Td (UNAUDITED CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 312.62 737.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 347.17 737.25 Td (A) Tj ET Q q 0 0 0 rg BT 353.65 737.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 418.57 737.25 Td ( CASH FLOWS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 695.75 m 445.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 695.75 m 498.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 695.75 m 508.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 695.75 m 561.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 695.75 m 445.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 695.75 m 498.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 695.75 m 508.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 695.75 m 561.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 485.75 m 445.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 485.75 m 498.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 485.75 m 508.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 485.75 m 561.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 485.75 m 445.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 475.75 m 445.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 485.75 m 498.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 475.75 m 498.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 485.75 m 508.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 475.75 m 508.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 485.75 m 561.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 475.75 m 561.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 475.75 m 445.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 475.75 m 498.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 475.75 m 508.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 475.75 m 561.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 418.75 m 445.5 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 408.75 m 445.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 418.75 m 498.5 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 408.75 m 498.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 418.75 m 508.5 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 408.75 m 508.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 418.75 m 561.5 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 408.75 m 561.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 408.75 m 445.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 408.75 m 498.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 408.75 m 508.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 408.75 m 561.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 320.75 m 445.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 310.75 m 445.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 320.75 m 498.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 310.75 m 498.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 320.75 m 508.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 310.75 m 508.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 320.75 m 561.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 310.75 m 561.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 310.75 m 445.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 310.75 m 498.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 310.75 m 508.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 310.75 m 561.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 290.75 m 445.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 290.75 m 498.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 290.75 m 508.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 290.75 m 561.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 290.75 m 445.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 290.75 m 498.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 290.75 m 508.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 290.75 m 561.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 280.75 m 445.5 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 280.75 m 498.5 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 280.75 m 508.5 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 280.75 m 561.5 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 181.75 m 445.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 181.75 m 498.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 181.75 m 508.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 181.75 m 561.5 181.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.40 717.98 Td (Nine Months Ended September) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.00 709.98 Td (30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 697.75 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.50 697.88 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 697.75 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 687.75 Td (OPERA) Tj ET Q q 0 0 0 rg BT 77.78 687.75 Td (TING ) Tj ET Q q 0 0 0 rg BT 98.22 687.75 Td (ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 677.75 Td (Net income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 677.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.25 677.88 Td (36,047) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 677.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 677.75 Td (38,488) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 667.75 Td (Adjustments to reconcile net income to net cash provided by \(used in\) operating activities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 657.75 Td (Equity in income of unconsolidated joint ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 657.88 Td (\(413) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 657.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.60 657.75 Td (\(248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 657.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 647.75 Td (Mortgage loan originations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.60 647.88 Td (\(654,905) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 647.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.60 647.75 Td (\(537,385) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 647.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 637.75 Td (Proceeds from the sale of mortgage loans) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.25 637.88 Td (687,420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 637.75 Td (553,390) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 627.75 Td (Fair value adjustment of mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.60 627.88 Td (\(1,059) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 627.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.60 627.75 Td (\(761) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 627.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 617.75 Td (Capitalization of originated mortgage servicing rights) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.60 617.88 Td (\(4,350) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 617.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 617.75 Td (\(3,789) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 617.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 607.75 Td (Amortization of mortgage servicing rights) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 607.88 Td (1,262) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 607.75 Td (729) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 597.75 Td (Depreciation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 597.88 Td (6,328) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 597.75 Td (4,823) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 587.75 Td (Amortization of debt discount and debt issue costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 587.88 Td (2,552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 587.75 Td (2,390) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 577.75 Td (Stock-based compensation expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 577.88 Td (3,483) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 577.75 Td (3,073) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 567.75 Td (Deferred income tax expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.25 567.88 Td (20,911) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 567.75 Td (23,469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 557.75 Td (Change in assets and liabilities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 547.75 Td (Cash held in escrow) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.30 547.88 Td (18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 547.75 Td (265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 537.75 Td (Inventory) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.60 537.88 Td (\(96,510) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 537.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.60 537.75 Td (\(203,144) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 537.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 527.75 Td (Other assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.60 527.88 Td (\(16,364) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 527.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 527.75 Td (\(8,645) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 527.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 517.75 Td (Accounts payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.25 517.88 Td (23,301) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 517.75 Td (20,612) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 507.75 Td (Customer deposits) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 507.88 Td (6,872) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 507.75 Td (7,217) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 497.75 Td (Accrued compensation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.60 497.88 Td (\(6,073) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 497.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 497.75 Td (\(5,016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 497.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 487.75 Td (Other liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.25 487.88 Td (18,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 487.75 Td (9,336) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 477.75 Td (Net cash provided by \(used in\) operating activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.25 477.88 Td (26,520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.60 477.75 Td (\(95,196) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 477.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 460.75 Td (INVESTING ) Tj ET Q q 0 0 0 rg BT 96.44 460.75 Td (ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 450.75 Td (Change in restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 450.88 Td (1,880) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 450.75 Td (3,615) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 440.75 Td (Purchase of property and equipment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.60 440.88 Td (\(11,619) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 440.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 440.75 Td (\(2,003) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 440.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 430.75 Td (Investment in unconsolidated joint ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.60 430.88 Td (\(10,060) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 430.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.60 430.75 Td (\(10,725) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 430.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 420.75 Td (Net proceeds from sale of mortgage servicing rights) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.30 420.88 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 420.75 Td (3,065) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 410.75 Td (Net cash used in investing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.60 410.88 Td (\(19,799) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 410.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 410.75 Td (\(6,048) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 410.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 392.75 Td (FINANCING ) Tj ET Q q 0 0 0 rg BT 97.78 392.75 Td (ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 382.75 Td (Proceeds from bank borrowings - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.25 382.88 Td (276,800) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 382.75 Td (329,400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 372.75 Td (Repayment of bank borrowings - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.60 372.88 Td (\(235,600) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 372.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.60 372.75 Td (\(203,300) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 372.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 362.75 Td (Net repayment of bank borrowings - financial services operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.60 362.88 Td (\(32,165) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 362.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.60 362.75 Td (\(12,140) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 362.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 352.75 Td (Proceeds from \(principal repayment of\) notes payable-other and CDD bond obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.30 352.88 Td (125) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.60 352.75 Td (\(155) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 352.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 342.75 Td (Dividends paid on preferred shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.60 342.88 Td (\(3,656) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 342.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 342.75 Td (\(3,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 342.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 332.75 Td (Debt issue costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 332.88 Td (\(193) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 332.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.60 332.75 Td (\(420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 332.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 322.75 Td (Proceeds from exercise of stock options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.30 322.88 Td (73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 322.75 Td (1,035) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 312.75 Td (Net cash provided by financing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 312.88 Td (5,384) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 312.75 Td (110,764) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 302.75 Td (Net increase in cash and cash equivalents) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.25 302.88 Td (12,105) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 302.75 Td (9,520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 292.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 70.00 292.75 Td (and ) Tj ET Q q 0 0 0 rg BT 83.55 292.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 99.77 292.75 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 138.20 292.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 164.63 292.75 Td (at ) Tj ET Q q 0 0 0 rg BT 172.40 292.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 206.39 292.75 Td (of ) Tj ET Q q 0 0 0 rg BT 215.06 292.75 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.25 292.88 Td (10,205) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 292.75 Td (15,535) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 282.75 Td (Cash and cash equivalents balance at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 282.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.25 282.88 Td (22,310) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 282.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 282.75 Td (25,055) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 264.75 Td (SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 102.92 264.75 Td (AL) Tj ET Q q 0 0 0 rg BT 113.29 264.75 Td ( ) Tj ET Q q 0 0 0 rg BT 115.29 264.75 Td (DISCLOSURE ) Tj ET Q q 0 0 0 rg BT 166.63 264.75 Td (OF ) Tj ET Q q 0 0 0 rg BT 178.86 264.75 Td (CASH ) Tj ET Q q 0 0 0 rg BT 202.20 264.75 Td (FLOW) Tj ET Q q 0 0 0 rg BT 224.71 264.75 Td ( ) Tj ET Q q 0 0 0 rg BT 226.71 264.75 Td (INFORMA) Tj ET Q q 0 0 0 rg BT 262.72 264.75 Td (TION:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 254.75 Td (Cash paid during the year for:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 244.75 Td (Interest net of amount capitalized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 244.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 244.88 Td (8,919) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 244.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 244.75 Td (5,705) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 234.75 Td (Income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 234.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 234.88 Td (2,073) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 234.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 234.75 Td (1,694) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 217.75 Td (NON-CASH TRANSACTIONS DURING THE PERIOD:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 207.75 Td (Community development district infrastructure) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 207.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 207.88 Td (\(467) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 207.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 207.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 207.75 Td (\(1,412) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 207.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 197.75 Td (Consolidated inventory not owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 197.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 197.88 Td (\(145) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 197.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 197.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 197.75 Td (10,810) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 187.75 Td (Distribution of single-family lots from unconsolidated joint ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 187.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.25 187.88 Td (20,912) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 187.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 187.75 Td (5,460) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 163.05 Td (See Notes to Unaudited Condensed Consolidated Financial Statements.) 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Td (liability ) Tj ET Q q 0 0 0 rg BT 178.15 488.25 Td (claims, ) Tj ET Q q 0 0 0 rg BT 209.07 488.25 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 249.99 488.25 Td (accruals ) Tj ET Q q 0 0 0 rg BT 285.06 488.25 Td (for ) Tj ET Q q 0 0 0 rg BT 299.03 488.25 Td (health ) Tj ET Q q 0 0 0 rg BT 325.78 488.25 Td (care ) Tj ET Q q 0 0 0 rg BT 344.74 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.49 488.25 Td (workers) Tj ET Q q 0 0 0 rg BT 396.29 488.25 Td ( ) Tj ET Q q 0 0 0 rg BT 398.60 488.25 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 458.96 488.25 Td (accruals ) Tj ET Q q 0 0 0 rg BT 494.03 488.25 Td (for ) Tj ET Q q 0 0 0 rg BT 508.00 488.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 554.18 488.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (indemnified ) Tj ET Q q 0 0 0 rg BT 99.51 476.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 124.81 476.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 173.71 476.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 230.94 476.25 Td (expense, ) Tj ET Q q 0 0 0 rg BT 267.34 476.25 Td (income ) Tj ET Q q 0 0 0 rg BT 298.46 476.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 323.20 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 339.33 476.25 Td (contingencies. ) Tj ET Q q 0 0 0 rg BT 398.50 476.25 Td ( ) Tj ET Q q 0 0 0 rg BT 400.19 476.25 Td (Items ) Tj ET Q q 0 0 0 rg BT 424.10 476.25 Td (that ) Tj ET Q q 0 0 0 rg BT 440.79 476.25 Td (could ) Tj ET Q q 0 0 0 rg BT 464.69 476.25 Td (have ) Tj ET Q q 0 0 0 rg BT 485.26 476.25 Td (a ) Tj ET Q q 0 0 0 rg BT 491.39 476.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 535.29 476.25 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (on ) Tj ET Q q 0 0 0 rg BT 61.57 464.25 Td (these ) Tj ET Q q 0 0 0 rg BT 84.19 464.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 123.48 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 139.99 464.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 191.51 464.25 Td (include ) Tj ET Q q 0 0 0 rg BT 223.02 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.31 464.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 258.27 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 274.78 464.25 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 327.94 464.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 351.68 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 361.53 464.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 386.37 464.25 Td (1A. ) Tj ET Q q 0 0 0 rg BT 403.16 464.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 423.57 464.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 459.52 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 469.38 464.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 487.56 464.25 Td (I ) Tj ET Q q 0 0 0 rg BT 492.96 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 503.36 464.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.77 464.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.77 464.25 Td ( ) Tj ET Q q 0 0 0 rg BT 540.84 464.25 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 75.05 452.25 Td (as ) Tj ET Q q 0 0 0 rg BT 85.88 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.60 452.25 Td (same ) Tj ET Q q 0 0 0 rg BT 123.65 452.25 Td (may ) Tj ET Q q 0 0 0 rg BT 143.36 452.25 Td (be ) Tj ET Q q 0 0 0 rg BT 155.30 452.25 Td (updated ) Tj ET Q q 0 0 0 rg BT 189.46 452.25 Td (from ) Tj ET Q q 0 0 0 rg BT 211.39 452.25 Td (time ) Tj ET Q q 0 0 0 rg BT 231.67 452.25 Td (to ) Tj ET Q q 0 0 0 rg BT 241.95 452.25 Td (time ) Tj ET Q q 0 0 0 rg BT 262.22 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 272.50 452.25 Td (our ) Tj ET Q q 0 0 0 rg BT 288.33 452.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 335.27 452.25 Td (filings ) Tj ET Q q 0 0 0 rg BT 363.32 452.25 Td (with ) Tj ET Q q 0 0 0 rg BT 383.60 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 398.32 452.25 Td (SEC. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 426.68505859375 m 209.509765625 426.68505859375 l s q 0 0 0 rg BT 49.50 428.25 Td (Impact ) Tj ET Q q 0 0 0 rg BT 82.55 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 93.38 428.25 Td (New ) Tj ET Q q 0 0 0 rg BT 114.21 428.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 165.60 428.25 Td (Standards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.44 406.25 Td (May ) Tj ET Q q 0 0 0 rg BT 81.38 406.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 106.49 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.32 406.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 160.57 406.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 209.84 406.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 251.89 406.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 278.94 406.25 Td (\(F) Tj ET Q q 0 0 0 rg BT 291.52 406.25 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 321.36 406.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 348.39 406.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 397.66 406.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 439.71 406.25 Td (Update ) Tj ET Q q 0 0 0 rg BT 471.20 406.25 Td (\(ASU\) ) Tj ET Q q 0 0 0 rg BT 509.35 406.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 526.68 406.25 Td (2014-09, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 86.75 394.25 Td (fr) Tj ET Q q 0 0 0 rg BT 93.05 394.25 Td (om ) Tj ET Q q 0 0 0 rg BT 108.67 394.25 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 151.51 394.25 Td (with ) Tj ET Q q 0 0 0 rg BT 172.13 394.25 Td (Customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.30 394.25 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 249.47 394.25 Td (2014-09\), ) Tj ET Q q 0 0 0 rg BT 296.46 394.25 Td (which ) Tj ET Q q 0 0 0 rg BT 324.29 394.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 362.12 394.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 401.61 394.25 Td (for ) Tj ET Q q 0 0 0 rg BT 416.66 394.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 451.70 394.25 Td (recognition. ) Tj ET Q q 0 0 0 rg BT 503.13 394.25 Td ( ) Tj ET Q q 0 0 0 rg BT 505.78 394.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 529.18 394.25 Td (2014-09 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 382.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 77.71 382.25 Td (any ) Tj ET Q q 0 0 0 rg BT 93.90 382.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 118.42 382.25 Td (that ) Tj ET Q q 0 0 0 rg BT 135.16 382.25 Td (either ) Tj ET Q q 0 0 0 rg BT 159.68 382.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 185.30 382.25 Td (into ) Tj ET Q q 0 0 0 rg BT 202.61 382.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 240.45 382.25 Td (with ) Tj ET Q q 0 0 0 rg BT 259.97 382.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 302.27 382.25 Td (to ) Tj ET Q q 0 0 0 rg BT 311.79 382.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 344.08 382.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 369.72 382.25 Td (or ) Tj ET Q q 0 0 0 rg BT 379.80 382.25 Td (services ) Tj ET Q q 0 0 0 rg BT 413.75 382.25 Td (or ) Tj ET Q q 0 0 0 rg BT 423.83 382.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 449.46 382.25 Td (into ) Tj ET Q q 0 0 0 rg BT 466.76 382.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 504.60 382.25 Td (for ) Tj ET Q q 0 0 0 rg BT 518.01 382.25 Td (the ) Tj ET Q q 0 0 0 rg BT 531.98 382.25 Td (transfer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.90 370.25 Td (nonfinancial ) Tj ET Q q 0 0 0 rg BT 111.94 370.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 137.34 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.84 370.25 Td (supersedes ) Tj ET Q q 0 0 0 rg BT 199.23 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 213.51 370.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 247.22 370.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 294.83 370.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 349.09 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 358.48 370.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 380.00 370.25 Td (605, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.57 370.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 435.49 370.25 Td (Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.81 370.25 Td (, ) Tj ET Q q 0 0 0 rg BT 488.38 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 504.88 370.25 Td (most ) Tj ET Q q 0 0 0 rg BT 526.40 370.25 Td (industry-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 81.88 358.25 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 121.66 358.25 Td (This ) Tj ET Q q 0 0 0 rg BT 140.44 358.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 161.72 358.25 Td (also ) Tj ET Q q 0 0 0 rg BT 179.11 358.25 Td (supersedes ) Tj ET Q q 0 0 0 rg BT 223.71 358.25 Td (some ) Tj ET Q q 0 0 0 rg BT 246.10 358.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 263.49 358.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 300.87 358.25 Td (included ) Tj ET Q q 0 0 0 rg BT 336.59 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 345.65 358.25 Td (Subtopic ) Tj ET Q q 0 0 0 rg BT 382.48 358.25 Td (605-35, ) Tj ET Q q 0 0 0 rg BT 414.60 358.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 455.30 358.25 Td (Recognition-Construction-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 346.25 Td (ype ) Tj ET Q q 0 0 0 rg BT 71.78 346.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.64 346.25 Td (Production-T) Tj ET Q q 0 0 0 rg BT 141.27 346.25 Td (ype ) Tj ET Q q 0 0 0 rg BT 158.14 346.25 Td (Contracts. ) Tj ET Q q 0 0 0 rg BT 205.83 346.25 Td ( ) Tj ET Q q 0 0 0 rg BT 207.72 346.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 230.15 346.25 Td (2014-09) Tj ET Q q 0 0 0 rg BT 266.26 346.25 Td (s ) Tj ET Q q 0 0 0 rg BT 272.58 346.25 Td (core ) Tj ET Q q 0 0 0 rg BT 292.22 346.25 Td (principle ) Tj ET Q q 0 0 0 rg BT 330.19 346.25 Td (is ) Tj ET Q q 0 0 0 rg BT 339.29 346.25 Td (that ) Tj ET Q q 0 0 0 rg BT 356.71 346.25 Td (a ) Tj ET Q q 0 0 0 rg BT 363.58 346.25 Td (company ) Tj ET Q q 0 0 0 rg BT 402.66 346.25 Td (will ) Tj ET Q q 0 0 0 rg BT 420.64 346.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 461.94 346.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 496.01 346.25 Td (when ) Tj ET Q q 0 0 0 rg BT 520.10 346.25 Td (it ) Tj ET Q q 0 0 0 rg BT 528.08 346.25 Td (transfers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (promised ) Tj ET Q q 0 0 0 rg BT 89.46 334.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 116.09 334.25 Td (or ) Tj ET Q q 0 0 0 rg BT 127.16 334.25 Td (services ) Tj ET Q q 0 0 0 rg BT 162.11 334.25 Td (to ) Tj ET Q q 0 0 0 rg BT 172.63 334.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 215.92 334.25 Td (in ) Tj ET Q q 0 0 0 rg BT 226.43 334.25 Td (an ) Tj ET Q q 0 0 0 rg BT 238.61 334.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 271.35 334.25 Td (that ) Tj ET Q q 0 0 0 rg BT 289.08 334.25 Td (reflects ) Tj ET Q q 0 0 0 rg BT 321.25 334.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.21 334.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 392.82 334.25 Td (to ) Tj ET Q q 0 0 0 rg BT 403.34 334.25 Td (which ) Tj ET Q q 0 0 0 rg BT 430.52 334.25 Td (a ) Tj ET Q q 0 0 0 rg BT 437.70 334.25 Td (company ) Tj ET Q q 0 0 0 rg BT 477.09 334.25 Td (expects ) Tj ET Q q 0 0 0 rg BT 509.82 334.25 Td (to ) Tj ET Q q 0 0 0 rg BT 520.34 334.25 Td (be ) Tj ET Q q 0 0 0 rg BT 532.52 334.25 Td (entitled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.90 322.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 100.27 322.25 Td (for ) Tj ET Q q 0 0 0 rg BT 114.54 322.25 Td (those ) Tj ET Q q 0 0 0 rg BT 138.27 322.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 164.78 322.25 Td (or ) Tj ET Q q 0 0 0 rg BT 175.73 322.25 Td (services. ) Tj ET Q q 0 0 0 rg BT 213.05 322.25 Td ( ) Tj ET Q q 0 0 0 rg BT 215.67 322.25 Td (In ) Tj ET Q q 0 0 0 rg BT 226.61 322.25 Td (doing ) Tj ET Q q 0 0 0 rg BT 252.01 322.25 Td (so, ) Tj ET Q q 0 0 0 rg BT 266.02 322.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 311.40 322.25 Td (will ) Tj ET Q q 0 0 0 rg BT 329.57 322.25 Td (need ) Tj ET Q q 0 0 0 rg BT 351.07 322.25 Td (to ) Tj ET Q q 0 0 0 rg BT 361.46 322.25 Td (use ) Tj ET Q q 0 0 0 rg BT 377.41 322.25 Td (more ) Tj ET Q q 0 0 0 rg BT 400.57 322.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 440.96 322.25 Td (and ) Tj ET Q q 0 0 0 rg BT 458.02 322.25 Td (make ) Tj ET Q q 0 0 0 rg BT 482.29 322.25 Td (more ) Tj ET Q q 0 0 0 rg BT 505.46 322.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 545.29 322.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (under ) Tj ET Q q 0 0 0 rg BT 77.06 310.25 Td (today) Tj ET Q q 0 0 0 rg BT 102.05 310.25 Td (s ) Tj ET Q q 0 0 0 rg BT 110.73 310.25 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 154.11 310.25 Td (including ) Tj ET Q q 0 0 0 rg BT 196.67 310.25 Td (identifying ) Tj ET Q q 0 0 0 rg BT 245.34 310.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 300.65 310.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 349.88 310.25 Td (in ) Tj ET Q q 0 0 0 rg BT 362.45 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.45 310.25 Td (contract, ) Tj ET Q q 0 0 0 rg BT 418.94 310.25 Td (estimating ) Tj ET Q q 0 0 0 rg BT 465.39 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 482.40 310.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 517.18 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.30 310.25 Td (variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 106.00 298.25 Td (to ) Tj ET Q q 0 0 0 rg BT 116.41 298.25 Td (include ) Tj ET Q q 0 0 0 rg BT 148.48 298.25 Td (in ) Tj ET Q q 0 0 0 rg BT 158.89 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.74 298.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 220.24 298.25 Td (price ) Tj ET Q q 0 0 0 rg BT 242.86 298.25 Td (and ) Tj ET Q q 0 0 0 rg BT 259.93 298.25 Td (allocating ) Tj ET Q q 0 0 0 rg BT 301.99 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.84 298.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 363.34 298.25 Td (price ) Tj ET Q q 0 0 0 rg BT 385.96 298.25 Td (to ) Tj ET Q q 0 0 0 rg BT 396.37 298.25 Td (each ) Tj ET Q q 0 0 0 rg BT 417.32 298.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 452.70 298.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 505.86 298.25 Td (obligation. ) Tj ET Q q 0 0 0 rg BT 551.54 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 554.17 298.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (August ) Tj ET Q q 0 0 0 rg BT 80.56 286.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 105.24 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.62 286.25 Td (F) Tj ET Q q 0 0 0 rg BT 124.44 286.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 146.07 286.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 172.76 286.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 194.94 286.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 211.83 286.25 Td (2015-14, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 249.83 286.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 285.87 286.25 Td (fr) Tj ET Q q 0 0 0 rg BT 292.17 286.25 Td (om ) Tj ET Q q 0 0 0 rg BT 306.56 286.25 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 348.18 286.25 Td (with ) Tj ET Q q 0 0 0 rg BT 367.58 286.25 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 415.86 286.25 Td (Deferral ) Tj ET Q q 0 0 0 rg BT 452.47 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 462.42 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 476.81 286.25 Td (Effective ) Tj ET Q q 0 0 0 rg BT 513.96 286.25 Td (Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.40 286.25 Td (, ) Tj ET Q q 0 0 0 rg BT 538.07 286.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (delayed ) Tj ET Q q 0 0 0 rg BT 83.08 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 97.78 274.25 Td (ef) Tj ET Q q 0 0 0 rg BT 105.36 274.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 135.05 274.25 Td (date ) Tj ET Q q 0 0 0 rg BT 154.19 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 164.45 274.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 186.94 274.25 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 222.75 274.25 Td (by ) Tj ET Q q 0 0 0 rg BT 235.24 274.25 Td (one ) Tj ET Q q 0 0 0 rg BT 252.16 274.25 Td (year) Tj ET Q q 0 0 0 rg BT 268.81 274.25 Td (. ) Tj ET Q q 0 0 0 rg BT 273.80 274.25 Td ( ) Tj ET Q q 0 0 0 rg BT 275.73 274.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 298.22 274.25 Td (2014-09, ) Tj ET Q q 0 0 0 rg BT 336.53 274.25 Td (as ) Tj ET Q q 0 0 0 rg BT 347.34 274.25 Td (amended, ) Tj ET Q q 0 0 0 rg BT 388.42 274.25 Td (is ) Tj ET Q q 0 0 0 rg BT 397.57 274.25 Td (ef) Tj ET Q q 0 0 0 rg BT 405.16 274.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 434.85 274.25 Td (for ) Tj ET Q q 0 0 0 rg BT 448.99 274.25 Td (public ) Tj ET Q q 0 0 0 rg BT 476.47 274.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 521.71 274.25 Td (for ) Tj ET Q q 0 0 0 rg BT 535.86 274.25 Td (annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 89.46 262.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 122.20 262.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 165.50 262.25 Td (after ) Tj ET Q q 0 0 0 rg BT 187.12 262.25 Td (December ) Tj ET Q q 0 0 0 rg BT 231.50 262.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 247.31 262.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 273.11 262.25 Td (including ) Tj ET Q q 0 0 0 rg BT 314.19 262.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 346.37 262.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 386.33 262.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 419.07 262.25 Td (within ) Tj ET Q q 0 0 0 rg BT 447.93 262.25 Td (that ) Tj ET Q q 0 0 0 rg BT 466.23 262.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 506.19 262.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 537.54 262.25 Td ( ) Tj ET Q q 0 0 0 rg BT 540.84 262.25 Td (Early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 87.00 250.25 Td (is ) Tj ET Q q 0 0 0 rg BT 96.17 250.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 136.99 250.25 Td (as ) Tj ET Q q 0 0 0 rg BT 147.82 250.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.65 250.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.37 250.25 Td (original ) Tj ET Q q 0 0 0 rg BT 206.98 250.25 Td (ef) Tj ET Q q 0 0 0 rg BT 214.56 250.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 244.27 250.25 Td (date ) Tj ET Q q 0 0 0 rg BT 263.42 250.25 Td (for ) Tj ET Q q 0 0 0 rg BT 277.59 250.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 306.74 250.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 345.90 250.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 377.84 250.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 420.34 250.25 Td (after ) Tj ET Q q 0 0 0 rg BT 441.15 250.25 Td (December ) Tj ET Q q 0 0 0 rg BT 484.74 250.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 499.74 250.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 524.74 250.25 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 80.88 238.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 120.04 238.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 151.98 238.25 Td (within ) Tj ET Q q 0 0 0 rg BT 180.03 238.25 Td (that ) Tj ET Q q 0 0 0 rg BT 197.53 238.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 236.68 238.25 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 98.06 216.25 Td (to ) Tj ET Q q 0 0 0 rg BT 108.29 216.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.96 216.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 159.29 216.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.54 216.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 192.00 216.25 Td (2014-09, ) Tj ET Q q 0 0 0 rg BT 230.28 216.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.95 216.25 Td (F) Tj ET Q q 0 0 0 rg BT 249.77 216.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 271.68 216.25 Td (has ) Tj ET Q q 0 0 0 rg BT 287.46 216.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 314.91 216.25 Td (several ) Tj ET Q q 0 0 0 rg BT 345.14 216.25 Td (ASUs, ) Tj ET Q q 0 0 0 rg BT 373.99 216.25 Td (such ) Tj ET Q q 0 0 0 rg BT 394.77 216.25 Td (as ) Tj ET Q q 0 0 0 rg BT 405.02 216.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 427.48 216.25 Td (2016-08, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.76 216.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 502.07 216.25 Td (fr) Tj ET Q q 0 0 0 rg BT 508.37 216.25 Td (om ) Tj ET Q q 0 0 0 rg BT 523.05 216.25 Td (Contracts ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 204.25 Td (with ) Tj ET Q q 0 0 0 rg BT 70.21 204.25 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 119.80 204.25 Td (Principal ) Tj ET Q q 0 0 0 rg BT 161.05 204.25 Td (versus ) Tj ET Q q 0 0 0 rg BT 189.83 204.25 Td (Agent ) Tj ET Q q 0 0 0 rg BT 216.64 204.25 Td (Considerations ) Tj ET Q q 0 0 0 rg BT 281.24 204.25 Td (\(Reporting ) Tj ET Q q 0 0 0 rg BT 328.04 204.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 365.39 204.25 Td (Gr) Tj ET Q q 0 0 0 rg BT 376.13 204.25 Td (oss ) Tj ET Q q 0 0 0 rg BT 392.39 204.25 Td (versus ) Tj ET Q q 0 0 0 rg BT 421.43 204.25 Td (Net\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.64 204.25 Td (, ) Tj ET Q q 0 0 0 rg BT 443.85 204.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 467.34 204.25 Td (2016-10, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.65 204.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 543.99 204.25 Td (fr) Tj ET Q q 0 0 0 rg BT 550.29 204.25 Td (om ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 91.25 192.25 Td (with ) Tj ET Q q 0 0 0 rg BT 110.78 192.25 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 159.20 192.25 Td (Identifying ) Tj ET Q q 0 0 0 rg BT 204.82 192.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 259.33 192.25 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 308.86 192.25 Td (and ) Tj ET Q q 0 0 0 rg BT 326.17 192.25 Td (Licensing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.05 192.25 Td (, ) Tj ET Q q 0 0 0 rg BT 369.86 192.25 Td (and ) Tj ET Q q 0 0 0 rg BT 386.09 192.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 408.40 192.25 Td (2016-12, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.53 192.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 482.70 192.25 Td (fr) Tj ET Q q 0 0 0 rg BT 489.00 192.25 Td (om ) Tj ET Q q 0 0 0 rg BT 503.52 192.25 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 545.28 192.25 Td (with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 97.62 180.25 Td (Narr) Tj ET Q q 0 0 0 rg BT 116.71 180.25 Td (ow-Scope ) Tj ET Q q 0 0 0 rg BT 157.59 180.25 Td (Impr) Tj ET Q q 0 0 0 rg BT 176.67 180.25 Td (ovements ) Tj ET Q q 0 0 0 rg BT 215.88 180.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.89 180.25 Td (Practical ) Tj ET Q q 0 0 0 rg BT 272.12 180.25 Td (Expedients) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.99 180.25 Td (. ) Tj ET Q q 0 0 0 rg BT 320.50 180.25 Td ( ) Tj ET Q q 0 0 0 rg BT 322.37 180.25 Td (These ) Tj ET Q q 0 0 0 rg BT 347.81 180.25 Td (ASUs ) Tj ET Q q 0 0 0 rg BT 373.72 180.25 Td (do ) Tj ET Q q 0 0 0 rg BT 385.73 180.25 Td (not ) Tj ET Q q 0 0 0 rg BT 400.52 180.25 Td (change ) Tj ET Q q 0 0 0 rg BT 430.84 180.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.07 180.25 Td (core ) Tj ET Q q 0 0 0 rg BT 464.29 180.25 Td (principle ) Tj ET Q q 0 0 0 rg BT 501.84 180.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.18 180.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.41 180.25 Td (guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 75.13 168.25 Td (in ) Tj ET Q q 0 0 0 rg BT 84.70 168.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 107.01 168.25 Td (2014-09. ) Tj ET Q q 0 0 0 rg BT 145.14 168.25 Td (Instead, ) Tj ET Q q 0 0 0 rg BT 178.82 168.25 Td (these ) Tj ET Q q 0 0 0 rg BT 201.67 168.25 Td (amendments ) Tj ET Q q 0 0 0 rg BT 254.51 168.25 Td (are ) Tj ET Q q 0 0 0 rg BT 269.02 168.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 305.76 168.25 Td (to ) Tj ET Q q 0 0 0 rg BT 315.84 168.25 Td (clarify ) Tj ET Q q 0 0 0 rg BT 344.23 168.25 Td (and ) Tj ET Q q 0 0 0 rg BT 360.97 168.25 Td (improve ) Tj ET Q q 0 0 0 rg BT 396.60 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 411.12 168.25 Td (operability ) Tj ET Q q 0 0 0 rg BT 456.74 168.25 Td (of ) Tj ET Q q 0 0 0 rg BT 467.38 168.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 496.88 168.25 Td (topics ) Tj ET Q q 0 0 0 rg BT 523.07 168.25 Td (addressed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (by ) Tj ET Q q 0 0 0 rg BT 62.22 156.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 85.73 156.25 Td (2014-09. ) Tj ET Q q 0 0 0 rg BT 125.05 156.25 Td ( ) Tj ET Q q 0 0 0 rg BT 128.30 156.25 Td (These ) Tj ET Q q 0 0 0 rg BT 155.67 156.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 198.38 156.25 Td (ASUs ) Tj ET Q q 0 0 0 rg BT 225.78 156.25 Td (will ) Tj ET Q q 0 0 0 rg BT 244.83 156.25 Td (have ) Tj ET Q q 0 0 0 rg BT 267.20 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.91 156.25 Td (same ) Tj ET Q q 0 0 0 rg BT 306.96 156.25 Td (ef) Tj ET Q q 0 0 0 rg BT 314.55 156.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 345.24 156.25 Td (date ) Tj ET Q q 0 0 0 rg BT 365.40 156.25 Td (and ) Tj ET Q q 0 0 0 rg BT 383.33 156.25 Td (transition ) Tj ET Q q 0 0 0 rg BT 424.60 156.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 480.30 156.25 Td (as ) Tj ET Q q 0 0 0 rg BT 491.35 156.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 514.85 156.25 Td (2014-09, ) Tj ET Q q 0 0 0 rg BT 554.18 156.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (amended. ) Tj ET Q q 0 0 0 rg BT 89.92 144.25 Td ( ) Tj ET Q q 0 0 0 rg BT 91.62 144.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.99 144.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 149.71 144.25 Td (is ) Tj ET Q q 0 0 0 rg BT 158.21 144.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 196.13 144.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 239.61 144.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.65 144.25 Td (method ) Tj ET Q q 0 0 0 rg BT 285.48 144.25 Td (of ) Tj ET Q q 0 0 0 rg BT 295.64 144.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 332.46 144.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.22 144.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 364.05 144.25 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 399.21 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 415.48 144.25 Td (these ) Tj ET Q q 0 0 0 rg BT 437.85 144.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 479.27 144.25 Td (ASUs ) Tj ET Q q 0 0 0 rg BT 504.99 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 521.26 144.25 Td (the ) Tj ET Q q 0 0 0 rg BT 535.30 144.25 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.25 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 132.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 104.18 132.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.42 132.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 139.16 132.25 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 176.23 132.25 Td (and ) Tj ET Q q 0 0 0 rg BT 194.40 132.25 Td (these ) Tj ET Q q 0 0 0 rg BT 218.69 132.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 261.59 132.25 Td (ASUs ) Tj ET Q q 0 0 0 rg BT 289.22 132.25 Td (will ) Tj ET Q q 0 0 0 rg BT 308.51 132.25 Td (have ) Tj ET Q q 0 0 0 rg BT 331.12 132.25 Td (on ) Tj ET Q q 0 0 0 rg BT 344.86 132.25 Td (the ) Tj ET Q q 0 0 0 rg BT 360.81 132.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 409.13 132.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 463.40 132.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 502.12 132.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 548.07 132.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.25 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 98.94 120.25 Td (See ) Tj ET Q q 0 0 0 rg BT 115.88 120.25 Td (below ) Tj ET Q q 0 0 0 rg BT 142.82 120.25 Td (for ) Tj ET Q q 0 0 0 rg BT 156.98 120.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 199.47 120.25 Td (explanation ) Tj ET Q q 0 0 0 rg BT 248.62 120.25 Td (of ) Tj ET Q q 0 0 0 rg BT 259.45 120.25 Td (each ) Tj ET Q q 0 0 0 rg BT 280.26 120.25 Td (of ) Tj ET Q q 0 0 0 rg BT 291.09 120.25 Td (these ) Tj ET Q q 0 0 0 rg BT 314.14 120.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 356.08 120.25 Td (ASUs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.25 Td (In ) Tj ET Q q 0 0 0 rg BT 59.97 96.25 Td (January ) Tj ET Q q 0 0 0 rg BT 93.22 96.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 117.86 96.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.22 96.25 Td (F) Tj ET Q q 0 0 0 rg BT 137.04 96.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 158.64 96.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 185.31 96.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 207.45 96.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 224.32 96.25 Td (2016-01, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.29 96.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 303.32 96.25 Td (Instruments-Overall: ) Tj ET Q q 0 0 0 rg BT 389.89 96.25 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 440.35 96.25 Td (and ) Tj ET Q q 0 0 0 rg BT 457.50 96.25 Td (Measur) Tj ET Q q 0 0 0 rg BT 487.68 96.25 Td (ement ) Tj ET Q q 0 0 0 rg BT 513.70 96.25 Td (of ) Tj ET Q q 0 0 0 rg BT 523.62 96.25 Td (Financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 84.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 77.81 84.25 Td (and ) Tj ET Q q 0 0 0 rg BT 96.12 84.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 138.31 84.25 Td (Liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.18 84.25 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 213.26 84.25 Td (2016-01\), ) Tj ET Q q 0 0 0 rg BT 260.16 84.25 Td (which ) Tj ET Q q 0 0 0 rg BT 287.91 84.25 Td (makes ) Tj ET Q q 0 0 0 rg BT 316.77 84.25 Td (a ) Tj ET Q q 0 0 0 rg BT 324.51 84.25 Td (number ) Tj ET Q q 0 0 0 rg BT 358.37 84.25 Td (of ) Tj ET Q q 0 0 0 rg BT 370.01 84.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 405.52 84.25 Td (to ) Tj ET Q q 0 0 0 rg BT 416.61 84.25 Td (the ) Tj ET Q q 0 0 0 rg BT 432.13 84.25 Td (current ) Tj ET Q q 0 0 0 rg BT 463.76 84.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 490.61 84.25 Td ( ) Tj ET Q q 0 0 0 rg BT 493.92 84.25 Td (model, ) Tj ET Q q 0 0 0 rg BT 524.72 84.25 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 84.89 72.25 Td (to ) Tj ET Q q 0 0 0 rg BT 95.86 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.26 72.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 158.31 72.25 Td (for ) Tj ET Q q 0 0 0 rg BT 173.16 72.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 201.34 72.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 252.30 72.25 Td (and ) Tj ET Q q 0 0 0 rg BT 269.92 72.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 308.09 72.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 348.49 72.25 Td (under ) Tj ET Q q 0 0 0 rg BT 374.44 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.84 72.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 406.91 72.25 Td (value ) Tj ET Q q 0 0 0 rg BT 431.75 72.25 Td (option, ) Tj ET Q q 0 0 0 rg BT 462.99 72.25 Td (and ) Tj ET Q q 0 0 0 rg BT 480.61 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 496.01 72.25 Td (presentation ) Tj ET Q q 0 0 0 rg BT 548.07 72.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 91.75 60.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 145.66 60.25 Td (for ) Tj ET Q q 0 0 0 rg BT 159.02 60.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 195.71 60.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 246.58 60.25 Td ( ) Tj ET Q q 0 0 0 rg BT 247.90 60.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 269.61 60.25 Td (2016-01 ) Tj ET Q q 0 0 0 rg BT 304.65 60.25 Td (is ) Tj ET Q q 0 0 0 rg BT 313.02 60.25 Td (ef) Tj ET Q q 0 0 0 rg BT 320.61 60.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 349.51 60.25 Td (for ) Tj ET Q q 0 0 0 rg BT 362.88 60.25 Td (our ) Tj ET Q q 0 0 0 rg BT 377.91 60.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 408.50 60.25 Td (and ) Tj ET Q q 0 0 0 rg BT 424.64 60.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 453.00 60.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 491.36 60.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 522.50 60.25 Td (beginning ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (January ) Tj ET Q q 0 0 0 rg BT 83.04 740.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 92.98 740.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 117.93 740.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 142.03 740.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 179.46 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.70 740.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 212.14 740.10 Td (2016-01 ) Tj ET Q q 0 0 0 rg BT 247.92 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 257.03 740.10 Td (not ) Tj ET Q q 0 0 0 rg BT 272.25 740.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 315.51 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.78 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 335.77 740.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 377.10 740.10 Td (does ) Tj ET Q q 0 0 0 rg BT 397.87 740.10 Td (not ) Tj ET Q q 0 0 0 rg BT 413.09 740.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 444.41 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.07 740.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 496.51 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.74 740.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 529.19 740.10 Td (2016-01 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (will ) Tj ET Q q 0 0 0 rg BT 67.56 728.10 Td (have ) Tj ET Q q 0 0 0 rg BT 88.93 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 95.87 728.10 Td (material ) Tj ET Q q 0 0 0 rg BT 131.13 728.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 160.84 728.10 Td (on ) Tj ET Q q 0 0 0 rg BT 173.34 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.06 728.10 Td (Company) Tj ET Q q 0 0 0 rg BT 229.72 728.10 Td (s ) Tj ET Q q 0 0 0 rg BT 236.12 728.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 289.16 728.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 326.64 728.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 371.35 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.29 728.10 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.82 704.10 Td (February ) Tj ET Q q 0 0 0 rg BT 99.91 704.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 125.41 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.61 704.10 Td (F) Tj ET Q q 0 0 0 rg BT 145.43 704.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 167.88 704.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 195.21 704.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 218.21 704.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 235.92 704.10 Td (2016-02, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 274.74 704.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.97 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.96 704.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 335.72 704.10 Td (2016-02\). ) Tj ET Q q 0 0 0 rg BT 381.65 704.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 404.65 704.10 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 440.97 704.10 Td (will ) Tj ET Q q 0 0 0 rg BT 459.52 704.10 Td (require ) Tj ET Q q 0 0 0 rg BT 490.83 704.10 Td (or) Tj ET Q q 0 0 0 rg BT 498.98 704.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 547.51 704.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 72.48 692.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 98.81 692.10 Td (- ) Tj ET Q q 0 0 0 rg BT 105.14 692.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 139.77 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.55 692.10 Td (as ) Tj ET Q q 0 0 0 rg BT 161.88 692.10 Td (lessees ) Tj ET Q q 0 0 0 rg BT 201.52 692.10 Td (- ) Tj ET Q q 0 0 0 rg BT 207.85 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 218.63 692.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 260.49 692.10 Td (on ) Tj ET Q q 0 0 0 rg BT 273.48 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.70 692.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 322.23 692.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 345.77 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.99 692.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 387.32 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.75 692.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 444.97 692.10 Td (for ) Tj ET Q q 0 0 0 rg BT 459.63 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.84 692.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 500.62 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.05 692.10 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (created ) Tj ET Q q 0 0 0 rg BT 80.29 680.10 Td (by ) Tj ET Q q 0 0 0 rg BT 92.22 680.10 Td (those ) Tj ET Q q 0 0 0 rg BT 115.26 680.10 Td (leases. ) Tj ET Q q 0 0 0 rg BT 143.57 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 145.50 680.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 172.00 680.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 193.93 680.10 Td (2016-02, ) Tj ET Q q 0 0 0 rg BT 231.70 680.10 Td (a ) Tj ET Q q 0 0 0 rg BT 238.07 680.10 Td (lessee ) Tj ET Q q 0 0 0 rg BT 263.87 680.10 Td (will ) Tj ET Q q 0 0 0 rg BT 281.36 680.10 Td (be ) Tj ET Q q 0 0 0 rg BT 292.73 680.10 Td (required ) Tj ET Q q 0 0 0 rg BT 327.98 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.69 680.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 378.48 680.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 403.74 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.11 680.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 459.26 680.10 Td (for ) Tj ET Q q 0 0 0 rg BT 472.85 680.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 498.66 680.10 Td (with ) Tj ET Q q 0 0 0 rg BT 518.37 680.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 540.28 680.10 Td (terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.89 668.10 Td (more ) Tj ET Q q 0 0 0 rg BT 84.49 668.10 Td (than ) Tj ET Q q 0 0 0 rg BT 104.77 668.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 117.83 668.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 152.83 668.10 Td (Lessor ) Tj ET Q q 0 0 0 rg BT 182.55 668.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 229.48 668.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 264.19 668.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 317.80 668.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 348.64 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.47 668.10 Td (current ) Tj ET Q q 0 0 0 rg BT 390.85 668.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 416.96 668.10 Td (. ) Tj ET Q q 0 0 0 rg BT 422.52 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 425.58 668.10 Td (In ) Tj ET Q q 0 0 0 rg BT 436.97 668.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 475.30 668.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 522.80 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 534.18 668.10 Td (leasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 87.10 656.10 Td (will ) Tj ET Q q 0 0 0 rg BT 104.16 656.10 Td (be ) Tj ET Q q 0 0 0 rg BT 115.10 656.10 Td (expanded ) Tj ET Q q 0 0 0 rg BT 154.91 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.19 656.10 Td (include ) Tj ET Q q 0 0 0 rg BT 195.12 656.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 238.83 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 254.77 656.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 287.36 656.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 336.07 656.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 387.28 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.79 656.10 Td (For ) Tj ET Q q 0 0 0 rg BT 404.18 656.10 Td (public ) Tj ET Q q 0 0 0 rg BT 430.67 656.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 463.22 656.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 484.73 656.10 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 519.56 656.10 Td (is ) Tj ET Q q 0 0 0 rg BT 527.73 656.10 Td (ef) Tj ET Q q 0 0 0 rg BT 535.32 656.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.85 644.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 88.19 644.10 Td (years ) Tj ET Q q 0 0 0 rg BT 111.98 644.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 154.66 644.10 Td (after ) Tj ET Q q 0 0 0 rg BT 175.66 644.10 Td (December ) Tj ET Q q 0 0 0 rg BT 219.43 644.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 234.62 644.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 259.80 644.10 Td (including ) Tj ET Q q 0 0 0 rg BT 300.27 644.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 331.83 644.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 363.96 644.10 Td (within ) Tj ET Q q 0 0 0 rg BT 392.20 644.10 Td (those ) Tj ET Q q 0 0 0 rg BT 416.00 644.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 440.34 644.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 466.03 644.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 488.73 644.10 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 524.74 644.10 Td (mandates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (a ) Tj ET Q q 0 0 0 rg BT 55.64 632.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 93.44 632.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 146.78 632.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 186.26 632.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 220.33 632.10 Td (The ) Tj ET Q q 0 0 0 rg BT 237.58 632.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 278.17 632.10 Td (is ) Tj ET Q q 0 0 0 rg BT 286.54 632.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 324.33 632.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 367.68 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.60 632.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 418.29 632.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 447.20 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.12 632.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 497.82 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.47 632.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 529.18 632.10 Td (2016-02 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (will ) Tj ET Q q 0 0 0 rg BT 67.56 620.10 Td (have ) Tj ET Q q 0 0 0 rg BT 88.93 620.10 Td (on ) Tj ET Q q 0 0 0 rg BT 101.43 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.15 620.10 Td (Company) Tj ET Q q 0 0 0 rg BT 157.82 620.10 Td (s ) Tj ET Q q 0 0 0 rg BT 164.21 620.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 217.25 620.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 254.73 620.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 299.44 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.38 620.10 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.01 596.10 Td (March ) Tj ET Q q 0 0 0 rg BT 90.29 596.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 115.96 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.36 596.10 Td (F) Tj ET Q q 0 0 0 rg BT 136.18 596.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 158.81 596.10 Td (issued) Tj ET Q q 0 0 0 rg BT 185.76 596.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 208.94 596.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 226.84 596.10 Td (2016-06, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.85 596.10 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 313.47 596.10 Td (Put ) Tj ET Q q 0 0 0 rg BT 330.54 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.72 596.10 Td (Call ) Tj ET Q q 0 0 0 rg BT 369.12 596.10 Td (Options ) Tj ET Q q 0 0 0 rg BT 403.97 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.93 596.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 437.55 596.10 Td (Instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.95 596.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 518.90 596.10 Td (2016-06\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (which ) Tj ET Q q 0 0 0 rg BT 75.94 584.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 110.15 584.10 Td (that ) Tj ET Q q 0 0 0 rg BT 127.14 584.10 Td (embedded ) Tj ET Q q 0 0 0 rg BT 170.24 584.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 216.11 584.10 Td (be ) Tj ET Q q 0 0 0 rg BT 227.55 584.10 Td (separated ) Tj ET Q q 0 0 0 rg BT 267.31 584.10 Td (from ) Tj ET Q q 0 0 0 rg BT 288.75 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.96 584.10 Td (host ) Tj ET Q q 0 0 0 rg BT 321.63 584.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 355.84 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.28 584.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 414.81 584.10 Td (for ) Tj ET Q q 0 0 0 rg BT 428.47 584.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 471.00 584.10 Td (as ) Tj ET Q q 0 0 0 rg BT 481.33 584.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 527.21 584.10 Td (if ) Tj ET Q q 0 0 0 rg BT 535.32 584.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 79.96 572.10 Td (are ) Tj ET Q q 0 0 0 rg BT 94.32 572.10 Td (met. ) Tj ET Q q 0 0 0 rg BT 113.97 572.10 Td (One ) Tj ET Q q 0 0 0 rg BT 132.78 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.26 572.10 Td (those ) Tj ET Q q 0 0 0 rg BT 166.52 572.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 196.98 572.10 Td (is ) Tj ET Q q 0 0 0 rg BT 205.80 572.10 Td (that ) Tj ET Q q 0 0 0 rg BT 222.94 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.31 572.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 278.34 572.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 337.67 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.26 572.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 375.31 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.79 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.15 572.10 Td (embedded ) Tj ET Q q 0 0 0 rg BT 443.40 572.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 489.42 572.10 Td (are ) Tj ET Q q 0 0 0 rg BT 503.78 572.10 Td (not ) Tj ET Q q 0 0 0 rg BT 518.71 572.10 Td (clearly ) Tj ET Q q 0 0 0 rg BT 548.06 572.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (closely ) Tj ET Q q 0 0 0 rg BT 80.88 560.10 Td (related ) Tj ET Q q 0 0 0 rg BT 111.14 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 121.97 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.25 560.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 179.17 560.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 239.42 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.91 560.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 278.86 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.24 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.52 560.10 Td (host ) Tj ET Q q 0 0 0 rg BT 325.24 560.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 360.50 560.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 379.10 560.10 Td (clearly ) Tj ET Q q 0 0 0 rg BT 413.80 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 431.29 560.10 Td (closely ) Tj ET Q q 0 0 0 rg BT 462.67 560.10 Td (related ) Tj ET Q q 0 0 0 rg BT 497.37 560.10 Td (criterion\). ) Tj ET Q q 0 0 0 rg BT 540.13 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 542.51 560.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (2016-06 ) Tj ET Q q 0 0 0 rg BT 85.51 548.10 Td (clarifies ) Tj ET Q q 0 0 0 rg BT 120.39 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.28 548.10 Td (required ) Tj ET Q q 0 0 0 rg BT 171.27 548.10 Td (steps ) Tj ET Q q 0 0 0 rg BT 193.95 548.10 Td (for ) Tj ET Q q 0 0 0 rg BT 208.29 548.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 248.19 548.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 283.07 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.97 548.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 339.51 548.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 399.38 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.50 548.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 438.06 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.07 548.10 Td (call ) Tj ET Q q 0 0 0 rg BT 466.18 548.10 Td (\(put\) ) Tj ET Q q 0 0 0 rg BT 488.30 548.10 Td (options ) Tj ET Q q 0 0 0 rg BT 520.42 548.10 Td (are ) Tj ET Q q 0 0 0 rg BT 535.31 548.10 Td (clearly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.15 536.10 Td (closely ) Tj ET Q q 0 0 0 rg BT 98.68 536.10 Td (related ) Tj ET Q q 0 0 0 rg BT 129.09 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 140.07 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.50 536.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 197.58 536.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 257.97 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.62 536.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 297.71 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 309.25 536.10 Td (their ) Tj ET Q q 0 0 0 rg BT 330.78 536.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 351.21 536.10 Td (hosts, ) Tj ET Q q 0 0 0 rg BT 377.48 536.10 Td (which ) Tj ET Q q 0 0 0 rg BT 405.12 536.10 Td (is ) Tj ET Q q 0 0 0 rg BT 415.00 536.10 Td (one ) Tj ET Q q 0 0 0 rg BT 432.64 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.18 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.60 536.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 491.12 536.10 Td (for ) Tj ET Q q 0 0 0 rg BT 505.99 536.10 Td (bifurcating ) Tj ET Q q 0 0 0 rg BT 553.07 536.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (embedded ) Tj ET Q q 0 0 0 rg BT 92.50 524.10 Td (derivative. ) Tj ET Q q 0 0 0 rg BT 136.90 524.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.81 524.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 193.15 524.10 Td (, ) Tj ET Q q 0 0 0 rg BT 197.56 524.10 Td (when ) Tj ET Q q 0 0 0 rg BT 221.13 524.10 Td (a ) Tj ET Q q 0 0 0 rg BT 227.48 524.10 Td (call ) Tj ET Q q 0 0 0 rg BT 243.83 524.10 Td (\(put\) ) Tj ET Q q 0 0 0 rg BT 265.18 524.10 Td (option ) Tj ET Q q 0 0 0 rg BT 292.64 524.10 Td (is ) Tj ET Q q 0 0 0 rg BT 301.22 524.10 Td (contingently ) Tj ET Q q 0 0 0 rg BT 353.12 524.10 Td (exercisable, ) Tj ET Q q 0 0 0 rg BT 402.51 524.10 Td (an ) Tj ET Q q 0 0 0 rg BT 413.85 524.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 438.54 524.10 Td (does ) Tj ET Q q 0 0 0 rg BT 458.78 524.10 Td (not ) Tj ET Q q 0 0 0 rg BT 473.47 524.10 Td (have ) Tj ET Q q 0 0 0 rg BT 494.26 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 503.95 524.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 530.30 524.10 Td (whether ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.10 512.10 Td (event ) Tj ET Q q 0 0 0 rg BT 88.13 512.10 Td (that ) Tj ET Q q 0 0 0 rg BT 105.51 512.10 Td (triggers ) Tj ET Q q 0 0 0 rg BT 138.43 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.03 512.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 180.96 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.12 512.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 226.25 512.10 Td (a ) Tj ET Q q 0 0 0 rg BT 233.07 512.10 Td (call ) Tj ET Q q 0 0 0 rg BT 249.88 512.10 Td (\(put\) ) Tj ET Q q 0 0 0 rg BT 271.70 512.10 Td (option ) Tj ET Q q 0 0 0 rg BT 299.63 512.10 Td (is ) Tj ET Q q 0 0 0 rg BT 308.68 512.10 Td (related ) Tj ET Q q 0 0 0 rg BT 338.27 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 348.42 512.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 380.24 512.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 401.49 512.10 Td (or ) Tj ET Q q 0 0 0 rg BT 412.20 512.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 437.35 512.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 460.59 512.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 482.98 512.10 Td (2016-06 ) Tj ET Q q 0 0 0 rg BT 518.68 512.10 Td (is ) Tj ET Q q 0 0 0 rg BT 527.73 512.10 Td (ef) Tj ET Q q 0 0 0 rg BT 535.32 512.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.47 500.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 87.44 500.10 Td (years ) Tj ET Q q 0 0 0 rg BT 110.85 500.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 153.15 500.10 Td (after ) Tj ET Q q 0 0 0 rg BT 173.78 500.10 Td (December ) Tj ET Q q 0 0 0 rg BT 217.17 500.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 231.99 500.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 256.80 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.55 500.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 304.74 500.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 336.49 500.10 Td (within ) Tj ET Q q 0 0 0 rg BT 364.36 500.10 Td (those ) Tj ET Q q 0 0 0 rg BT 387.78 500.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 411.74 500.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 437.65 500.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.96 500.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 463.93 500.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 501.24 500.10 Td (is ) Tj ET Q q 0 0 0 rg BT 510.22 500.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 550.85 500.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (all ) Tj ET Q q 0 0 0 rg BT 61.00 488.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 93.89 488.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.29 488.10 Td (The ) Tj ET Q q 0 0 0 rg BT 112.34 488.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 152.73 488.10 Td (does ) Tj ET Q q 0 0 0 rg BT 172.57 488.10 Td (not ) Tj ET Q q 0 0 0 rg BT 186.85 488.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 217.23 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.96 488.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 267.46 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.96 488.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 298.47 488.10 Td (2016-06 ) Tj ET Q q 0 0 0 rg BT 333.31 488.10 Td (will ) Tj ET Q q 0 0 0 rg BT 350.37 488.10 Td (have ) Tj ET Q q 0 0 0 rg BT 370.76 488.10 Td (a ) Tj ET Q q 0 0 0 rg BT 376.70 488.10 Td (material ) Tj ET Q q 0 0 0 rg BT 410.97 488.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 439.68 488.10 Td (on ) Tj ET Q q 0 0 0 rg BT 451.19 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.91 488.10 Td (Company) Tj ET Q q 0 0 0 rg BT 506.58 488.10 Td (s ) Tj ET Q q 0 0 0 rg BT 511.98 488.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 476.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 131.69 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.63 476.10 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (In ) Tj ET Q q 0 0 0 rg BT 63.25 452.10 Td (March ) Tj ET Q q 0 0 0 rg BT 94.77 452.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 122.69 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.32 452.10 Td (F) Tj ET Q q 0 0 0 rg BT 145.14 452.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 170.02 452.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 199.24 452.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 224.66 452.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 244.80 452.10 Td (2016-08,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 283.13 452.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 322.42 452.10 Td (fr) Tj ET Q q 0 0 0 rg BT 328.71 452.10 Td (om ) Tj ET Q q 0 0 0 rg BT 346.36 452.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 391.22 452.10 Td (with ) Tj ET Q q 0 0 0 rg BT 413.87 452.10 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 465.40 452.10 Td (Principal ) Tj ET Q q 0 0 0 rg BT 508.59 452.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 539.17 452.10 Td (Agent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (Considerations ) Tj ET Q q 0 0 0 rg BT 113.07 440.10 Td (\(Reporting ) Tj ET Q q 0 0 0 rg BT 158.84 440.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 195.15 440.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 205.89 440.10 Td (oss ) Tj ET Q q 0 0 0 rg BT 221.13 440.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 249.13 440.10 Td (Net\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.34 440.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 299.07 440.10 Td (2016-08\). ) Tj ET Q q 0 0 0 rg BT 345.11 440.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.38 440.10 Td (The ) Tj ET Q q 0 0 0 rg BT 365.38 440.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 418.37 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 428.60 440.10 Td (this ) Tj ET Q q 0 0 0 rg BT 444.95 440.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 467.41 440.10 Td (are ) Tj ET Q q 0 0 0 rg BT 482.06 440.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 518.95 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 529.17 440.10 Td (improve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 66.93 428.10 Td (operability ) Tj ET Q q 0 0 0 rg BT 115.46 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.11 428.10 Td (understandability ) Tj ET Q q 0 0 0 rg BT 209.75 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.29 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.71 428.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 308.69 428.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 349.99 428.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 378.53 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.37 428.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 415.58 428.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 454.12 428.10 Td (on ) Tj ET Q q 0 0 0 rg BT 469.33 428.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 510.09 428.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 540.85 428.10 Td (agent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (considerations ) Tj ET Q q 0 0 0 rg BT 109.76 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.70 416.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 161.41 416.10 Td (an ) Tj ET Q q 0 0 0 rg BT 173.35 416.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 198.62 416.10 Td (reports ) Tj ET Q q 0 0 0 rg BT 228.89 416.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 263.04 416.10 Td (on ) Tj ET Q q 0 0 0 rg BT 275.54 416.10 Td (a ) Tj ET Q q 0 0 0 rg BT 282.47 416.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 306.09 416.10 Td (or ) Tj ET Q q 0 0 0 rg BT 316.92 416.10 Td (net ) Tj ET Q q 0 0 0 rg BT 331.63 416.10 Td (basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.81 392.10 Td (March ) Tj ET Q q 0 0 0 rg BT 87.88 392.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 112.36 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.55 392.10 Td (F) Tj ET Q q 0 0 0 rg BT 131.37 392.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 152.80 392.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 179.34 392.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 201.32 392.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 218.02 392.10 Td (2016-09, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 255.83 392.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 315.58 392.10 Td (- ) Tj ET Q q 0 0 0 rg BT 320.89 392.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 344.52 392.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 404.28 392.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 412.25 392.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 431.44 392.10 Td (718\): ) Tj ET Q q 0 0 0 rg BT 455.08 392.10 Td (Impr) Tj ET Q q 0 0 0 rg BT 474.15 392.10 Td (ovements ) Tj ET Q q 0 0 0 rg BT 513.33 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 523.09 392.10 Td (Employee ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 68.02 380.10 Td (e-Based ) Tj ET Q q 0 0 0 rg BT 102.75 380.10 Td (Payment ) Tj ET Q q 0 0 0 rg BT 140.08 380.10 Td (Accounting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.62 380.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.15 380.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 218.44 380.10 Td (2016-09\). ) Tj ET Q q 0 0 0 rg BT 264.57 380.10 Td ( ) Tj ET Q q 0 0 0 rg BT 266.53 380.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 289.06 380.10 Td (2016-09 ) Tj ET Q q 0 0 0 rg BT 324.92 380.10 Td (simplifies ) Tj ET Q q 0 0 0 rg BT 366.89 380.10 Td (several ) Tj ET Q q 0 0 0 rg BT 397.73 380.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 429.13 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.98 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.72 380.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 501.12 380.10 Td (for ) Tj ET Q q 0 0 0 rg BT 515.30 380.10 Td (share-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 88.68 368.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 143.69 368.10 Td (including ) Tj ET Q q 0 0 0 rg BT 186.21 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.18 368.10 Td (income ) Tj ET Q q 0 0 0 rg BT 237.36 368.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 254.32 368.10 Td (consequences, ) Tj ET Q q 0 0 0 rg BT 316.54 368.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 374.05 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.13 368.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 420.19 368.10 Td (as ) Tj ET Q q 0 0 0 rg BT 433.27 368.10 Td (either ) Tj ET Q q 0 0 0 rg BT 460.78 368.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 490.52 368.10 Td (or ) Tj ET Q q 0 0 0 rg BT 503.60 368.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 548.06 368.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 103.78 356.10 Td (on ) Tj ET Q q 0 0 0 rg BT 115.29 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.03 356.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 168.87 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.71 356.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 198.00 356.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 224.24 356.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.76 356.10 Td (For ) Tj ET Q q 0 0 0 rg BT 241.17 356.10 Td (public ) Tj ET Q q 0 0 0 rg BT 267.68 356.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 300.24 356.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 321.77 356.10 Td (2016-09 ) Tj ET Q q 0 0 0 rg BT 356.61 356.10 Td (is ) Tj ET Q q 0 0 0 rg BT 364.80 356.10 Td (ef) Tj ET Q q 0 0 0 rg BT 372.39 356.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 401.11 356.10 Td (for ) Tj ET Q q 0 0 0 rg BT 414.29 356.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 437.46 356.10 Td (years ) Tj ET Q q 0 0 0 rg BT 460.08 356.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 501.59 356.10 Td (after ) Tj ET Q q 0 0 0 rg BT 521.42 356.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 64.27 344.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 89.05 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.76 344.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 136.91 344.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 168.62 344.10 Td (within ) Tj ET Q q 0 0 0 rg BT 196.45 344.10 Td (those ) Tj ET Q q 0 0 0 rg BT 219.83 344.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 243.76 344.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 269.63 344.10 Td ( ) Tj ET Q q 0 0 0 rg BT 271.91 344.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 295.84 344.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 333.10 344.10 Td (is ) Tj ET Q q 0 0 0 rg BT 342.05 344.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 385.14 344.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.25 344.10 Td (The ) Tj ET Q q 0 0 0 rg BT 405.07 344.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 446.23 344.10 Td (does ) Tj ET Q q 0 0 0 rg BT 466.83 344.10 Td (not ) Tj ET Q q 0 0 0 rg BT 481.88 344.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 513.03 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.52 344.10 Td (adoption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.78 332.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 82.28 332.10 Td (2016-09 ) Tj ET Q q 0 0 0 rg BT 118.11 332.10 Td (will ) Tj ET Q q 0 0 0 rg BT 136.17 332.10 Td (have ) Tj ET Q q 0 0 0 rg BT 157.55 332.10 Td (a ) Tj ET Q q 0 0 0 rg BT 164.49 332.10 Td (material ) Tj ET Q q 0 0 0 rg BT 199.74 332.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 229.46 332.10 Td (on ) Tj ET Q q 0 0 0 rg BT 241.96 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.67 332.10 Td (Company) Tj ET Q q 0 0 0 rg BT 298.34 332.10 Td (s ) Tj ET Q q 0 0 0 rg BT 304.73 332.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 357.77 332.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 395.25 332.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 439.96 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.90 332.10 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.37 308.10 Td (April ) Tj ET Q q 0 0 0 rg BT 82.45 308.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 106.92 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.11 308.10 Td (F) Tj ET Q q 0 0 0 rg BT 125.93 308.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 147.36 308.10 Td (issued) Tj ET Q q 0 0 0 rg BT 174.30 308.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 196.28 308.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 212.98 308.10 Td (2016-10, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.78 308.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 286.61 308.10 Td (fr) Tj ET Q q 0 0 0 rg BT 292.91 308.10 Td (om ) Tj ET Q q 0 0 0 rg BT 307.11 308.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 348.53 308.10 Td (with ) Tj ET Q q 0 0 0 rg BT 367.73 308.10 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 415.81 308.10 Td (Identifying ) Tj ET Q q 0 0 0 rg BT 461.11 308.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 515.29 308.10 Td (Obligations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.58 296.10 Td (Licensing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.46 296.10 Td ( ) Tj ET Q q 0 0 0 rg BT 109.54 296.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 140.39 296.10 Td (2016-10\). ) Tj ET Q q 0 0 0 rg BT 187.06 296.10 Td () Tj ET Q q 0 0 0 rg BT 189.01 296.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 212.09 296.10 Td (2016-10provides ) Tj ET Q q 0 0 0 rg BT 285.44 296.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 324.61 296.10 Td (on ) Tj ET Q q 0 0 0 rg BT 337.68 296.10 Td (identifying ) Tj ET Q q 0 0 0 rg BT 384.64 296.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 438.24 296.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 485.76 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.27 296.10 Td (licensing. ) Tj ET Q q 0 0 0 rg BT 544.73 296.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (update ) Tj ET Q q 0 0 0 rg BT 78.12 284.10 Td (clarifies ) Tj ET Q q 0 0 0 rg BT 112.29 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.48 284.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 164.54 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.85 284.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 195.82 284.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 231.12 284.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 263.63 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.38 284.10 Td (identifying ) Tj ET Q q 0 0 0 rg BT 319.23 284.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 371.72 284.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 418.13 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.53 284.10 Td (licensing. ) Tj ET Q q 0 0 0 rg BT 474.96 284.10 Td (The ) Tj ET Q q 0 0 0 rg BT 492.48 284.10 Td (new ) Tj ET Q q 0 0 0 rg BT 511.11 284.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 546.95 284.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.44 272.10 Td (ef) Tj ET Q q 0 0 0 rg BT 69.03 272.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 98.73 272.10 Td (for ) Tj ET Q q 0 0 0 rg BT 112.89 272.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 137.04 272.10 Td (years ) Tj ET Q q 0 0 0 rg BT 160.64 272.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 203.14 272.10 Td (after ) Tj ET Q q 0 0 0 rg BT 223.95 272.10 Td (December ) Tj ET Q q 0 0 0 rg BT 267.54 272.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 282.54 272.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 307.54 272.10 Td (including ) Tj ET Q q 0 0 0 rg BT 347.81 272.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 379.19 272.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 411.13 272.10 Td (within ) Tj ET Q q 0 0 0 rg BT 439.19 272.10 Td (those ) Tj ET Q q 0 0 0 rg BT 462.80 272.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 486.95 272.10 Td (years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.85 248.10 Td (May ) Tj ET Q q 0 0 0 rg BT 82.21 248.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 107.73 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.97 248.10 Td (F) Tj ET Q q 0 0 0 rg BT 127.79 248.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 150.26 248.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 177.62 248.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 200.64 248.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 218.39 248.10 Td (2016-12, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 257.24 248.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 294.13 248.10 Td (fr) Tj ET Q q 0 0 0 rg BT 300.42 248.10 Td (om ) Tj ET Q q 0 0 0 rg BT 315.67 248.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 358.14 248.10 Td (with ) Tj ET Q q 0 0 0 rg BT 378.39 248.10 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 427.52 248.10 Td (Narr) Tj ET Q q 0 0 0 rg BT 446.61 248.10 Td (ow ) Tj ET Q q 0 0 0 rg BT 461.30 248.10 Td (Scope ) Tj ET Q q 0 0 0 rg BT 488.20 248.10 Td (Impr) Tj ET Q q 0 0 0 rg BT 507.27 248.10 Td (ovements ) Tj ET Q q 0 0 0 rg BT 547.50 248.10 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (Practical ) Tj ET Q q 0 0 0 rg BT 91.94 236.10 Td (Expedients) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.81 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.04 236.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 174.04 236.10 Td (2016-12\). ) Tj ET Q q 0 0 0 rg BT 222.86 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 226.94 236.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 252.17 236.10 Td (2016-12 ) Tj ET Q q 0 0 0 rg BT 290.72 236.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 330.39 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 347.28 236.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 403.04 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 414.90 236.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 440.13 236.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 478.68 236.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 522.23 236.10 Td (transition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (collectability) Tj ET Q q 0 0 0 rg BT 101.05 224.10 Td (, ) Tj ET Q q 0 0 0 rg BT 106.52 224.10 Td (noncash ) Tj ET Q q 0 0 0 rg BT 142.26 224.10 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 201.60 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.01 224.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 270.85 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.16 224.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 304.56 224.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 319.75 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.16 224.10 Td (other ) Tj ET Q q 0 0 0 rg BT 360.68 224.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 391.42 224.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 419.94 224.10 Td (Specifically) Tj ET Q q 0 0 0 rg BT 467.05 224.10 Td (,) Tj ET Q q 0 0 0 rg BT 471.50 224.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 494.47 224.10 Td (2016-12clarifies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 69.03 212.10 Td (for ) Tj ET Q q 0 0 0 rg BT 82.72 212.10 Td (a ) Tj ET Q q 0 0 0 rg BT 89.18 212.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 123.42 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.23 212.10 Td (be ) Tj ET Q q 0 0 0 rg BT 144.69 212.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 190.04 212.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 233.72 212.10 Td (at ) Tj ET Q q 0 0 0 rg BT 242.97 212.10 Td (transition, ) Tj ET Q q 0 0 0 rg BT 285.27 212.10 Td (all ) Tj ET Q q 0 0 0 rg BT 297.30 212.10 Td (or ) Tj ET Q q 0 0 0 rg BT 307.66 212.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 360.24 212.10 Td (all ) Tj ET Q q 0 0 0 rg BT 372.26 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.63 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.87 212.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 430.55 212.10 Td (must ) Tj ET Q q 0 0 0 rg BT 452.03 212.10 Td (have ) Tj ET Q q 0 0 0 rg BT 472.93 212.10 Td (been ) Tj ET Q q 0 0 0 rg BT 493.84 212.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 539.73 212.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (legacy ) Tj ET Q q 0 0 0 rg BT 78.26 200.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 104.38 200.10 Td (. ) Tj ET Q q 0 0 0 rg BT 109.55 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.21 200.10 Td (In ) Tj ET Q q 0 0 0 rg BT 123.21 200.10 Td (addition,) Tj ET Q q 0 0 0 rg BT 160.43 200.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 183.11 200.10 Td (2016-12clarifies ) Tj ET Q q 0 0 0 rg BT 253.81 200.10 Td (how ) Tj ET Q q 0 0 0 rg BT 273.69 200.10 Td (an ) Tj ET Q q 0 0 0 rg BT 285.80 200.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 311.24 200.10 Td (should ) Tj ET Q q 0 0 0 rg BT 340.58 200.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 376.56 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.44 200.10 Td (collectability ) Tj ET Q q 0 0 0 rg BT 446.31 200.10 Td (threshold ) Tj ET Q q 0 0 0 rg BT 486.20 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.30 200.10 Td (when ) Tj ET Q q 0 0 0 rg BT 527.63 200.10 Td (an ) Tj ET Q q 0 0 0 rg BT 539.73 200.10 Td (entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (can ) Tj ET Q q 0 0 0 rg BT 65.88 188.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 107.24 188.10 Td (nonrefundable ) Tj ET Q q 0 0 0 rg BT 167.49 188.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 223.87 188.10 Td (received ) Tj ET Q q 0 0 0 rg BT 260.23 188.10 Td (as ) Tj ET Q q 0 0 0 rg BT 271.06 188.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 305.20 188.10 Td (if ) Tj ET Q q 0 0 0 rg BT 313.81 188.10 Td (an ) Tj ET Q q 0 0 0 rg BT 325.75 188.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 378.22 188.10 Td (does ) Tj ET Q q 0 0 0 rg BT 399.05 188.10 Td (not ) Tj ET Q q 0 0 0 rg BT 414.33 188.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 436.26 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.98 188.10 Td (standard) Tj ET Q q 0 0 0 rg BT 487.63 188.10 Td (s ) Tj ET Q q 0 0 0 rg BT 494.03 188.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 528.73 188.10 Td (criteria. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.98 166.10 Td (August ) Tj ET Q q 0 0 0 rg BT 91.64 166.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 116.91 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.89 166.10 Td (F) Tj ET Q q 0 0 0 rg BT 136.71 166.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 158.93 166.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 186.08 166.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 208.85 166.10 Td (2016-15, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.45 166.10 Td (Statement ) Tj ET Q q 0 0 0 rg BT 289.65 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.19 166.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 323.52 166.10 Td (Flows ) Tj ET Q q 0 0 0 rg BT 350.73 166.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 358.70 166.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 378.68 166.10 Td (230\): ) Tj ET Q q 0 0 0 rg BT 403.11 166.10 Td (Classification ) Tj ET Q q 0 0 0 rg BT 461.44 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.98 166.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 505.30 166.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 528.63 166.10 Td (Receipts ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.14 154.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 90.33 154.10 Td (Payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.21 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.85 154.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 162.26 154.10 Td (2016-15\). ) Tj ET Q q 0 0 0 rg BT 208.49 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.55 154.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 233.19 154.10 Td (2016-15 ) Tj ET Q q 0 0 0 rg BT 269.16 154.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 306.23 154.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 344.96 154.10 Td (on ) Tj ET Q q 0 0 0 rg BT 357.60 154.10 Td (how ) Tj ET Q q 0 0 0 rg BT 377.46 154.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 407.30 154.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 427.70 154.10 Td (receipts ) Tj ET Q q 0 0 0 rg BT 461.43 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.51 154.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 498.91 154.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 539.88 154.10 Td (are ) Tj ET Q q 0 0 0 rg BT 554.72 154.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.08 142.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 101.53 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.11 142.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 158.01 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.93 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.28 142.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 222.74 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.21 142.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 253.12 142.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 279.98 142.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.12 142.10 Td (For ) Tj ET Q q 0 0 0 rg BT 298.15 142.10 Td (public ) Tj ET Q q 0 0 0 rg BT 325.28 142.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 358.33 142.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 380.47 142.10 Td (2016-15 ) Tj ET Q q 0 0 0 rg BT 415.94 142.10 Td (is ) Tj ET Q q 0 0 0 rg BT 424.75 142.10 Td (ef) Tj ET Q q 0 0 0 rg BT 432.34 142.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 461.68 142.10 Td (for ) Tj ET Q q 0 0 0 rg BT 475.48 142.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 499.27 142.10 Td (years ) Tj ET Q q 0 0 0 rg BT 522.51 142.10 Td (beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (after ) Tj ET Q q 0 0 0 rg BT 69.72 130.10 Td (December ) Tj ET Q q 0 0 0 rg BT 112.71 130.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 127.12 130.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 151.53 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.87 130.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 198.66 130.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 230.01 130.10 Td (within ) Tj ET Q q 0 0 0 rg BT 257.47 130.10 Td (those ) Tj ET Q q 0 0 0 rg BT 280.48 130.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 304.05 130.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 329.55 130.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 353.11 130.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 390.02 130.10 Td (is ) Tj ET Q q 0 0 0 rg BT 398.59 130.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 441.32 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 443.09 130.10 Td (The ) Tj ET Q q 0 0 0 rg BT 460.54 130.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 497.44 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.26 130.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 529.17 130.10 Td (2016-15 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (will ) Tj ET Q q 0 0 0 rg BT 67.92 118.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 99.68 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.76 118.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 162.21 118.10 Td (current ) Tj ET Q q 0 0 0 rg BT 193.39 118.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 240.69 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.00 118.10 Td (reclassifications ) Tj ET Q q 0 0 0 rg BT 325.28 118.10 Td (within ) Tj ET Q q 0 0 0 rg BT 353.70 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.79 118.10 Td (condensed ) Tj ET Q q 0 0 0 rg BT 413.86 118.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 467.27 118.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 508.46 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.65 118.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 540.29 118.10 Td (flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (but ) Tj ET Q q 0 0 0 rg BT 64.78 106.10 Td (is ) Tj ET Q q 0 0 0 rg BT 73.95 106.10 Td (not ) Tj ET Q q 0 0 0 rg BT 89.23 106.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 127.26 106.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.54 106.10 Td (have ) Tj ET Q q 0 0 0 rg BT 158.91 106.10 Td (a ) Tj ET Q q 0 0 0 rg BT 165.85 106.10 Td (material ) Tj ET Q q 0 0 0 rg BT 201.11 106.10 Td (ef) Tj ET Q q 0 0 0 rg BT 208.70 106.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 226.18 106.10 Td (on ) Tj ET Q q 0 0 0 rg BT 238.68 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.40 106.10 Td (Company) Tj ET Q q 0 0 0 rg BT 295.07 106.10 Td (s ) Tj ET Q q 0 0 0 rg BT 301.46 106.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 354.50 106.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 391.98 106.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 436.69 106.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.63 106.10 Td (disclosures.) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (NOTE 2. Inventory and Capitalized Inter) Tj ET Q q 0 0 0 rg BT 226.55 740.25 Td (est) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (Inventory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.25 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 91.23 696.25 Td (is ) Tj ET Q q 0 0 0 rg BT 100.75 696.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 138.58 696.25 Td (at ) Tj ET Q q 0 0 0 rg BT 148.66 696.25 Td (cost, ) Tj ET Q q 0 0 0 rg BT 170.12 696.25 Td (unless ) Tj ET Q q 0 0 0 rg BT 197.97 696.25 Td (events ) Tj ET Q q 0 0 0 rg BT 226.37 696.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.67 696.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 303.16 696.25 Td (indicate ) Tj ET Q q 0 0 0 rg BT 337.66 696.25 Td (that ) Tj ET Q q 0 0 0 rg BT 355.51 696.25 Td (the ) Tj ET Q q 0 0 0 rg BT 370.58 696.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 406.75 696.25 Td (value ) Tj ET Q q 0 0 0 rg BT 431.26 696.25 Td (of ) Tj ET Q q 0 0 0 rg BT 442.45 696.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.52 696.25 Td (land ) Tj ET Q q 0 0 0 rg BT 477.59 696.25 Td (is ) Tj ET Q q 0 0 0 rg BT 487.11 696.25 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 528.01 696.25 Td (at ) Tj ET Q q 0 0 0 rg BT 538.08 696.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (point ) Tj ET Q q 0 0 0 rg BT 72.96 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 88.08 684.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 129.30 684.25 Td (is ) Tj ET Q q 0 0 0 rg BT 138.88 684.25 Td (written ) Tj ET Q q 0 0 0 rg BT 170.10 684.25 Td (down ) Tj ET Q q 0 0 0 rg BT 195.23 684.25 Td (to ) Tj ET Q q 0 0 0 rg BT 205.91 684.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.69 684.25 Td (value ) Tj ET Q q 0 0 0 rg BT 247.24 684.25 Td (\(see ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 266.2431640625 682.9169921875 m 293.58349609375 682.9169921875 l s q 0 0 1 rg BT 266.24 684.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 288.58 684.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 293.58 684.25 Td ( ) Tj ET Q q 0 0 0 rg BT 296.49 684.25 Td (for ) Tj ET Q q 0 0 0 rg BT 311.05 684.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 353.94 684.25 Td (details ) Tj ET Q q 0 0 0 rg BT 382.94 684.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 416.39 684.25 Td (to ) Tj ET Q q 0 0 0 rg BT 427.07 684.25 Td (our ) Tj ET Q q 0 0 0 rg BT 443.30 684.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 490.07 684.25 Td (for ) Tj ET Q q 0 0 0 rg BT 504.63 684.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 549.18 684.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (inventories ) Tj ET Q q 0 0 0 rg BT 95.68 672.25 Td (for ) Tj ET Q q 0 0 0 rg BT 109.08 672.25 Td (impairment\). ) Tj ET Q q 0 0 0 rg BT 162.75 672.25 Td ( ) Tj ET Q q 0 0 0 rg BT 164.49 672.25 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 205.11 672.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 240.18 672.25 Td (the ) Tj ET Q q 0 0 0 rg BT 254.14 672.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 275.88 672.25 Td (of ) Tj ET Q q 0 0 0 rg BT 285.95 672.25 Td (land ) Tj ET Q q 0 0 0 rg BT 304.91 672.25 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 353.03 672.25 Td (land ) Tj ET Q q 0 0 0 rg BT 371.99 672.25 Td (development ) Tj ET Q q 0 0 0 rg BT 425.39 672.25 Td (and ) Tj ET Q q 0 0 0 rg BT 441.57 672.25 Td (home ) Tj ET Q q 0 0 0 rg BT 465.53 672.25 Td (construction, ) Tj ET Q q 0 0 0 rg BT 519.20 672.25 Td (capitalized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (interest, ) Tj ET Q q 0 0 0 rg BT 83.14 660.25 Td (real ) Tj ET Q q 0 0 0 rg BT 99.83 660.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 124.30 660.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 149.06 660.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 173.53 660.25 Td (overhead ) Tj ET Q q 0 0 0 rg BT 211.88 660.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 233.58 660.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 268.61 660.25 Td (during ) Tj ET Q q 0 0 0 rg BT 296.42 660.25 Td (development ) Tj ET Q q 0 0 0 rg BT 349.78 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 365.92 660.25 Td (home ) Tj ET Q q 0 0 0 rg BT 389.85 660.25 Td (construction, ) Tj ET Q q 0 0 0 rg BT 443.49 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.63 660.25 Td (common ) Tj ET Q q 0 0 0 rg BT 496.33 660.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 518.04 660.25 Td (that ) Tj ET Q q 0 0 0 rg BT 534.74 660.25 Td (benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 648.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 89.48 648.25 Td (community) Tj ET Q q 0 0 0 rg BT 134.38 648.25 Td (, ) Tj ET Q q 0 0 0 rg BT 139.38 648.25 Td (less ) Tj ET Q q 0 0 0 rg BT 156.88 648.25 Td (impairments, ) Tj ET Q q 0 0 0 rg BT 211.87 648.25 Td (if ) Tj ET Q q 0 0 0 rg BT 220.48 648.25 Td (any) Tj ET Q q 0 0 0 rg BT 234.27 648.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 626.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 626.25 Td ( ) Tj ET Q q 0 0 0 rg BT 58.67 626.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 98.39 626.25 Td (of ) Tj ET Q q 0 0 0 rg BT 109.22 626.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.93 626.25 Td (Company) Tj ET Q q 0 0 0 rg BT 165.60 626.25 Td (s ) Tj ET Q q 0 0 0 rg BT 171.99 626.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 212.82 626.25 Td (as ) Tj ET Q q 0 0 0 rg BT 223.65 626.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.48 626.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 294.74 626.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.74 626.25 Td ( ) Tj ET Q q 0 0 0 rg BT 317.24 626.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.18 626.25 Td (December ) Tj ET Q q 0 0 0 rg BT 377.76 626.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 392.76 626.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.76 626.25 Td ( ) Tj ET Q q 0 0 0 rg BT 415.26 626.25 Td (is ) Tj ET Q q 0 0 0 rg BT 424.43 626.25 Td (as ) Tj ET Q q 0 0 0 rg BT 435.26 626.25 Td (follows: ) Tj ET Q q 0 0 0 rg BT 470.54 626.25 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 602.75 m 406 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 602.75 m 479 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 602.75 m 489 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 602.75 m 562 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 602.75 m 406 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 602.75 m 479 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 602.75 m 489 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 602.75 m 562 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 510.75 m 406 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 510.75 m 479 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 510.75 m 489 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 510.75 m 562 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 510.75 m 406 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 498.75 m 406 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 510.75 m 479 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 498.75 m 479 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 510.75 m 489 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 498.75 m 489 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 510.75 m 562 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 498.75 m 562 498.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 607.00 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 607.00 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.60 606.98 Td (September 30, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.55 607.00 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 594.70 Td (Single-family lots, land and land development costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.50 594.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.80 594.83 Td (554,150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.50 594.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 594.70 Td (584,542) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 582.70 Td (Land held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 582.83 Td (15,956) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 582.70 Td (12,630) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 570.70 Td (Homes under construction) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.80 570.83 Td (544,350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 570.70 Td (420,206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 558.70 Td (Model homes and furnishings - at cost \(less accumulated depreciation: September 30, 2016 - $1) Tj ET Q q 0 0 0 rg BT 363.57 558.70 Td (1,332;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 550.70 Td ( December 31, 2015 - $8,296\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 550.98 Td (71,290) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 551.00 Td (63,929) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 538.70 Td (Community development district infrastructure) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.80 538.83 Td (551) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 538.70 Td (1,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 526.70 Td (Land purchase deposits) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 526.83 Td (32,994) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 526.70 Td (23,710) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 514.70 Td (Consolidated inventory not owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.80 514.83 Td (5,862) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 514.70 Td (6,007) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 502.70 Td (Total inventory) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.50 502.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 502.83 Td (1,225,153) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.50 502.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.80 502.70 Td (1,112,042) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.25 Td (Single-family ) Tj ET Q q 0 0 0 rg BT 106.96 475.25 Td (lots, ) Tj ET Q q 0 0 0 rg BT 126.38 475.25 Td (land ) Tj ET Q q 0 0 0 rg BT 146.07 475.25 Td (and ) Tj ET Q q 0 0 0 rg BT 162.99 475.25 Td (land ) Tj ET Q q 0 0 0 rg BT 182.68 475.25 Td (development ) Tj ET Q q 0 0 0 rg BT 236.80 475.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 259.27 475.25 Td (include ) Tj ET Q q 0 0 0 rg BT 291.18 475.25 Td (raw ) Tj ET Q q 0 0 0 rg BT 308.64 475.25 Td (land ) Tj ET Q q 0 0 0 rg BT 328.33 475.25 Td (that ) Tj ET Q q 0 0 0 rg BT 345.80 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 360.49 475.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 401.85 475.25 Td (has ) Tj ET Q q 0 0 0 rg BT 417.65 475.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 460.66 475.25 Td (to ) Tj ET Q q 0 0 0 rg BT 470.92 475.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 505.04 475.25 Td (into ) Tj ET Q q 0 0 0 rg BT 523.07 475.25 Td (lots, ) Tj ET Q q 0 0 0 rg BT 542.50 475.25 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 463.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 85.18 463.25 Td (to ) Tj ET Q q 0 0 0 rg BT 95.33 463.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 129.35 463.25 Td (the ) Tj ET Q q 0 0 0 rg BT 143.93 463.25 Td (raw ) Tj ET Q q 0 0 0 rg BT 161.28 463.25 Td (land ) Tj ET Q q 0 0 0 rg BT 180.87 463.25 Td (into ) Tj ET Q q 0 0 0 rg BT 198.79 463.25 Td (lots, ) Tj ET Q q 0 0 0 rg BT 218.10 463.25 Td (and ) Tj ET Q q 0 0 0 rg BT 234.91 463.25 Td (lots ) Tj ET Q q 0 0 0 rg BT 251.72 463.25 Td (for ) Tj ET Q q 0 0 0 rg BT 265.75 463.25 Td (which ) Tj ET Q q 0 0 0 rg BT 292.55 463.25 Td (development ) Tj ET Q q 0 0 0 rg BT 346.57 463.25 Td (has ) Tj ET Q q 0 0 0 rg BT 362.26 463.25 Td (been ) Tj ET Q q 0 0 0 rg BT 383.51 463.25 Td (completed, ) Tj ET Q q 0 0 0 rg BT 430.02 463.25 Td (but ) Tj ET Q q 0 0 0 rg BT 445.17 463.25 Td (which ) Tj ET Q q 0 0 0 rg BT 471.97 463.25 Td (have ) Tj ET Q q 0 0 0 rg BT 493.21 463.25 Td (not ) Tj ET Q q 0 0 0 rg BT 508.36 463.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 522.94 463.25 Td (been ) Tj ET Q q 0 0 0 rg BT 544.18 463.25 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 451.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 451.25 Td (start ) Tj ET Q q 0 0 0 rg BT 79.50 451.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 131.43 451.25 Td (of ) Tj ET Q q 0 0 0 rg BT 142.26 451.25 Td (a ) Tj ET Q q 0 0 0 rg BT 149.20 451.25 Td (home.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.25 Td (Homes ) Tj ET Q q 0 0 0 rg BT 80.10 429.25 Td (under ) Tj ET Q q 0 0 0 rg BT 105.13 429.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 156.83 429.25 Td (include ) Tj ET Q q 0 0 0 rg BT 188.53 429.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 216.91 429.25 Td (that ) Tj ET Q q 0 0 0 rg BT 234.17 429.25 Td (are ) Tj ET Q q 0 0 0 rg BT 248.65 429.25 Td (in ) Tj ET Q q 0 0 0 rg BT 258.69 429.25 Td (various ) Tj ET Q q 0 0 0 rg BT 290.40 429.25 Td (stages ) Tj ET Q q 0 0 0 rg BT 317.10 429.25 Td (of ) Tj ET Q q 0 0 0 rg BT 327.70 429.25 Td (construction. ) Tj ET Q q 0 0 0 rg BT 381.90 429.25 Td ( ) Tj ET Q q 0 0 0 rg BT 383.67 429.25 Td (As ) Tj ET Q q 0 0 0 rg BT 397.05 429.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.64 429.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 467.68 429.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.68 429.25 Td ( ) Tj ET Q q 0 0 0 rg BT 489.94 429.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 429.25 Td (December ) Tj ET Q q 0 0 0 rg BT 550.00 429.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 417.25 Td (, ) Tj ET Q q 0 0 0 rg BT 75.24 417.25 Td (we ) Tj ET Q q 0 0 0 rg BT 90.15 417.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.83 417.25 Td (973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.83 417.25 Td ( ) Tj ET Q q 0 0 0 rg BT 126.07 417.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 155.43 417.25 Td (\(with ) Tj ET Q q 0 0 0 rg BT 179.78 417.25 Td (a ) Tj ET Q q 0 0 0 rg BT 187.46 417.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 224.02 417.25 Td (value ) Tj ET Q q 0 0 0 rg BT 248.92 417.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.49 417.25 Td ($179.7 ) Tj ET Q q 0 0 0 rg BT 291.23 417.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.13 417.25 Td (\) ) Tj ET Q q 0 0 0 rg BT 326.70 417.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.38 417.25 Td (872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.38 417.25 Td ( ) Tj ET Q q 0 0 0 rg BT 362.63 417.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 391.98 417.25 Td (\(with ) Tj ET Q q 0 0 0 rg BT 416.33 417.25 Td (a ) Tj ET Q q 0 0 0 rg BT 424.01 417.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 460.57 417.25 Td (value ) Tj ET Q q 0 0 0 rg BT 485.47 417.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.04 417.25 Td ($184.3 ) Tj ET Q q 0 0 0 rg BT 527.79 417.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.68 417.25 Td (\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 405.25 Td (, ) Tj ET Q q 0 0 0 rg BT 102.16 405.25 Td (included ) Tj ET Q q 0 0 0 rg BT 139.09 405.25 Td (in ) Tj ET Q q 0 0 0 rg BT 149.37 405.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 177.98 405.25 Td (under ) Tj ET Q q 0 0 0 rg BT 203.25 405.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 255.18 405.25 Td (that ) Tj ET Q q 0 0 0 rg BT 272.68 405.25 Td (were ) Tj ET Q q 0 0 0 rg BT 294.61 405.25 Td (not ) Tj ET Q q 0 0 0 rg BT 309.89 405.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 340.71 405.25 Td (to ) Tj ET Q q 0 0 0 rg BT 350.99 405.25 Td (a ) Tj ET Q q 0 0 0 rg BT 357.93 405.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 379.87 405.25 Td (contract.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.25 Td (Model ) Tj ET Q q 0 0 0 rg BT 78.96 383.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 108.42 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 126.22 383.25 Td (furnishings ) Tj ET Q q 0 0 0 rg BT 174.57 383.25 Td (include ) Tj ET Q q 0 0 0 rg BT 207.36 383.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 236.82 383.25 Td (that ) Tj ET Q q 0 0 0 rg BT 255.17 383.25 Td (are ) Tj ET Q q 0 0 0 rg BT 270.73 383.25 Td (under ) Tj ET Q q 0 0 0 rg BT 296.85 383.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 349.64 383.25 Td (or ) Tj ET Q q 0 0 0 rg BT 361.32 383.25 Td (have ) Tj ET Q q 0 0 0 rg BT 383.55 383.25 Td (been ) Tj ET Q q 0 0 0 rg BT 405.78 383.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 450.79 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 468.58 383.25 Td (are ) Tj ET Q q 0 0 0 rg BT 484.14 383.25 Td (being ) Tj ET Q q 0 0 0 rg BT 509.71 383.25 Td (used ) Tj ET Q q 0 0 0 rg BT 531.39 383.25 Td (as ) Tj ET Q q 0 0 0 rg BT 543.08 383.25 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.25 Td (models. ) Tj ET Q q 0 0 0 rg BT 83.24 371.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.42 371.25 Td (The ) Tj ET Q q 0 0 0 rg BT 103.32 371.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 135.67 371.25 Td (also ) Tj ET Q q 0 0 0 rg BT 154.13 371.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 189.81 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.38 371.25 Td (net ) Tj ET Q q 0 0 0 rg BT 218.95 371.25 Td (book ) Tj ET Q q 0 0 0 rg BT 241.30 371.25 Td (value ) Tj ET Q q 0 0 0 rg BT 265.31 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.99 371.25 Td (furnishings ) Tj ET Q q 0 0 0 rg BT 323.34 371.25 Td (included ) Tj ET Q q 0 0 0 rg BT 360.13 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 370.26 371.25 Td (our ) Tj ET Q q 0 0 0 rg BT 385.94 371.25 Td (model ) Tj ET Q q 0 0 0 rg BT 413.29 371.25 Td (homes. ) Tj ET Q q 0 0 0 rg BT 444.25 371.25 Td ( ) Tj ET Q q 0 0 0 rg BT 446.60 371.25 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 500.60 371.25 Td (on ) Tj ET Q q 0 0 0 rg BT 512.95 371.25 Td (model ) Tj ET Q q 0 0 0 rg BT 540.30 371.25 Td (home ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.25 Td (furnishings ) Tj ET Q q 0 0 0 rg BT 97.00 359.25 Td (is ) Tj ET Q q 0 0 0 rg BT 106.17 359.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 143.65 359.25 Td (using ) Tj ET Q q 0 0 0 rg BT 167.82 359.25 Td (an ) Tj ET Q q 0 0 0 rg BT 179.75 359.25 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 227.21 359.25 Td (method ) Tj ET Q q 0 0 0 rg BT 259.71 359.25 Td (over ) Tj ET Q q 0 0 0 rg BT 279.97 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.69 359.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 335.51 359.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 362.45 359.25 Td (life ) Tj ET Q q 0 0 0 rg BT 378.27 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 389.10 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 403.82 359.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 432.15 359.25 Td (which ) Tj ET Q q 0 0 0 rg BT 459.09 359.25 Td (is ) Tj ET Q q 0 0 0 rg BT 468.26 359.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 505.75 359.25 Td (three ) Tj ET Q q 0 0 0 rg BT 528.24 359.25 Td (years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 337.25 Td (Land ) Tj ET Q q 0 0 0 rg BT 72.29 337.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 110.07 337.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 145.09 337.25 Td (include ) Tj ET Q q 0 0 0 rg BT 176.77 337.25 Td (both ) Tj ET Q q 0 0 0 rg BT 196.79 337.25 Td (refundable ) Tj ET Q q 0 0 0 rg BT 241.79 337.25 Td (and ) Tj ET Q q 0 0 0 rg BT 258.47 337.25 Td (non-refundable ) Tj ET Q q 0 0 0 rg BT 321.80 337.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 357.93 337.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 377.39 337.25 Td (to ) Tj ET Q q 0 0 0 rg BT 387.41 337.25 Td (third ) Tj ET Q q 0 0 0 rg BT 408.54 337.25 Td (party ) Tj ET Q q 0 0 0 rg BT 431.33 337.25 Td (sellers ) Tj ET Q q 0 0 0 rg BT 459.12 337.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 491.91 337.25 Td (to ) Tj ET Q q 0 0 0 rg BT 501.93 337.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.39 337.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 554.17 337.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 325.25 Td (land. ) Tj ET Q q 0 0 0 rg BT 71.17 325.25 Td ( ) Tj ET Q q 0 0 0 rg BT 73.11 325.25 Td (On ) Tj ET Q q 0 0 0 rg BT 87.28 325.25 Td (an ) Tj ET Q q 0 0 0 rg BT 98.67 325.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 133.40 325.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 157.84 325.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.01 325.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 212.84 325.25 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 252.00 325.25 Td (the ) Tj ET Q q 0 0 0 rg BT 266.16 325.25 Td (land ) Tj ET Q q 0 0 0 rg BT 285.33 325.25 Td (option ) Tj ET Q q 0 0 0 rg BT 312.83 325.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 360.31 325.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 392.80 325.25 Td (to ) Tj ET Q q 0 0 0 rg BT 402.53 325.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.69 325.25 Td (land ) Tj ET Q q 0 0 0 rg BT 435.86 325.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 473.34 325.25 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 510.57 325.25 Td ( ) Tj ET Q q 0 0 0 rg BT 512.52 325.25 Td (In ) Tj ET Q q 0 0 0 rg BT 522.80 325.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.96 325.25 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 313.25 Td (during ) Tj ET Q q 0 0 0 rg BT 77.28 313.25 Td (which ) Tj ET Q q 0 0 0 rg BT 103.39 313.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.28 313.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 157.84 313.25 Td (makes ) Tj ET Q q 0 0 0 rg BT 185.06 313.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.95 313.25 Td (decision ) Tj ET Q q 0 0 0 rg BT 233.95 313.25 Td (not ) Tj ET Q q 0 0 0 rg BT 248.40 313.25 Td (to ) Tj ET Q q 0 0 0 rg BT 257.85 313.25 Td (proceed ) Tj ET Q q 0 0 0 rg BT 291.17 313.25 Td (with ) Tj ET Q q 0 0 0 rg BT 310.62 313.25 Td (the ) Tj ET Q q 0 0 0 rg BT 324.50 313.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 361.71 313.25 Td (of ) Tj ET Q q 0 0 0 rg BT 371.72 313.25 Td (land ) Tj ET Q q 0 0 0 rg BT 390.61 313.25 Td (under ) Tj ET Q q 0 0 0 rg BT 415.05 313.25 Td (an ) Tj ET Q q 0 0 0 rg BT 426.16 313.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 471.97 313.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.86 313.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 526.42 313.25 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 301.25 Td (any ) Tj ET Q q 0 0 0 rg BT 66.44 301.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 101.72 301.25 Td (and ) Tj ET Q q 0 0 0 rg BT 118.66 301.25 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 171.68 301.25 Td (pre-acquisition ) Tj ET Q q 0 0 0 rg BT 234.16 301.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 256.66 301.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 289.71 301.25 Td (to ) Tj ET Q q 0 0 0 rg BT 299.98 301.25 Td (such ) Tj ET Q q 0 0 0 rg BT 320.81 301.25 Td (agreement.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 279.25 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 98.11 279.25 Td (Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.10 257.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.04 257.25 Td (capitalizes ) Tj ET Q q 0 0 0 rg BT 155.30 257.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 187.79 257.25 Td (during ) Tj ET Q q 0 0 0 rg BT 216.95 257.25 Td (land ) Tj ET Q q 0 0 0 rg BT 237.22 257.25 Td (development ) Tj ET Q q 0 0 0 rg BT 291.93 257.25 Td (and ) Tj ET Q q 0 0 0 rg BT 309.42 257.25 Td (home ) Tj ET Q q 0 0 0 rg BT 334.70 257.25 Td (construction.Capitalized ) Tj ET Q q 0 0 0 rg BT 440.22 257.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 472.71 257.25 Td (is ) Tj ET Q q 0 0 0 rg BT 482.44 257.25 Td (char) Tj ET Q q 0 0 0 rg BT 499.46 257.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 516.96 257.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.79 257.25 Td (land ) Tj ET Q q 0 0 0 rg BT 548.06 257.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 83.36 245.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 105.54 245.25 Td (and ) Tj ET Q q 0 0 0 rg BT 122.17 245.25 Td (expensed ) Tj ET Q q 0 0 0 rg BT 161.56 245.25 Td (as ) Tj ET Q q 0 0 0 rg BT 172.08 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.48 245.25 Td (related ) Tj ET Q q 0 0 0 rg BT 215.87 245.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 256.38 245.25 Td (is ) Tj ET Q q 0 0 0 rg BT 265.24 245.25 Td (delivered ) Tj ET Q q 0 0 0 rg BT 304.63 245.25 Td (to ) Tj ET Q q 0 0 0 rg BT 314.59 245.25 Td (a ) Tj ET Q q 0 0 0 rg BT 321.22 245.25 Td (third ) Tj ET Q q 0 0 0 rg BT 342.29 245.25 Td (party) Tj ET Q q 0 0 0 rg BT 362.19 245.25 Td (.) Tj ET Q q 0 0 0 rg BT 369.51 245.25 Td (The ) Tj ET Q q 0 0 0 rg BT 387.24 245.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 426.64 245.25 Td (of ) Tj ET Q q 0 0 0 rg BT 437.16 245.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 482.65 245.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 514.27 245.25 Td (for ) Tj ET Q q 0 0 0 rg BT 528.12 245.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.52 245.25 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.05 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 232.05 Td (nine ) Tj ET Q q 0 0 0 rg BT 86.16 232.05 Td (months ) Tj ET Q q 0 0 0 rg BT 118.10 232.05 Td (ended ) Tj ET Q q 0 0 0 rg BT 144.48 232.05 Td (September ) Tj ET Q q 0 0 0 rg BT 189.74 232.05 Td (30, ) Tj ET Q q 0 0 0 rg BT 204.74 232.05 Td (2016 ) Tj ET Q q 0 0 0 rg BT 227.24 232.05 Td (and ) Tj ET Q q 0 0 0 rg BT 244.18 232.05 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.18 232.05 Td ( ) Tj ET Q q 0 0 0 rg BT 266.68 232.05 Td (is ) Tj ET Q q 0 0 0 rg BT 275.85 232.05 Td (as ) Tj ET Q q 0 0 0 rg BT 286.68 232.05 Td (follows) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 316.68 232.05 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 200.54999999999995 m 379 200.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 200.54999999999995 m 386 200.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 200.54999999999995 m 439 200.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 200.54999999999995 m 449 200.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 200.54999999999995 m 502 200.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 200.54999999999995 m 509 200.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 200.54999999999995 m 562 200.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 187.54999999999995 m 326 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 187.54999999999995 m 379 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 187.54999999999995 m 386 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 187.54999999999995 m 439 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 187.54999999999995 m 449 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 200.54999999999995 m 502 200.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 187.54999999999995 m 502 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 200.54999999999995 m 509 200.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 187.54999999999995 m 509 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 200.54999999999995 m 562 200.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 187.54999999999995 m 562 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 187.54999999999995 m 326 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 187.54999999999995 m 379 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 187.54999999999995 m 386 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 187.54999999999995 m 439 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 187.54999999999995 m 449 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 187.54999999999995 m 502 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 187.54999999999995 m 509 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 187.54999999999995 m 562 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 148.54999999999995 m 326 148.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 148.54999999999995 m 379 148.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 148.54999999999995 m 386 148.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 148.54999999999995 m 439 148.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 148.54999999999995 m 449 148.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 148.54999999999995 m 502 148.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 148.54999999999995 m 509 148.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 148.54999999999995 m 562 148.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 148.54999999999995 m 439 148.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 118.54999999999995 m 326 118.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 118.54999999999995 m 379 118.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 118.54999999999995 m 386 118.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 118.54999999999995 m 439 118.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 118.54999999999995 m 449 118.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 118.54999999999995 m 502 118.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 118.54999999999995 m 509 118.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 118.54999999999995 m 562 118.54999999999995 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 212.78 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 204.78 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 212.78 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 204.78 Td (September 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 191.80 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 191.80 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.00 191.78 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 191.80 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.00 191.78 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 191.80 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 178.80 Td (Capitalized interest, beginning of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 178.78 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 178.78 Td (16,818) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 178.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 178.80 Td (16,437) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 178.78 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 178.78 Td (16,740) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 178.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 178.80 Td (15,296) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 165.80 Td (Interest ) Tj ET Q q 0 0 0 rg BT 77.49 165.80 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 114.13 165.80 Td (to ) Tj ET Q q 0 0 0 rg BT 122.36 165.80 Td (inventory) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 165.78 Td (5,139) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 165.80 Td (5,006) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 165.78 Td (13,392) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 165.80 Td (13,466) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 152.80 Td (Capitalized interest charged to land and housing costs and expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.10 152.78 Td (\(4,963) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 152.78 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.10 152.80 Td (\(4,318) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 152.80 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.10 152.78 Td (\(13,138) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.80 152.78 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 152.80 Td (\(11,637) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 152.80 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 139.80 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 89.93 139.80 Td (interest, ) Tj ET Q q 0 0 0 rg BT 117.48 139.80 Td (end ) Tj ET Q q 0 0 0 rg BT 131.03 139.80 Td (of ) Tj ET Q q 0 0 0 rg BT 139.69 139.80 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 139.78 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 139.78 Td (16,994) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 139.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 139.80 Td (17,125) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 139.78 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 139.78 Td (16,994) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 139.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 139.80 Td (17,125) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 122.80 Td (Interest incurred) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 122.78 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 122.78 Td (8,726) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 122.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 122.80 Td (8,664) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 122.78 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 122.78 Td (26,552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 122.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 122.80 Td (25,336) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (NOTE 3. Investment in Unconsolidated Joint ) Tj ET Q q 0 0 0 rg BT 244.07 740.25 Td (V) Tj ET Q q 0 0 0 rg BT 250.37 740.25 Td (entur) Tj ET Q q 0 0 0 rg BT 273.52 740.25 Td (es) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 97.56 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 108.40 718.25 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 175.34 718.25 Td (Joint ) Tj ET Q q 0 0 0 rg BT 198.96 718.25 Td (V) Tj ET Q q 0 0 0 rg BT 204.52 718.25 Td (entures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.08 696.25 Td (order ) Tj ET Q q 0 0 0 rg BT 83.44 696.25 Td (to ) Tj ET Q q 0 0 0 rg BT 93.47 696.25 Td (minimize ) Tj ET Q q 0 0 0 rg BT 133.49 696.25 Td (our ) Tj ET Q q 0 0 0 rg BT 149.07 696.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 195.21 696.25 Td (and ) Tj ET Q q 0 0 0 rg BT 211.90 696.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 229.15 696.25 Td (of ) Tj ET Q q 0 0 0 rg BT 239.74 696.25 Td (land ) Tj ET Q q 0 0 0 rg BT 259.21 696.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 297.56 696.25 Td (in ) Tj ET Q q 0 0 0 rg BT 307.59 696.25 Td (a ) Tj ET Q q 0 0 0 rg BT 314.28 696.25 Td (single ) Tj ET Q q 0 0 0 rg BT 340.42 696.25 Td (location, ) Tj ET Q q 0 0 0 rg BT 377.39 696.25 Td (we ) Tj ET Q q 0 0 0 rg BT 391.30 696.25 Td (have ) Tj ET Q q 0 0 0 rg BT 412.43 696.25 Td (periodically ) Tj ET Q q 0 0 0 rg BT 462.44 696.25 Td (partnered ) Tj ET Q q 0 0 0 rg BT 502.45 696.25 Td (with ) Tj ET Q q 0 0 0 rg BT 522.48 696.25 Td (other ) Tj ET Q q 0 0 0 rg BT 545.28 696.25 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (developers ) Tj ET Q q 0 0 0 rg BT 94.32 684.25 Td (or ) Tj ET Q q 0 0 0 rg BT 104.15 684.25 Td (homebuilders ) Tj ET Q q 0 0 0 rg BT 160.08 684.25 Td (to ) Tj ET Q q 0 0 0 rg BT 169.36 684.25 Td (share ) Tj ET Q q 0 0 0 rg BT 191.96 684.25 Td (in ) Tj ET Q q 0 0 0 rg BT 201.24 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.96 684.25 Td (land ) Tj ET Q q 0 0 0 rg BT 233.68 684.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 279.06 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 295.00 684.25 Td (development ) Tj ET Q q 0 0 0 rg BT 348.15 684.25 Td (of ) Tj ET Q q 0 0 0 rg BT 357.99 684.25 Td (a ) Tj ET Q q 0 0 0 rg BT 363.93 684.25 Td (property ) Tj ET Q q 0 0 0 rg BT 399.30 684.25 Td (through ) Tj ET Q q 0 0 0 rg BT 431.91 684.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 451.75 684.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 494.91 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 510.85 684.25 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 99.17 672.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 119.15 672.25 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 157.17 672.25 Td (and ) Tj ET Q q 0 0 0 rg BT 173.25 672.25 Td (other ) Tj ET Q q 0 0 0 rg BT 195.44 672.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 224.86 672.25 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 282.86 672.25 Td ( ) Tj ET Q q 0 0 0 rg BT 284.50 672.25 Td (During ) Tj ET Q q 0 0 0 rg BT 314.47 672.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.33 672.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 347.19 672.25 Td (month ) Tj ET Q q 0 0 0 rg BT 374.39 672.25 Td (period ) Tj ET Q q 0 0 0 rg BT 401.58 672.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 427.10 672.25 Td (September ) Tj ET Q q 0 0 0 rg BT 471.50 672.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 485.65 672.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 672.25 Td (, ) Tj ET Q q 0 0 0 rg BT 509.79 672.25 Td (we ) Tj ET Q q 0 0 0 rg BT 523.09 672.25 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (our ) Tj ET Q q 0 0 0 rg BT 64.60 660.25 Td (total ) Tj ET Q q 0 0 0 rg BT 84.14 660.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 129.79 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 139.33 660.25 Td (such ) Tj ET Q q 0 0 0 rg BT 159.43 660.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 179.53 660.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 211.28 660.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 266.91 660.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.68 660.25 Td ($10.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.57 660.25 Td ( ) Tj ET Q q 0 0 0 rg BT 334.33 660.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.54 660.25 Td ($37.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.43 660.25 Td ( ) Tj ET Q q 0 0 0 rg BT 411.20 660.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.18 660.25 Td (December ) Tj ET Q q 0 0 0 rg BT 463.03 660.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 477.30 660.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.30 660.25 Td ( ) Tj ET Q q 0 0 0 rg BT 499.06 660.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.61 660.25 Td ($26.5million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.50 648.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 122.06 648.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.06 648.25 Td (, ) Tj ET Q q 0 0 0 rg BT 148.34 648.25 Td (which ) Tj ET Q q 0 0 0 rg BT 176.57 648.25 Td (was ) Tj ET Q q 0 0 0 rg BT 195.91 648.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 225.24 648.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 266.24 648.25 Td (by ) Tj ET Q q 0 0 0 rg BT 280.03 648.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 648.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.90 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 338.69 648.25 Td (lot ) Tj ET Q q 0 0 0 rg BT 353.03 648.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 406.83 648.25 Td (from ) Tj ET Q q 0 0 0 rg BT 430.05 648.25 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 494.38 648.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 516.50 648.25 Td (ventures ) Tj ET Q q 0 0 0 rg BT 554.17 648.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td ($20.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 636.25 Td (, ) Tj ET Q q 0 0 0 rg BT 108.45 636.25 Td (of) Tj ET Q q 0 0 0 rg BT 116.60 636.25 Td (fset, ) Tj ET Q q 0 0 0 rg BT 136.09 636.25 Td (in ) Tj ET Q q 0 0 0 rg BT 146.42 636.25 Td (part, ) Tj ET Q q 0 0 0 rg BT 167.03 636.25 Td (by ) Tj ET Q q 0 0 0 rg BT 179.58 636.25 Td (our ) Tj ET Q q 0 0 0 rg BT 195.47 636.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 215.79 636.25 Td (contributions ) Tj ET Q q 0 0 0 rg BT 271.12 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 281.45 636.25 Td (our ) Tj ET Q q 0 0 0 rg BT 297.34 636.25 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 360.43 636.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 381.32 636.25 Td (ventures ) Tj ET Q q 0 0 0 rg BT 417.76 636.25 Td (during ) Tj ET Q q 0 0 0 rg BT 446.42 636.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.19 636.25 Td (first ) Tj ET Q q 0 0 0 rg BT 479.86 636.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 499.63 636.25 Td (months ) Tj ET Q q 0 0 0 rg BT 531.63 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 542.52 636.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 624.25 Td ($10.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.22 624.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 602.25 Td (e ) Tj ET Q q 0 0 0 rg BT 66.01 602.25 Td (use ) Tj ET Q q 0 0 0 rg BT 82.78 602.25 Td (the ) Tj ET Q q 0 0 0 rg BT 98.43 602.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 126.86 602.25 Td (method ) Tj ET Q q 0 0 0 rg BT 160.29 602.25 Td (of ) Tj ET Q q 0 0 0 rg BT 172.05 602.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 219.36 602.25 Td (for ) Tj ET Q q 0 0 0 rg BT 234.46 602.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 285.66 602.25 Td (in ) Tj ET Q q 0 0 0 rg BT 296.88 602.25 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 360.85 602.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 382.63 602.25 Td (ventures ) Tj ET Q q 0 0 0 rg BT 419.94 602.25 Td (over ) Tj ET Q q 0 0 0 rg BT 441.14 602.25 Td (which ) Tj ET Q q 0 0 0 rg BT 469.01 602.25 Td (we ) Tj ET Q q 0 0 0 rg BT 484.11 602.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 520.30 602.25 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.25 Td (influence ) Tj ET Q q 0 0 0 rg BT 88.81 590.25 Td (but ) Tj ET Q q 0 0 0 rg BT 103.70 590.25 Td (do ) Tj ET Q q 0 0 0 rg BT 115.82 590.25 Td (not ) Tj ET Q q 0 0 0 rg BT 130.71 590.25 Td (have ) Tj ET Q q 0 0 0 rg BT 151.69 590.25 Td (a ) Tj ET Q q 0 0 0 rg BT 158.25 590.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 204.24 590.25 Td (interest. ) Tj ET Q q 0 0 0 rg BT 238.28 590.25 Td ( ) Tj ET Q q 0 0 0 rg BT 240.40 590.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 267.50 590.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.83 590.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 308.93 590.25 Td (method, ) Tj ET Q q 0 0 0 rg BT 343.54 590.25 Td (our ) Tj ET Q q 0 0 0 rg BT 358.98 590.25 Td (share ) Tj ET Q q 0 0 0 rg BT 382.19 590.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.63 590.25 Td (the ) Tj ET Q q 0 0 0 rg BT 406.96 590.25 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 469.62 590.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 490.06 590.25 Td (ventures) Tj ET Q q 0 0 0 rg BT 526.53 590.25 Td ( ) Tj ET Q q 0 0 0 rg BT 528.64 590.25 Td (earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.25 Td (or ) Tj ET Q q 0 0 0 rg BT 59.93 578.25 Td (loss, ) Tj ET Q q 0 0 0 rg BT 80.09 578.25 Td (if ) Tj ET Q q 0 0 0 rg BT 88.29 578.25 Td (any) Tj ET Q q 0 0 0 rg BT 102.08 578.25 Td (, ) Tj ET Q q 0 0 0 rg BT 106.68 578.25 Td (is ) Tj ET Q q 0 0 0 rg BT 115.44 578.25 Td (included ) Tj ET Q q 0 0 0 rg BT 151.98 578.25 Td (in ) Tj ET Q q 0 0 0 rg BT 161.85 578.25 Td (our ) Tj ET Q q 0 0 0 rg BT 177.28 578.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 229.92 578.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 270.33 578.25 Td (of ) Tj ET Q q 0 0 0 rg BT 280.76 578.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 314.79 578.25 Td ( ) Tj ET Q q 0 0 0 rg BT 316.74 578.25 Td (The ) Tj ET Q q 0 0 0 rg BT 334.38 578.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 375.37 578.25 Td (assesses ) Tj ET Q q 0 0 0 rg BT 410.24 578.25 Td (its ) Tj ET Q q 0 0 0 rg BT 421.78 578.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 471.65 578.25 Td (in ) Tj ET Q q 0 0 0 rg BT 481.53 578.25 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 544.17 578.25 Td (joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.25 Td (ventures ) Tj ET Q q 0 0 0 rg BT 85.50 566.25 Td (for ) Tj ET Q q 0 0 0 rg BT 99.28 566.25 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 156.93 566.25 Td (on ) Tj ET Q q 0 0 0 rg BT 169.06 566.25 Td (a ) Tj ET Q q 0 0 0 rg BT 175.62 566.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 213.83 566.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 238.46 566.25 Td ( ) Tj ET Q q 0 0 0 rg BT 240.58 566.25 Td (Refer ) Tj ET Q q 0 0 0 rg BT 264.91 566.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 274.8125 564.9169921875 m 301.3740234375 564.9169921875 l s q 0 0 1 rg BT 274.81 566.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 296.37 566.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 301.37 566.25 Td ( ) Tj ET Q q 0 0 0 rg BT 303.50 566.25 Td (for ) Tj ET Q q 0 0 0 rg BT 317.28 566.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 359.39 566.25 Td (details ) Tj ET Q q 0 0 0 rg BT 387.62 566.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 420.29 566.25 Td (to ) Tj ET Q q 0 0 0 rg BT 430.19 566.25 Td (our ) Tj ET Q q 0 0 0 rg BT 445.64 566.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 491.63 566.25 Td (for ) Tj ET Q q 0 0 0 rg BT 505.41 566.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 549.19 566.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.77 554.25 Td (for ) Tj ET Q q 0 0 0 rg BT 113.93 554.25 Td (impairment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.25 Td (For ) Tj ET Q q 0 0 0 rg BT 65.97 532.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 86.89 532.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 119.46 532.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 175.91 532.25 Td (where ) Tj ET Q q 0 0 0 rg BT 202.92 532.25 Td (a ) Tj ET Q q 0 0 0 rg BT 209.94 532.25 Td (special ) Tj ET Q q 0 0 0 rg BT 240.29 532.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 274.53 532.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 299.89 532.25 Td (is ) Tj ET Q q 0 0 0 rg BT 309.14 532.25 Td (established ) Tj ET Q q 0 0 0 rg BT 356.16 532.25 Td (to ) Tj ET Q q 0 0 0 rg BT 366.52 532.25 Td (own ) Tj ET Q q 0 0 0 rg BT 386.32 532.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.12 532.25 Td (property) Tj ET Q q 0 0 0 rg BT 434.35 532.25 Td (, ) Tj ET Q q 0 0 0 rg BT 439.43 532.25 Td (we ) Tj ET Q q 0 0 0 rg BT 453.67 532.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 493.46 532.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 516.03 532.25 Td (into ) Tj ET Q q 0 0 0 rg BT 534.17 532.25 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 82.90 520.25 Td (company ) Tj ET Q q 0 0 0 rg BT 121.85 520.25 Td (or ) Tj ET Q q 0 0 0 rg BT 132.48 520.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 162.54 520.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 218.70 520.25 Td (\(LLCs\) ) Tj ET Q q 0 0 0 rg BT 259.31 520.25 Td (with ) Tj ET Q q 0 0 0 rg BT 279.38 520.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.89 520.25 Td (other ) Tj ET Q q 0 0 0 rg BT 316.73 520.25 Td (partners. ) Tj ET Q q 0 0 0 rg BT 353.73 520.25 Td ( ) Tj ET Q q 0 0 0 rg BT 355.86 520.25 Td (The ) Tj ET Q q 0 0 0 rg BT 373.70 520.25 Td (Company) Tj ET Q q 0 0 0 rg BT 415.37 520.25 Td (s ) Tj ET Q q 0 0 0 rg BT 421.55 520.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 465.51 520.25 Td (in ) Tj ET Q q 0 0 0 rg BT 475.58 520.25 Td (these ) Tj ET Q q 0 0 0 rg BT 498.42 520.25 Td (LLCs ) Tj ET Q q 0 0 0 rg BT 523.49 520.25 Td (as ) Tj ET Q q 0 0 0 rg BT 534.12 520.25 Td (of ) Tj ET Q q 0 0 0 rg BT 544.74 520.25 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 110.66 508.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.66 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 134.06 508.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.90 508.25 Td (December ) Tj ET Q q 0 0 0 rg BT 196.38 508.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 212.28 508.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 235.68 508.25 Td (ranged ) Tj ET Q q 0 0 0 rg BT 266.28 508.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.12 508.25 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.45 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 310.85 508.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.02 508.25 Td (74%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.35 508.25 Td (. ) Tj ET Q q 0 0 0 rg BT 346.25 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 349.41 508.25 Td (These ) Tj ET Q q 0 0 0 rg BT 376.68 508.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 408.96 508.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 447.35 508.25 Td (engage ) Tj ET Q q 0 0 0 rg BT 479.06 508.25 Td (in ) Tj ET Q q 0 0 0 rg BT 490.24 508.25 Td (land ) Tj ET Q q 0 0 0 rg BT 510.86 508.25 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 88.10 496.25 Td (for ) Tj ET Q q 0 0 0 rg BT 102.26 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 116.98 496.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 151.14 496.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.97 496.25 Td (distributing ) Tj ET Q q 0 0 0 rg BT 210.58 496.25 Td (or ) Tj ET Q q 0 0 0 rg BT 221.41 496.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 250.57 496.25 Td (developed ) Tj ET Q q 0 0 0 rg BT 294.17 496.25 Td (lots ) Tj ET Q q 0 0 0 rg BT 311.12 496.25 Td (to ) Tj ET Q q 0 0 0 rg BT 321.39 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.11 496.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 377.50 496.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.44 496.25 Td (its ) Tj ET Q q 0 0 0 rg BT 406.38 496.25 Td (partners ) Tj ET Q q 0 0 0 rg BT 441.09 496.25 Td (in ) Tj ET Q q 0 0 0 rg BT 451.37 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.09 496.25 Td (LLC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 474.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.15 474.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 94.60 474.25 Td (that ) Tj ET Q q 0 0 0 rg BT 111.17 474.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.97 474.25 Td (Company) Tj ET Q q 0 0 0 rg BT 166.63 474.25 Td (s ) Tj ET Q q 0 0 0 rg BT 172.10 474.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 214.23 474.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 251.91 474.25 Td (related ) Tj ET Q q 0 0 0 rg BT 280.69 474.25 Td (to ) Tj ET Q q 0 0 0 rg BT 290.04 474.25 Td (its ) Tj ET Q q 0 0 0 rg BT 301.07 474.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 346.53 474.25 Td (in ) Tj ET Q q 0 0 0 rg BT 355.88 474.25 Td (these ) Tj ET Q q 0 0 0 rg BT 378.01 474.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 397.92 474.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 429.48 474.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 484.92 474.25 Td (as ) Tj ET Q q 0 0 0 rg BT 494.83 474.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.73 474.25 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 462.25 Td ( ) Tj ET Q q 0 0 0 rg BT 71.69 462.25 Td (is ) Tj ET Q q 0 0 0 rg BT 80.55 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 94.95 462.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 127.14 462.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 162.65 462.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.17 462.25 Td ($26.5 ) Tj ET Q q 0 0 0 rg BT 197.86 462.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.75 462.25 Td (, ) Tj ET Q q 0 0 0 rg BT 231.44 462.25 Td (which ) Tj ET Q q 0 0 0 rg BT 258.07 462.25 Td (is ) Tj ET Q q 0 0 0 rg BT 266.93 462.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 302.43 462.25 Td (as ) Tj ET Q q 0 0 0 rg BT 312.95 462.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 359.57 462.25 Td (in ) Tj ET Q q 0 0 0 rg BT 369.54 462.25 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 434.49 462.25 Td (Joint ) Tj ET Q q 0 0 0 rg BT 455.97 462.25 Td (V) Tj ET Q q 0 0 0 rg BT 462.08 462.25 Td (entures ) Tj ET Q q 0 0 0 rg BT 493.15 462.25 Td (on ) Tj ET Q q 0 0 0 rg BT 505.34 462.25 Td (our ) Tj ET Q q 0 0 0 rg BT 520.86 462.25 Td (Unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 97.10 450.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 153.04 450.25 Td (Balance ) Tj ET Q q 0 0 0 rg BT 188.41 450.25 Td (Sheets, ) Tj ET Q q 0 0 0 rg BT 220.18 450.25 Td (although ) Tj ET Q q 0 0 0 rg BT 258.35 450.25 Td (we ) Tj ET Q q 0 0 0 rg BT 273.17 450.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 302.43 450.25 Td (to ) Tj ET Q q 0 0 0 rg BT 313.37 450.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 340.43 450.25 Td (further ) Tj ET Q q 0 0 0 rg BT 370.80 450.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 407.85 450.25 Td (in ) Tj ET Q q 0 0 0 rg BT 418.79 450.25 Td (these ) Tj ET Q q 0 0 0 rg BT 442.51 450.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 464.01 450.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 497.16 450.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 554.19 450.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.25 Td (development ) Tj ET Q q 0 0 0 rg BT 102.79 438.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.75 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.60 438.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 168.23 438.25 Td (progresses. ) Tj ET Q q 0 0 0 rg BT 214.57 438.25 Td ( ) Tj ET Q q 0 0 0 rg BT 216.21 438.25 Td (Included ) Tj ET Q q 0 0 0 rg BT 252.83 438.25 Td (in ) Tj ET Q q 0 0 0 rg BT 262.24 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 276.10 438.25 Td (Company) Tj ET Q q 0 0 0 rg BT 317.76 438.25 Td (s ) Tj ET Q q 0 0 0 rg BT 323.29 438.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 368.81 438.25 Td (in ) Tj ET Q q 0 0 0 rg BT 378.22 438.25 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 440.40 438.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 460.37 438.25 Td (ventures ) Tj ET Q q 0 0 0 rg BT 495.88 438.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.73 438.25 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 426.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.94 426.25 Td (December ) Tj ET Q q 0 0 0 rg BT 132.52 426.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 147.52 426.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.52 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 170.02 426.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.95 426.25 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 211.95 426.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.84 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 243.34 426.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.28 426.25 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.17 426.25 Td (, ) Tj ET Q q 0 0 0 rg BT 314.17 426.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 361.83 426.25 Td (, ) Tj ET Q q 0 0 0 rg BT 366.83 426.25 Td (of ) Tj ET Q q 0 0 0 rg BT 377.66 426.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 423.47 426.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 455.40 426.25 Td (and ) Tj ET Q q 0 0 0 rg BT 472.34 426.25 Td (other ) Tj ET Q q 0 0 0 rg BT 495.39 426.25 Td (costs.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.06 404.25 Td (ariable ) Tj ET Q q 0 0 0 rg BT 86.45 404.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 120.62 404.25 Td (Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.54 382.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 72.45 382.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 104.12 382.25 Td (to ) Tj ET Q q 0 0 0 rg BT 115.25 382.25 Td (our ) Tj ET Q q 0 0 0 rg BT 131.93 382.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 183.06 382.25 Td (in ) Tj ET Q q 0 0 0 rg BT 194.19 382.25 Td (these ) Tj ET Q q 0 0 0 rg BT 218.09 382.25 Td (LLCs, ) Tj ET Q q 0 0 0 rg BT 246.72 382.25 Td (we ) Tj ET Q q 0 0 0 rg BT 261.74 382.25 Td (are ) Tj ET Q q 0 0 0 rg BT 277.30 382.25 Td (required, ) Tj ET Q q 0 0 0 rg BT 316.47 382.25 Td (under ) Tj ET Q q 0 0 0 rg BT 341.85 382.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 364.66 382.25 Td (810-10, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.84 382.25 Td (Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.51 382.25 Td ( ) Tj ET Q q 0 0 0 rg BT 458.87 382.25 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 489.44 382.25 Td (810\), ) Tj ET Q q 0 0 0 rg BT 518.06 382.25 Td (to ) Tj ET Q q 0 0 0 rg BT 529.20 382.25 Td (evaluate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 84.67 370.25 Td (or ) Tj ET Q q 0 0 0 rg BT 95.96 370.25 Td (not ) Tj ET Q q 0 0 0 rg BT 111.70 370.25 Td (such ) Tj ET Q q 0 0 0 rg BT 133.00 370.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 164.84 370.25 Td (should ) Tj ET Q q 0 0 0 rg BT 194.47 370.25 Td (be ) Tj ET Q q 0 0 0 rg BT 206.88 370.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 260.38 370.25 Td (into ) Tj ET Q q 0 0 0 rg BT 278.90 370.25 Td (our ) Tj ET Q q 0 0 0 rg BT 295.19 370.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 333.14 370.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 380.81 370.25 Td ( ) Tj ET Q q 0 0 0 rg BT 383.56 370.25 Td (W) Tj ET Q q 0 0 0 rg BT 392.20 370.25 Td (e ) Tj ET Q q 0 0 0 rg BT 399.60 370.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 433.67 370.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 468.84 370.25 Td (these ) Tj ET Q q 0 0 0 rg BT 492.35 370.25 Td (evaluations ) Tj ET Q q 0 0 0 rg BT 540.85 370.25 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (each ) Tj ET Q q 0 0 0 rg BT 70.59 358.25 Td (new ) Tj ET Q q 0 0 0 rg BT 90.03 358.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 115.57 358.25 Td (is ) Tj ET Q q 0 0 0 rg BT 125.02 358.25 Td (created ) Tj ET Q q 0 0 0 rg BT 156.66 358.25 Td (and ) Tj ET Q q 0 0 0 rg BT 173.87 358.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 196.64 358.25 Td (any ) Tj ET Q q 0 0 0 rg BT 213.86 358.25 Td (events ) Tj ET Q q 0 0 0 rg BT 242.18 358.25 Td (that ) Tj ET Q q 0 0 0 rg BT 259.95 358.25 Td (require ) Tj ET Q q 0 0 0 rg BT 291.04 358.25 Td (reconsideration ) Tj ET Q q 0 0 0 rg BT 355.46 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 366.56 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.55 358.25 Td (entity) Tj ET Q q 0 0 0 rg BT 403.68 358.25 Td (. ) Tj ET Q q 0 0 0 rg BT 408.95 358.25 Td ( ) Tj ET Q q 0 0 0 rg BT 411.73 358.25 Td (See ) Tj ET Q q 0 0 0 rg BT 428.94 358.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 451.15 358.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 461.43 358.25 Td (Summary ) Tj ET Q q 0 0 0 rg BT 507.53 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.63 358.25 Td (Significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 99.67 346.25 Td (Policies ) Tj ET Q q 0 0 0 rg BT 134.84 346.25 Td (- ) Tj ET Q q 0 0 0 rg BT 141.43 346.25 Td (V) Tj ET Q q 0 0 0 rg BT 147.54 346.25 Td (ariable ) Tj ET Q q 0 0 0 rg BT 178.25 346.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 211.75 346.25 Td (Entities ) Tj ET Q q 0 0 0 rg BT 250.25 346.25 Td (in ) Tj ET Q q 0 0 0 rg BT 261.53 346.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.26 346.25 Td (Company) Tj ET Q q 0 0 0 rg BT 318.93 346.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.33 346.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.33 346.25 Td ( ) Tj ET Q q 0 0 0 rg BT 349.84 346.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 375.02 346.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 399.08 346.25 Td (for ) Tj ET Q q 0 0 0 rg BT 414.25 346.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 457.75 346.25 Td (information ) Tj ET Q q 0 0 0 rg BT 508.47 346.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 550.29 346.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 334.25 Td (s ) Tj ET Q q 0 0 0 rg BT 97.56 334.25 Td (methodology ) Tj ET Q q 0 0 0 rg BT 152.83 334.25 Td (for ) Tj ET Q q 0 0 0 rg BT 166.99 334.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 211.14 334.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 242.52 334.25 Td (for ) Tj ET Q q 0 0 0 rg BT 256.68 334.25 Td (consolidation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.25 Td (As ) Tj ET Q q 0 0 0 rg BT 62.98 312.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.67 312.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 133.80 312.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.80 312.25 Td ( ) Tj ET Q q 0 0 0 rg BT 156.17 312.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.97 312.25 Td (December ) Tj ET Q q 0 0 0 rg BT 216.42 312.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 231.29 312.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.29 312.25 Td (, ) Tj ET Q q 0 0 0 rg BT 256.16 312.25 Td (we ) Tj ET Q q 0 0 0 rg BT 270.18 312.25 Td (have ) Tj ET Q q 0 0 0 rg BT 291.42 312.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 338.77 312.25 Td (that ) Tj ET Q q 0 0 0 rg BT 356.13 312.25 Td (one ) Tj ET Q q 0 0 0 rg BT 372.94 312.25 Td (of ) Tj ET Q q 0 0 0 rg BT 383.63 312.25 Td (the ) Tj ET Q q 0 0 0 rg BT 398.21 312.25 Td (LLCs ) Tj ET Q q 0 0 0 rg BT 423.36 312.25 Td (in ) Tj ET Q q 0 0 0 rg BT 433.50 312.25 Td (which ) Tj ET Q q 0 0 0 rg BT 460.31 312.25 Td (we ) Tj ET Q q 0 0 0 rg BT 474.33 312.25 Td (have ) Tj ET Q q 0 0 0 rg BT 495.57 312.25 Td (an ) Tj ET Q q 0 0 0 rg BT 507.38 312.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 539.18 312.25 Td (meets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.39 300.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 119.27 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 130.27 300.25 Td (a ) Tj ET Q q 0 0 0 rg BT 137.38 300.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 172.26 300.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 204.36 300.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 229.81 300.25 Td (\(VIE\) ) Tj ET Q q 0 0 0 rg BT 264.68 300.25 Td (due ) Tj ET Q q 0 0 0 rg BT 281.79 300.25 Td (to ) Tj ET Q q 0 0 0 rg BT 292.24 300.25 Td (a ) Tj ET Q q 0 0 0 rg BT 299.36 300.25 Td (lack ) Tj ET Q q 0 0 0 rg BT 318.68 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.69 300.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 357.36 300.25 Td (at ) Tj ET Q q 0 0 0 rg BT 367.25 300.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 384.92 300.25 Td (in ) Tj ET Q q 0 0 0 rg BT 395.37 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 410.26 300.25 Td (entity) Tj ET Q q 0 0 0 rg BT 432.39 300.25 Td (. ) Tj ET Q q 0 0 0 rg BT 437.56 300.25 Td ( ) Tj ET Q q 0 0 0 rg BT 440.23 300.25 Td (However) Tj ET Q q 0 0 0 rg BT 476.48 300.25 Td (, ) Tj ET Q q 0 0 0 rg BT 481.66 300.25 Td (we ) Tj ET Q q 0 0 0 rg BT 495.99 300.25 Td (have ) Tj ET Q q 0 0 0 rg BT 517.54 300.25 Td (determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.25 Td (that ) Tj ET Q q 0 0 0 rg BT 68.16 288.25 Td (we ) Tj ET Q q 0 0 0 rg BT 83.48 288.25 Td (do ) Tj ET Q q 0 0 0 rg BT 97.15 288.25 Td (not ) Tj ET Q q 0 0 0 rg BT 113.59 288.25 Td (have ) Tj ET Q q 0 0 0 rg BT 136.13 288.25 Td (substantive ) Tj ET Q q 0 0 0 rg BT 184.79 288.25 Td (control ) Tj ET Q q 0 0 0 rg BT 216.78 288.25 Td (over ) Tj ET Q q 0 0 0 rg BT 238.22 288.25 Td (that ) Tj ET Q q 0 0 0 rg BT 256.61 288.25 Td (VIE ) Tj ET Q q 0 0 0 rg BT 276.94 288.25 Td (because ) Tj ET Q q 0 0 0 rg BT 312.25 288.25 Td (we ) Tj ET Q q 0 0 0 rg BT 327.57 288.25 Td (do ) Tj ET Q q 0 0 0 rg BT 341.23 288.25 Td (not ) Tj ET Q q 0 0 0 rg BT 357.68 288.25 Td (have ) Tj ET Q q 0 0 0 rg BT 380.22 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 396.10 288.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 425.32 288.25 Td (to ) Tj ET Q q 0 0 0 rg BT 436.76 288.25 Td (control ) Tj ET Q q 0 0 0 rg BT 468.75 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 484.63 288.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 524.39 288.25 Td (that ) Tj ET Q q 0 0 0 rg BT 543.05 288.25 Td (most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 101.19 276.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 130.10 276.25 Td (its ) Tj ET Q q 0 0 0 rg BT 141.25 276.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 181.82 276.25 Td (performance. ) Tj ET Q q 0 0 0 rg BT 236.54 276.25 Td ( ) Tj ET Q q 0 0 0 rg BT 237.86 276.25 Td (As ) Tj ET Q q 0 0 0 rg BT 250.67 276.25 Td (a ) Tj ET Q q 0 0 0 rg BT 256.81 276.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 283.22 276.25 Td (we ) Tj ET Q q 0 0 0 rg BT 296.58 276.25 Td (are ) Tj ET Q q 0 0 0 rg BT 310.49 276.25 Td (not ) Tj ET Q q 0 0 0 rg BT 324.96 276.25 Td (required ) Tj ET Q q 0 0 0 rg BT 359.98 276.25 Td (to ) Tj ET Q q 0 0 0 rg BT 369.45 276.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 416.69 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.49 276.25 Td (VIE ) Tj ET Q q 0 0 0 rg BT 448.84 276.25 Td (into ) Tj ET Q q 0 0 0 rg BT 466.10 276.25 Td (our ) Tj ET Q q 0 0 0 rg BT 481.13 276.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 517.81 276.25 Td (statements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.87 264.25 Td (we ) Tj ET Q q 0 0 0 rg BT 79.46 264.25 Td (instead ) Tj ET Q q 0 0 0 rg BT 109.72 264.25 Td (record ) Tj ET Q q 0 0 0 rg BT 137.19 264.25 Td (the ) Tj ET Q q 0 0 0 rg BT 151.20 264.25 Td (VIE ) Tj ET Q q 0 0 0 rg BT 169.79 264.25 Td (in ) Tj ET Q q 0 0 0 rg BT 179.50 264.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 225.87 264.25 Td (in ) Tj ET Q q 0 0 0 rg BT 235.58 264.25 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 300.28 264.25 Td (Joint ) Tj ET Q q 0 0 0 rg BT 321.52 264.25 Td (V) Tj ET Q q 0 0 0 rg BT 327.63 264.25 Td (entures ) Tj ET Q q 0 0 0 rg BT 358.44 264.25 Td (on ) Tj ET Q q 0 0 0 rg BT 370.38 264.25 Td (our ) Tj ET Q q 0 0 0 rg BT 385.64 264.25 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 429.23 264.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 475.60 264.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 530.30 264.25 Td (Balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (Sheets.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 230.25 Td (Land ) Tj ET Q q 0 0 0 rg BT 73.67 230.25 Td (Option ) Tj ET Q q 0 0 0 rg BT 104.14 230.25 Td (Agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.08 208.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.55 208.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 110.68 208.25 Td (course ) Tj ET Q q 0 0 0 rg BT 139.04 208.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.62 208.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 188.26 208.25 Td (the ) Tj ET Q q 0 0 0 rg BT 202.73 208.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 243.88 208.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 270.01 208.25 Td (into ) Tj ET Q q 0 0 0 rg BT 287.82 208.25 Td (land ) Tj ET Q q 0 0 0 rg BT 307.29 208.25 Td (option ) Tj ET Q q 0 0 0 rg BT 335.10 208.25 Td (or ) Tj ET Q q 0 0 0 rg BT 345.68 208.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 383.47 208.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 431.26 208.25 Td ( ) Tj ET Q q 0 0 0 rg BT 433.51 208.25 Td (for ) Tj ET Q q 0 0 0 rg BT 447.42 208.25 Td (which ) Tj ET Q q 0 0 0 rg BT 474.11 208.25 Td (we ) Tj ET Q q 0 0 0 rg BT 488.03 208.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 527.48 208.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 544.18 208.25 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.25 Td (refundable ) Tj ET Q q 0 0 0 rg BT 94.70 196.25 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 132.42 196.25 Td ( ) Tj ET Q q 0 0 0 rg BT 134.87 196.25 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 172.31 196.25 Td (to ) Tj ET Q q 0 0 0 rg BT 182.54 196.25 Td (these ) Tj ET Q q 0 0 0 rg BT 205.53 196.25 Td (land ) Tj ET Q q 0 0 0 rg BT 225.19 196.25 Td (option ) Tj ET Q q 0 0 0 rg BT 253.19 196.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 303.67 196.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.33 196.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 359.67 196.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 396.55 196.25 Td (a ) Tj ET Q q 0 0 0 rg BT 403.43 196.25 Td (deposit ) Tj ET Q q 0 0 0 rg BT 434.76 196.25 Td (to ) Tj ET Q q 0 0 0 rg BT 444.99 196.25 Td (the ) Tj ET Q q 0 0 0 rg BT 459.65 196.25 Td (seller ) Tj ET Q q 0 0 0 rg BT 483.75 196.25 Td (as ) Tj ET Q q 0 0 0 rg BT 494.53 196.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 550.84 196.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.68 184.25 Td (right ) Tj ET Q q 0 0 0 rg BT 84.54 184.25 Td (to ) Tj ET Q q 0 0 0 rg BT 94.29 184.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 131.79 184.25 Td (land ) Tj ET Q q 0 0 0 rg BT 150.97 184.25 Td (at ) Tj ET Q q 0 0 0 rg BT 160.16 184.25 Td (dif) Tj ET Q q 0 0 0 rg BT 171.09 184.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 196.37 184.25 Td (times ) Tj ET Q q 0 0 0 rg BT 220.00 184.25 Td (in ) Tj ET Q q 0 0 0 rg BT 229.75 184.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.93 184.25 Td (future, ) Tj ET Q q 0 0 0 rg BT 272.28 184.25 Td (usually ) Tj ET Q q 0 0 0 rg BT 303.13 184.25 Td (at ) Tj ET Q q 0 0 0 rg BT 312.32 184.25 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 372.03 184.25 Td (prices.In ) Tj ET Q q 0 0 0 rg BT 411.21 184.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 458.14 184.25 Td (with ) Tj ET Q q 0 0 0 rg BT 477.45 184.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 498.87 184.25 Td (810, ) Tj ET Q q 0 0 0 rg BT 518.34 184.25 Td (we ) Tj ET Q q 0 0 0 rg BT 531.97 184.25 Td (analyze ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.44 172.25 Td (land ) Tj ET Q q 0 0 0 rg BT 85.27 172.25 Td (option ) Tj ET Q q 0 0 0 rg BT 113.44 172.25 Td (or ) Tj ET Q q 0 0 0 rg BT 124.39 172.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 162.54 172.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 210.69 172.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.08 172.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 263.67 172.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 298.49 172.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.32 172.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 373.14 172.25 Td (land ) Tj ET Q q 0 0 0 rg BT 392.97 172.25 Td (sellers ) Tj ET Q q 0 0 0 rg BT 421.14 172.25 Td (are ) Tj ET Q q 0 0 0 rg BT 435.77 172.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 458.93 172.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 478.48 172.25 Td (if ) Tj ET Q q 0 0 0 rg BT 487.21 172.25 Td (so, ) Tj ET Q q 0 0 0 rg BT 501.21 172.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 536.03 172.25 Td (we ) Tj ET Q q 0 0 0 rg BT 550.31 172.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.86 160.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 97.66 160.25 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 141.98 160.25 Td (, ) Tj ET Q q 0 0 0 rg BT 146.62 160.25 Td (as ) Tj ET Q q 0 0 0 rg BT 157.09 160.25 Td (further ) Tj ET Q q 0 0 0 rg BT 186.44 160.25 Td (described ) Tj ET Q q 0 0 0 rg BT 226.90 160.25 Td (in ) Tj ET Q q 0 0 0 rg BT 236.82 160.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 258.40 160.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 268.05 160.25 Td (Summary ) Tj ET Q q 0 0 0 rg BT 313.51 160.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.99 160.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 369.54 160.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 418.34 160.25 Td (Policies ) Tj ET Q q 0 0 0 rg BT 452.14 160.25 Td (- ) Tj ET Q q 0 0 0 rg BT 457.62 160.25 Td (Land ) Tj ET Q q 0 0 0 rg BT 480.31 160.25 Td (Option ) Tj ET Q q 0 0 0 rg BT 509.75 160.25 Td (Agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.04 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.02 148.25 Td (Company) Tj ET Q q 0 0 0 rg BT 116.69 148.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.34 148.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.34 148.25 Td ( ) Tj ET Q q 0 0 0 rg BT 146.11 148.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 170.54 148.25 Td (10-K. ) Tj ET Q q 0 0 0 rg BT 196.36 148.25 Td ( ) Tj ET Q q 0 0 0 rg BT 199.12 148.25 Td (If ) Tj ET Q q 0 0 0 rg BT 208.54 148.25 Td (we ) Tj ET Q q 0 0 0 rg BT 222.97 148.25 Td (are ) Tj ET Q q 0 0 0 rg BT 237.94 148.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 271.79 148.25 Td (to ) Tj ET Q q 0 0 0 rg BT 282.34 148.25 Td (be ) Tj ET Q q 0 0 0 rg BT 294.54 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 309.52 148.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 343.94 148.25 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 391.67 148.25 Td (of ) Tj ET Q q 0 0 0 rg BT 402.77 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 417.55 148.25 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 439.47 148.25 Td (we ) Tj ET Q q 0 0 0 rg BT 453.90 148.25 Td (will ) Tj ET Q q 0 0 0 rg BT 472.22 148.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 520.52 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 535.30 148.25 Td (VIE ) Tj ET Q q 0 0 0 rg BT 554.73 148.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.25 Td (our ) Tj ET Q q 0 0 0 rg BT 66.54 136.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 120.80 136.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.49 136.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 205.42 136.25 Td (and ) Tj ET Q q 0 0 0 rg BT 223.57 136.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 252.82 136.25 Td (such ) Tj ET Q q 0 0 0 rg BT 274.86 136.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 301.90 136.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.05 136.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 360.98 136.25 Td (in ) Tj ET Q q 0 0 0 rg BT 372.48 136.25 Td (our ) Tj ET Q q 0 0 0 rg BT 389.52 136.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 446.01 136.25 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 488.60 136.25 Td (not ) Tj ET Q q 0 0 0 rg BT 505.09 136.25 Td (Owned ) Tj ET Q q 0 0 0 rg BT 537.68 136.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.18 136.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.25 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 93.41 124.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 140.11 124.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 195.13 124.25 Td (Balance ) Tj ET Q q 0 0 0 rg BT 229.59 124.25 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 260.46 124.25 Td ( ) Tj ET Q q 0 0 0 rg BT 262.21 124.25 Td (At ) Tj ET Q q 0 0 0 rg BT 274.47 124.25 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.50 124.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 354.52 124.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.52 124.25 Td ( ) Tj ET Q q 0 0 0 rg BT 376.78 124.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.47 124.25 Td (December ) Tj ET Q q 0 0 0 rg BT 436.81 124.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 451.57 124.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.57 124.25 Td (, ) Tj ET Q q 0 0 0 rg BT 476.33 124.25 Td (we ) Tj ET Q q 0 0 0 rg BT 490.24 124.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 533.59 124.25 Td (that ) Tj ET Q q 0 0 0 rg BT 550.84 124.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.25 Td (were ) Tj ET Q q 0 0 0 rg BT 71.43 112.25 Td (not ) Tj ET Q q 0 0 0 rg BT 86.71 112.25 Td (the ) Tj ET Q q 0 0 0 rg BT 101.42 112.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 135.58 112.25 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 183.05 112.25 Td (of ) Tj ET Q q 0 0 0 rg BT 193.88 112.25 Td (any ) Tj ET Q q 0 0 0 rg BT 210.64 112.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 233.69 112.25 Td (from ) Tj ET Q q 0 0 0 rg BT 255.63 112.25 Td (which ) Tj ET Q q 0 0 0 rg BT 282.57 112.25 Td (we ) Tj ET Q q 0 0 0 rg BT 296.73 112.25 Td (are ) Tj ET Q q 0 0 0 rg BT 311.43 112.25 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 357.81 112.25 Td (land ) Tj ET Q q 0 0 0 rg BT 377.53 112.25 Td (under ) Tj ET Q q 0 0 0 rg BT 402.80 112.25 Td (option ) Tj ET Q q 0 0 0 rg BT 430.85 112.25 Td (or ) Tj ET Q q 0 0 0 rg BT 441.68 112.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 479.72 112.25 Td (agreements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 90.25 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 90.25 Td (4. ) Tj ET Q q 0 0 0 rg BT 90.34 90.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 108.48 90.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.80 90.25 Td (V) Tj ET Q q 0 0 0 rg BT 117.11 90.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 137.39 90.25 Td (Measur) Tj ET Q q 0 0 0 rg BT 169.97 90.25 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (There ) Tj ET Q q 0 0 0 rg BT 75.82 68.25 Td (are ) Tj ET Q q 0 0 0 rg BT 91.04 68.25 Td (three ) Tj ET Q q 0 0 0 rg BT 114.03 68.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 170.35 68.25 Td (input ) Tj ET Q q 0 0 0 rg BT 193.91 68.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 220.25 68.25 Td (for ) Tj ET Q q 0 0 0 rg BT 234.92 68.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 286.24 68.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 303.13 68.25 Td (value: ) Tj ET Q q 0 0 0 rg BT 330.57 68.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 356.34 68.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 366.85 68.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 392.62 68.25 Td (2, ) Tj ET Q q 0 0 0 rg BT 403.13 68.25 Td (and ) Tj ET Q q 0 0 0 rg BT 420.57 68.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 446.35 68.25 Td (3. ) Tj ET Q q 0 0 0 rg BT 456.85 68.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 475.97 68.25 Td (values ) Tj ET Q q 0 0 0 rg BT 504.52 68.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 552.51 68.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 74.81 56.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 82.35 56.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 109.34 56.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 136.88 56.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 166.64 56.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 193.06 56.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.38 56.25 Td (active ) Tj ET Q q 0 0 0 rg BT 229.80 56.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 264.00 56.25 Td (for ) Tj ET Q q 0 0 0 rg BT 278.20 56.25 Td (identical ) Tj ET Q q 0 0 0 rg BT 315.17 56.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 341.05 56.25 Td (or ) Tj ET Q q 0 0 0 rg BT 351.92 56.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 391.68 56.25 Td (that ) Tj ET Q q 0 0 0 rg BT 409.22 56.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.98 56.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 465.41 56.25 Td (has ) Tj ET Q q 0 0 0 rg BT 481.29 56.25 Td (the ) Tj ET Q q 0 0 0 rg BT 496.05 56.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 524.14 56.25 Td (to ) Tj ET Q q 0 0 0 rg BT 534.47 56.25 Td (access. ) Tj ET Q q 0 0 0 rg BT 565.00 56.25 Td ( ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 33.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 68.54 740.10 Td (values ) Tj ET Q q 0 0 0 rg BT 97.01 740.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 144.92 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 157.85 740.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 183.54 740.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 191.47 740.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 218.85 740.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 246.77 740.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 274.14 740.10 Td (other ) Tj ET Q q 0 0 0 rg BT 297.62 740.10 Td (than ) Tj ET Q q 0 0 0 rg BT 317.77 740.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 347.91 740.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 374.72 740.10 Td (included ) Tj ET Q q 0 0 0 rg BT 412.08 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 422.79 740.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 448.48 740.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 456.41 740.10 Td (that ) Tj ET Q q 0 0 0 rg BT 474.33 740.10 Td (are ) Tj ET Q q 0 0 0 rg BT 489.47 740.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 535.71 740.10 Td (for ) Tj ET Q q 0 0 0 rg BT 550.30 740.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 70.72 728.10 Td (or ) Tj ET Q q 0 0 0 rg BT 80.84 728.10 Td (liability) Tj ET Q q 0 0 0 rg BT 111.30 728.10 Td (, ) Tj ET Q q 0 0 0 rg BT 115.59 728.10 Td (either ) Tj ET Q q 0 0 0 rg BT 140.14 728.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 172.46 728.10 Td (or ) Tj ET Q q 0 0 0 rg BT 182.58 728.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 220.25 728.10 Td (. ) Tj ET Q q 0 0 0 rg BT 224.54 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 226.32 728.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 250.87 728.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 257.66 728.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 283.89 728.10 Td (include ) Tj ET Q q 0 0 0 rg BT 315.11 728.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 344.12 728.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 369.78 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 383.23 728.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 412.79 728.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 437.90 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 454.13 728.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 493.13 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.69 728.10 Td (active ) Tj ET Q q 0 0 0 rg BT 528.35 728.10 Td (markets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.00 716.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 94.52 716.10 Td (other ) Tj ET Q q 0 0 0 rg BT 118.13 716.10 Td (than ) Tj ET Q q 0 0 0 rg BT 138.41 716.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 168.69 716.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 195.64 716.10 Td (that ) Tj ET Q q 0 0 0 rg BT 213.70 716.10 Td (are ) Tj ET Q q 0 0 0 rg BT 228.97 716.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 275.35 716.10 Td (for ) Tj ET Q q 0 0 0 rg BT 290.08 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.36 716.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 327.86 716.10 Td (or ) Tj ET Q q 0 0 0 rg BT 339.26 716.10 Td (liability) Tj ET Q q 0 0 0 rg BT 369.72 716.10 Td (, ) Tj ET Q q 0 0 0 rg BT 375.28 716.10 Td (such ) Tj ET Q q 0 0 0 rg BT 396.68 716.10 Td (as ) Tj ET Q q 0 0 0 rg BT 408.07 716.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 440.57 716.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 462.51 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.02 716.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 503.08 716.10 Td (curves ) Tj ET Q q 0 0 0 rg BT 532.24 716.10 Td (that ) Tj ET Q q 0 0 0 rg BT 550.30 716.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 95.27 704.10 Td (at ) Tj ET Q q 0 0 0 rg BT 104.93 704.10 Td (commonly ) Tj ET Q q 0 0 0 rg BT 150.16 704.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 179.82 704.10 Td (intervals. ) Tj ET Q q 0 0 0 rg BT 219.21 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.66 704.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 246.87 704.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 254.32 704.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 281.22 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 295.88 704.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 351.64 704.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 378.54 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 392.65 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.32 704.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 429.21 704.10 Td (or ) Tj ET Q q 0 0 0 rg BT 439.99 704.10 Td (liability) Tj ET Q q 0 0 0 rg BT 470.45 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 475.40 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.29 704.10 Td (include ) Tj ET Q q 0 0 0 rg BT 524.17 704.10 Td (situations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (where ) Tj ET Q q 0 0 0 rg BT 76.43 692.10 Td (there ) Tj ET Q q 0 0 0 rg BT 98.91 692.10 Td (is ) Tj ET Q q 0 0 0 rg BT 108.08 692.10 Td (little, ) Tj ET Q q 0 0 0 rg BT 131.41 692.10 Td (if ) Tj ET Q q 0 0 0 rg BT 140.02 692.10 Td (any) Tj ET Q q 0 0 0 rg BT 153.81 692.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.81 692.10 Td (market ) Tj ET Q q 0 0 0 rg BT 189.08 692.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 221.57 692.10 Td (for ) Tj ET Q q 0 0 0 rg BT 235.73 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.44 692.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 272.38 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 283.21 692.10 Td (liability) Tj ET Q q 0 0 0 rg BT 313.67 692.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 77.56 670.10 Td (Measured ) Tj ET Q q 0 0 0 rg BT 121.17 670.10 Td (on ) Tj ET Q q 0 0 0 rg BT 134.24 670.10 Td (a ) Tj ET Q q 0 0 0 rg BT 141.74 670.10 Td (Recurring ) Tj ET Q q 0 0 0 rg BT 186.47 670.10 Td (Basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.27 648.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.39 648.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 147.82 648.10 Td (both ) Tj ET Q q 0 0 0 rg BT 167.83 648.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 207.82 648.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 231.16 648.10 Td (held ) Tj ET Q q 0 0 0 rg BT 250.60 648.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.49 648.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 282.27 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.93 648.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 330.60 648.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 347.81 648.10 Td (lock ) Tj ET Q q 0 0 0 rg BT 367.25 648.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 423.92 648.10 Td (\(IRLCs\) ) Tj ET Q q 0 0 0 rg BT 468.35 648.10 Td (at ) Tj ET Q q 0 0 0 rg BT 477.80 648.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 493.90 648.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 520.29 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.52 648.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 540.85 648.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 106.25 636.10 Td (results ) Tj ET Q q 0 0 0 rg BT 135.79 636.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.01 636.10 Td (a ) Tj ET Q q 0 0 0 rg BT 154.88 636.10 Td (better ) Tj ET Q q 0 0 0 rg BT 181.08 636.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 233.39 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.16 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.81 636.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 296.45 636.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.67 636.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 324.98 636.10 Td (values ) Tj ET Q q 0 0 0 rg BT 353.97 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.73 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.39 636.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 405.93 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.81 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.46 636.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 482.88 636.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 532.98 636.10 Td (used ) Tj ET Q q 0 0 0 rg BT 554.74 636.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (economically ) Tj ET Q q 0 0 0 rg BT 105.87 624.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 132.24 624.10 Td (them.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.58 602.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.55 602.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 106.63 602.10 Td (course ) Tj ET Q q 0 0 0 rg BT 135.48 602.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.57 602.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 185.71 602.10 Td (our ) Tj ET Q q 0 0 0 rg BT 201.79 602.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 239.53 602.10 Td (services ) Tj ET Q q 0 0 0 rg BT 274.49 602.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 310.56 602.10 Td (enters ) Tj ET Q q 0 0 0 rg BT 337.19 602.10 Td (into ) Tj ET Q q 0 0 0 rg BT 355.50 602.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 402.68 602.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 459.87 602.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.40 602.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 499.81 602.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 525.32 602.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.85 602.10 Td (buyers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.86 590.10 Td (single-family ) Tj ET Q q 0 0 0 rg BT 115.22 590.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 143.36 590.10 Td (with ) Tj ET Q q 0 0 0 rg BT 163.17 590.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 185.75 590.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 228.32 590.10 Td (dates.) Tj ET Q q 0 0 0 rg BT 256.19 590.10 Td (The ) Tj ET Q q 0 0 0 rg BT 273.77 590.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 330.24 590.10 Td (become ) Tj ET Q q 0 0 0 rg BT 363.37 590.10 Td (ef) Tj ET Q q 0 0 0 rg BT 370.95 590.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 400.19 590.10 Td (when ) Tj ET Q q 0 0 0 rg BT 423.88 590.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.13 590.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 480.71 590.10 Td (lock-in ) Tj ET Q q 0 0 0 rg BT 519.94 590.10 Td (a ) Tj ET Q q 0 0 0 rg BT 526.41 590.10 Td (specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.35 578.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 98.75 578.10 Td (within ) Tj ET Q q 0 0 0 rg BT 126.72 578.10 Td (established ) Tj ET Q q 0 0 0 rg BT 173.57 578.10 Td (time ) Tj ET Q q 0 0 0 rg BT 193.76 578.10 Td (frames.Market ) Tj ET Q q 0 0 0 rg BT 259.75 578.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 277.17 578.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 302.35 578.10 Td (if ) Tj ET Q q 0 0 0 rg BT 310.87 578.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 342.72 578.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 364.01 578.10 Td (move ) Tj ET Q q 0 0 0 rg BT 388.65 578.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 429.38 578.10 Td (between ) Tj ET Q q 0 0 0 rg BT 465.11 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.74 578.10 Td (time ) Tj ET Q q 0 0 0 rg BT 499.92 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.67 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.30 578.10 Td (lock-in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.98 566.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 83.01 566.10 Td (by ) Tj ET Q q 0 0 0 rg BT 96.16 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.53 566.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 151.33 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.92 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.29 566.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 202.99 566.10 Td (date ) Tj ET Q q 0 0 0 rg BT 222.80 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.28 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.65 566.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 270.02 566.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.95 566.10 Td (an ) Tj ET Q q 0 0 0 rg BT 293.54 566.10 Td (investor) Tj ET Q q 0 0 0 rg BT 325.20 566.10 Td (.) Tj ET Q q 0 0 0 rg BT 332.52 566.10 Td (T) Tj ET Q q 0 0 0 rg BT 337.93 566.10 Td (o ) Tj ET Q q 0 0 0 rg BT 346.08 566.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 382.00 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.37 566.10 Td (ef) Tj ET Q q 0 0 0 rg BT 404.96 566.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 423.10 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.58 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.95 566.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 482.53 566.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 500.67 566.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 518.82 566.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 554.74 566.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 90.65 554.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 107.89 554.10 Td (lock ) Tj ET Q q 0 0 0 rg BT 127.37 554.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 184.07 554.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.10 554.10 Td (borrowers, ) Tj ET Q q 0 0 0 rg BT 239.41 554.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.88 554.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 295.03 554.10 Td (enters ) Tj ET Q q 0 0 0 rg BT 321.17 554.10 Td (into ) Tj ET Q q 0 0 0 rg BT 338.98 554.10 Td (optional ) Tj ET Q q 0 0 0 rg BT 374.02 554.10 Td (or ) Tj ET Q q 0 0 0 rg BT 384.61 554.10 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 429.63 554.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 464.65 554.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 498.56 554.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 516.37 554.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 554.72 554.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 66.18 542.10 Td (whole ) Tj ET Q q 0 0 0 rg BT 93.42 542.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 117.33 542.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.56 542.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 206.77 542.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 247.33 542.10 Td (to ) Tj ET Q q 0 0 0 rg BT 257.91 542.10 Td (broker/dealers.) Tj ET Q q 0 0 0 rg BT 322.42 542.10 Td (The ) Tj ET Q q 0 0 0 rg BT 340.76 542.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 375.21 542.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 393.56 542.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 432.45 542.10 Td (lock ) Tj ET Q q 0 0 0 rg BT 452.46 542.10 Td (in ) Tj ET Q q 0 0 0 rg BT 463.04 542.10 Td (an ) Tj ET Q q 0 0 0 rg BT 475.28 542.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 507.51 542.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 525.29 542.10 Td (and ) Tj ET Q q 0 0 0 rg BT 542.53 542.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.74 530.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.54 530.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 99.67 530.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.58 530.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 136.27 530.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 167.63 530.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.98 530.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.78 530.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 229.46 530.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 248.03 530.10 Td (lock ) Tj ET Q q 0 0 0 rg BT 268.82 530.10 Td (commitments.) Tj ET Q q 0 0 0 rg BT 330.58 530.10 Td (The ) Tj ET Q q 0 0 0 rg BT 349.71 530.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 392.18 530.10 Td (does ) Tj ET Q q 0 0 0 rg BT 414.09 530.10 Td (not ) Tj ET Q q 0 0 0 rg BT 430.45 530.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 462.35 530.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.71 530.10 Td (speculative ) Tj ET Q q 0 0 0 rg BT 522.27 530.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 554.18 530.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 92.20 518.10 Td (activities.Both ) Tj ET Q q 0 0 0 rg BT 157.96 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.89 518.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 190.59 518.10 Td (lock ) Tj ET Q q 0 0 0 rg BT 210.52 518.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 267.67 518.10 Td (to ) Tj ET Q q 0 0 0 rg BT 278.17 518.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 321.42 518.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.58 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.51 518.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 387.87 518.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 406.14 518.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 444.94 518.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.44 518.10 Td (broker/dealers ) Tj ET Q q 0 0 0 rg BT 515.34 518.10 Td (or ) Tj ET Q q 0 0 0 rg BT 526.39 518.10 Td (investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td (are ) Tj ET Q q 0 0 0 rg BT 63.77 506.10 Td (undesignated ) Tj ET Q q 0 0 0 rg BT 118.60 506.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 167.04 506.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.54 506.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 230.09 506.10 Td (, ) Tj ET Q q 0 0 0 rg BT 234.66 506.10 Td (are ) Tj ET Q q 0 0 0 rg BT 248.93 506.10 Td (marked ) Tj ET Q q 0 0 0 rg BT 280.98 506.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.82 506.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 306.76 506.10 Td (value ) Tj ET Q q 0 0 0 rg BT 330.48 506.10 Td (through ) Tj ET Q q 0 0 0 rg BT 363.65 506.10 Td (earnings.Changes ) Tj ET Q q 0 0 0 rg BT 441.53 506.10 Td (in ) Tj ET Q q 0 0 0 rg BT 451.38 506.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 467.32 506.10 Td (value ) Tj ET Q q 0 0 0 rg BT 491.04 506.10 Td (measurements ) Tj ET Q q 0 0 0 rg BT 550.30 506.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.10 Td (included ) Tj ET Q q 0 0 0 rg BT 86.43 494.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.71 494.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 133.09 494.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.37 494.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.08 494.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 218.89 494.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 263.61 494.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.44 494.10 Td (income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.03 472.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.89 472.10 Td (value ) Tj ET Q q 0 0 0 rg BT 109.53 472.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.85 472.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 161.60 472.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 185.69 472.10 Td (held ) Tj ET Q q 0 0 0 rg BT 205.89 472.10 Td (for ) Tj ET Q q 0 0 0 rg BT 220.54 472.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 239.07 472.10 Td (is ) Tj ET Q q 0 0 0 rg BT 248.72 472.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 290.03 472.10 Td (based ) Tj ET Q q 0 0 0 rg BT 315.78 472.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 355.98 472.10 Td (on ) Tj ET Q q 0 0 0 rg BT 368.96 472.10 Td (published ) Tj ET Q q 0 0 0 rg BT 410.84 472.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 437.70 472.10 Td (for ) Tj ET Q q 0 0 0 rg BT 452.34 472.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 524.74 472.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (with ) Tj ET Q q 0 0 0 rg BT 71.35 460.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 103.20 460.10 Td (characteristics.) Tj ET Q q 0 0 0 rg BT 167.70 460.10 Td (T) Tj ET Q q 0 0 0 rg BT 173.11 460.10 Td (o ) Tj ET Q q 0 0 0 rg BT 182.19 460.10 Td (calculate ) Tj ET Q q 0 0 0 rg BT 221.79 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.07 460.10 Td (ef) Tj ET Q q 0 0 0 rg BT 245.66 460.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 268.61 460.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.01 460.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 314.52 460.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 333.58 460.10 Td (movements, ) Tj ET Q q 0 0 0 rg BT 386.25 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.54 460.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 445.50 460.10 Td (utilizes ) Tj ET Q q 0 0 0 rg BT 478.46 460.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 523.62 460.10 Td (published ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 121.32 448.10 Td (security ) Tj ET Q q 0 0 0 rg BT 155.38 448.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 184.16 448.10 Td (and ) Tj ET Q q 0 0 0 rg BT 201.00 448.10 Td (multiplies ) Tj ET Q q 0 0 0 rg BT 243.41 448.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.03 448.10 Td (price ) Tj ET Q q 0 0 0 rg BT 280.43 448.10 Td (movement ) Tj ET Q q 0 0 0 rg BT 325.04 448.10 Td (between ) Tj ET Q q 0 0 0 rg BT 360.77 448.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.39 448.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 392.78 448.10 Td (lock ) Tj ET Q q 0 0 0 rg BT 412.40 448.10 Td (date ) Tj ET Q q 0 0 0 rg BT 431.46 448.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.31 448.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.93 448.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 495.87 448.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 518.82 448.10 Td (date ) Tj ET Q q 0 0 0 rg BT 537.89 448.10 Td (by ) Tj ET Q q 0 0 0 rg BT 550.29 448.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (notional ) Tj ET Q q 0 0 0 rg BT 85.47 436.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 105.88 436.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 159.62 436.10 Td (amount.) Tj ET Q q 0 0 0 rg BT 196.94 436.10 Td (The ) Tj ET Q q 0 0 0 rg BT 215.68 436.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 257.76 436.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 278.73 436.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 303.04 436.10 Td (on ) Tj ET Q q 0 0 0 rg BT 316.23 436.10 Td (a ) Tj ET Q q 0 0 0 rg BT 323.86 436.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 363.71 436.10 Td (released ) Tj ET Q q 0 0 0 rg BT 399.66 436.10 Td (or ) Tj ET Q q 0 0 0 rg BT 411.19 436.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 451.04 436.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 486.43 436.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 512.13 436.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.76 436.10 Td (receives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 88.51 424.10 Td (compensation.) Tj ET Q q 0 0 0 rg BT 151.37 424.10 Td (Thus, ) Tj ET Q q 0 0 0 rg BT 176.22 424.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.79 424.10 Td (value ) Tj ET Q q 0 0 0 rg BT 214.80 424.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.49 424.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.06 424.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 279.07 424.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 304.20 424.10 Td (included ) Tj ET Q q 0 0 0 rg BT 340.98 424.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.12 424.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.69 424.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 381.92 424.10 Td (value ) Tj ET Q q 0 0 0 rg BT 405.93 424.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 461.59 424.10 Td (is ) Tj ET Q q 0 0 0 rg BT 470.61 424.10 Td (based ) Tj ET Q q 0 0 0 rg BT 495.74 424.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 518.09 424.10 Td (contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 74.43 412.10 Td (with ) Tj ET Q q 0 0 0 rg BT 94.92 412.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 133.74 412.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.89 412.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 186.37 412.10 Td (on ) Tj ET Q q 0 0 0 rg BT 199.08 412.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.01 412.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 233.94 412.10 Td (type. ) Tj ET Q q 0 0 0 rg BT 256.17 412.10 Td (The ) Tj ET Q q 0 0 0 rg BT 274.43 412.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 316.02 412.10 Td (applies ) Tj ET Q q 0 0 0 rg BT 347.06 412.10 Td (a ) Tj ET Q q 0 0 0 rg BT 354.21 412.10 Td (fallout ) Tj ET Q q 0 0 0 rg BT 383.03 412.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 400.72 412.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.21 412.10 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 440.59 412.10 Td (when ) Tj ET Q q 0 0 0 rg BT 464.96 412.10 Td (measuring ) Tj ET Q q 0 0 0 rg BT 509.33 412.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.26 412.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.85 412.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.97 400.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 77.09 400.10 Td (lock ) Tj ET Q q 0 0 0 rg BT 96.45 400.10 Td (commitments.Fallout ) Tj ET Q q 0 0 0 rg BT 188.86 400.10 Td (is ) Tj ET Q q 0 0 0 rg BT 197.67 400.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 229.79 400.10 Td (as ) Tj ET Q q 0 0 0 rg BT 240.26 400.10 Td (locked ) Tj ET Q q 0 0 0 rg BT 269.06 400.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 288.41 400.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 344.99 400.10 Td (for ) Tj ET Q q 0 0 0 rg BT 358.79 400.10 Td (which ) Tj ET Q q 0 0 0 rg BT 385.36 400.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.72 400.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 440.75 400.10 Td (does ) Tj ET Q q 0 0 0 rg BT 461.21 400.10 Td (not ) Tj ET Q q 0 0 0 rg BT 476.13 400.10 Td (close ) Tj ET Q q 0 0 0 rg BT 498.82 400.10 Td (a ) Tj ET Q q 0 0 0 rg BT 505.39 400.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 545.30 400.10 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 388.10 Td (is ) Tj ET Q q 0 0 0 rg BT 75.61 388.10 Td (based ) Tj ET Q q 0 0 0 rg BT 100.88 388.10 Td (on ) Tj ET Q q 0 0 0 rg BT 113.38 388.10 Td (management) Tj ET Q q 0 0 0 rg BT 167.24 388.10 Td (s ) Tj ET Q q 0 0 0 rg BT 173.64 388.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 213.91 388.10 Td (and ) Tj ET Q q 0 0 0 rg BT 230.85 388.10 Td (company ) Tj ET Q q 0 0 0 rg BT 270.00 388.10 Td (experience.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.09 366.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 83.00 366.10 Td (value ) Tj ET Q q 0 0 0 rg BT 106.69 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.06 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.32 366.10 Td (Company) Tj ET Q q 0 0 0 rg BT 172.98 366.10 Td (s ) Tj ET Q q 0 0 0 rg BT 178.91 366.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 212.60 366.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 234.08 366.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 272.21 366.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.03 366.10 Td (broker/dealers ) Tj ET Q q 0 0 0 rg BT 341.26 366.10 Td (solely ) Tj ET Q q 0 0 0 rg BT 367.19 366.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 406.99 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.25 366.10 Td (market ) Tj ET Q q 0 0 0 rg BT 451.05 366.10 Td (price ) Tj ET Q q 0 0 0 rg BT 473.07 366.10 Td (movement ) Tj ET Q q 0 0 0 rg BT 517.32 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.69 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.95 366.10 Td (same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.10 Td (type ) Tj ET Q q 0 0 0 rg BT 68.62 354.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.86 354.10 Td (security ) Tj ET Q q 0 0 0 rg BT 112.42 354.10 Td (between ) Tj ET Q q 0 0 0 rg BT 147.64 354.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.76 354.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 183.65 354.10 Td (date ) Tj ET Q q 0 0 0 rg BT 202.22 354.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.56 354.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.68 354.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 265.12 354.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 287.57 354.10 Td (date.) Tj ET Q q 0 0 0 rg BT 311.55 354.10 Td (The ) Tj ET Q q 0 0 0 rg BT 329.00 354.10 Td (market ) Tj ET Q q 0 0 0 rg BT 358.67 354.10 Td (price ) Tj ET Q q 0 0 0 rg BT 380.56 354.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 414.67 354.10 Td (are ) Tj ET Q q 0 0 0 rg BT 428.79 354.10 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 471.80 354.10 Td (by ) Tj ET Q q 0 0 0 rg BT 483.71 354.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.83 354.10 Td (notional ) Tj ET Q q 0 0 0 rg BT 532.51 354.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 342.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.05 342.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 109.20 342.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 131.14 342.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 169.73 342.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.01 342.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 215.82 342.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.54 342.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 246.92 342.10 Td (value.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 83.49 320.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 104.69 320.10 Td (Lock ) Tj ET Q q 0 0 0 rg BT 127.56 320.10 Td (Commitments. ) Tj ET Q q 0 0 0 rg BT 189.61 320.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.93 320.10 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 220.92 320.10 Td (are ) Tj ET Q q 0 0 0 rg BT 235.44 320.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 273.85 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.95 320.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 313.47 320.10 Td (home-buying ) Tj ET Q q 0 0 0 rg BT 369.11 320.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 411.98 320.10 Td (who ) Tj ET Q q 0 0 0 rg BT 431.52 320.10 Td (have ) Tj ET Q q 0 0 0 rg BT 452.71 320.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 484.47 320.10 Td (for ) Tj ET Q q 0 0 0 rg BT 498.44 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 505.20 320.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 545.28 320.10 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.13 308.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 87.75 308.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 117.13 308.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 149.31 308.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 174.26 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.88 308.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 244.72 308.10 Td (criteria. ) Tj ET Q q 0 0 0 rg BT 277.72 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.75 308.10 Td (T) Tj ET Q q 0 0 0 rg BT 285.16 308.10 Td (ypically) Tj ET Q q 0 0 0 rg BT 316.72 308.10 Td (, ) Tj ET Q q 0 0 0 rg BT 321.41 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.81 308.10 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 364.67 308.10 Td (will ) Tj ET Q q 0 0 0 rg BT 382.41 308.10 Td (have ) Tj ET Q q 0 0 0 rg BT 403.47 308.10 Td (a ) Tj ET Q q 0 0 0 rg BT 410.10 308.10 Td (term ) Tj ET Q q 0 0 0 rg BT 430.61 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.13 308.10 Td (less ) Tj ET Q q 0 0 0 rg BT 458.31 308.10 Td (than ) Tj ET Q q 0 0 0 rg BT 477.72 308.10 Td (six ) Tj ET Q q 0 0 0 rg BT 491.57 308.10 Td (months; ) Tj ET Q q 0 0 0 rg BT 525.99 308.10 Td (however) Tj ET Q q 0 0 0 rg BT 560.01 308.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 296.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 89.48 296.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 126.14 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.85 296.10 Td (term ) Tj ET Q q 0 0 0 rg BT 161.68 296.10 Td (could ) Tj ET Q q 0 0 0 rg BT 186.39 296.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 215.55 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.83 296.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 254.98 296.10 Td (months.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 75.30 274.10 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 105.00 274.10 Td (are ) Tj ET Q q 0 0 0 rg BT 120.23 274.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 166.02 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.82 274.10 Td (a ) Tj ET Q q 0 0 0 rg BT 184.28 274.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 218.40 274.10 Td (third ) Tj ET Q q 0 0 0 rg BT 240.31 274.10 Td (party ) Tj ET Q q 0 0 0 rg BT 263.88 274.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 299.12 274.10 Td (through ) Tj ET Q q 0 0 0 rg BT 333.26 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.50 274.10 Td (use ) Tj ET Q q 0 0 0 rg BT 364.85 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.21 274.10 Td (best-ef) Tj ET Q q 0 0 0 rg BT 403.23 274.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 424.59 274.10 Td (whole ) Tj ET Q q 0 0 0 rg BT 452.05 274.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 472.29 274.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 508.08 274.10 Td (commitments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (matching ) Tj ET Q q 0 0 0 rg BT 88.57 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.65 262.10 Td (exact ) Tj ET Q q 0 0 0 rg BT 125.61 262.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 149.69 262.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.88 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.96 262.10 Td (IRLC ) Tj ET Q q 0 0 0 rg BT 198.60 262.10 Td (loan. ) Tj ET Q q 0 0 0 rg BT 220.18 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 222.05 262.10 Td (Uncommitted ) Tj ET Q q 0 0 0 rg BT 278.90 262.10 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 307.43 262.10 Td (are ) Tj ET Q q 0 0 0 rg BT 321.50 262.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 366.68 262.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 408.52 262.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 457.05 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.35 262.10 Td (are ) Tj ET Q q 0 0 0 rg BT 487.42 262.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 503.16 262.10 Td (value ) Tj ET Q q 0 0 0 rg BT 526.68 262.10 Td (adjusted, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.50 250.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 121.99 250.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 141.71 250.10 Td (or ) Tj ET Q q 0 0 0 rg BT 152.54 250.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 170.60 250.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 208.07 250.10 Td (in ) Tj ET Q q 0 0 0 rg BT 218.35 250.10 Td (current ) Tj ET Q q 0 0 0 rg BT 249.17 250.10 Td (earnings. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (Forward ) Tj ET Q q 0 0 0 rg BT 88.88 228.10 Td (Sales ) Tj ET Q q 0 0 0 rg BT 113.82 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.41 228.10 Td (Mortgage-Backed ) Tj ET Q q 0 0 0 rg BT 202.55 228.10 Td (Securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.87 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.13 228.10 Td (Forward ) Tj ET Q q 0 0 0 rg BT 289.27 228.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 311.97 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.56 228.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 396.23 228.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 437.26 228.10 Td (\(FMBSs\) ) Tj ET Q q 0 0 0 rg BT 486.63 228.10 Td (are ) Tj ET Q q 0 0 0 rg BT 502.10 228.10 Td (used ) Tj ET Q q 0 0 0 rg BT 523.69 228.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.73 228.10 Td (protect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 104.65 216.10 Td (IRLC ) Tj ET Q q 0 0 0 rg BT 129.82 216.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 153.31 216.10 Td (against ) Tj ET Q q 0 0 0 rg BT 184.02 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.62 216.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 216.01 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.72 216.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 261.32 216.10 Td (in ) Tj ET Q q 0 0 0 rg BT 271.48 216.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 303.30 216.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 324.56 216.10 Td (between ) Tj ET Q q 0 0 0 rg BT 360.26 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.86 216.10 Td (lock ) Tj ET Q q 0 0 0 rg BT 394.47 216.10 Td (date ) Tj ET Q q 0 0 0 rg BT 413.51 216.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.33 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.93 216.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 478.43 216.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 499.97 216.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.35 216.10 Td (FMBSs ) Tj ET Q q 0 0 0 rg BT 535.31 216.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.00 204.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 115.49 204.10 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 144.88 204.10 Td (are ) Tj ET Q q 0 0 0 rg BT 159.81 204.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 200.29 204.10 Td (and ) Tj ET Q q 0 0 0 rg BT 217.45 204.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 260.71 204.10 Td (for ) Tj ET Q q 0 0 0 rg BT 275.09 204.10 Td (as ) Tj ET Q q 0 0 0 rg BT 286.14 204.10 Td (non-designated ) Tj ET Q q 0 0 0 rg BT 349.95 204.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 392.66 204.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 442.04 204.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.20 204.10 Td (are ) Tj ET Q q 0 0 0 rg BT 474.13 204.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 511.83 204.10 Td (at ) Tj ET Q q 0 0 0 rg BT 521.76 204.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 538.36 204.10 Td (value, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 192.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 93.39 192.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.33 192.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 136.72 192.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 174.19 192.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.47 192.10 Td (current ) Tj ET Q q 0 0 0 rg BT 215.29 192.10 Td (earnings. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 92.05 170.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 120.17 170.10 Td (Held ) Tj ET Q q 0 0 0 rg BT 142.71 170.10 Td (for ) Tj ET Q q 0 0 0 rg BT 157.49 170.10 Td (Sale.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.77 170.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.32 170.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.87 170.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 224.30 170.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 247.96 170.10 Td (held ) Tj ET Q q 0 0 0 rg BT 267.73 170.10 Td (for ) Tj ET Q q 0 0 0 rg BT 281.95 170.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 300.05 170.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 334.27 170.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 374.03 170.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.92 170.10 Td (single-family ) Tj ET Q q 0 0 0 rg BT 440.79 170.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 484.99 170.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 508.65 170.10 Td (collateralized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.26 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.24 158.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 120.32 158.10 Td (property) Tj ET Q q 0 0 0 rg BT 153.55 158.10 Td (.Generally) Tj ET Q q 0 0 0 rg BT 199.82 158.10 Td (, ) Tj ET Q q 0 0 0 rg BT 204.08 158.10 Td (all ) Tj ET Q q 0 0 0 rg BT 215.84 158.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.92 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.90 158.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 279.42 158.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 302.29 158.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.49 158.10 Td (related ) Tj ET Q q 0 0 0 rg BT 347.45 158.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 385.87 158.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 410.40 158.10 Td (are ) Tj ET Q q 0 0 0 rg BT 424.37 158.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 442.80 158.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.34 158.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 496.86 158.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 534.73 158.10 Td (shortly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td (after ) Tj ET Q q 0 0 0 rg BT 69.67 146.10 Td (origination. ) Tj ET Q q 0 0 0 rg BT 120.40 146.10 Td (During ) Tj ET Q q 0 0 0 rg BT 150.58 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.64 146.10 Td (period ) Tj ET Q q 0 0 0 rg BT 192.04 146.10 Td (between ) Tj ET Q q 0 0 0 rg BT 227.20 146.10 Td (when ) Tj ET Q q 0 0 0 rg BT 250.71 146.10 Td (a ) Tj ET Q q 0 0 0 rg BT 257.00 146.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 276.07 146.10 Td (is ) Tj ET Q q 0 0 0 rg BT 284.59 146.10 Td (closed ) Tj ET Q q 0 0 0 rg BT 311.98 146.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.27 146.10 Td (when ) Tj ET Q q 0 0 0 rg BT 351.78 146.10 Td (it ) Tj ET Q q 0 0 0 rg BT 359.19 146.10 Td (is ) Tj ET Q q 0 0 0 rg BT 367.71 146.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 386.23 146.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.86 146.10 Td (an ) Tj ET Q q 0 0 0 rg BT 407.14 146.10 Td (investor) Tj ET Q q 0 0 0 rg BT 438.96 146.10 Td (, ) Tj ET Q q 0 0 0 rg BT 443.31 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.38 146.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 488.66 146.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 505.49 146.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 522.34 146.10 Td (is ) Tj ET Q q 0 0 0 rg BT 530.86 146.10 Td (covered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.10 Td (through ) Tj ET Q q 0 0 0 rg BT 82.74 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.09 134.10 Td (use ) Tj ET Q q 0 0 0 rg BT 112.55 134.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.02 134.10 Td (a ) Tj ET Q q 0 0 0 rg BT 129.59 134.10 Td (best-ef) Tj ET Q q 0 0 0 rg BT 156.61 134.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 177.08 134.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 211.41 134.10 Td (or ) Tj ET Q q 0 0 0 rg BT 221.88 134.10 Td (by ) Tj ET Q q 0 0 0 rg BT 234.01 134.10 Td (FMBSs. ) Tj ET Q q 0 0 0 rg BT 269.22 134.10 Td ( ) Tj ET Q q 0 0 0 rg BT 271.20 134.10 Td (The ) Tj ET Q q 0 0 0 rg BT 288.88 134.10 Td (FMBSs ) Tj ET Q q 0 0 0 rg BT 321.58 134.10 Td (are ) Tj ET Q q 0 0 0 rg BT 335.92 134.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 375.82 134.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.39 134.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 435.06 134.10 Td (for ) Tj ET Q q 0 0 0 rg BT 448.85 134.10 Td (as ) Tj ET Q q 0 0 0 rg BT 459.31 134.10 Td (non-designated ) Tj ET Q q 0 0 0 rg BT 522.54 134.10 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 101.17 122.10 Td (with ) Tj ET Q q 0 0 0 rg BT 121.44 122.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 145.05 122.10 Td (and ) Tj ET Q q 0 0 0 rg BT 161.99 122.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 188.38 122.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 225.86 122.10 Td (in ) Tj ET Q q 0 0 0 rg BT 236.14 122.10 Td (current ) Tj ET Q q 0 0 0 rg BT 266.95 122.10 Td (earnings. ) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 740.10 Td (table ) Tj ET Q q 0 0 0 rg BT 89.48 740.10 Td (below ) Tj ET Q q 0 0 0 rg BT 116.42 740.10 Td (shows ) Tj ET Q q 0 0 0 rg BT 143.92 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.64 740.10 Td (notional ) Tj ET Q q 0 0 0 rg BT 193.91 740.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 230.30 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.13 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 256.96 740.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 294.44 740.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 343.61 740.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.32 740.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 413.59 740.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.59 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.09 740.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.03 740.10 Td (December ) Tj ET Q q 0 0 0 rg BT 496.61 740.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 511.61 740.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.61 740.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 716.6 m 406 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 716.6 m 479 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 716.6 m 489 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 716.6 m 562 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 716.6 m 406 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 638.6 m 406 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 638.6 m 479 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 638.6 m 489 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 638.6 m 562 638.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 720.85 Td (Description of Financial Instrument \(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.60 720.83 Td (September 30, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.55 720.85 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 707.85 Td (Best efforts contracts and related committed IRLCs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.50 707.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.80 707.83 Td (3,799) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.50 707.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 707.85 Td (2,625) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 694.85 Td (Uncommitted IRLCs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 694.83 Td (90,244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 694.85 Td (46,339) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 681.85 Td (FMBSs related to uncommitted IRLCs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 681.83 Td (92,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 681.85 Td (46,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 668.85 Td (Best efforts contracts and related mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.80 668.83 Td (6,927) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 668.85 Td (100,152) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 655.85 Td (FMBSs related to mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 655.83 Td (87,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 655.85 Td (27,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 642.85 Td (Mortgage loans held for sale covered by FMBSs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 642.83 Td (87,700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 642.85 Td (26,690) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.76 617.10 Td (table ) Tj ET Q q 0 0 0 rg BT 89.90 617.10 Td (below ) Tj ET Q q 0 0 0 rg BT 117.05 617.10 Td (shows ) Tj ET Q q 0 0 0 rg BT 144.76 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.69 617.10 Td (level ) Tj ET Q q 0 0 0 rg BT 181.83 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 198.98 617.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 255.00 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.04 617.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 292.08 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.23 617.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 349.16 617.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 390.18 617.10 Td (on ) Tj ET Q q 0 0 0 rg BT 402.89 617.10 Td (a ) Tj ET Q q 0 0 0 rg BT 410.04 617.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 449.40 617.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 472.11 617.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.03 617.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 542.51 617.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 605.10 Td (December ) Tj ET Q q 0 0 0 rg BT 110.02 605.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 125.02 605.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.02 605.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 565.6 m 220 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220 565.6 m 266 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266 565.6 m 296 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 565.6 m 372 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 565.6 m 399 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 565.6 m 448 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 565.6 m 475 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 565.6 m 526 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 565.6 m 562 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 565.6 m 448 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 517.6 m 220 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220 517.6 m 266 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266 517.6 m 296 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 517.6 m 372 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 517.6 m 399 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 517.6 m 448 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 517.6 m 475 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 517.6 m 526 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 517.6 m 562 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 505.6 m 220 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220 517.6 m 266 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220 505.6 m 266 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266 505.6 m 296 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 505.6 m 372 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 505.6 m 399 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 505.6 m 448 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 505.6 m 475 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 505.6 m 526 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 505.6 m 562 505.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 569.85 Td (Description of Financial Instrument \(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 239.65 585.83 Td (Fair) Tj ET Q q 0 0 0 rg BT 254.17 585.83 Td ( ) Tj ET Q q 0 0 0 rg BT 256.02 585.83 Td (V) Tj ET Q q 0 0 0 rg BT 261.06 585.83 Td (alue ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 232.45 577.83 Td (Measur) Tj ET Q q 0 0 0 rg BT 258.52 577.83 Td (ements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 224.10 569.83 Td (September) Tj ET Q q 0 0 0 rg BT 260.83 569.83 Td ( 30, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.85 585.83 Td (Quoted Prices in ) Tj ET Q q 0 0 0 rg BT 365.29 585.83 Td (Active ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.95 577.83 Td (Markets for) Tj ET Q q 0 0 0 rg BT 339.90 577.83 Td ( Identical ) Tj ET Q q 0 0 0 rg BT 373.68 577.83 Td (Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.00 569.83 Td (\(Level 1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.90 585.83 Td (Significant Other) Tj ET Q q 0 0 0 rg BT 466.09 585.83 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.80 577.83 Td (Observable Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.50 569.83 Td (\(Level 2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.55 585.83 Td (Significant ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 577.83 Td (Unobservable Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.00 569.83 Td (\(Level 3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 557.55 Td (Mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.50 557.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 240.75 557.68 Td (95,545) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.50 557.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.80 557.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.50 557.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.75 557.68 Td (95,545) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.50 557.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.80 557.68 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 545.55 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.10 545.68 Td (\(338) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.80 545.68 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.80 545.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.10 545.68 Td (\(338) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 545.68 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.80 545.68 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 533.55 Td (Interest rate lock commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.80 533.68 Td (709) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.80 533.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.80 533.68 Td (709) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.80 533.68 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 521.55 Td (Best-efforts contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.10 521.68 Td (\(175) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.80 521.68 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.80 521.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.10 521.68 Td (\(175) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 521.68 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.80 521.68 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 509.55 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.50 509.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 240.75 509.68 Td (95,741) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.50 509.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.80 509.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.50 509.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.75 509.68 Td (95,741) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.50 509.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.80 509.68 Td () Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 466.6 m 219.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 466.6 m 264.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 466.6 m 294.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 466.6 m 370.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 466.6 m 397.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 466.6 m 445.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 466.6 m 474.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 466.6 m 525.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 466.6 m 561.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 466.6 m 294.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 466.6 m 397.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 466.6 m 445.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 466.6 m 474.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 466.6 m 561.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 414.6 m 445.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 414.6 m 219.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 401.6 m 219.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 414.6 m 264.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 401.6 m 264.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 414.6 m 294.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 401.6 m 294.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 414.6 m 370.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 401.6 m 370.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 414.6 m 397.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 401.6 m 397.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 414.6 m 445.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 401.6 m 445.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 414.6 m 474.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 401.6 m 474.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 414.6 m 525.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 401.6 m 525.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 414.6 m 561.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 401.6 m 561.5 401.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 470.85 Td (Description of Financial Instrument \(in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.00 486.85 Td (Fair ) Tj ET Q q 0 0 0 rg BT 254.74 486.85 Td (V) Tj ET Q q 0 0 0 rg BT 259.63 486.85 Td (alue ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.15 478.85 Td (Measurements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.05 470.85 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.35 486.85 Td (Quoted Prices in ) Tj ET Q q 0 0 0 rg BT 362.23 486.85 Td (Active ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.50 478.85 Td (Markets for Identical ) Tj ET Q q 0 0 0 rg BT 369.59 478.85 Td (Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 330.70 470.85 Td (\(Level 1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.80 486.85 Td (Significant Other ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.25 478.85 Td (Observable Inputs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.70 470.85 Td (\(Level 2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.90 486.85 Td (Significant ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.25 478.85 Td (Unobservable Inputs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.70 470.85 Td (\(Level 3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 457.85 Td (Mortgage loans held for sale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.00 457.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.25 457.85 Td (127,001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.00 457.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 457.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 457.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.25 457.85 Td (127,001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.00 457.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 457.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 444.85 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.60 444.85 Td (\(93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 444.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 444.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.60 444.85 Td (\(93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.30 444.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 444.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 431.85 Td (Interest rate lock commitments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 431.85 Td (321) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 431.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.30 431.85 Td (321) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 431.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 418.85 Td (Best-efforts contracts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.60 418.85 Td (\(206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 418.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 418.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.60 418.85 Td (\(206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.30 418.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 418.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 405.85 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.00 405.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.25 405.85 Td (127,023) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.00 405.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 405.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 405.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.25 405.85 Td (127,023) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.00 405.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 405.85 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.21 378.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.26 378.10 Td (table ) Tj ET Q q 0 0 0 rg BT 129.86 378.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 147.03 378.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 168.63 378.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.01 378.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 215.17 378.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.66 378.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 245.05 378.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 269.43 378.10 Td (recognized, ) Tj ET Q q 0 0 0 rg BT 317.96 378.10 Td (within ) Tj ET Q q 0 0 0 rg BT 345.68 378.10 Td (our ) Tj ET Q q 0 0 0 rg BT 361.17 378.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 394.98 378.10 Td (in ) Tj ET Q q 0 0 0 rg BT 404.93 378.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.31 378.10 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 463.13 378.10 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 509.73 378.10 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 95.87 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.70 366.10 Td (Income, ) Tj ET Q q 0 0 0 rg BT 141.67 366.10 Td (on ) Tj ET Q q 0 0 0 rg BT 154.16 366.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 179.99 366.10 Td (and ) Tj ET Q q 0 0 0 rg BT 196.92 366.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 236.62 366.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 277.43 366.10 Td (on ) Tj ET Q q 0 0 0 rg BT 289.92 366.10 Td (a ) Tj ET Q q 0 0 0 rg BT 296.85 366.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 335.99 366.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 358.48 366.10 Td (for ) Tj ET Q q 0 0 0 rg BT 372.63 366.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.34 366.10 Td (three ) Tj ET Q q 0 0 0 rg BT 409.82 366.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.75 366.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 446.46 366.10 Td (months ) Tj ET Q q 0 0 0 rg BT 478.40 366.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 504.77 366.10 Td (September ) Tj ET Q q 0 0 0 rg BT 550.02 366.10 Td (30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 72.00 354.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.94 354.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.94 354.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 322.6 m 379 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 322.6 m 386 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 322.6 m 439 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 322.6 m 449 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 322.6 m 502 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 322.6 m 509 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 322.6 m 562 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 309.6 m 326 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 309.6 m 379 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 309.6 m 386 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 309.6 m 439 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 309.6 m 449 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 322.6 m 502 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 309.6 m 502 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 322.6 m 509 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 309.6 m 509 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 322.6 m 562 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 309.6 m 562 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 309.6 m 379 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 309.6 m 502 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 309.6 m 509 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 309.6 m 562 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 261.6 m 326 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 261.6 m 379 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 261.6 m 386 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 261.6 m 439 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 261.6 m 449 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 261.6 m 502 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 261.6 m 509 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 261.6 m 562 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 249.60000000000002 m 326 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 249.60000000000002 m 379 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 249.60000000000002 m 386 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 249.60000000000002 m 439 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 249.60000000000002 m 449 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 249.60000000000002 m 502 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 249.60000000000002 m 509 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 249.60000000000002 m 562 249.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 334.83 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 326.83 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 334.83 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 326.83 Td (September 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 313.85 Td (Description \(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.00 313.83 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 313.85 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.00 313.83 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 313.85 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 301.55 Td (Mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 301.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.10 301.68 Td (\(1,127) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 301.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 301.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 301.55 Td (1,585) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 301.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 301.68 Td (1,059) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 301.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 301.55 Td (761) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 289.55 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 289.68 Td (1,443) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.10 289.55 Td (\(2,520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 289.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.10 289.68 Td (\(245) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.80 289.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 289.55 Td (\(1,088) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 289.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 277.55 Td (Interest rate lock commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.10 277.68 Td (\(531) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 277.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 277.55 Td (924) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 277.68 Td (388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 277.55 Td (696) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 265.55 Td (Best-efforts contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.80 265.68 Td (15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.10 265.55 Td (\(125) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 265.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.80 265.68 Td (31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 265.55 Td (\(253) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 265.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 253.55 Td (Total \(loss\) gain recognized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 253.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.10 253.68 Td (\(200) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 253.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 253.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.10 253.55 Td (\(136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 253.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 253.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 253.68 Td (1,233) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 253.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 253.55 Td (116) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.37 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 110.58 740.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 137.22 740.10 Td (set ) Tj ET Q q 0 0 0 rg BT 151.65 740.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 174.41 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.95 740.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 207.15 740.10 Td (value ) Tj ET Q q 0 0 0 rg BT 232.13 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.78 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.32 740.10 Td (Company) Tj ET Q q 0 0 0 rg BT 300.98 740.10 Td (s ) Tj ET Q q 0 0 0 rg BT 308.20 740.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 351.50 740.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 401.49 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.25 740.10 Td (their ) Tj ET Q q 0 0 0 rg BT 440.89 740.10 Td (location ) Tj ET Q q 0 0 0 rg BT 476.43 740.10 Td (within ) Tj ET Q q 0 0 0 rg BT 505.31 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.84 740.10 Td (Unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 96.52 728.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 151.88 728.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 186.66 728.10 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 215.35 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 229.59 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.39 728.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 276.41 728.10 Td (indicated ) Tj ET Q q 0 0 0 rg BT 315.64 728.10 Td (\(except ) Tj ET Q q 0 0 0 rg BT 347.65 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 361.89 728.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 402.24 728.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 425.93 728.10 Td (held ) Tj ET Q q 0 0 0 rg BT 445.73 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 459.97 728.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 478.10 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 505.12 728.10 Td (is ) Tj ET Q q 0 0 0 rg BT 514.37 728.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 554.17 728.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 716.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 91.69 716.10 Td (line ) Tj ET Q q 0 0 0 rg BT 109.19 716.10 Td (item\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 681.6 m 313 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 681.6 m 327 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 681.6 m 396 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 681.6 m 482 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 681.6 m 496 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 681.6 m 562 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 661.6 m 227 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 661.6 m 238 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 661.6 m 313 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 661.6 m 327 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 661.6 m 396 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 661.6 m 407 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 661.6 m 482 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 661.6 m 496 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 661.6 m 562 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 625.6 m 227 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 625.6 m 238 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 625.6 m 313 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 625.6 m 327 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 625.6 m 396 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 625.6 m 407 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 625.6 m 482 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 625.6 m 496 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 625.6 m 562 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 613.6 m 227 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 613.6 m 238 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 613.6 m 313 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 613.6 m 327 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 613.6 m 396 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 613.6 m 407 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 613.6 m 482 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 613.6 m 496 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 613.6 m 562 613.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.05 697.68 Td (Asset Derivatives) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.00 697.68 Td (Liability Derivatives) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.10 685.68 Td (September 30, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.60 685.68 Td (September 30, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 665.85 Td (Description of Derivatives) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.10 673.68 Td (Balance Sheet ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.85 665.68 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.15 673.68 Td (Fair) Tj ET Q q 0 0 0 rg BT 357.67 673.68 Td ( ) Tj ET Q q 0 0 0 rg BT 359.52 673.68 Td (V) Tj ET Q q 0 0 0 rg BT 364.56 673.68 Td (alue ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.65 665.68 Td (\(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.10 673.68 Td (Balance Sheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.85 665.68 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.65 673.68 Td (Fair) Tj ET Q q 0 0 0 rg BT 525.17 673.68 Td ( ) Tj ET Q q 0 0 0 rg BT 527.02 673.68 Td (V) Tj ET Q q 0 0 0 rg BT 532.06 673.68 Td (alue ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.15 665.68 Td (\(in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 653.55 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.05 653.68 Td (Other assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.50 653.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.80 653.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.25 653.68 Td (Other liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.50 653.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.80 653.68 Td (338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 641.55 Td (Interest rate lock commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.05 641.68 Td (Other assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 641.68 Td (709) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.25 641.68 Td (Other liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 641.68 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 629.55 Td (Best-efforts contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.05 629.68 Td (Other assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.80 629.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.25 629.68 Td (Other liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.80 629.68 Td (175) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 617.55 Td (Total fair value measurements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.50 617.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 617.68 Td (709) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.50 617.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.80 617.68 Td (513) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 579.6 m 313 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 579.6 m 327 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 579.6 m 396 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 579.6 m 482 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 579.6 m 496 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 579.6 m 562 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 559.6 m 227 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 559.6 m 238 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 559.6 m 313 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 559.6 m 327 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 559.6 m 396 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 559.6 m 407 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 559.6 m 482 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 559.6 m 496 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 559.6 m 562 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 523.6 m 227 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 523.6 m 238 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 523.6 m 313 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 523.6 m 327 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 523.6 m 396 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 523.6 m 407 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 523.6 m 482 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 523.6 m 496 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 523.6 m 562 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 511.6 m 227 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 511.6 m 238 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 511.6 m 313 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 511.6 m 327 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 511.6 m 396 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 511.6 m 407 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 511.6 m 482 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 511.6 m 496 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 511.6 m 562 511.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.15 595.55 Td (Asset Derivatives) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.75 595.55 Td (Liability Derivatives) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.05 583.55 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.55 583.55 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 563.85 Td (Description of Derivatives) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.20 571.55 Td (Balance Sheet ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.75 563.55 Td (Location) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.50 571.55 Td (Fair ) Tj ET Q q 0 0 0 rg BT 359.24 571.55 Td (V) Tj ET Q q 0 0 0 rg BT 364.13 571.55 Td (alue ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.20 563.55 Td (\(in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.20 571.55 Td (Balance Sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.75 563.55 Td (Location) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.00 571.55 Td (Fair ) Tj ET Q q 0 0 0 rg BT 526.74 571.55 Td (V) Tj ET Q q 0 0 0 rg BT 531.63 571.55 Td (alue ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.70 563.55 Td (\(in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 551.55 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.55 551.55 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.50 551.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.00 551.55 Td (Other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 551.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 551.55 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 539.55 Td (Interest rate lock commitments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.55 539.55 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 539.55 Td (321) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.00 539.55 Td (Other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 539.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 527.55 Td (Best-efforts contracts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.55 527.55 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 527.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.00 527.55 Td (Other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 527.55 Td (206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 515.55 Td (Total fair value measurements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.50 515.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 515.55 Td (321) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 515.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 515.55 Td (299) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 77.56 490.10 Td (Measured ) Tj ET Q q 0 0 0 rg BT 121.17 490.10 Td (on ) Tj ET Q q 0 0 0 rg BT 134.24 490.10 Td (a ) Tj ET Q q 0 0 0 rg BT 141.74 490.10 Td (Non-Recurring ) Tj ET Q q 0 0 0 rg BT 207.58 490.10 Td (Basis) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (Inventory) Tj ET Q q 0 0 0 rg BT 89.13 468.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.12 468.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.61 468.10 Td (The ) Tj ET Q q 0 0 0 rg BT 114.65 468.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 156.03 468.10 Td (assesses ) Tj ET Q q 0 0 0 rg BT 191.29 468.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 232.11 468.10 Td (for ) Tj ET Q q 0 0 0 rg BT 246.26 468.10 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 304.28 468.10 Td (on ) Tj ET Q q 0 0 0 rg BT 316.77 468.10 Td (a ) Tj ET Q q 0 0 0 rg BT 323.70 468.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 362.29 468.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 384.78 468.10 Td (based ) Tj ET Q q 0 0 0 rg BT 410.04 468.10 Td (on ) Tj ET Q q 0 0 0 rg BT 422.53 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.24 468.10 Td (dif) Tj ET Q q 0 0 0 rg BT 448.17 468.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 480.08 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.35 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.05 468.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 540.86 468.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.44 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.26 456.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 116.19 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.23 456.10 Td (its ) Tj ET Q q 0 0 0 rg BT 145.28 456.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 161.77 456.10 Td (value ) Tj ET Q q 0 0 0 rg BT 186.03 456.10 Td (at ) Tj ET Q q 0 0 0 rg BT 195.85 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.67 456.10 Td (time ) Tj ET Q q 0 0 0 rg BT 231.05 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.98 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.80 456.10 Td (evaluation. ) Tj ET Q q 0 0 0 rg BT 303.56 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 306.17 456.10 Td (Determining ) Tj ET Q q 0 0 0 rg BT 359.31 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.13 456.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 390.62 456.10 Td (value ) Tj ET Q q 0 0 0 rg BT 414.88 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.81 456.10 Td (a ) Tj ET Q q 0 0 0 rg BT 432.85 456.10 Td (community) Tj ET Q q 0 0 0 rg BT 481.18 456.10 Td (s ) Tj ET Q q 0 0 0 rg BT 487.68 456.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 528.61 456.10 Td (involves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.62 444.10 Td (number ) Tj ET Q q 0 0 0 rg BT 89.85 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.86 444.10 Td (variables, ) Tj ET Q q 0 0 0 rg BT 142.13 444.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 182.02 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.14 444.10 Td (projections, ) Tj ET Q q 0 0 0 rg BT 248.76 444.10 Td (which ) Tj ET Q q 0 0 0 rg BT 275.88 444.10 Td (are ) Tj ET Q q 0 0 0 rg BT 290.76 444.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 316.21 444.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 323.89 444.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 379.88 444.10 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 409.51 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.19 444.10 Td (See ) Tj ET Q q 0 0 0 rg BT 429.31 444.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 451.43 444.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 461.61 444.10 Td (Summary ) Tj ET Q q 0 0 0 rg BT 507.62 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.63 444.10 Td (Significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 100.51 432.10 Td (Policies ) Tj ET Q q 0 0 0 rg BT 136.53 432.10 Td (- ) Tj ET Q q 0 0 0 rg BT 144.21 432.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 191.88 432.10 Td (in ) Tj ET Q q 0 0 0 rg BT 204.01 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.58 432.10 Td (Company) Tj ET Q q 0 0 0 rg BT 262.25 432.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.50 432.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.50 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.85 432.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 320.87 432.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 345.78 432.10 Td (for ) Tj ET Q q 0 0 0 rg BT 361.79 432.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 406.14 432.10 Td (information ) Tj ET Q q 0 0 0 rg BT 457.70 432.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 500.37 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.94 432.10 Td (Company) Tj ET Q q 0 0 0 rg BT 558.61 432.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (methodology ) Tj ET Q q 0 0 0 rg BT 104.77 420.10 Td (for ) Tj ET Q q 0 0 0 rg BT 118.93 420.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 169.75 420.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 186.13 420.10 Td (value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.26 398.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.37 398.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 127.81 398.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 172.23 398.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 223.90 398.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.89 398.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 269.42 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.86 398.10 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 341.60 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.15 398.10 Td (its ) Tj ET Q q 0 0 0 rg BT 363.81 398.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 401.49 398.10 Td (, ) Tj ET Q q 0 0 0 rg BT 406.20 398.10 Td (such ) Tj ET Q q 0 0 0 rg BT 426.75 398.10 Td (as ) Tj ET Q q 0 0 0 rg BT 437.30 398.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 477.83 398.10 Td (average ) Tj ET Q q 0 0 0 rg BT 511.14 398.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 540.02 398.10 Td (price, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 103.50 386.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.50 386.10 Td (development ) Tj ET Q q 0 0 0 rg BT 178.71 386.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 205.77 386.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 252.55 386.10 Td (pace ) Tj ET Q q 0 0 0 rg BT 275.43 386.10 Td (\(reflecting ) Tj ET Q q 0 0 0 rg BT 321.63 386.10 Td (any ) Tj ET Q q 0 0 0 rg BT 340.63 386.10 Td (product ) Tj ET Q q 0 0 0 rg BT 375.74 386.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 395.86 386.10 Td (change ) Tj ET Q q 0 0 0 rg BT 428.73 386.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 471.06 386.10 Td (implemented ) Tj ET Q q 0 0 0 rg BT 527.83 386.10 Td (or ) Tj ET Q q 0 0 0 rg BT 540.72 386.10 Td (to ) Tj ET Q q 0 0 0 rg BT 553.06 386.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (implemented\), ) Tj ET Q q 0 0 0 rg BT 110.53 374.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 140.20 374.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 183.46 374.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 228.65 374.10 Td (land ) Tj ET Q q 0 0 0 rg BT 248.87 374.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 269.08 374.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 313.18 374.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 360.08 374.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.41 374.10 Td (all ) Tj ET Q q 0 0 0 rg BT 384.40 374.10 Td (or ) Tj ET Q q 0 0 0 rg BT 395.72 374.10 Td (a ) Tj ET Q q 0 0 0 rg BT 403.16 374.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 435.04 374.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.37 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.58 374.10 Td (land ) Tj ET Q q 0 0 0 rg BT 481.80 374.10 Td (owned\), ) Tj ET Q q 0 0 0 rg BT 517.29 374.10 Td (or ) Tj ET Q q 0 0 0 rg BT 528.61 374.10 Td (discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 73.02 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 75.16 362.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 111.75 362.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.67 362.10 Td (these ) Tj ET Q q 0 0 0 rg BT 144.36 362.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 195.95 362.10 Td (could ) Tj ET Q q 0 0 0 rg BT 220.31 362.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 262.99 362.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 292.35 362.10 Td (future ) Tj ET Q q 0 0 0 rg BT 318.37 362.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 338.28 362.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 358.75 362.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.33 362.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 391.36 362.10 Td (value ) Tj ET Q q 0 0 0 rg BT 415.15 362.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 454.51 362.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.09 362.10 Td (may ) Tj ET Q q 0 0 0 rg BT 490.45 362.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 509.25 362.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.61 362.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.47 350.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 84.21 350.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 127.40 350.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 176.69 350.10 Td (char) Tj ET Q q 0 0 0 rg BT 193.72 350.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 210.24 350.10 Td (in ) Tj ET Q q 0 0 0 rg BT 221.22 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.63 350.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 266.20 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.40 350.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 288.14 350.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 323.55 350.10 Td (is ) Tj ET Q q 0 0 0 rg BT 333.42 350.10 Td (conducted ) Tj ET Q q 0 0 0 rg BT 377.71 350.10 Td (only ) Tj ET Q q 0 0 0 rg BT 398.68 350.10 Td (if ) Tj ET Q q 0 0 0 rg BT 407.98 350.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 450.61 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.14 350.10 Td (a ) Tj ET Q q 0 0 0 rg BT 469.77 350.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 501.84 350.10 Td (in ) Tj ET Q q 0 0 0 rg BT 512.81 350.10 Td (value ) Tj ET Q q 0 0 0 rg BT 537.66 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 350.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 89.84 338.10 Td (exist, ) Tj ET Q q 0 0 0 rg BT 113.24 338.10 Td (which ) Tj ET Q q 0 0 0 rg BT 139.69 338.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 173.64 338.10 Td (among ) Tj ET Q q 0 0 0 rg BT 202.87 338.10 Td (other ) Tj ET Q q 0 0 0 rg BT 225.43 338.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 254.39 338.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 289.17 338.10 Td (in ) Tj ET Q q 0 0 0 rg BT 298.96 338.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 322.08 338.10 Td (mar) Tj ET Q q 0 0 0 rg BT 337.45 338.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 352.24 338.10 Td (on ) Tj ET Q q 0 0 0 rg BT 364.25 338.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 385.71 338.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 423.81 338.10 Td (in ) Tj ET Q q 0 0 0 rg BT 433.60 338.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 467.27 338.10 Td (or ) Tj ET Q q 0 0 0 rg BT 477.62 338.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 505.74 338.10 Td (that ) Tj ET Q q 0 0 0 rg BT 522.75 338.10 Td (have ) Tj ET Q q 0 0 0 rg BT 543.64 338.10 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 92.54 326.10 Td (slower ) Tj ET Q q 0 0 0 rg BT 122.54 326.10 Td (than ) Tj ET Q q 0 0 0 rg BT 143.09 326.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 190.29 326.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 235.85 326.10 Td (pace, ) Tj ET Q q 0 0 0 rg BT 260.00 326.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 296.10 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.21 326.10 Td (average ) Tj ET Q q 0 0 0 rg BT 341.63 326.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 364.41 326.10 Td (price ) Tj ET Q q 0 0 0 rg BT 387.73 326.10 Td (or ) Tj ET Q q 0 0 0 rg BT 399.40 326.10 Td (high ) Tj ET Q q 0 0 0 rg BT 420.51 326.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 460.50 326.10 Td (of) Tj ET Q q 0 0 0 rg BT 468.65 326.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 486.97 326.10 Td (by ) Tj ET Q q 0 0 0 rg BT 500.31 326.10 Td (management ) Tj ET Q q 0 0 0 rg BT 554.73 326.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 85.30 314.10 Td (absorptions, ) Tj ET Q q 0 0 0 rg BT 136.38 314.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 171.62 314.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.87 314.10 Td (mar) Tj ET Q q 0 0 0 rg BT 197.24 314.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 216.38 314.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 257.17 314.10 Td (future ) Tj ET Q q 0 0 0 rg BT 283.53 314.10 Td (land ) Tj ET Q q 0 0 0 rg BT 303.22 314.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 327.63 314.10 Td (or ) Tj ET Q q 0 0 0 rg BT 338.44 314.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 373.67 314.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.93 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.62 314.10 Td (value ) Tj ET Q q 0 0 0 rg BT 422.75 314.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.55 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.24 314.10 Td (land ) Tj ET Q q 0 0 0 rg BT 467.94 314.10 Td (itself ) Tj ET Q q 0 0 0 rg BT 490.41 314.10 Td (as ) Tj ET Q q 0 0 0 rg BT 501.21 314.10 Td (a ) Tj ET Q q 0 0 0 rg BT 508.12 314.10 Td (result ) Tj ET Q q 0 0 0 rg BT 532.81 314.10 Td (of ) Tj ET Q q 0 0 0 rg BT 543.62 314.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (party ) Tj ET Q q 0 0 0 rg BT 72.23 302.10 Td (appraisals. ) Tj ET Q q 0 0 0 rg BT 116.90 302.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.09 302.10 Td (If ) Tj ET Q q 0 0 0 rg BT 127.93 302.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 181.78 302.10 Td (are ) Tj ET Q q 0 0 0 rg BT 196.17 302.10 Td (not ) Tj ET Q q 0 0 0 rg BT 211.13 302.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 259.95 302.10 Td (based ) Tj ET Q q 0 0 0 rg BT 284.90 302.10 Td (on ) Tj ET Q q 0 0 0 rg BT 297.09 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.49 302.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 352.00 302.10 Td (future ) Tj ET Q q 0 0 0 rg BT 378.06 302.10 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 433.57 302.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 453.52 302.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 480.43 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.83 302.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 543.11 302.10 Td (to ) Tj ET Q q 0 0 0 rg BT 553.08 302.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 96.01 290.10 Td (is ) Tj ET Q q 0 0 0 rg BT 105.33 290.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 146.30 290.10 Td (as ) Tj ET Q q 0 0 0 rg BT 157.28 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.15 290.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 204.80 290.10 Td (by ) Tj ET Q q 0 0 0 rg BT 217.45 290.10 Td (which ) Tj ET Q q 0 0 0 rg BT 244.54 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.41 290.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 295.37 290.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 328.02 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.00 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.87 290.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 379.85 290.10 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 414.15 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.02 290.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 469.99 290.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 486.52 290.10 Td (value ) Tj ET Q q 0 0 0 rg BT 510.82 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.80 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.67 290.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 565.00 290.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.44 278.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.27 278.10 Td (three ) Tj ET Q q 0 0 0 rg BT 117.86 278.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.91 278.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 154.74 278.10 Td (months ) Tj ET Q q 0 0 0 rg BT 186.79 278.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 213.28 278.10 Td (September ) Tj ET Q q 0 0 0 rg BT 258.66 278.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 273.77 278.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 296.38 278.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.42 278.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.42 278.10 Td (, ) Tj ET Q q 0 0 0 rg BT 338.53 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.36 278.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 394.86 278.10 Td (did ) Tj ET Q q 0 0 0 rg BT 410.24 278.10 Td (not ) Tj ET Q q 0 0 0 rg BT 425.63 278.10 Td (record ) Tj ET Q q 0 0 0 rg BT 453.78 278.10 Td (any ) Tj ET Q q 0 0 0 rg BT 470.83 278.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 519.54 278.10 Td (char) Tj ET Q q 0 0 0 rg BT 536.56 278.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 552.50 278.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (its ) Tj ET Q q 0 0 0 rg BT 61.45 266.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 99.12 266.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 241.70 Td (Investment ) Tj ET Q q 0 0 0 rg BT 97.39 241.70 Td (In ) Tj ET Q q 0 0 0 rg BT 109.18 241.70 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 175.96 241.70 Td (Joint ) Tj ET Q q 0 0 0 rg BT 199.42 241.70 Td (V) Tj ET Q q 0 0 0 rg BT 204.98 241.70 Td (entures. ) Tj ET Q BT /F4 12.00 Tf ET q 0 0 0 rg BT 240.38 241.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.38 241.70 Td (W) Tj ET Q q 0 0 0 rg BT 252.01 241.70 Td (e ) Tj ET Q q 0 0 0 rg BT 258.79 241.70 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 294.43 241.70 Td (our ) Tj ET Q q 0 0 0 rg BT 310.10 241.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 360.21 241.70 Td (in ) Tj ET Q q 0 0 0 rg BT 370.32 241.70 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 433.20 241.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 453.87 241.70 Td (ventures ) Tj ET Q q 0 0 0 rg BT 490.08 241.70 Td (for ) Tj ET Q q 0 0 0 rg BT 504.08 241.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 552.51 241.70 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 229.70 Td (a ) Tj ET Q q 0 0 0 rg BT 56.50 229.70 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 95.15 229.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 117.71 229.70 Td (based ) Tj ET Q q 0 0 0 rg BT 143.04 229.70 Td (on ) Tj ET Q q 0 0 0 rg BT 155.60 229.70 Td (the ) Tj ET Q q 0 0 0 rg BT 170.38 229.70 Td (dif) Tj ET Q q 0 0 0 rg BT 181.31 229.70 Td (ference ) Tj ET Q q 0 0 0 rg BT 213.28 229.70 Td (in ) Tj ET Q q 0 0 0 rg BT 223.62 229.70 Td (the ) Tj ET Q q 0 0 0 rg BT 238.40 229.70 Td (investment) Tj ET Q q 0 0 0 rg BT 285.06 229.70 Td (s ) Tj ET Q q 0 0 0 rg BT 291.51 229.70 Td (carrying ) Tj ET Q q 0 0 0 rg BT 327.38 229.70 Td (value ) Tj ET Q q 0 0 0 rg BT 351.60 229.70 Td (and ) Tj ET Q q 0 0 0 rg BT 368.60 229.70 Td (its ) Tj ET Q q 0 0 0 rg BT 380.60 229.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 397.04 229.70 Td (value ) Tj ET Q q 0 0 0 rg BT 421.26 229.70 Td (at ) Tj ET Q q 0 0 0 rg BT 431.03 229.70 Td (the ) Tj ET Q q 0 0 0 rg BT 445.81 229.70 Td (time ) Tj ET Q q 0 0 0 rg BT 466.14 229.70 Td (of ) Tj ET Q q 0 0 0 rg BT 477.03 229.70 Td (the ) Tj ET Q q 0 0 0 rg BT 491.81 229.70 Td (evaluation. ) Tj ET Q q 0 0 0 rg BT 538.52 229.70 Td ( ) Tj ET Q q 0 0 0 rg BT 541.08 229.70 Td (If ) Tj ET Q q 0 0 0 rg BT 550.30 229.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 217.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.87 217.70 Td (has ) Tj ET Q q 0 0 0 rg BT 108.68 217.70 Td (determined ) Tj ET Q q 0 0 0 rg BT 157.14 217.70 Td (that ) Tj ET Q q 0 0 0 rg BT 175.62 217.70 Td (the ) Tj ET Q q 0 0 0 rg BT 191.32 217.70 Td (decline ) Tj ET Q q 0 0 0 rg BT 223.67 217.70 Td (in ) Tj ET Q q 0 0 0 rg BT 234.93 217.70 Td (value ) Tj ET Q q 0 0 0 rg BT 260.07 217.70 Td (is ) Tj ET Q q 0 0 0 rg BT 270.22 217.70 Td (other ) Tj ET Q q 0 0 0 rg BT 294.25 217.70 Td (than ) Tj ET Q q 0 0 0 rg BT 314.94 217.70 Td (temporary) Tj ET Q q 0 0 0 rg BT 355.39 217.70 Td (, ) Tj ET Q q 0 0 0 rg BT 361.37 217.70 Td (the ) Tj ET Q q 0 0 0 rg BT 377.07 217.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 419.44 217.70 Td (would ) Tj ET Q q 0 0 0 rg BT 447.92 217.70 Td (write ) Tj ET Q q 0 0 0 rg BT 471.95 217.70 Td (down ) Tj ET Q q 0 0 0 rg BT 497.65 217.70 Td (the ) Tj ET Q q 0 0 0 rg BT 513.35 217.70 Td (value ) Tj ET Q q 0 0 0 rg BT 538.48 217.70 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 217.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 205.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.05 205.70 Td (to ) Tj ET Q q 0 0 0 rg BT 104.50 205.70 Td (its ) Tj ET Q q 0 0 0 rg BT 115.62 205.70 Td (estimated ) Tj ET Q q 0 0 0 rg BT 155.61 205.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 171.16 205.70 Td (value. ) Tj ET Q q 0 0 0 rg BT 196.99 205.70 Td ( ) Tj ET Q q 0 0 0 rg BT 198.66 205.70 Td (Determining ) Tj ET Q q 0 0 0 rg BT 250.87 205.70 Td (the ) Tj ET Q q 0 0 0 rg BT 264.76 205.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 280.31 205.70 Td (value ) Tj ET Q q 0 0 0 rg BT 303.64 205.70 Td (of ) Tj ET Q q 0 0 0 rg BT 313.64 205.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 363.08 205.70 Td (in ) Tj ET Q q 0 0 0 rg BT 372.53 205.70 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 434.75 205.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 454.75 205.70 Td (ventures ) Tj ET Q q 0 0 0 rg BT 490.30 205.70 Td (involves ) Tj ET Q q 0 0 0 rg BT 525.86 205.70 Td (a ) Tj ET Q q 0 0 0 rg BT 531.97 205.70 Td (number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 193.70 Td (of ) Tj ET Q q 0 0 0 rg BT 59.87 193.70 Td (variables, ) Tj ET Q q 0 0 0 rg BT 100.51 193.70 Td (estimates ) Tj ET Q q 0 0 0 rg BT 139.76 193.70 Td (and ) Tj ET Q q 0 0 0 rg BT 156.24 193.70 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 210.23 193.70 Td (which ) Tj ET Q q 0 0 0 rg BT 236.71 193.70 Td (are ) Tj ET Q q 0 0 0 rg BT 250.96 193.70 Td (Level ) Tj ET Q q 0 0 0 rg BT 275.76 193.70 Td (3 ) Tj ET Q q 0 0 0 rg BT 282.80 193.70 Td (measurement ) Tj ET Q q 0 0 0 rg BT 338.15 193.70 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 367.14 193.70 Td (See ) Tj ET Q q 0 0 0 rg BT 383.62 193.70 Td (Note ) Tj ET Q q 0 0 0 rg BT 405.10 193.70 Td (1, ) Tj ET Q q 0 0 0 rg BT 414.64 193.70 Td (Summary ) Tj ET Q q 0 0 0 rg BT 460.01 193.70 Td (of ) Tj ET Q q 0 0 0 rg BT 470.38 193.70 Td (Significant ) Tj ET Q q 0 0 0 rg BT 515.85 193.70 Td (Accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.70 Td (Policies ) Tj ET Q q 0 0 0 rg BT 83.47 181.70 Td (- ) Tj ET Q q 0 0 0 rg BT 89.10 181.70 Td (Investment ) Tj ET Q q 0 0 0 rg BT 135.84 181.70 Td (in ) Tj ET Q q 0 0 0 rg BT 145.93 181.70 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 210.99 181.70 Td (Joint ) Tj ET Q q 0 0 0 rg BT 232.58 181.70 Td (V) Tj ET Q q 0 0 0 rg BT 238.69 181.70 Td (entures, ) Tj ET Q q 0 0 0 rg BT 276.81 181.70 Td (in ) Tj ET Q q 0 0 0 rg BT 286.90 181.70 Td (the ) Tj ET Q q 0 0 0 rg BT 301.42 181.70 Td (Company) Tj ET Q q 0 0 0 rg BT 343.08 181.70 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.28 181.70 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.28 181.70 Td ( ) Tj ET Q q 0 0 0 rg BT 371.58 181.70 Td (Form ) Tj ET Q q 0 0 0 rg BT 395.56 181.70 Td (10-K ) Tj ET Q q 0 0 0 rg BT 418.42 181.70 Td (for ) Tj ET Q q 0 0 0 rg BT 432.38 181.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 474.68 181.70 Td (information ) Tj ET Q q 0 0 0 rg BT 524.19 181.70 Td (regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.70 Td (the ) Tj ET Q q 0 0 0 rg BT 64.62 169.70 Td (Company) Tj ET Q q 0 0 0 rg BT 106.29 169.70 Td (s ) Tj ET Q q 0 0 0 rg BT 113.08 169.70 Td (methodology ) Tj ET Q q 0 0 0 rg BT 168.76 169.70 Td (for ) Tj ET Q q 0 0 0 rg BT 183.33 169.70 Td (determining ) Tj ET Q q 0 0 0 rg BT 234.55 169.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 251.34 169.70 Td (value. ) Tj ET Q q 0 0 0 rg BT 278.40 169.70 Td ( ) Tj ET Q q 0 0 0 rg BT 281.30 169.70 Td (Because ) Tj ET Q q 0 0 0 rg BT 317.52 169.70 Td (of ) Tj ET Q q 0 0 0 rg BT 328.76 169.70 Td (the ) Tj ET Q q 0 0 0 rg BT 343.88 169.70 Td (high ) Tj ET Q q 0 0 0 rg BT 364.56 169.70 Td (degree ) Tj ET Q q 0 0 0 rg BT 394.11 169.70 Td (of ) Tj ET Q q 0 0 0 rg BT 405.35 169.70 Td (judgment ) Tj ET Q q 0 0 0 rg BT 446.03 169.70 Td (involved ) Tj ET Q q 0 0 0 rg BT 483.93 169.70 Td (in ) Tj ET Q q 0 0 0 rg BT 494.61 169.70 Td (developing ) Tj ET Q q 0 0 0 rg BT 541.95 169.70 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.70 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 103.85 157.70 Td (it ) Tj ET Q q 0 0 0 rg BT 111.81 157.70 Td (is ) Tj ET Q q 0 0 0 rg BT 120.88 157.70 Td (possible ) Tj ET Q q 0 0 0 rg BT 156.06 157.70 Td (that ) Tj ET Q q 0 0 0 rg BT 173.46 157.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 208.06 157.70 Td (in ) Tj ET Q q 0 0 0 rg BT 218.24 157.70 Td (these ) Tj ET Q q 0 0 0 rg BT 241.19 157.70 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 293.04 157.70 Td (could ) Tj ET Q q 0 0 0 rg BT 317.66 157.70 Td (materially ) Tj ET Q q 0 0 0 rg BT 360.60 157.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 390.21 157.70 Td (future ) Tj ET Q q 0 0 0 rg BT 416.49 157.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 436.66 157.70 Td (flow ) Tj ET Q q 0 0 0 rg BT 457.39 157.70 Td (and ) Tj ET Q q 0 0 0 rg BT 474.23 157.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 490.51 157.70 Td (value ) Tj ET Q q 0 0 0 rg BT 514.57 157.70 Td (estimates ) Tj ET Q q 0 0 0 rg BT 554.18 157.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.70 Td (the ) Tj ET Q q 0 0 0 rg BT 64.73 145.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 115.52 145.70 Td (which ) Tj ET Q q 0 0 0 rg BT 142.97 145.70 Td (may ) Tj ET Q q 0 0 0 rg BT 163.20 145.70 Td (lead ) Tj ET Q q 0 0 0 rg BT 182.87 145.70 Td (the ) Tj ET Q q 0 0 0 rg BT 198.10 145.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 240.00 145.70 Td (to ) Tj ET Q q 0 0 0 rg BT 250.80 145.70 Td (incur ) Tj ET Q q 0 0 0 rg BT 274.36 145.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 317.36 145.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 366.47 145.70 Td (char) Tj ET Q q 0 0 0 rg BT 383.50 145.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 399.84 145.70 Td (in ) Tj ET Q q 0 0 0 rg BT 410.64 145.70 Td (the ) Tj ET Q q 0 0 0 rg BT 425.87 145.70 Td (future. ) Tj ET Q q 0 0 0 rg BT 455.26 145.70 Td ( ) Tj ET Q q 0 0 0 rg BT 458.27 145.70 Td (During ) Tj ET Q q 0 0 0 rg BT 489.62 145.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.85 145.70 Td (three ) Tj ET Q q 0 0 0 rg BT 527.85 145.70 Td (and ) Tj ET Q q 0 0 0 rg BT 545.30 145.70 Td (nine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.70 Td (months ) Tj ET Q q 0 0 0 rg BT 83.36 133.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 111.65 133.70 Td (September ) Tj ET Q q 0 0 0 rg BT 158.82 133.70 Td (30, ) Tj ET Q q 0 0 0 rg BT 175.73 133.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 200.14 133.70 Td (and ) Tj ET Q q 0 0 0 rg BT 218.99 133.70 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.99 133.70 Td (, ) Tj ET Q q 0 0 0 rg BT 245.90 133.70 Td (the ) Tj ET Q q 0 0 0 rg BT 262.53 133.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 305.82 133.70 Td (did ) Tj ET Q q 0 0 0 rg BT 323.01 133.70 Td (not ) Tj ET Q q 0 0 0 rg BT 340.20 133.70 Td (record ) Tj ET Q q 0 0 0 rg BT 370.15 133.70 Td (any ) Tj ET Q q 0 0 0 rg BT 389.00 133.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 439.50 133.70 Td (char) Tj ET Q q 0 0 0 rg BT 456.53 133.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 474.27 133.70 Td (on ) Tj ET Q q 0 0 0 rg BT 488.68 133.70 Td (its ) Tj ET Q q 0 0 0 rg BT 502.54 133.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 554.72 133.70 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.70 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 112.54 121.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 133.38 121.70 Td (ventures.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 98.13505859375005 m 142.5908203125 98.13505859375005 l s q 0 0 0 rg BT 49.50 99.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 92.57 99.70 Td (Instruments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 77.70 Td (Counterparty ) Tj ET Q q 0 0 0 rg BT 106.92 77.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 134.88 77.70 Td (Risk. ) Tj ET Q q 0 0 0 rg BT 158.13 77.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.54 77.70 Td (T) Tj ET Q q 0 0 0 rg BT 165.95 77.70 Td (o ) Tj ET Q q 0 0 0 rg BT 173.36 77.70 Td (reduce ) Tj ET Q q 0 0 0 rg BT 202.41 77.70 Td (the ) Tj ET Q q 0 0 0 rg BT 217.04 77.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 234.45 77.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 277.95 77.70 Td (with ) Tj ET Q q 0 0 0 rg BT 298.14 77.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 324.44 77.70 Td (that ) Tj ET Q q 0 0 0 rg BT 341.84 77.70 Td (would ) Tj ET Q q 0 0 0 rg BT 369.25 77.70 Td (be ) Tj ET Q q 0 0 0 rg BT 381.10 77.70 Td (recognized ) Tj ET Q q 0 0 0 rg BT 427.37 77.70 Td (if ) Tj ET Q q 0 0 0 rg BT 435.89 77.70 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 494.94 77.70 Td (failed ) Tj ET Q q 0 0 0 rg BT 520.11 77.70 Td (to ) Tj ET Q q 0 0 0 rg BT 530.29 77.70 Td (perform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.70 Td (as ) Tj ET Q q 0 0 0 rg BT 60.20 65.70 Td (contracted, ) Tj ET Q q 0 0 0 rg BT 106.70 65.70 Td (the ) Tj ET Q q 0 0 0 rg BT 121.28 65.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 162.54 65.70 Td (limits ) Tj ET Q q 0 0 0 rg BT 187.69 65.70 Td (the ) Tj ET Q q 0 0 0 rg BT 202.27 65.70 Td (entities ) Tj ET Q q 0 0 0 rg BT 233.52 65.70 Td (with ) Tj ET Q q 0 0 0 rg BT 253.66 65.70 Td (whom ) Tj ET Q q 0 0 0 rg BT 281.03 65.70 Td (management ) Tj ET Q q 0 0 0 rg BT 334.48 65.70 Td (can ) Tj ET Q q 0 0 0 rg BT 350.72 65.70 Td (enter ) Tj ET Q q 0 0 0 rg BT 373.07 65.70 Td (into ) Tj ET Q q 0 0 0 rg BT 391.00 65.70 Td (commitments. ) Tj ET Q q 0 0 0 rg BT 450.30 65.70 Td ( ) Tj ET Q q 0 0 0 rg BT 452.50 65.70 Td (This ) Tj ET Q q 0 0 0 rg BT 472.64 65.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 490.01 65.70 Td (of ) Tj ET Q q 0 0 0 rg BT 500.70 65.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 546.94 65.70 Td (loss ) Tj ET Q endstream endobj 29 0 obj <><>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.71 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.47 740.10 Td (dif) Tj ET Q q 0 0 0 rg BT 84.40 740.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 116.36 740.10 Td (between ) Tj ET Q q 0 0 0 rg BT 152.22 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.98 740.10 Td (market ) Tj ET Q q 0 0 0 rg BT 197.28 740.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 214.81 740.10 Td (at ) Tj ET Q q 0 0 0 rg BT 224.57 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.33 740.10 Td (time ) Tj ET Q q 0 0 0 rg BT 259.65 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.52 740.10 Td (non-performance ) Tj ET Q q 0 0 0 rg BT 341.92 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 354.46 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.22 740.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 422.29 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.27 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.03 740.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 471.56 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.88 740.10 Td (which ) Tj ET Q q 0 0 0 rg BT 508.87 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.63 740.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (committed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.42 706.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.68 706.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.49 706.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 165.63 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.23 706.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 215.92 706.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 252.18 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 268.99 706.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 285.24 706.10 Td (values ) Tj ET Q q 0 0 0 rg BT 313.16 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.87 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.46 706.10 Td (Company) Tj ET Q q 0 0 0 rg BT 380.12 706.10 Td (s ) Tj ET Q q 0 0 0 rg BT 386.39 706.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 423.74 706.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 472.78 706.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.38 706.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 542.51 706.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.64 694.10 Td (December ) Tj ET Q q 0 0 0 rg BT 110.43 694.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 125.64 694.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.64 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 150.84 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.35 694.10 Td (The ) Tj ET Q q 0 0 0 rg BT 171.60 694.10 Td (objective ) Tj ET Q q 0 0 0 rg BT 210.96 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.00 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.92 694.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 253.50 694.10 Td (value ) Tj ET Q q 0 0 0 rg BT 277.86 694.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 333.88 694.10 Td (is ) Tj ET Q q 0 0 0 rg BT 343.25 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.73 694.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 389.76 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.68 694.10 Td (price ) Tj ET Q q 0 0 0 rg BT 427.37 694.10 Td (at ) Tj ET Q q 0 0 0 rg BT 437.29 694.10 Td (which ) Tj ET Q q 0 0 0 rg BT 464.44 694.10 Td (an ) Tj ET Q q 0 0 0 rg BT 476.58 694.10 Td (orderly ) Tj ET Q q 0 0 0 rg BT 508.16 694.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 554.74 694.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 65.84 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.50 682.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 102.39 682.10 Td (or ) Tj ET Q q 0 0 0 rg BT 113.17 682.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 146.16 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.83 682.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 194.39 682.10 Td (would ) Tj ET Q q 0 0 0 rg BT 221.84 682.10 Td (take ) Tj ET Q q 0 0 0 rg BT 240.94 682.10 Td (place ) Tj ET Q q 0 0 0 rg BT 264.49 682.10 Td (between ) Tj ET Q q 0 0 0 rg BT 300.25 682.10 Td (market ) Tj ET Q q 0 0 0 rg BT 330.46 682.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 379.57 682.10 Td (at ) Tj ET Q q 0 0 0 rg BT 389.23 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.90 682.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 459.66 682.10 Td (date ) Tj ET Q q 0 0 0 rg BT 478.77 682.10 Td (under ) Tj ET Q q 0 0 0 rg BT 503.98 682.10 Td (current ) Tj ET Q q 0 0 0 rg BT 534.75 682.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (conditions. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 647.6 m 388 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 647.6 m 395 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 647.6 m 445 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 647.6 m 455 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 647.6 m 505 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 647.6 m 512 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 647.6 m 562 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 626.6 m 328 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 626.6 m 338 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 647.6 m 388 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 626.6 m 395 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 647.6 m 445 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 626.6 m 455 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 647.6 m 505 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 626.6 m 505 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 626.6 m 512 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 647.6 m 562 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 626.6 m 562 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 626.6 m 328 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 626.6 m 338 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 626.6 m 388 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 626.6 m 395 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 626.6 m 445 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 626.6 m 455 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 626.6 m 505 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 626.6 m 512 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 626.6 m 562 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 422.6 m 328 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 422.6 m 338 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 422.6 m 388 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 422.6 m 395 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 422.6 m 445 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 422.6 m 455 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 422.6 m 505 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 422.6 m 512 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 422.6 m 562 422.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 651.68 Td (September 30, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.55 651.55 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 630.85 Td (\(In thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.70 638.83 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.45 630.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.65 630.83 Td (Fair Value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.25 638.85 Td (Carrying) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.35 630.85 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.00 630.85 Td (Fair Value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 618.55 Td (Assets:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 606.55 Td (Cash, cash equivalents and restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 606.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 606.68 Td (23,308) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.50 606.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.75 606.68 Td (23,308) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 606.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 606.55 Td (13,101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.50 606.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 606.55 Td (13,101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 594.55 Td (Mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 594.68 Td (95,545) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.75 594.68 Td (95,545) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 594.55 Td (127,001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 594.55 Td (127,001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 582.55 Td (Split dollar life insurance policies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.80 582.68 Td (214) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 582.68 Td (214) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 582.55 Td (199) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 582.55 Td (199) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 570.55 Td (Notes receivable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.75 570.68 Td (1,188) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.75 570.68 Td (1,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.75 570.55 Td (3,153) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 570.55 Td (3,076) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 558.55 Td (Commitments to extend real estate loans) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.80 558.68 Td (709) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 558.68 Td (709) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 558.55 Td (321) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 558.55 Td (321) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 546.55 Td (Liabilities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 534.55 Td (Notes payable - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 534.68 Td (85,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.75 534.68 Td (85,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 534.55 Td (43,800) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 534.55 Td (43,800) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 522.55 Td (Notes payable - financial services operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 522.68 Td (91,483) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.75 522.68 Td (91,483) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 522.55 Td (123,648) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 522.55 Td (123,648) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 510.55 Td (Notes payable - other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.75 510.68 Td (8,566) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.75 510.68 Td (7,922) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.75 510.55 Td (8,441) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 510.55 Td (8,039) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 498.55 Td (Convertible senior subordinated notes due 2017 ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 218.58 502.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 498.68 Td (57,500) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.75 498.68 Td (63,609) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 498.55 Td (57,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 498.55 Td (61,884) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 486.55 Td (Convertible senior subordinated notes due 2018 ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 218.58 490.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 486.68 Td (86,250) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.75 486.68 Td (88,083) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 486.55 Td (86,250) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 486.55 Td (84,741) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 474.55 Td (Senior notes due 2021 ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 136.82 478.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.75 474.68 Td (300,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.75 474.68 Td (314,250) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 474.55 Td (300,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 474.55 Td (295,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 462.55 Td (Best-efforts contracts for committed IRLCs and mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.80 462.68 Td (175) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 462.68 Td (175) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 462.55 Td (206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 462.55 Td (206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 450.55 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.80 450.68 Td (338) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 450.68 Td (338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.80 450.55 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 450.55 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 438.55 Td (Of) Tj ET Q q 0 0 0 rg BT 59.80 438.55 Td (f-Balance ) Tj ET Q q 0 0 0 rg BT 92.89 438.55 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 112.66 438.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 144.43 438.55 Td (Instruments:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 426.55 Td (Letters of credit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.80 426.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 426.68 Td (839) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.80 426.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 426.55 Td (735) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 407.50 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 407.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 82.07 407.50 Td (senior ) Tj ET Q q 0 0 0 rg BT 103.76 407.50 Td (notes ) Tj ET Q q 0 0 0 rg BT 122.77 407.50 Td (and ) Tj ET Q q 0 0 0 rg BT 136.46 407.50 Td (convertible ) Tj ET Q q 0 0 0 rg BT 174.57 407.50 Td (senior ) Tj ET Q q 0 0 0 rg BT 196.26 407.50 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 239.71 407.50 Td (notes ) Tj ET Q q 0 0 0 rg BT 258.73 407.50 Td (are ) Tj ET Q q 0 0 0 rg BT 270.63 407.50 Td (stated ) Tj ET Q q 0 0 0 rg BT 291.42 407.50 Td (at ) Tj ET Q q 0 0 0 rg BT 299.33 407.50 Td (the ) Tj ET Q q 0 0 0 rg BT 311.23 407.50 Td (principal ) Tj ET Q q 0 0 0 rg BT 341.80 407.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 367.92 407.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 407.39 407.50 Td (which ) Tj ET Q q 0 0 0 rg BT 429.07 407.50 Td (does ) Tj ET Q q 0 0 0 rg BT 445.87 407.50 Td (not ) Tj ET Q q 0 0 0 rg BT 458.22 407.50 Td (include ) Tj ET Q q 0 0 0 rg BT 483.90 407.50 Td (the ) Tj ET Q q 0 0 0 rg BT 495.80 407.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 519.71 407.50 Td (of ) Tj ET Q q 0 0 0 rg BT 528.50 407.50 Td (premiums, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 397.90 Td (discounts, ) Tj ET Q q 0 0 0 rg BT 101.72 397.90 Td (and ) Tj ET Q q 0 0 0 rg BT 115.27 397.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 131.05 397.90 Td (issuance ) Tj ET Q q 0 0 0 rg BT 160.15 397.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 178.15 397.90 Td (that ) Tj ET Q q 0 0 0 rg BT 192.14 397.90 Td (are ) Tj ET Q q 0 0 0 rg BT 203.91 397.90 Td (amortized ) Tj ET Q q 0 0 0 rg BT 237.89 397.90 Td (to ) Tj ET Q q 0 0 0 rg BT 246.12 397.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 271.66 397.90 Td (cost ) Tj ET Q q 0 0 0 rg BT 286.55 397.90 Td (over ) Tj ET Q q 0 0 0 rg BT 302.77 397.90 Td (the ) Tj ET Q q 0 0 0 rg BT 314.54 397.90 Td (respective ) Tj ET Q q 0 0 0 rg BT 348.96 397.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 368.74 397.90 Td (of ) Tj ET Q q 0 0 0 rg BT 377.40 397.90 Td (the ) Tj ET Q q 0 0 0 rg BT 389.18 397.90 Td (notes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 375.90 Td (The ) Tj ET Q q 0 0 0 rg BT 66.89 375.90 Td (following ) Tj ET Q q 0 0 0 rg BT 107.61 375.90 Td (methods ) Tj ET Q q 0 0 0 rg BT 143.34 375.90 Td (and ) Tj ET Q q 0 0 0 rg BT 159.62 375.90 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 210.91 375.90 Td (were ) Tj ET Q q 0 0 0 rg BT 232.17 375.90 Td (used ) Tj ET Q q 0 0 0 rg BT 252.34 375.90 Td (by ) Tj ET Q q 0 0 0 rg BT 264.18 375.90 Td (the ) Tj ET Q q 0 0 0 rg BT 278.24 375.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 318.97 375.90 Td (in ) Tj ET Q q 0 0 0 rg BT 328.59 375.90 Td (estimating ) Tj ET Q q 0 0 0 rg BT 372.09 375.90 Td (its ) Tj ET Q q 0 0 0 rg BT 383.37 375.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 399.09 375.90 Td (value ) Tj ET Q q 0 0 0 rg BT 422.59 375.90 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 468.86 375.90 Td (of ) Tj ET Q q 0 0 0 rg BT 479.03 375.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.85 375.90 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.22 363.90 Td (September30, ) Tj ET Q q 0 0 0 rg BT 119.48 363.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.48 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 141.98 363.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.92 363.90 Td (December ) Tj ET Q q 0 0 0 rg BT 202.50 363.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 217.50 363.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.50 363.90 Td (:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 341.90 Td (Cash, ) Tj ET Q q 0 0 0 rg BT 75.02 341.90 Td (Cash ) Tj ET Q q 0 0 0 rg BT 98.04 341.90 Td (Equivalents ) Tj ET Q q 0 0 0 rg BT 148.83 341.90 Td (and ) Tj ET Q q 0 0 0 rg BT 166.29 341.90 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 209.29 341.90 Td (Cash.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.91 341.90 Td ( ) Tj ET Q q 0 0 0 rg BT 234.81 341.90 Td ( ) Tj ET Q q 0 0 0 rg BT 236.57 341.90 Td (The ) Tj ET Q q 0 0 0 rg BT 254.01 341.90 Td (carrying ) Tj ET Q q 0 0 0 rg BT 289.22 341.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 325.00 341.90 Td (of ) Tj ET Q q 0 0 0 rg BT 335.23 341.90 Td (these ) Tj ET Q q 0 0 0 rg BT 357.67 341.90 Td (items ) Tj ET Q q 0 0 0 rg BT 381.23 341.90 Td (approximate ) Tj ET Q q 0 0 0 rg BT 433.11 341.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 448.88 341.90 Td (value ) Tj ET Q q 0 0 0 rg BT 472.43 341.90 Td (because ) Tj ET Q q 0 0 0 rg BT 505.97 341.90 Td (they ) Tj ET Q q 0 0 0 rg BT 525.09 341.90 Td (are ) Tj ET Q q 0 0 0 rg BT 539.19 341.90 Td (short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.90 Td (term ) Tj ET Q q 0 0 0 rg BT 70.33 329.90 Td (by ) Tj ET Q q 0 0 0 rg BT 82.83 329.90 Td (nature. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 307.90 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 92.50 307.90 Td (Loans ) Tj ET Q q 0 0 0 rg BT 121.05 307.90 Td (Held ) Tj ET Q q 0 0 0 rg BT 144.04 307.90 Td (for ) Tj ET Q q 0 0 0 rg BT 159.26 307.90 Td (Sale, ) Tj ET Q q 0 0 0 rg BT 182.53 307.90 Td (Forward ) Tj ET Q q 0 0 0 rg BT 221.65 307.90 Td (Sales ) Tj ET Q q 0 0 0 rg BT 246.32 307.90 Td (of ) Tj ET Q q 0 0 0 rg BT 257.64 307.90 Td (Mortgage-Backed ) Tj ET Q q 0 0 0 rg BT 334.52 307.90 Td (Securities, ) Tj ET Q q 0 0 0 rg BT 380.57 307.90 Td (Commitments ) Tj ET Q q 0 0 0 rg BT 440.80 307.90 Td (to ) Tj ET Q q 0 0 0 rg BT 451.57 307.90 Td (Extend ) Tj ET Q q 0 0 0 rg BT 484.01 307.90 Td (Real ) Tj ET Q q 0 0 0 rg BT 505.90 307.90 Td (Estate ) Tj ET Q q 0 0 0 rg BT 534.45 307.90 Td (Loans, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 295.90 Td (Best-Ef) Tj ET Q q 0 0 0 rg BT 80.43 295.90 Td (forts ) Tj ET Q q 0 0 0 rg BT 101.73 295.90 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 144.16 295.90 Td (for ) Tj ET Q q 0 0 0 rg BT 158.79 295.90 Td (Committed ) Tj ET Q q 0 0 0 rg BT 206.21 295.90 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 235.85 295.90 Td (and ) Tj ET Q q 0 0 0 rg BT 253.83 295.90 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 296.24 295.90 Td (Loans ) Tj ET Q q 0 0 0 rg BT 324.21 295.90 Td (Held ) Tj ET Q q 0 0 0 rg BT 346.62 295.90 Td (for ) Tj ET Q q 0 0 0 rg BT 361.26 295.90 Td (Sale, ) Tj ET Q q 0 0 0 rg BT 383.95 295.90 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 434.14 295.90 Td (Senior ) Tj ET Q q 0 0 0 rg BT 463.78 295.90 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 521.77 295.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 547.51 295.90 Td (due ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 283.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 73.92 283.90 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 123.62 283.90 Td (Senior ) Tj ET Q q 0 0 0 rg BT 152.77 283.90 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 210.26 283.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 235.51 283.90 Td (due ) Tj ET Q q 0 0 0 rg BT 252.43 283.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 274.36 283.90 Td (and ) Tj ET Q q 0 0 0 rg BT 291.84 283.90 Td (Senior ) Tj ET Q q 0 0 0 rg BT 320.99 283.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 346.24 283.90 Td (due ) Tj ET Q q 0 0 0 rg BT 363.16 283.90 Td (2021. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.59 283.90 Td ( ) Tj ET Q q 0 0 0 rg BT 389.37 283.90 Td (The ) Tj ET Q q 0 0 0 rg BT 406.84 283.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 422.64 283.90 Td (value ) Tj ET Q q 0 0 0 rg BT 446.21 283.90 Td (of ) Tj ET Q q 0 0 0 rg BT 456.46 283.90 Td (these ) Tj ET Q q 0 0 0 rg BT 478.93 283.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.83 283.90 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.90 Td (was ) Tj ET Q q 0 0 0 rg BT 67.48 271.90 Td (determined ) Tj ET Q q 0 0 0 rg BT 114.89 271.90 Td (based ) Tj ET Q q 0 0 0 rg BT 140.08 271.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 162.51 271.90 Td (market ) Tj ET Q q 0 0 0 rg BT 192.70 271.90 Td (quotes ) Tj ET Q q 0 0 0 rg BT 221.23 271.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.88 271.90 Td (September30, ) Tj ET Q q 0 0 0 rg BT 291.07 271.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.07 271.90 Td ( ) Tj ET Q q 0 0 0 rg BT 313.49 271.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.36 271.90 Td (December ) Tj ET Q q 0 0 0 rg BT 373.87 271.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 388.80 271.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.80 271.90 Td (. ) Tj ET Q q 0 0 0 rg BT 413.72 271.90 Td ( ) Tj ET Q q 0 0 0 rg BT 415.98 271.90 Td (The ) Tj ET Q q 0 0 0 rg BT 433.95 271.90 Td (market ) Tj ET Q q 0 0 0 rg BT 464.14 271.90 Td (quotes ) Tj ET Q q 0 0 0 rg BT 492.67 271.90 Td (used ) Tj ET Q q 0 0 0 rg BT 513.43 271.90 Td (were ) Tj ET Q q 0 0 0 rg BT 535.29 271.90 Td (quoted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.90 Td (prices ) Tj ET Q q 0 0 0 rg BT 75.33 259.90 Td (for ) Tj ET Q q 0 0 0 rg BT 88.95 259.90 Td (similar ) Tj ET Q q 0 0 0 rg BT 118.68 259.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 143.97 259.90 Td (or ) Tj ET Q q 0 0 0 rg BT 154.26 259.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 193.43 259.90 Td (along ) Tj ET Q q 0 0 0 rg BT 217.60 259.90 Td (with ) Tj ET Q q 0 0 0 rg BT 237.34 259.90 Td (inputs ) Tj ET Q q 0 0 0 rg BT 263.74 259.90 Td (taken ) Tj ET Q q 0 0 0 rg BT 287.36 259.90 Td (from ) Tj ET Q q 0 0 0 rg BT 308.75 259.90 Td (observable ) Tj ET Q q 0 0 0 rg BT 354.02 259.90 Td (market ) Tj ET Q q 0 0 0 rg BT 383.75 259.90 Td (data ) Tj ET Q q 0 0 0 rg BT 402.36 259.90 Td (by ) Tj ET Q q 0 0 0 rg BT 414.31 259.90 Td (correlation. ) Tj ET Q q 0 0 0 rg BT 462.08 259.90 Td ( ) Tj ET Q q 0 0 0 rg BT 463.90 259.90 Td (The ) Tj ET Q q 0 0 0 rg BT 481.40 259.90 Td (inputs ) Tj ET Q q 0 0 0 rg BT 507.81 259.90 Td (were ) Tj ET Q q 0 0 0 rg BT 529.19 259.90 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.90 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 247.90 Td (account ) Tj ET Q q 0 0 0 rg BT 93.37 247.90 Td (for ) Tj ET Q q 0 0 0 rg BT 107.53 247.90 Td (the ) Tj ET Q q 0 0 0 rg BT 122.25 247.90 Td (condition ) Tj ET Q q 0 0 0 rg BT 162.52 247.90 Td (of ) Tj ET Q q 0 0 0 rg BT 173.35 247.90 Td (the ) Tj ET Q q 0 0 0 rg BT 188.07 247.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 210.01 247.90 Td (or ) Tj ET Q q 0 0 0 rg BT 220.84 247.90 Td (liability) Tj ET Q q 0 0 0 rg BT 251.30 247.90 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 225.90 Td (Split ) Tj ET Q q 0 0 0 rg BT 71.31 225.90 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 100.90 225.90 Td (Life ) Tj ET Q q 0 0 0 rg BT 120.47 225.90 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 165.63 225.90 Td (Policy ) Tj ET Q q 0 0 0 rg BT 194.09 225.90 Td (and ) Tj ET Q q 0 0 0 rg BT 212.57 225.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 238.81 225.90 Td (Receivable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.73 225.90 Td ( ) Tj ET Q q 0 0 0 rg BT 288.65 225.90 Td ( ) Tj ET Q q 0 0 0 rg BT 291.36 225.90 Td (The ) Tj ET Q q 0 0 0 rg BT 309.82 225.90 Td (estimated ) Tj ET Q q 0 0 0 rg BT 351.06 225.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 367.85 225.90 Td (value ) Tj ET Q q 0 0 0 rg BT 392.43 225.90 Td (was ) Tj ET Q q 0 0 0 rg BT 410.90 225.90 Td (determined ) Tj ET Q q 0 0 0 rg BT 458.79 225.90 Td (by ) Tj ET Q q 0 0 0 rg BT 471.71 225.90 Td (calculating ) Tj ET Q q 0 0 0 rg BT 518.50 225.90 Td (the ) Tj ET Q q 0 0 0 rg BT 533.63 225.90 Td (present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.90 Td (value ) Tj ET Q q 0 0 0 rg BT 73.19 213.90 Td (of ) Tj ET Q q 0 0 0 rg BT 83.56 213.90 Td (the ) Tj ET Q q 0 0 0 rg BT 97.81 213.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 133.74 213.90 Td (based ) Tj ET Q q 0 0 0 rg BT 158.55 213.90 Td (on ) Tj ET Q q 0 0 0 rg BT 170.58 213.90 Td (the ) Tj ET Q q 0 0 0 rg BT 184.84 213.90 Td (estimated ) Tj ET Q q 0 0 0 rg BT 225.20 213.90 Td (timing ) Tj ET Q q 0 0 0 rg BT 253.35 213.90 Td (of ) Tj ET Q q 0 0 0 rg BT 263.71 213.90 Td (receipts ) Tj ET Q q 0 0 0 rg BT 296.85 213.90 Td (using ) Tj ET Q q 0 0 0 rg BT 320.55 213.90 Td (discount ) Tj ET Q q 0 0 0 rg BT 356.48 213.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 377.39 213.90 Td (that ) Tj ET Q q 0 0 0 rg BT 394.42 213.90 Td (incorporate ) Tj ET Q q 0 0 0 rg BT 441.99 213.90 Td (management) Tj ET Q q 0 0 0 rg BT 495.86 213.90 Td (s ) Tj ET Q q 0 0 0 rg BT 501.79 213.90 Td (estimate ) Tj ET Q q 0 0 0 rg BT 537.15 213.90 Td (of ) Tj ET Q q 0 0 0 rg BT 547.52 213.90 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.90 Td (associated ) Tj ET Q q 0 0 0 rg BT 93.09 201.90 Td (with ) Tj ET Q q 0 0 0 rg BT 113.37 201.90 Td (the ) Tj ET Q q 0 0 0 rg BT 128.09 201.90 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 187.80 201.90 Td (note ) Tj ET Q q 0 0 0 rg BT 207.51 201.90 Td (receivable.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 179.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.36 179.90 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.66 179.90 Td (- ) Tj ET Q q 0 0 0 rg BT 116.52 179.90 Td (Homebuilding ) Tj ET Q q 0 0 0 rg BT 178.50 179.90 Td (Operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.57 179.90 Td ( ) Tj ET Q q 0 0 0 rg BT 229.10 179.90 Td ( ) Tj ET Q q 0 0 0 rg BT 231.45 179.90 Td (The ) Tj ET Q q 0 0 0 rg BT 249.52 179.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 281.49 179.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 299.01 179.90 Td (available ) Tj ET Q q 0 0 0 rg BT 337.63 179.90 Td (to ) Tj ET Q q 0 0 0 rg BT 347.94 179.90 Td (the ) Tj ET Q q 0 0 0 rg BT 362.69 179.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 404.10 179.90 Td (during ) Tj ET Q q 0 0 0 rg BT 432.74 179.90 Td (the ) Tj ET Q q 0 0 0 rg BT 447.49 179.90 Td (quarter ) Tj ET Q q 0 0 0 rg BT 478.34 179.90 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.75 179.90 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 167.90 Td ( ) Tj ET Q q 0 0 0 rg BT 72.12 167.90 Td (fluctuated ) Tj ET Q q 0 0 0 rg BT 114.72 167.90 Td (with ) Tj ET Q q 0 0 0 rg BT 135.12 167.90 Td (the ) Tj ET Q q 0 0 0 rg BT 149.38 167.90 Td (Alternate ) Tj ET Q q 0 0 0 rg BT 189.20 167.90 Td (Base ) Tj ET Q q 0 0 0 rg BT 211.26 167.90 Td (Rate ) Tj ET Q q 0 0 0 rg BT 232.21 167.90 Td (or ) Tj ET Q q 0 0 0 rg BT 243.16 167.90 Td (the ) Tj ET Q q 0 0 0 rg BT 258.00 167.90 Td (Eurodollar ) Tj ET Q q 0 0 0 rg BT 303.38 167.90 Td (Rate ) Tj ET Q q 0 0 0 rg BT 324.33 167.90 Td (for ) Tj ET Q q 0 0 0 rg BT 338.61 167.90 Td (the ) Tj ET Q q 0 0 0 rg BT 353.45 167.90 Td (Company) Tj ET Q q 0 0 0 rg BT 395.11 167.90 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.63 167.90 Td ($400million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.02 167.90 Td ( ) Tj ET Q q 0 0 0 rg BT 455.64 167.90 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 498.80 167.90 Td (revolving ) Tj ET Q q 0 0 0 rg BT 539.74 167.90 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.90 Td (facility) Tj ET Q q 0 0 0 rg BT 77.17 155.90 Td (, ) Tj ET Q q 0 0 0 rg BT 81.93 155.90 Td (dated ) Tj ET Q q 0 0 0 rg BT 105.85 155.90 Td (July ) Tj ET Q q 0 0 0 rg BT 124.78 155.90 Td (18, ) Tj ET Q q 0 0 0 rg BT 139.54 155.90 Td (2013, ) Tj ET Q q 0 0 0 rg BT 164.29 155.90 Td (as ) Tj ET Q q 0 0 0 rg BT 174.88 155.90 Td (amended ) Tj ET Q q 0 0 0 rg BT 213.24 155.90 Td (\(the ) Tj ET Q q 0 0 0 rg BT 231.04 155.90 Td (Credit ) Tj ET Q q 0 0 0 rg BT 262.74 155.90 Td (Facility\), ) Tj ET Q q 0 0 0 rg BT 305.82 155.90 Td (and ) Tj ET Q q 0 0 0 rg BT 322.52 155.90 Td (thus ) Tj ET Q q 0 0 0 rg BT 341.45 155.90 Td (the ) Tj ET Q q 0 0 0 rg BT 355.92 155.90 Td (carrying ) Tj ET Q q 0 0 0 rg BT 391.50 155.90 Td (value ) Tj ET Q q 0 0 0 rg BT 415.41 155.90 Td (is ) Tj ET Q q 0 0 0 rg BT 424.34 155.90 Td (a ) Tj ET Q q 0 0 0 rg BT 431.04 155.90 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 476.05 155.90 Td (estimate ) Tj ET Q q 0 0 0 rg BT 511.63 155.90 Td (of ) Tj ET Q q 0 0 0 rg BT 522.22 155.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 538.36 155.90 Td (value. ) Tj ET Q q 0 0 0 rg BT 565.02 155.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.90 Td (Refer ) Tj ET Q q 0 0 0 rg BT 74.21 143.90 Td (to ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 84.4853515625 142.56699218749998 m 111.423828125 142.56699218749998 l s q 0 0 1 rg BT 84.49 143.90 Td (Note ) Tj ET Q q 0 0 1 rg BT 106.42 143.90 Td (7) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 111.42 143.90 Td ( ) Tj ET Q q 0 0 0 rg BT 113.92 143.90 Td (for ) Tj ET Q q 0 0 0 rg BT 128.08 143.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 170.57 143.90 Td (information ) Tj ET Q q 0 0 0 rg BT 220.29 143.90 Td (regarding ) Tj ET Q q 0 0 0 rg BT 261.10 143.90 Td (the ) Tj ET Q q 0 0 0 rg BT 275.82 143.90 Td (Credit ) Tj ET Q q 0 0 0 rg BT 303.31 143.90 Td (Facility) Tj ET Q q 0 0 0 rg BT 333.22 143.90 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 121.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.24 121.90 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.41 121.90 Td (- ) Tj ET Q q 0 0 0 rg BT 116.14 121.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 159.12 121.90 Td (Services ) Tj ET Q q 0 0 0 rg BT 195.40 121.90 Td (Operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.46 121.90 Td ( ) Tj ET Q q 0 0 0 rg BT 245.87 121.90 Td ( ) Tj ET Q q 0 0 0 rg BT 248.27 121.90 Td (M/I ) Tj ET Q q 0 0 0 rg BT 265.68 121.90 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 307.80 121.90 Td (LLC ) Tj ET Q q 0 0 0 rg BT 329.09 121.90 Td (\(M/I ) Tj ET Q q 0 0 0 rg BT 354.26 121.90 Td (Financial\) ) Tj ET Q q 0 0 0 rg BT 401.65 121.90 Td (is ) Tj ET Q q 0 0 0 rg BT 410.73 121.90 Td (a ) Tj ET Q q 0 0 0 rg BT 417.57 121.90 Td (party ) Tj ET Q q 0 0 0 rg BT 440.53 121.90 Td (to ) Tj ET Q q 0 0 0 rg BT 450.71 121.90 Td (two ) Tj ET Q q 0 0 0 rg BT 468.12 121.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 493.29 121.90 Td (agreements: ) Tj ET Q q 0 0 0 rg BT 544.00 121.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 558.07 121.90 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 109.90 Td ($125million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.89 109.90 Td ( ) Tj ET Q q 0 0 0 rg BT 102.82 109.90 Td (secured ) Tj ET Q q 0 0 0 rg BT 135.29 109.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 174.98 109.90 Td (warehousing ) Tj ET Q q 0 0 0 rg BT 228.01 109.90 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 274.08 109.90 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.67 109.90 Td (June24, ) Tj ET Q q 0 0 0 rg BT 332.93 109.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.93 109.90 Td ( ) Tj ET Q q 0 0 0 rg BT 354.86 109.90 Td (\(the ) Tj ET Q q 0 0 0 rg BT 372.34 109.90 Td (MIF ) Tj ET Q q 0 0 0 rg BT 396.49 109.90 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 437.15 109.90 Td (W) Tj ET Q q 0 0 0 rg BT 445.79 109.90 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 491.17 109.90 Td (Agreement\); ) Tj ET Q q 0 0 0 rg BT 548.07 109.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 97.90 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.59 97.90 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.47 97.90 Td ($15 ) Tj ET Q q 0 0 0 rg BT 87.90 97.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.79 97.90 Td ( ) Tj ET Q q 0 0 0 rg BT 119.23 97.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 159.42 97.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 205.16 97.90 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 251.74 97.90 Td (as ) Tj ET Q q 0 0 0 rg BT 262.50 97.90 Td (amended ) Tj ET Q q 0 0 0 rg BT 301.03 97.90 Td (and ) Tj ET Q q 0 0 0 rg BT 317.90 97.90 Td (restated ) Tj ET Q q 0 0 0 rg BT 351.43 97.90 Td (on ) Tj ET Q q 0 0 0 rg BT 363.87 97.90 Td (November ) Tj ET Q q 0 0 0 rg BT 408.51 97.90 Td (3, ) Tj ET Q q 0 0 0 rg BT 418.44 97.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 443.37 97.90 Td (as ) Tj ET Q q 0 0 0 rg BT 454.14 97.90 Td (further ) Tj ET Q q 0 0 0 rg BT 483.78 97.90 Td (amended ) Tj ET Q q 0 0 0 rg BT 522.31 97.90 Td (\(the ) Tj ET Q q 0 0 0 rg BT 540.29 97.90 Td (MIF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 85.90 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 91.35 85.90 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 140.96 85.90 Td (Facility\). ) Tj ET Q q 0 0 0 rg BT 184.75 85.90 Td ( ) Tj ET Q q 0 0 0 rg BT 187.72 85.90 Td (For ) Tj ET Q q 0 0 0 rg BT 204.59 85.90 Td (each ) Tj ET Q q 0 0 0 rg BT 225.87 85.90 Td (of ) Tj ET Q q 0 0 0 rg BT 237.17 85.90 Td (these ) Tj ET Q q 0 0 0 rg BT 260.69 85.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 286.42 85.90 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 326.32 85.90 Td (the ) Tj ET Q q 0 0 0 rg BT 341.51 85.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 373.91 85.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 391.87 85.90 Td (is ) Tj ET Q q 0 0 0 rg BT 401.51 85.90 Td (based ) Tj ET Q q 0 0 0 rg BT 427.25 85.90 Td (on ) Tj ET Q q 0 0 0 rg BT 440.22 85.90 Td (a ) Tj ET Q q 0 0 0 rg BT 447.63 85.90 Td (variable ) Tj ET Q q 0 0 0 rg BT 482.80 85.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 500.75 85.90 Td (index, ) Tj ET Q q 0 0 0 rg BT 528.44 85.90 Td (and ) Tj ET Q q 0 0 0 rg BT 545.85 85.90 Td (thus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 73.90 Td (their ) Tj ET Q q 0 0 0 rg BT 70.39 73.90 Td (carrying ) Tj ET Q q 0 0 0 rg BT 106.27 73.90 Td (value ) Tj ET Q q 0 0 0 rg BT 130.49 73.90 Td (is ) Tj ET Q q 0 0 0 rg BT 139.73 73.90 Td (a ) Tj ET Q q 0 0 0 rg BT 146.73 73.90 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 192.05 73.90 Td (estimate ) Tj ET Q q 0 0 0 rg BT 227.94 73.90 Td (of ) Tj ET Q q 0 0 0 rg BT 238.84 73.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 255.28 73.90 Td (value. ) Tj ET Q q 0 0 0 rg BT 282.00 73.90 Td ( ) Tj ET Q q 0 0 0 rg BT 284.38 73.90 Td (The ) Tj ET Q q 0 0 0 rg BT 302.49 73.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 334.49 73.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 352.04 73.90 Td (available ) Tj ET Q q 0 0 0 rg BT 390.70 73.90 Td (to ) Tj ET Q q 0 0 0 rg BT 401.04 73.90 Td (M/I ) Tj ET Q q 0 0 0 rg BT 418.61 73.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 458.39 73.90 Td (during ) Tj ET Q q 0 0 0 rg BT 487.06 73.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.84 73.90 Td (third ) Tj ET Q q 0 0 0 rg BT 523.30 73.90 Td (quarter ) Tj ET Q q 0 0 0 rg BT 554.18 73.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 61.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 61.90 Td ( ) Tj ET Q q 0 0 0 rg BT 72.21 61.90 Td (fluctuated ) Tj ET Q q 0 0 0 rg BT 114.91 61.90 Td (with ) Tj ET Q q 0 0 0 rg BT 135.40 61.90 Td (LIBOR. ) Tj ET Q q 0 0 0 rg BT 170.61 61.90 Td ( ) Tj ET Q q 0 0 0 rg BT 173.33 61.90 Td (Refer ) Tj ET Q q 0 0 0 rg BT 198.25 61.90 Td (to ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 208.7412109375 60.56699218749998 m 235.8935546875 60.56699218749998 l s q 0 0 1 rg BT 208.74 61.90 Td (Note ) Tj ET Q q 0 0 1 rg BT 230.89 61.90 Td (7) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 235.89 61.90 Td ( ) Tj ET Q q 0 0 0 rg BT 238.61 61.90 Td (for ) Tj ET Q q 0 0 0 rg BT 252.98 61.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 295.69 61.90 Td (information ) Tj ET Q q 0 0 0 rg BT 345.61 61.90 Td (regarding ) Tj ET Q q 0 0 0 rg BT 386.64 61.90 Td (the ) Tj ET Q q 0 0 0 rg BT 401.57 61.90 Td (MIF ) Tj ET Q q 0 0 0 rg BT 422.07 61.90 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 463.46 61.90 Td (W) Tj ET Q q 0 0 0 rg BT 472.10 61.90 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 518.09 61.90 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 49.90 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 49.90 Td (the ) Tj ET Q q 0 0 0 rg BT 81.16 49.90 Td (MIF ) Tj ET Q q 0 0 0 rg BT 101.44 49.90 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 142.82 49.90 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 191.96 49.90 Td (Facility) Tj ET Q q 0 0 0 rg BT 221.86 49.90 Td (.) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (15) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.46 740.25 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.86 740.25 Td (- ) Tj ET Q q 0 0 0 rg BT 116.82 740.25 Td (Other) Tj ET Q q 0 0 0 rg BT 140.16 740.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.66 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 145.30 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.74 740.25 Td (The ) Tj ET Q q 0 0 0 rg BT 165.92 740.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 206.87 740.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 223.38 740.25 Td (value ) Tj ET Q q 0 0 0 rg BT 247.67 740.25 Td (was ) Tj ET Q q 0 0 0 rg BT 265.86 740.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 313.47 740.25 Td (by ) Tj ET Q q 0 0 0 rg BT 326.10 740.25 Td (calculating ) Tj ET Q q 0 0 0 rg BT 372.60 740.25 Td (the ) Tj ET Q q 0 0 0 rg BT 387.46 740.25 Td (present ) Tj ET Q q 0 0 0 rg BT 418.97 740.25 Td (value ) Tj ET Q q 0 0 0 rg BT 443.25 740.25 Td (of ) Tj ET Q q 0 0 0 rg BT 454.22 740.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.07 740.25 Td (future ) Tj ET Q q 0 0 0 rg BT 495.58 740.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 515.98 740.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 540.83 740.25 Td (using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 728.25 Td (Company) Tj ET Q q 0 0 0 rg BT 105.88 728.25 Td (s ) Tj ET Q q 0 0 0 rg BT 112.27 728.25 Td (current ) Tj ET Q q 0 0 0 rg BT 143.09 728.25 Td (incremental ) Tj ET Q q 0 0 0 rg BT 192.79 728.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 236.95 728.25 Td (rate. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (Letters ) Tj ET Q q 0 0 0 rg BT 80.76 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 92.02 706.25 Td (Credit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.08 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 123.02 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 125.95 706.25 Td (Letters ) Tj ET Q q 0 0 0 rg BT 156.65 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.91 706.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 193.61 706.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.88 706.25 Td ($36.4 ) Tj ET Q q 0 0 0 rg BT 230.31 706.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.20 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 262.14 706.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.51 706.25 Td ($42.5 ) Tj ET Q q 0 0 0 rg BT 304.94 706.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.84 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 336.77 706.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 376.35 706.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 414.28 706.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 471.65 706.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 706.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 542.50 706.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.43 694.25 Td (December ) Tj ET Q q 0 0 0 rg BT 110.00 694.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 124.99 694.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.99 694.25 Td (, ) Tj ET Q q 0 0 0 rg BT 149.98 694.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 197.64 694.25 Td (. ) Tj ET Q q 0 0 0 rg BT 202.63 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 204.94 694.25 Td (The ) Tj ET Q q 0 0 0 rg BT 222.98 694.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 249.90 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 260.72 694.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 285.97 694.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 325.66 694.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 353.14 694.25 Td (within ) Tj ET Q q 0 0 0 rg BT 381.18 694.25 Td (one ) Tj ET Q q 0 0 0 rg BT 398.11 694.25 Td (or ) Tj ET Q q 0 0 0 rg BT 408.93 694.25 Td (two ) Tj ET Q q 0 0 0 rg BT 426.42 694.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 452.51 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 454.82 694.25 Td (The ) Tj ET Q q 0 0 0 rg BT 472.85 694.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 513.66 694.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 530.03 694.25 Td (value ) Tj ET Q q 0 0 0 rg BT 554.17 694.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 76.43 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.26 682.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 112.53 682.25 Td (was ) Tj ET Q q 0 0 0 rg BT 130.58 682.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 178.06 682.25 Td (using ) Tj ET Q q 0 0 0 rg BT 202.23 682.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 220.83 682.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 259.42 682.25 Td (char) Tj ET Q q 0 0 0 rg BT 276.45 682.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 293.39 682.25 Td (for ) Tj ET Q q 0 0 0 rg BT 307.55 682.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 337.82 682.25 Td (agreements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 660.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 90.34 660.25 Td (Guarantees ) Tj ET Q q 0 0 0 rg BT 142.28 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 160.90 660.25 Td (Indemnifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 638.25 Td (In ) Tj ET Q q 0 0 0 rg BT 61.29 638.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.97 638.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 114.31 638.25 Td (course ) Tj ET Q q 0 0 0 rg BT 143.87 638.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.66 638.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 195.51 638.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 213.97 638.25 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 257.14 638.25 Td (a ) Tj ET Q q 0 0 0 rg BT 265.04 638.25 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 321.82 638.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 366.39 638.25 Td (of ) Tj ET Q q 0 0 0 rg BT 378.18 638.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 396.65 638.25 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 430.94 638.25 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 452.17 638.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 479.50 638.25 Td (into ) Tj ET Q q 0 0 0 rg BT 498.52 638.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 547.51 638.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 626.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 90.77 626.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 120.38 626.25 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 165.54 626.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.28 626.25 Td (its ) Tj ET Q q 0 0 0 rg BT 188.13 626.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 228.30 626.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 251.82 626.25 Td (that ) Tj ET Q q 0 0 0 rg BT 269.22 626.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 286.63 626.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 326.24 626.25 Td (will ) Tj ET Q q 0 0 0 rg BT 344.21 626.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 389.92 626.25 Td (a ) Tj ET Q q 0 0 0 rg BT 396.76 626.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 416.39 626.25 Td (if ) Tj ET Q q 0 0 0 rg BT 424.90 626.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 454.51 626.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 498.58 626.25 Td (occur) Tj ET Q q 0 0 0 rg BT 520.39 626.25 Td (, ) Tj ET Q q 0 0 0 rg BT 525.29 626.25 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 614.25 Td (if ) Tj ET Q q 0 0 0 rg BT 57.06 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 70.72 614.25 Td (mortgagor ) Tj ET Q q 0 0 0 rg BT 113.82 614.25 Td (does ) Tj ET Q q 0 0 0 rg BT 133.60 614.25 Td (not ) Tj ET Q q 0 0 0 rg BT 147.83 614.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 168.71 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.37 614.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 206.04 614.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.82 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.48 614.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 248.15 614.25 Td (within ) Tj ET Q q 0 0 0 rg BT 275.15 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 288.81 614.25 Td (first ) Tj ET Q q 0 0 0 rg BT 306.37 614.25 Td (six ) Tj ET Q q 0 0 0 rg BT 319.49 614.25 Td (months ) Tj ET Q q 0 0 0 rg BT 350.38 614.25 Td (after ) Tj ET Q q 0 0 0 rg BT 370.15 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.81 614.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 400.81 614.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.58 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.25 614.25 Td (loan. ) Tj ET Q q 0 0 0 rg BT 445.41 614.25 Td ( ) Tj ET Q q 0 0 0 rg BT 446.86 614.25 Td (Loans ) Tj ET Q q 0 0 0 rg BT 472.75 614.25 Td (totaling ) Tj ET Q q 0 0 0 rg BT 504.75 614.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.25 Td ($20.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 602.25 Td ( ) Tj ET Q q 0 0 0 rg BT 107.97 602.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.99 602.25 Td ($12.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.88 602.25 Td ( ) Tj ET Q q 0 0 0 rg BT 185.46 602.25 Td (were ) Tj ET Q q 0 0 0 rg BT 209.47 602.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 245.69 602.25 Td (under ) Tj ET Q q 0 0 0 rg BT 273.04 602.25 Td (these ) Tj ET Q q 0 0 0 rg BT 298.17 602.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 345.50 602.25 Td (as ) Tj ET Q q 0 0 0 rg BT 358.41 602.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.32 602.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 433.66 602.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.66 602.25 Td ( ) Tj ET Q q 0 0 0 rg BT 458.24 602.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.26 602.25 Td (December ) Tj ET Q q 0 0 0 rg BT 522.92 602.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 540.00 602.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 602.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 590.25 Td (. ) Tj ET Q q 0 0 0 rg BT 104.99 590.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.59 590.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.34 590.25 Td ( ) Tj ET Q q 0 0 0 rg BT 159.39 590.25 Td (in ) Tj ET Q q 0 0 0 rg BT 170.22 590.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 194.38 590.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 229.08 590.25 Td (by ) Tj ET Q q 0 0 0 rg BT 242.13 590.25 Td (these ) Tj ET Q q 0 0 0 rg BT 265.73 590.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 311.53 590.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.02 590.25 Td (December ) Tj ET Q q 0 0 0 rg BT 378.16 590.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 393.71 590.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.71 590.25 Td ( ) Tj ET Q q 0 0 0 rg BT 416.76 590.25 Td (is ) Tj ET Q q 0 0 0 rg BT 426.48 590.25 Td (a ) Tj ET Q q 0 0 0 rg BT 433.97 590.25 Td (result ) Tj ET Q q 0 0 0 rg BT 459.23 590.25 Td (of ) Tj ET Q q 0 0 0 rg BT 470.62 590.25 Td (a ) Tj ET Q q 0 0 0 rg BT 478.10 590.25 Td (change ) Tj ET Q q 0 0 0 rg BT 509.47 590.25 Td (in ) Tj ET Q q 0 0 0 rg BT 520.30 590.25 Td (the ) Tj ET Q q 0 0 0 rg BT 535.57 590.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 554.17 590.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 88.29 578.25 Td (and ) Tj ET Q q 0 0 0 rg BT 105.42 578.25 Td (their ) Tj ET Q q 0 0 0 rg BT 126.43 578.25 Td (related ) Tj ET Q q 0 0 0 rg BT 156.32 578.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 194.54 578.25 Td (terms. ) Tj ET Q q 0 0 0 rg BT 221.94 578.25 Td () Tj ET Q q 0 0 0 rg BT 223.89 578.25 Td (A) Tj ET Q q 0 0 0 rg BT 230.56 578.25 Td ( ) Tj ET Q q 0 0 0 rg BT 233.25 578.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 264.82 578.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.83 578.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.74 578.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 325.07 578.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 344.97 578.25 Td (to ) Tj ET Q q 0 0 0 rg BT 355.43 578.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 373.12 578.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 413.02 578.25 Td (for ) Tj ET Q q 0 0 0 rg BT 427.36 578.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 468.93 578.25 Td (the ) Tj ET Q q 0 0 0 rg BT 483.84 578.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 529.28 578.25 Td (on ) Tj ET Q q 0 0 0 rg BT 541.96 578.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 72.75 566.25 Td (was ) Tj ET Q q 0 0 0 rg BT 90.45 566.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 125.90 566.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.26 566.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 195.16 566.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.16 566.25 Td (, ) Tj ET Q q 0 0 0 rg BT 219.81 566.25 Td (and ) Tj ET Q q 0 0 0 rg BT 236.39 566.25 Td (will ) Tj ET Q q 0 0 0 rg BT 254.09 566.25 Td (be ) Tj ET Q q 0 0 0 rg BT 265.67 566.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 311.68 566.25 Td (in ) Tj ET Q q 0 0 0 rg BT 321.60 566.25 Td (income ) Tj ET Q q 0 0 0 rg BT 353.18 566.25 Td (as ) Tj ET Q q 0 0 0 rg BT 363.65 566.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 380.79 566.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 420.15 566.25 Td (is ) Tj ET Q q 0 0 0 rg BT 428.96 566.25 Td (released ) Tj ET Q q 0 0 0 rg BT 463.86 566.25 Td (from ) Tj ET Q q 0 0 0 rg BT 485.44 566.25 Td (its ) Tj ET Q q 0 0 0 rg BT 497.03 566.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 539.73 566.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 554.25 Td (guarantees. ) Tj ET Q q 0 0 0 rg BT 111.97 554.25 Td ( ) Tj ET Q q 0 0 0 rg BT 114.29 554.25 Td (The ) Tj ET Q q 0 0 0 rg BT 132.34 554.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 149.84 554.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 193.43 554.25 Td (with ) Tj ET Q q 0 0 0 rg BT 213.71 554.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.43 554.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 273.68 554.25 Td (above ) Tj ET Q q 0 0 0 rg BT 300.06 554.25 Td (is ) Tj ET Q q 0 0 0 rg BT 309.23 554.25 Td (of) Tj ET Q q 0 0 0 rg BT 317.38 554.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 334.31 554.25 Td (by ) Tj ET Q q 0 0 0 rg BT 346.81 554.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.53 554.25 Td (value ) Tj ET Q q 0 0 0 rg BT 385.69 554.25 Td (of ) Tj ET Q q 0 0 0 rg BT 396.52 554.25 Td (the ) Tj ET Q q 0 0 0 rg BT 411.23 554.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 457.06 554.25 Td (assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 66.68 532.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 106.07 532.25 Td (has ) Tj ET Q q 0 0 0 rg BT 121.57 532.25 Td (received ) Tj ET Q q 0 0 0 rg BT 157.61 532.25 Td (inquiries ) Tj ET Q q 0 0 0 rg BT 194.78 532.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 241.38 532.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 295.22 532.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 326.83 532.25 Td (from ) Tj ET Q q 0 0 0 rg BT 348.44 532.25 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 393.38 532.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.88 532.25 Td (its ) Tj ET Q q 0 0 0 rg BT 415.51 532.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 438.79 532.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 479.29 532.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 508.67 532.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 531.95 532.25 Td (totaling ) Tj ET Q q 0 0 0 rg BT 565.00 532.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.13 520.25 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.02 520.25 Td ( ) Tj ET Q q 0 0 0 rg BT 159.89 520.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.20 520.25 Td ($1.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.10 520.25 Td ( ) Tj ET Q q 0 0 0 rg BT 226.97 520.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.06 520.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 295.69 520.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.69 520.25 Td ( ) Tj ET Q q 0 0 0 rg BT 317.56 520.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.87 520.25 Td (December ) Tj ET Q q 0 0 0 rg BT 376.83 520.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 391.20 520.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.20 520.25 Td (, ) Tj ET Q q 0 0 0 rg BT 415.57 520.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 463.23 520.25 Td (. ) Tj ET Q q 0 0 0 rg BT 467.47 520.25 Td (The ) Tj ET Q q 0 0 0 rg BT 484.89 520.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 501.76 520.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 544.72 520.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 508.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 109.47 508.25 Td (above ) Tj ET Q q 0 0 0 rg BT 135.85 508.25 Td (is ) Tj ET Q q 0 0 0 rg BT 145.02 508.25 Td (of) Tj ET Q q 0 0 0 rg BT 153.17 508.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 170.11 508.25 Td (by ) Tj ET Q q 0 0 0 rg BT 182.61 508.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.32 508.25 Td (value ) Tj ET Q q 0 0 0 rg BT 221.48 508.25 Td (of ) Tj ET Q q 0 0 0 rg BT 232.31 508.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.02 508.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 292.85 508.25 Td (assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 486.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 66.48 486.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 105.67 486.25 Td (has ) Tj ET Q q 0 0 0 rg BT 120.98 486.25 Td (also ) Tj ET Q q 0 0 0 rg BT 139.07 486.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 184.91 486.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.10 486.25 Td (collectability ) Tj ET Q q 0 0 0 rg BT 253.28 486.25 Td (of ) Tj ET Q q 0 0 0 rg BT 263.59 486.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 292.77 486.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 315.86 486.25 Td (to ) Tj ET Q q 0 0 0 rg BT 325.62 486.25 Td (third ) Tj ET Q q 0 0 0 rg BT 346.49 486.25 Td (party ) Tj ET Q q 0 0 0 rg BT 369.01 486.25 Td (insurers ) Tj ET Q q 0 0 0 rg BT 402.65 486.25 Td (\(U.S. ) Tj ET Q q 0 0 0 rg BT 425.74 486.25 Td (Department ) Tj ET Q q 0 0 0 rg BT 474.92 486.25 Td (of ) Tj ET Q q 0 0 0 rg BT 485.23 486.25 Td (Housing ) Tj ET Q q 0 0 0 rg BT 521.10 486.25 Td (and ) Tj ET Q q 0 0 0 rg BT 537.52 486.25 Td (Urban ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.25 Td (Development ) Tj ET Q q 0 0 0 rg BT 105.60 474.25 Td (and ) Tj ET Q q 0 0 0 rg BT 122.27 474.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 142.12 474.25 Td (V) Tj ET Q q 0 0 0 rg BT 148.23 474.25 Td (eterans ) Tj ET Q q 0 0 0 rg BT 178.28 474.25 Td (Administration\) ) Tj ET Q q 0 0 0 rg BT 244.39 474.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.95 474.25 Td (those ) Tj ET Q q 0 0 0 rg BT 278.29 474.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 301.62 474.25 Td (for ) Tj ET Q q 0 0 0 rg BT 315.51 474.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 347.18 474.25 Td (ranging ) Tj ET Q q 0 0 0 rg BT 379.95 474.25 Td (from ) Tj ET Q q 0 0 0 rg BT 401.62 474.25 Td (five ) Tj ET Q q 0 0 0 rg BT 419.39 474.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.40 474.25 Td (thirty ) Tj ET Q q 0 0 0 rg BT 453.29 474.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 479.12 474.25 Td ( ) Tj ET Q q 0 0 0 rg BT 480.86 474.25 Td (As ) Tj ET Q q 0 0 0 rg BT 494.20 474.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.76 474.25 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 462.25 Td ( ) Tj ET Q q 0 0 0 rg BT 73.02 462.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.97 462.25 Td (December ) Tj ET Q q 0 0 0 rg BT 135.58 462.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 151.59 462.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.59 462.25 Td (, ) Tj ET Q q 0 0 0 rg BT 177.61 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 193.35 462.25 Td (total ) Tj ET Q q 0 0 0 rg BT 214.64 462.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.49 462.25 Td (all ) Tj ET Q q 0 0 0 rg BT 240.00 462.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 264.63 462.25 Td (indemnified ) Tj ET Q q 0 0 0 rg BT 316.47 462.25 Td (to ) Tj ET Q q 0 0 0 rg BT 327.76 462.25 Td (third ) Tj ET Q q 0 0 0 rg BT 350.17 462.25 Td (party ) Tj ET Q q 0 0 0 rg BT 374.23 462.25 Td (insurers ) Tj ET Q q 0 0 0 rg BT 409.41 462.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 443.47 462.25 Td (to ) Tj ET Q q 0 0 0 rg BT 454.77 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.50 462.25 Td (above ) Tj ET Q q 0 0 0 rg BT 497.90 462.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 546.95 462.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.25 Td ($1.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 450.25 Td ( ) Tj ET Q q 0 0 0 rg BT 101.00 450.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.05 450.25 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 138.16 450.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.06 450.25 Td (, ) Tj ET Q q 0 0 0 rg BT 172.17 450.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 219.83 450.25 Td (. ) Tj ET Q q 0 0 0 rg BT 224.94 450.25 Td ( ) Tj ET Q q 0 0 0 rg BT 227.36 450.25 Td (The ) Tj ET Q q 0 0 0 rg BT 245.52 450.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 288.68 450.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 326.28 450.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 358.89 450.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.83 450.25 Td (future ) Tj ET Q q 0 0 0 rg BT 396.32 450.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 437.26 450.25 Td (is ) Tj ET Q q 0 0 0 rg BT 446.54 450.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 470.81 450.25 Td (to ) Tj ET Q q 0 0 0 rg BT 481.19 450.25 Td (the ) Tj ET Q q 0 0 0 rg BT 496.02 450.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 545.30 450.25 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.25 Td (value ) Tj ET Q q 0 0 0 rg BT 73.33 438.25 Td (less ) Tj ET Q q 0 0 0 rg BT 90.50 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.89 438.25 Td (value ) Tj ET Q q 0 0 0 rg BT 128.71 438.25 Td (of ) Tj ET Q q 0 0 0 rg BT 139.22 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.61 438.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 199.10 438.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 220.71 438.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 239.55 438.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 298.93 438.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 321.11 438.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 356.59 438.25 Td (related ) Tj ET Q q 0 0 0 rg BT 385.97 438.25 Td (to ) Tj ET Q q 0 0 0 rg BT 395.92 438.25 Td (foreclosure ) Tj ET Q q 0 0 0 rg BT 443.06 438.25 Td (on ) Tj ET Q q 0 0 0 rg BT 455.24 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.63 438.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 495.41 438.25 Td (should ) Tj ET Q q 0 0 0 rg BT 524.25 438.25 Td (this ) Tj ET Q q 0 0 0 rg BT 540.87 438.25 Td (event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.25 Td (occur) Tj ET Q q 0 0 0 rg BT 71.16 426.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.60 404.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.03 404.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 143.56 404.25 Td (a ) Tj ET Q q 0 0 0 rg BT 149.55 404.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 182.21 404.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 214.30 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 223.63 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.40 404.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 281.70 404.25 Td (described ) Tj ET Q q 0 0 0 rg BT 321.57 404.25 Td (above ) Tj ET Q q 0 0 0 rg BT 346.99 404.25 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.09 404.25 Td ($0.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.99 404.25 Td ( ) Tj ET Q q 0 0 0 rg BT 429.54 404.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.53 404.25 Td ($1.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.42 404.25 Td ( ) Tj ET Q q 0 0 0 rg BT 495.97 404.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.73 404.25 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 392.25 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 392.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.94 392.25 Td (December ) Tj ET Q q 0 0 0 rg BT 132.52 392.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 147.52 392.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.52 392.25 Td (, ) Tj ET Q q 0 0 0 rg BT 172.52 392.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 220.18 392.25 Td (, ) Tj ET Q q 0 0 0 rg BT 225.18 392.25 Td (which ) Tj ET Q q 0 0 0 rg BT 252.12 392.25 Td (is ) Tj ET Q q 0 0 0 rg BT 261.29 392.25 Td (management) Tj ET Q q 0 0 0 rg BT 315.16 392.25 Td (s ) Tj ET Q q 0 0 0 rg BT 321.55 392.25 Td (best ) Tj ET Q q 0 0 0 rg BT 340.16 392.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 375.98 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 386.81 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.53 392.25 Td (Company) Tj ET Q q 0 0 0 rg BT 443.19 392.25 Td (s ) Tj ET Q q 0 0 0 rg BT 449.58 392.25 Td (liability) Tj ET Q q 0 0 0 rg BT 480.04 392.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 370.25 Td (6. ) Tj ET Q q 0 0 0 rg BT 90.34 370.25 Td (Commitments ) Tj ET Q q 0 0 0 rg BT 153.38 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.00 370.25 Td (Contingencies) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 348.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 348.25 Td (arranty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 326.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.38 326.25 Td (use ) Tj ET Q q 0 0 0 rg BT 81.51 326.25 Td (subcontractors ) Tj ET Q q 0 0 0 rg BT 142.63 326.25 Td (for ) Tj ET Q q 0 0 0 rg BT 157.10 326.25 Td (nearly ) Tj ET Q q 0 0 0 rg BT 184.89 326.25 Td (all ) Tj ET Q q 0 0 0 rg BT 197.69 326.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 229.37 326.25 Td (of ) Tj ET Q q 0 0 0 rg BT 240.50 326.25 Td (home ) Tj ET Q q 0 0 0 rg BT 265.52 326.25 Td (construction. ) Tj ET Q q 0 0 0 rg BT 319.64 326.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 360.23 326.25 Td (our ) Tj ET Q q 0 0 0 rg BT 376.36 326.25 Td (subcontractors ) Tj ET Q q 0 0 0 rg BT 437.48 326.25 Td (are ) Tj ET Q q 0 0 0 rg BT 452.49 326.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 492.50 326.25 Td (required ) Tj ET Q q 0 0 0 rg BT 528.62 326.25 Td (to ) Tj ET Q q 0 0 0 rg BT 539.20 326.25 Td (repair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.11 314.25 Td (replace ) Tj ET Q q 0 0 0 rg BT 97.14 314.25 Td (any ) Tj ET Q q 0 0 0 rg BT 113.74 314.25 Td (product ) Tj ET Q q 0 0 0 rg BT 146.46 314.25 Td (or ) Tj ET Q q 0 0 0 rg BT 156.96 314.25 Td (labor ) Tj ET Q q 0 0 0 rg BT 179.67 314.25 Td (defects, ) Tj ET Q q 0 0 0 rg BT 212.65 314.25 Td (we ) Tj ET Q q 0 0 0 rg BT 226.48 314.25 Td (are, ) Tj ET Q q 0 0 0 rg BT 243.36 314.25 Td (during ) Tj ET Q q 0 0 0 rg BT 271.63 314.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 314.89 314.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 352.60 314.25 Td (periods, ) Tj ET Q q 0 0 0 rg BT 386.70 314.25 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 429.42 314.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 477.13 314.25 Td (to ) Tj ET Q q 0 0 0 rg BT 487.08 314.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.46 314.25 Td (homeowner ) Tj ET Q q 0 0 0 rg BT 550.84 314.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.25 Td (making ) Tj ET Q q 0 0 0 rg BT 81.73 302.25 Td (such ) Tj ET Q q 0 0 0 rg BT 102.30 302.25 Td (repairs. ) Tj ET Q q 0 0 0 rg BT 133.75 302.25 Td (As ) Tj ET Q q 0 0 0 rg BT 147.11 302.25 Td (such, ) Tj ET Q q 0 0 0 rg BT 170.18 302.25 Td (we ) Tj ET Q q 0 0 0 rg BT 184.07 302.25 Td (record ) Tj ET Q q 0 0 0 rg BT 211.85 302.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 249.63 302.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 284.62 302.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.64 302.25 Td (cover ) Tj ET Q q 0 0 0 rg BT 319.09 302.25 Td (our ) Tj ET Q q 0 0 0 rg BT 334.66 302.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 372.99 302.25 Td (to ) Tj ET Q q 0 0 0 rg BT 383.01 302.25 Td (the ) Tj ET Q q 0 0 0 rg BT 397.47 302.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 419.70 302.25 Td (for ) Tj ET Q q 0 0 0 rg BT 433.60 302.25 Td (materials ) Tj ET Q q 0 0 0 rg BT 472.49 302.25 Td (and ) Tj ET Q q 0 0 0 rg BT 489.17 302.25 Td (labor ) Tj ET Q q 0 0 0 rg BT 511.96 302.25 Td (not ) Tj ET Q q 0 0 0 rg BT 526.97 302.25 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.13 290.25 Td (be ) Tj ET Q q 0 0 0 rg BT 70.42 290.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 103.91 290.25 Td (by ) Tj ET Q q 0 0 0 rg BT 115.76 290.25 Td (our ) Tj ET Q q 0 0 0 rg BT 130.95 290.25 Td (subcontractors ) Tj ET Q q 0 0 0 rg BT 191.11 290.25 Td (to ) Tj ET Q q 0 0 0 rg BT 200.74 290.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.81 290.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 241.09 290.25 Td (they ) Tj ET Q q 0 0 0 rg BT 260.16 290.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 284.21 290.25 Td (to ) Tj ET Q q 0 0 0 rg BT 293.84 290.25 Td (warranty-type ) Tj ET Q q 0 0 0 rg BT 351.78 290.25 Td (claims. ) Tj ET Q q 0 0 0 rg BT 382.10 290.25 Td (W) Tj ET Q q 0 0 0 rg BT 390.73 290.25 Td (arranty ) Tj ET Q q 0 0 0 rg BT 420.90 290.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 455.51 290.25 Td (are ) Tj ET Q q 0 0 0 rg BT 469.57 290.25 Td (established ) Tj ET Q q 0 0 0 rg BT 515.85 290.25 Td (by ) Tj ET Q q 0 0 0 rg BT 527.70 290.25 Td (char) Tj ET Q q 0 0 0 rg BT 544.73 290.25 Td (ging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 67.49 278.25 Td (of ) Tj ET Q q 0 0 0 rg BT 77.70 278.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 99.02 278.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.33 278.25 Td (crediting ) Tj ET Q q 0 0 0 rg BT 152.76 278.25 Td (a ) Tj ET Q q 0 0 0 rg BT 159.08 278.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 196.49 278.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 227.24 278.25 Td (for ) Tj ET Q q 0 0 0 rg BT 240.78 278.25 Td (each ) Tj ET Q q 0 0 0 rg BT 260.97 278.25 Td (home ) Tj ET Q q 0 0 0 rg BT 285.07 278.25 Td (closed. ) Tj ET Q q 0 0 0 rg BT 315.00 278.25 Td ( ) Tj ET Q q 0 0 0 rg BT 316.74 278.25 Td (W) Tj ET Q q 0 0 0 rg BT 325.38 278.25 Td (arranty ) Tj ET Q q 0 0 0 rg BT 355.58 278.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 390.21 278.25 Td (are ) Tj ET Q q 0 0 0 rg BT 404.30 278.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 441.16 278.25 Td (for ) Tj ET Q q 0 0 0 rg BT 454.70 278.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 498.22 278.25 Td (under ) Tj ET Q q 0 0 0 rg BT 522.87 278.25 Td (our ) Tj ET Q q 0 0 0 rg BT 538.08 278.25 Td (Home ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.25 Td (Builder) Tj ET Q q 0 0 0 rg BT 79.87 266.25 Td () Tj ET Q q 0 0 0 rg BT 82.64 266.25 Td (s ) Tj ET Q q 0 0 0 rg BT 88.37 266.25 Td (Limited ) Tj ET Q q 0 0 0 rg BT 121.74 266.25 Td (W) Tj ET Q q 0 0 0 rg BT 130.38 266.25 Td (arranty ) Tj ET Q q 0 0 0 rg BT 160.53 266.25 Td (\(HBL) Tj ET Q q 0 0 0 rg BT 187.56 266.25 Td (W\), ) Tj ET Q q 0 0 0 rg BT 209.10 266.25 Td (and ) Tj ET Q q 0 0 0 rg BT 225.38 266.25 Td (our ) Tj ET Q q 0 0 0 rg BT 240.54 266.25 Td (30-year ) Tj ET Q q 0 0 0 rg BT 272.92 266.25 Td (\(of) Tj ET Q q 0 0 0 rg BT 284.40 266.25 Td (fered ) Tj ET Q q 0 0 0 rg BT 306.77 266.25 Td (on ) Tj ET Q q 0 0 0 rg BT 318.61 266.25 Td (all ) Tj ET Q q 0 0 0 rg BT 330.44 266.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 358.39 266.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 376.89 266.25 Td (after ) Tj ET Q q 0 0 0 rg BT 396.64 266.25 Td (April ) Tj ET Q q 0 0 0 rg BT 419.59 266.25 Td (25, ) Tj ET Q q 0 0 0 rg BT 433.92 266.25 Td (1998 ) Tj ET Q q 0 0 0 rg BT 455.76 266.25 Td (and ) Tj ET Q q 0 0 0 rg BT 472.04 266.25 Td (on ) Tj ET Q q 0 0 0 rg BT 483.88 266.25 Td (or ) Tj ET Q q 0 0 0 rg BT 494.04 266.25 Td (before ) Tj ET Q q 0 0 0 rg BT 521.42 266.25 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 59.62 254.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 82.24 254.25 Td (in ) Tj ET Q q 0 0 0 rg BT 92.64 254.25 Td (all ) Tj ET Q q 0 0 0 rg BT 105.25 254.25 Td (of ) Tj ET Q q 0 0 0 rg BT 116.20 254.25 Td (our ) Tj ET Q q 0 0 0 rg BT 132.15 254.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 166.43 254.25 Td (except ) Tj ET Q q 0 0 0 rg BT 195.14 254.25 Td (our ) Tj ET Q q 0 0 0 rg BT 210.90 254.25 Td (T) Tj ET Q q 0 0 0 rg BT 216.31 254.25 Td (exas ) Tj ET Q q 0 0 0 rg BT 236.70 254.25 Td (markets\), ) Tj ET Q q 0 0 0 rg BT 276.80 254.25 Td (15-year ) Tj ET Q q 0 0 0 rg BT 309.96 254.25 Td (\(of) Tj ET Q q 0 0 0 rg BT 321.44 254.25 Td (fered ) Tj ET Q q 0 0 0 rg BT 344.60 254.25 Td (on ) Tj ET Q q 0 0 0 rg BT 357.22 254.25 Td (all ) Tj ET Q q 0 0 0 rg BT 369.83 254.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 398.56 254.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 417.85 254.25 Td (after ) Tj ET Q q 0 0 0 rg BT 438.78 254.25 Td (December ) Tj ET Q q 0 0 0 rg BT 482.49 254.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 492.61 254.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 515.23 254.25 Td (in ) Tj ET Q q 0 0 0 rg BT 525.62 254.25 Td (all ) Tj ET Q q 0 0 0 rg BT 538.24 254.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 254.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 83.41 242.25 Td (except ) Tj ET Q q 0 0 0 rg BT 111.76 242.25 Td (our ) Tj ET Q q 0 0 0 rg BT 127.19 242.25 Td (T) Tj ET Q q 0 0 0 rg BT 132.60 242.25 Td (exas ) Tj ET Q q 0 0 0 rg BT 152.62 242.25 Td (markets\) ) Tj ET Q q 0 0 0 rg BT 189.87 242.25 Td (or ) Tj ET Q q 0 0 0 rg BT 200.45 242.25 Td (10-year ) Tj ET Q q 0 0 0 rg BT 233.25 242.25 Td (\(of) Tj ET Q q 0 0 0 rg BT 244.73 242.25 Td (fered ) Tj ET Q q 0 0 0 rg BT 267.52 242.25 Td (on ) Tj ET Q q 0 0 0 rg BT 279.78 242.25 Td (all ) Tj ET Q q 0 0 0 rg BT 292.03 242.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 320.40 242.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 339.32 242.25 Td (in ) Tj ET Q q 0 0 0 rg BT 349.36 242.25 Td (our ) Tj ET Q q 0 0 0 rg BT 364.78 242.25 Td (T) Tj ET Q q 0 0 0 rg BT 370.19 242.25 Td (exas ) Tj ET Q q 0 0 0 rg BT 390.22 242.25 Td (markets\) ) Tj ET Q q 0 0 0 rg BT 427.46 242.25 Td (transferable ) Tj ET Q q 0 0 0 rg BT 476.91 242.25 Td (structural ) Tj ET Q q 0 0 0 rg BT 516.93 242.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 554.73 242.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 74.77 230.25 Td (Liabilities ) Tj ET Q q 0 0 0 rg BT 117.82 230.25 Td (on ) Tj ET Q q 0 0 0 rg BT 130.32 230.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.03 230.25 Td (Company) Tj ET Q q 0 0 0 rg BT 186.70 230.25 Td (s ) Tj ET Q q 0 0 0 rg BT 193.09 230.25 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 237.24 230.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 284.18 230.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 339.46 230.25 Td (Balance ) Tj ET Q q 0 0 0 rg BT 374.16 230.25 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 405.27 230.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.70 208.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 103.89 208.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 138.30 208.25 Td (for ) Tj ET Q q 0 0 0 rg BT 151.61 208.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.48 208.25 Td (HBL) Tj ET Q q 0 0 0 rg BT 184.74 208.25 Td (W) Tj ET Q q 0 0 0 rg BT 194.00 208.25 Td ( ) Tj ET Q q 0 0 0 rg BT 195.65 208.25 Td (are ) Tj ET Q q 0 0 0 rg BT 209.51 208.25 Td (established ) Tj ET Q q 0 0 0 rg BT 255.60 208.25 Td (as ) Tj ET Q q 0 0 0 rg BT 265.58 208.25 Td (a ) Tj ET Q q 0 0 0 rg BT 271.67 208.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 316.63 208.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.61 208.25 Td (average ) Tj ET Q q 0 0 0 rg BT 359.35 208.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 380.44 208.25 Td (price ) Tj ET Q q 0 0 0 rg BT 402.08 208.25 Td (and ) Tj ET Q q 0 0 0 rg BT 418.17 208.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 453.15 208.25 Td (based ) Tj ET Q q 0 0 0 rg BT 477.57 208.25 Td (on ) Tj ET Q q 0 0 0 rg BT 489.22 208.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 528.08 208.25 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.25 Td (patterns ) Tj ET Q q 0 0 0 rg BT 84.50 196.25 Td (determined, ) Tj ET Q q 0 0 0 rg BT 135.33 196.25 Td (generally) Tj ET Q q 0 0 0 rg BT 171.88 196.25 Td (, ) Tj ET Q q 0 0 0 rg BT 177.73 196.25 Td (by ) Tj ET Q q 0 0 0 rg BT 191.08 196.25 Td (geographic ) Tj ET Q q 0 0 0 rg BT 238.85 196.25 Td (area ) Tj ET Q q 0 0 0 rg BT 258.84 196.25 Td (and ) Tj ET Q q 0 0 0 rg BT 276.63 196.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 304.40 196.25 Td (trends. ) Tj ET Q q 0 0 0 rg BT 334.68 196.25 Td ( ) Tj ET Q q 0 0 0 rg BT 338.03 196.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 370.82 196.25 Td (that ) Tj ET Q q 0 0 0 rg BT 389.16 196.25 Td (are ) Tj ET Q q 0 0 0 rg BT 404.71 196.25 Td (given ) Tj ET Q q 0 0 0 rg BT 430.28 196.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 487.50 196.25 Td (in ) Tj ET Q q 0 0 0 rg BT 498.62 196.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 550.29 196.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.25 Td (HBL) Tj ET Q q 0 0 0 rg BT 68.76 184.25 Td (W) Tj ET Q q 0 0 0 rg BT 78.02 184.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.50 184.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 115.75 184.25 Td (include: ) Tj ET Q q 0 0 0 rg BT 150.44 184.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 164.59 184.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.29 184.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 218.99 184.25 Td (range ) Tj ET Q q 0 0 0 rg BT 243.68 184.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.50 184.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 290.87 184.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 310.57 184.25 Td (per ) Tj ET Q q 0 0 0 rg BT 325.82 184.25 Td (average ) Tj ET Q q 0 0 0 rg BT 359.39 184.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 381.32 184.25 Td (price ) Tj ET Q q 0 0 0 rg BT 403.79 184.25 Td (on ) Tj ET Q q 0 0 0 rg BT 416.27 184.25 Td (a ) Tj ET Q q 0 0 0 rg BT 423.20 184.25 Td (home; ) Tj ET Q q 0 0 0 rg BT 450.68 184.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 464.82 184.25 Td (type ) Tj ET Q q 0 0 0 rg BT 484.52 184.25 Td (and ) Tj ET Q q 0 0 0 rg BT 501.45 184.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 519.49 184.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.31 184.25 Td (amenity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.25 Td (packages ) Tj ET Q q 0 0 0 rg BT 88.89 172.25 Td (added ) Tj ET Q q 0 0 0 rg BT 115.50 172.25 Td (to ) Tj ET Q q 0 0 0 rg BT 126.02 172.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.98 172.25 Td (home; ) Tj ET Q q 0 0 0 rg BT 168.72 172.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 183.12 172.25 Td (any ) Tj ET Q q 0 0 0 rg BT 200.30 172.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 238.57 172.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 292.41 172.25 Td (not ) Tj ET Q q 0 0 0 rg BT 307.93 172.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 353.98 172.25 Td (to ) Tj ET Q q 0 0 0 rg BT 364.50 172.25 Td (be ) Tj ET Q q 0 0 0 rg BT 376.68 172.25 Td (normal ) Tj ET Q q 0 0 0 rg BT 407.75 172.25 Td (and ) Tj ET Q q 0 0 0 rg BT 424.93 172.25 Td (recurring; ) Tj ET Q q 0 0 0 rg BT 467.09 172.25 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 481.49 172.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 510.35 172.25 Td (of ) Tj ET Q q 0 0 0 rg BT 521.42 172.25 Td (payments; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.25 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 63.77 160.25 Td (improvements ) Tj ET Q q 0 0 0 rg BT 123.60 160.25 Td (in ) Tj ET Q q 0 0 0 rg BT 133.99 160.25 Td (quality ) Tj ET Q q 0 0 0 rg BT 164.38 160.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.33 160.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 227.38 160.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 265.52 160.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.92 160.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 305.74 160.25 Td (future ) Tj ET Q q 0 0 0 rg BT 332.23 160.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 370.39 160.25 Td (expenditures; ) Tj ET Q q 0 0 0 rg BT 426.87 160.25 Td (and ) Tj ET Q q 0 0 0 rg BT 443.93 160.25 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 458.20 160.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 502.48 160.25 Td (that ) Tj ET Q q 0 0 0 rg BT 520.09 160.25 Td (may ) Tj ET Q q 0 0 0 rg BT 539.92 160.25 Td (af) Tj ET Q q 0 0 0 rg BT 547.51 160.25 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.94 148.25 Td (projects ) Tj ET Q q 0 0 0 rg BT 114.83 148.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.50 148.25 Td (require ) Tj ET Q q 0 0 0 rg BT 164.05 148.25 Td (a ) Tj ET Q q 0 0 0 rg BT 171.72 148.25 Td (dif) Tj ET Q q 0 0 0 rg BT 182.65 148.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 209.20 148.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 255.74 148.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.30 148.25 Td (average ) Tj ET Q q 0 0 0 rg BT 301.62 148.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 324.29 148.25 Td (price ) Tj ET Q q 0 0 0 rg BT 347.52 148.25 Td (for ) Tj ET Q q 0 0 0 rg BT 362.41 148.25 Td (those ) Tj ET Q q 0 0 0 rg BT 386.75 148.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 421.08 148.25 Td (projects. ) Tj ET Q q 0 0 0 rg BT 458.47 148.25 Td ( ) Tj ET Q q 0 0 0 rg BT 461.71 148.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 499.38 148.25 Td (in ) Tj ET Q q 0 0 0 rg BT 510.39 148.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 550.84 148.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 95.49 136.25 Td (occur ) Tj ET Q q 0 0 0 rg BT 122.04 136.25 Td (due ) Tj ET Q q 0 0 0 rg BT 140.82 136.25 Td (to ) Tj ET Q q 0 0 0 rg BT 152.95 136.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 189.50 136.25 Td (in ) Tj ET Q q 0 0 0 rg BT 201.62 136.25 Td (the ) Tj ET Q q 0 0 0 rg BT 218.18 136.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 259.74 136.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 298.52 136.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 346.16 136.25 Td (and ) Tj ET Q q 0 0 0 rg BT 364.94 136.25 Td (dif) Tj ET Q q 0 0 0 rg BT 375.87 136.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 413.52 136.25 Td (between ) Tj ET Q q 0 0 0 rg BT 451.18 136.25 Td (the ) Tj ET Q q 0 0 0 rg BT 467.74 136.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 495.96 136.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 534.74 136.25 Td (pattern ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 100.02 124.25 Td (during ) Tj ET Q q 0 0 0 rg BT 128.34 124.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.78 124.25 Td (period ) Tj ET Q q 0 0 0 rg BT 170.54 124.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.20 124.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.63 124.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 241.06 124.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 277.71 124.25 Td (pattern ) Tj ET Q q 0 0 0 rg BT 307.69 124.25 Td (used ) Tj ET Q q 0 0 0 rg BT 328.24 124.25 Td (in ) Tj ET Q q 0 0 0 rg BT 338.23 124.25 Td (our ) Tj ET Q q 0 0 0 rg BT 353.78 124.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 397.64 124.25 Td (of ) Tj ET Q q 0 0 0 rg BT 408.19 124.25 Td (the ) Tj ET Q q 0 0 0 rg BT 422.63 124.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 460.38 124.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 491.46 124.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 524.21 124.25 Td (at ) Tj ET Q q 0 0 0 rg BT 533.65 124.25 Td (the ) Tj ET Q q 0 0 0 rg BT 548.08 124.25 Td (end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 112.25 Td (each ) Tj ET Q q 0 0 0 rg BT 81.15 112.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 108.91 112.25 Td (. ) Tj ET Q q 0 0 0 rg BT 113.91 112.25 Td ( ) Tj ET Q q 0 0 0 rg BT 115.86 112.25 Td (Actual ) Tj ET Q q 0 0 0 rg BT 145.01 112.25 Td (future ) Tj ET Q q 0 0 0 rg BT 171.39 112.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 209.43 112.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 231.93 112.25 Td (could ) Tj ET Q q 0 0 0 rg BT 256.64 112.25 Td (dif) Tj ET Q q 0 0 0 rg BT 267.57 112.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 281.17 112.25 Td (from ) Tj ET Q q 0 0 0 rg BT 303.11 112.25 Td (our ) Tj ET Q q 0 0 0 rg BT 318.94 112.25 Td (current ) Tj ET Q q 0 0 0 rg BT 349.75 112.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 390.57 112.25 Td (amount.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.64 90.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 105.77 90.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 141.12 90.25 Td (for ) Tj ET Q q 0 0 0 rg BT 155.38 90.25 Td (our ) Tj ET Q q 0 0 0 rg BT 171.30 90.25 Td (transferable ) Tj ET Q q 0 0 0 rg BT 221.08 90.25 Td (structural ) Tj ET Q q 0 0 0 rg BT 261.44 90.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 299.57 90.25 Td (programs ) Tj ET Q q 0 0 0 rg BT 339.93 90.25 Td (are ) Tj ET Q q 0 0 0 rg BT 354.72 90.25 Td (established ) Tj ET Q q 0 0 0 rg BT 401.75 90.25 Td (on ) Tj ET Q q 0 0 0 rg BT 414.34 90.25 Td (a ) Tj ET Q q 0 0 0 rg BT 421.37 90.25 Td (per) Tj ET Q q 0 0 0 rg BT 433.94 90.25 Td (-unit ) Tj ET Q q 0 0 0 rg BT 455.42 90.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 480.51 90.25 Td ( ) Tj ET Q q 0 0 0 rg BT 482.92 90.25 Td (While ) Tj ET Q q 0 0 0 rg BT 509.94 90.25 Td (the ) Tj ET Q q 0 0 0 rg BT 524.75 90.25 Td (structural ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 87.23 78.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 118.29 78.25 Td (is ) Tj ET Q q 0 0 0 rg BT 127.16 78.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 164.33 78.25 Td (as ) Tj ET Q q 0 0 0 rg BT 174.85 78.25 Td (each ) Tj ET Q q 0 0 0 rg BT 195.36 78.25 Td (house ) Tj ET Q q 0 0 0 rg BT 220.89 78.25 Td (closes, ) Tj ET Q q 0 0 0 rg BT 250.02 78.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.43 78.25 Td (suf) Tj ET Q q 0 0 0 rg BT 276.48 78.25 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 310.87 78.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.40 78.25 Td (the ) Tj ET Q q 0 0 0 rg BT 335.81 78.25 Td (structural ) Tj ET Q q 0 0 0 rg BT 375.77 78.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 413.50 78.25 Td (per ) Tj ET Q q 0 0 0 rg BT 428.46 78.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 446.21 78.25 Td (char) Tj ET Q q 0 0 0 rg BT 463.24 78.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 474.87 78.25 Td (and ) Tj ET Q q 0 0 0 rg BT 491.51 78.25 Td (total ) Tj ET Q q 0 0 0 rg BT 511.48 78.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 542.54 78.25 Td (is ) Tj ET Q q 0 0 0 rg BT 551.40 78.25 Td (re-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 90.28 66.25 Td (on ) Tj ET Q q 0 0 0 rg BT 102.74 66.25 Td (an ) Tj ET Q q 0 0 0 rg BT 114.65 66.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 143.77 66.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 168.73 66.25 Td (with ) Tj ET Q q 0 0 0 rg BT 188.98 66.25 Td (the ) Tj ET Q q 0 0 0 rg BT 203.66 66.25 Td (assistance ) Tj ET Q q 0 0 0 rg BT 246.11 66.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.91 66.25 Td (an ) Tj ET Q q 0 0 0 rg BT 268.81 66.25 Td (actuary) Tj ET Q q 0 0 0 rg BT 297.59 66.25 Td (, ) Tj ET Q q 0 0 0 rg BT 302.55 66.25 Td (using ) Tj ET Q q 0 0 0 rg BT 326.69 66.25 Td (our ) Tj ET Q q 0 0 0 rg BT 342.48 66.25 Td (own ) Tj ET Q q 0 0 0 rg BT 362.17 66.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 401.85 66.25 Td (data ) Tj ET Q q 0 0 0 rg BT 420.97 66.25 Td (and ) Tj ET Q q 0 0 0 rg BT 437.87 66.25 Td (trends, ) Tj ET Q q 0 0 0 rg BT 467.28 66.25 Td (industry-wide ) Tj ET Q q 0 0 0 rg BT 525.29 66.25 Td (historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 54.25 Td (data ) Tj ET Q q 0 0 0 rg BT 68.44 54.25 Td (and ) Tj ET Q q 0 0 0 rg BT 85.15 54.25 Td (trends, ) Tj ET Q q 0 0 0 rg BT 114.37 54.25 Td (and ) Tj ET Q q 0 0 0 rg BT 131.09 54.25 Td (other ) Tj ET Q q 0 0 0 rg BT 153.92 54.25 Td (project ) Tj ET Q q 0 0 0 rg BT 183.96 54.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 217.34 54.25 Td (factors. ) Tj ET Q q 0 0 0 rg BT 249.32 54.25 Td ( ) Tj ET Q q 0 0 0 rg BT 251.44 54.25 Td (The ) Tj ET Q q 0 0 0 rg BT 269.27 54.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 304.31 54.25 Td (are ) Tj ET Q q 0 0 0 rg BT 318.79 54.25 Td (also ) Tj ET Q q 0 0 0 rg BT 337.18 54.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 377.77 54.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 416.15 54.25 Td (and ) Tj ET Q q 0 0 0 rg BT 432.87 54.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 468.47 54.25 Td (if ) Tj ET Q q 0 0 0 rg BT 476.86 54.25 Td (we ) Tj ET Q q 0 0 0 rg BT 490.80 54.25 Td (encounter ) Tj ET Q q 0 0 0 rg BT 532.50 54.25 Td (activity ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.76 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 77.70 740.10 Td (inconsistent ) Tj ET Q q 0 0 0 rg BT 128.74 740.10 Td (with ) Tj ET Q q 0 0 0 rg BT 149.78 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.27 740.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 205.75 740.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 252.31 740.10 Td (used ) Tj ET Q q 0 0 0 rg BT 273.91 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.95 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.44 740.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 330.36 740.10 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 368.34 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 371.37 740.10 Td (These ) Tj ET Q q 0 0 0 rg BT 398.52 740.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 434.54 740.10 Td (are ) Tj ET Q q 0 0 0 rg BT 450.02 740.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 481.61 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 492.65 740.10 Td (variability ) Tj ET Q q 0 0 0 rg BT 537.02 740.10 Td (due ) Tj ET Q q 0 0 0 rg BT 554.72 740.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 103.57 728.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 144.88 728.10 Td (structural ) Tj ET Q q 0 0 0 rg BT 185.63 728.10 Td (defect ) Tj ET Q q 0 0 0 rg BT 213.04 728.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 242.12 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 256.77 728.10 Td (products ) Tj ET Q q 0 0 0 rg BT 294.19 728.10 Td (we ) Tj ET Q q 0 0 0 rg BT 308.84 728.10 Td (build, ) Tj ET Q q 0 0 0 rg BT 334.88 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.09 728.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 384.73 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.49 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 422.92 728.10 Td (we ) Tj ET Q q 0 0 0 rg BT 437.56 728.10 Td (build, ) Tj ET Q q 0 0 0 rg BT 463.60 728.10 Td (claim ) Tj ET Q q 0 0 0 rg BT 488.80 728.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 532.89 728.10 Td (history) Tj ET Q q 0 0 0 rg BT 560.02 728.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 90.32 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.25 716.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 129.19 716.10 Td (interpretations, ) Tj ET Q q 0 0 0 rg BT 191.95 716.10 Td (among ) Tj ET Q q 0 0 0 rg BT 221.66 716.10 Td (other ) Tj ET Q q 0 0 0 rg BT 244.71 716.10 Td (factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (While ) Tj ET Q q 0 0 0 rg BT 76.45 694.10 Td (we ) Tj ET Q q 0 0 0 rg BT 90.63 694.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 122.02 694.10 Td (that ) Tj ET Q q 0 0 0 rg BT 139.53 694.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.38 694.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 193.43 694.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 228.71 694.10 Td (are ) Tj ET Q q 0 0 0 rg BT 243.43 694.10 Td (suf) Tj ET Q q 0 0 0 rg BT 255.47 694.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 283.53 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.83 694.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 318.55 694.10 Td (our ) Tj ET Q q 0 0 0 rg BT 334.40 694.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 374.12 694.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 399.13 694.10 Td (there ) Tj ET Q q 0 0 0 rg BT 421.64 694.10 Td (can ) Tj ET Q q 0 0 0 rg BT 438.03 694.10 Td (be ) Tj ET Q q 0 0 0 rg BT 449.99 694.10 Td (no ) Tj ET Q q 0 0 0 rg BT 462.50 694.10 Td (assurances ) Tj ET Q q 0 0 0 rg BT 507.78 694.10 Td (that ) Tj ET Q q 0 0 0 rg BT 525.29 694.10 Td (historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (data ) Tj ET Q q 0 0 0 rg BT 68.66 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 85.59 682.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 112.53 682.10 Td (will ) Tj ET Q q 0 0 0 rg BT 130.59 682.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 174.17 682.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 204.43 682.10 Td (our ) Tj ET Q q 0 0 0 rg BT 220.26 682.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 246.63 682.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 284.67 682.10 Td (costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.67 660.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 98.39 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.22 660.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 147.25 660.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 179.74 660.10 Td (for ) Tj ET Q q 0 0 0 rg BT 193.90 660.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.62 660.10 Td (three ) Tj ET Q q 0 0 0 rg BT 231.11 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.04 660.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 267.76 660.10 Td (months ) Tj ET Q q 0 0 0 rg BT 299.71 660.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 326.09 660.10 Td (September ) Tj ET Q q 0 0 0 rg BT 371.35 660.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 386.35 660.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 408.85 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.79 660.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.79 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 448.29 660.10 Td (is ) Tj ET Q q 0 0 0 rg BT 457.46 660.10 Td (as ) Tj ET Q q 0 0 0 rg BT 468.29 660.10 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 628.6 m 379 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 628.6 m 386 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 628.6 m 439 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 628.6 m 449 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 628.6 m 502 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 628.6 m 509 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 628.6 m 562 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 628.6 m 502 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 617.6 m 502 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 628.6 m 509 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 617.6 m 509 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 628.6 m 562 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 617.6 m 562 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 617.6 m 326 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 617.6 m 379 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 617.6 m 386 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 617.6 m 439 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 617.6 m 449 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 617.6 m 502 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 617.6 m 509 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 617.6 m 562 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 562.6 m 326 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 551.6 m 326 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 562.6 m 379 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 551.6 m 379 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 562.6 m 386 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 551.6 m 386 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 562.6 m 439 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 551.6 m 439 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 562.6 m 449 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 551.6 m 449 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 562.6 m 502 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 551.6 m 502 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 562.6 m 509 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 551.6 m 509 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 562.6 m 562 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 551.6 m 562 551.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 640.83 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 632.83 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 640.83 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 632.83 Td (September 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 620.55 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 620.55 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.00 620.68 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 620.55 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.00 620.68 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 620.55 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 609.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.73 609.55 Td (arranty ) Tj ET Q q 0 0 0 rg BT 83.06 609.55 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 113.27 609.55 Td (beginning ) Tj ET Q q 0 0 0 rg BT 147.27 609.55 Td (of ) Tj ET Q q 0 0 0 rg BT 155.93 609.55 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 609.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 609.68 Td (15,815) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 609.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 609.55 Td (10,638) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 609.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 609.68 Td (14,281) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 609.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 609.55 Td (12,671) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 598.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.73 598.55 Td (arranty ) Tj ET Q q 0 0 0 rg BT 83.06 598.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 110.83 598.55 Td (on ) Tj ET Q q 0 0 0 rg BT 120.83 598.55 Td (homes ) Tj ET Q q 0 0 0 rg BT 143.71 598.55 Td (delivered ) Tj ET Q q 0 0 0 rg BT 175.48 598.55 Td (during ) Tj ET Q q 0 0 0 rg BT 198.36 598.55 Td (the ) Tj ET Q q 0 0 0 rg BT 210.14 598.55 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 598.68 Td (2,755) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 598.55 Td (2,263) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 598.68 Td (7,276) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 598.55 Td (5,847) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 587.55 Td (Changes ) Tj ET Q q 0 0 0 rg BT 81.05 587.55 Td (in ) Tj ET Q q 0 0 0 rg BT 89.27 587.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 121.04 587.55 Td (for ) Tj ET Q q 0 0 0 rg BT 132.37 587.55 Td (pre-existing ) Tj ET Q q 0 0 0 rg BT 172.58 587.55 Td (warranties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 587.68 Td (526) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 587.55 Td (905) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 587.68 Td (563) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 587.55 Td (1,580) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 576.55 Td (Char) Tj ET Q q 0 0 0 rg BT 66.91 576.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 79.57 576.55 Td (related ) Tj ET Q q 0 0 0 rg BT 103.33 576.55 Td (to ) Tj ET Q q 0 0 0 rg BT 111.55 576.55 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 158.42 576.55 Td (claims ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 181.30 580.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 576.68 Td (14,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 576.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 576.68 Td (19,409) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 576.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 565.55 Td (Settlements ) Tj ET Q q 0 0 0 rg BT 90.83 565.55 Td (made ) Tj ET Q q 0 0 0 rg BT 110.15 565.55 Td (during ) Tj ET Q q 0 0 0 rg BT 133.04 565.55 Td (the ) Tj ET Q q 0 0 0 rg BT 144.81 565.55 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.10 565.68 Td (\(5,658) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 565.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.10 565.55 Td (\(3,328) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 565.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.10 565.68 Td (\(13,591) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.80 565.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 565.55 Td (\(9,620) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 565.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 554.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.41 554.55 Td (arranty ) Tj ET Q q 0 0 0 rg BT 83.06 554.55 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 113.27 554.55 Td (end ) Tj ET Q q 0 0 0 rg BT 126.82 554.55 Td (of ) Tj ET Q q 0 0 0 rg BT 135.48 554.55 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 554.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 554.68 Td (27,938) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 554.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 554.55 Td (10,478) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 554.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 554.68 Td (27,938) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 554.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 554.55 Td (10,478) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 536.50 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 536.50 Td (Estimated ) Tj ET Q q 0 0 0 rg BT 101.49 536.50 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 148.36 536.50 Td (claim ) Tj ET Q q 0 0 0 rg BT 168.13 536.50 Td (costs, ) Tj ET Q q 0 0 0 rg BT 188.13 536.50 Td (as ) Tj ET Q q 0 0 0 rg BT 196.79 536.50 Td (described ) Tj ET Q q 0 0 0 rg BT 229.44 536.50 Td (below) Tj ET Q q 0 0 0 rg BT 248.47 536.50 Td (, ) Tj ET Q q 0 0 0 rg BT 252.47 536.50 Td (have ) Tj ET Q q 0 0 0 rg BT 269.57 536.50 Td (been ) Tj ET Q q 0 0 0 rg BT 286.68 536.50 Td (included ) Tj ET Q q 0 0 0 rg BT 316.22 536.50 Td (in ) Tj ET Q q 0 0 0 rg BT 324.45 536.50 Td (warranty ) Tj ET Q q 0 0 0 rg BT 354.88 536.50 Td (accruals.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.50 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 512.50 Td (e ) Tj ET Q q 0 0 0 rg BT 64.66 512.50 Td (have ) Tj ET Q q 0 0 0 rg BT 85.62 512.50 Td (received ) Tj ET Q q 0 0 0 rg BT 121.56 512.50 Td (claims ) Tj ET Q q 0 0 0 rg BT 149.75 512.50 Td (related ) Tj ET Q q 0 0 0 rg BT 179.03 512.50 Td (to ) Tj ET Q q 0 0 0 rg BT 188.89 512.50 Td (stucco ) Tj ET Q q 0 0 0 rg BT 216.52 512.50 Td (installation ) Tj ET Q q 0 0 0 rg BT 263.04 512.50 Td (from ) Tj ET Q q 0 0 0 rg BT 284.56 512.50 Td (homeowners ) Tj ET Q q 0 0 0 rg BT 337.74 512.50 Td (in ) Tj ET Q q 0 0 0 rg BT 347.60 512.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 376.88 512.50 Td (of ) Tj ET Q q 0 0 0 rg BT 387.29 512.50 Td (our ) Tj ET Q q 0 0 0 rg BT 402.70 512.50 Td (communities ) Tj ET Q q 0 0 0 rg BT 456.45 512.50 Td (in ) Tj ET Q q 0 0 0 rg BT 466.31 512.50 Td (our ) Tj ET Q q 0 0 0 rg BT 481.57 512.50 Td (T) Tj ET Q q 0 0 0 rg BT 486.98 512.50 Td (ampa ) Tj ET Q q 0 0 0 rg BT 510.71 512.50 Td (and ) Tj ET Q q 0 0 0 rg BT 527.23 512.50 Td (Orlando, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.50 Td (Florida ) Tj ET Q q 0 0 0 rg BT 80.68 500.50 Td (markets ) Tj ET Q q 0 0 0 rg BT 114.63 500.50 Td (and ) Tj ET Q q 0 0 0 rg BT 131.36 500.50 Td (have ) Tj ET Q q 0 0 0 rg BT 152.53 500.50 Td (been ) Tj ET Q q 0 0 0 rg BT 173.70 500.50 Td (named ) Tj ET Q q 0 0 0 rg BT 202.64 500.50 Td (as ) Tj ET Q q 0 0 0 rg BT 213.27 500.50 Td (a ) Tj ET Q q 0 0 0 rg BT 220.00 500.50 Td (defendant ) Tj ET Q q 0 0 0 rg BT 261.71 500.50 Td (in ) Tj ET Q q 0 0 0 rg BT 271.79 500.50 Td (legal ) Tj ET Q q 0 0 0 rg BT 293.51 500.50 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 344.12 500.50 Td (initiated ) Tj ET Q q 0 0 0 rg BT 379.18 500.50 Td (by ) Tj ET Q q 0 0 0 rg BT 391.47 500.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 420.97 500.50 Td (of ) Tj ET Q q 0 0 0 rg BT 431.59 500.50 Td (such ) Tj ET Q q 0 0 0 rg BT 452.21 500.50 Td (homeowners. ) Tj ET Q q 0 0 0 rg BT 508.10 500.50 Td ( ) Tj ET Q q 0 0 0 rg BT 510.23 500.50 Td (These ) Tj ET Q q 0 0 0 rg BT 536.40 500.50 Td (claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.21 488.50 Td (relate ) Tj ET Q q 0 0 0 rg BT 113.91 488.50 Td (to ) Tj ET Q q 0 0 0 rg BT 124.19 488.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 152.80 488.50 Td (built ) Tj ET Q q 0 0 0 rg BT 173.64 488.50 Td (prior ) Tj ET Q q 0 0 0 rg BT 195.57 488.50 Td (to ) Tj ET Q q 0 0 0 rg BT 205.85 488.50 Td (2014 ) Tj ET Q q 0 0 0 rg BT 228.35 488.50 Td (which ) Tj ET Q q 0 0 0 rg BT 255.29 488.50 Td (have ) Tj ET Q q 0 0 0 rg BT 276.67 488.50 Td (second ) Tj ET Q q 0 0 0 rg BT 306.94 488.50 Td (story ) Tj ET Q q 0 0 0 rg BT 329.44 488.50 Td (elevations ) Tj ET Q q 0 0 0 rg BT 372.48 488.50 Td (with ) Tj ET Q q 0 0 0 rg BT 392.76 488.50 Td (frame ) Tj ET Q q 0 0 0 rg BT 418.57 488.50 Td (construction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.50 Td (Through ) Tj ET Q q 0 0 0 rg BT 85.53 464.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 109.63 464.50 Td (we ) Tj ET Q q 0 0 0 rg BT 122.88 464.50 Td (repaired ) Tj ET Q q 0 0 0 rg BT 157.23 464.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 186.03 464.50 Td (of ) Tj ET Q q 0 0 0 rg BT 195.95 464.50 Td (the ) Tj ET Q q 0 0 0 rg BT 209.76 464.50 Td (identified ) Tj ET Q q 0 0 0 rg BT 249.68 464.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 277.38 464.50 Td (and ) Tj ET Q q 0 0 0 rg BT 293.41 464.50 Td (accrued ) Tj ET Q q 0 0 0 rg BT 326.09 464.50 Td (for ) Tj ET Q q 0 0 0 rg BT 339.34 464.50 Td (the ) Tj ET Q q 0 0 0 rg BT 353.15 464.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 393.07 464.50 Td (future ) Tj ET Q q 0 0 0 rg BT 418.54 464.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 436.24 464.50 Td (of ) Tj ET Q q 0 0 0 rg BT 446.17 464.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 474.97 464.50 Td (for ) Tj ET Q q 0 0 0 rg BT 488.22 464.50 Td (the ) Tj ET Q q 0 0 0 rg BT 502.03 464.50 Td (other ) Tj ET Q q 0 0 0 rg BT 524.18 464.50 Td (identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 77.88 452.50 Td (on ) Tj ET Q q 0 0 0 rg BT 90.16 452.50 Td (which ) Tj ET Q q 0 0 0 rg BT 116.87 452.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 146.35 452.50 Td (had ) Tj ET Q q 0 0 0 rg BT 163.06 452.50 Td (yet ) Tj ET Q q 0 0 0 rg BT 177.56 452.50 Td (to ) Tj ET Q q 0 0 0 rg BT 187.61 452.50 Td (be ) Tj ET Q q 0 0 0 rg BT 199.32 452.50 Td (completed. ) Tj ET Q q 0 0 0 rg BT 245.75 452.50 Td ( ) Tj ET Q q 0 0 0 rg BT 247.86 452.50 Td (The ) Tj ET Q q 0 0 0 rg BT 265.68 452.50 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 306.81 452.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 342.98 452.50 Td (of ) Tj ET Q q 0 0 0 rg BT 353.58 452.50 Td (such ) Tj ET Q q 0 0 0 rg BT 374.18 452.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 399.77 452.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 422.05 452.50 Td (and ) Tj ET Q q 0 0 0 rg BT 438.76 452.50 Td (accruals ) Tj ET Q q 0 0 0 rg BT 473.79 452.50 Td (were ) Tj ET Q q 0 0 0 rg BT 495.49 452.50 Td (not ) Tj ET Q q 0 0 0 rg BT 510.55 452.50 Td (material, ) Tj ET Q q 0 0 0 rg BT 548.08 452.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.50 Td (the ) Tj ET Q q 0 0 0 rg BT 64.38 440.50 Td (reserve ) Tj ET Q q 0 0 0 rg BT 95.91 440.50 Td (for ) Tj ET Q q 0 0 0 rg BT 110.23 440.50 Td (identified ) Tj ET Q q 0 0 0 rg BT 151.22 440.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 179.99 440.50 Td (in ) Tj ET Q q 0 0 0 rg BT 190.43 440.50 Td (need ) Tj ET Q q 0 0 0 rg BT 211.97 440.50 Td (of ) Tj ET Q q 0 0 0 rg BT 222.97 440.50 Td (more ) Tj ET Q q 0 0 0 rg BT 246.18 440.50 Td (than ) Tj ET Q q 0 0 0 rg BT 266.06 440.50 Td (minor ) Tj ET Q q 0 0 0 rg BT 292.61 440.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 318.59 440.50 Td (at ) Tj ET Q q 0 0 0 rg BT 328.47 440.50 Td (December ) Tj ET Q q 0 0 0 rg BT 372.21 440.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 387.38 440.50 Td (2015 ) Tj ET Q q 0 0 0 rg BT 410.04 440.50 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.26 440.50 Td ($0.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 440.50 Td (. ) Tj ET Q q 0 0 0 rg BT 482.31 440.50 Td (During ) Tj ET Q q 0 0 0 rg BT 513.31 440.50 Td (the ) Tj ET Q q 0 0 0 rg BT 528.19 440.50 Td (first ) Tj ET Q q 0 0 0 rg BT 546.96 440.50 Td (half ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.50 Td (of ) Tj ET Q q 0 0 0 rg BT 59.52 428.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 83.71 428.50 Td (we ) Tj ET Q q 0 0 0 rg BT 97.06 428.50 Td (received ) Tj ET Q q 0 0 0 rg BT 132.62 428.50 Td (an ) Tj ET Q q 0 0 0 rg BT 143.75 428.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 183.19 428.50 Td (number ) Tj ET Q q 0 0 0 rg BT 215.43 428.50 Td (of ) Tj ET Q q 0 0 0 rg BT 225.45 428.50 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 283.22 428.50 Td (claims ) Tj ET Q q 0 0 0 rg BT 311.01 428.50 Td (in ) Tj ET Q q 0 0 0 rg BT 320.48 428.50 Td (our ) Tj ET Q q 0 0 0 rg BT 335.50 428.50 Td (Florida ) Tj ET Q q 0 0 0 rg BT 366.08 428.50 Td (communities, ) Tj ET Q q 0 0 0 rg BT 421.93 428.50 Td (and ) Tj ET Q q 0 0 0 rg BT 438.06 428.50 Td (we ) Tj ET Q q 0 0 0 rg BT 451.41 428.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 488.08 428.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 529.76 428.50 Td (accruals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.50 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.46 416.50 Td ($4.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.35 416.50 Td ( ) Tj ET Q q 0 0 0 rg BT 133.76 416.50 Td (as ) Tj ET Q q 0 0 0 rg BT 144.50 416.50 Td (a ) Tj ET Q q 0 0 0 rg BT 151.34 416.50 Td (change ) Tj ET Q q 0 0 0 rg BT 182.06 416.50 Td (in ) Tj ET Q q 0 0 0 rg BT 192.25 416.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 227.98 416.50 Td (to ) Tj ET Q q 0 0 0 rg BT 238.16 416.50 Td (our ) Tj ET Q q 0 0 0 rg BT 253.90 416.50 Td (warranty ) Tj ET Q q 0 0 0 rg BT 291.84 416.50 Td (reserves ) Tj ET Q q 0 0 0 rg BT 327.01 416.50 Td (for ) Tj ET Q q 0 0 0 rg BT 341.08 416.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 369.59 416.50 Td (that ) Tj ET Q q 0 0 0 rg BT 387.00 416.50 Td (we ) Tj ET Q q 0 0 0 rg BT 401.06 416.50 Td (identified ) Tj ET Q q 0 0 0 rg BT 441.79 416.50 Td (during ) Tj ET Q q 0 0 0 rg BT 470.31 416.50 Td (this ) Tj ET Q q 0 0 0 rg BT 487.16 416.50 Td (period ) Tj ET Q q 0 0 0 rg BT 515.12 416.50 Td (as ) Tj ET Q q 0 0 0 rg BT 525.85 416.50 Td (requiring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.50 Td (more ) Tj ET Q q 0 0 0 rg BT 73.08 404.50 Td (than ) Tj ET Q q 0 0 0 rg BT 93.34 404.50 Td (minor ) Tj ET Q q 0 0 0 rg BT 120.26 404.50 Td (repairs. ) Tj ET Q q 0 0 0 rg BT 152.34 404.50 Td (At ) Tj ET Q q 0 0 0 rg BT 165.37 404.50 Td (June30, ) Tj ET Q q 0 0 0 rg BT 201.74 404.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 227.28 404.50 Td (the ) Tj ET Q q 0 0 0 rg BT 242.53 404.50 Td (remaining ) Tj ET Q q 0 0 0 rg BT 286.11 404.50 Td (reserve ) Tj ET Q q 0 0 0 rg BT 318.01 404.50 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.60 404.50 Td ($2.9 ) Tj ET Q q 0 0 0 rg BT 357.14 404.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.03 404.50 Td (, ) Tj ET Q q 0 0 0 rg BT 391.57 404.50 Td (covering ) Tj ET Q q 0 0 0 rg BT 429.59 404.50 Td (the ) Tj ET Q q 0 0 0 rg BT 444.85 404.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 486.20 404.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 512.56 404.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 535.59 404.50 Td (for ) Tj ET Q q 0 0 0 rg BT 550.29 404.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.50 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.23 392.50 Td (178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.23 392.50 Td ( ) Tj ET Q q 0 0 0 rg BT 126.20 392.50 Td (identified ) Tj ET Q q 0 0 0 rg BT 166.49 392.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 194.57 392.50 Td (on ) Tj ET Q q 0 0 0 rg BT 206.55 392.50 Td (which ) Tj ET Q q 0 0 0 rg BT 232.96 392.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 262.13 392.50 Td (had ) Tj ET Q q 0 0 0 rg BT 278.54 392.50 Td (yet ) Tj ET Q q 0 0 0 rg BT 292.73 392.50 Td (to ) Tj ET Q q 0 0 0 rg BT 302.48 392.50 Td (be ) Tj ET Q q 0 0 0 rg BT 313.89 392.50 Td (completed. ) Tj ET Q q 0 0 0 rg BT 360.02 392.50 Td ( ) Tj ET Q q 0 0 0 rg BT 361.84 392.50 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.36 392.50 Td ($2.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.25 392.50 Td ( ) Tj ET Q q 0 0 0 rg BT 430.23 392.50 Td (remaining ) Tj ET Q q 0 0 0 rg BT 472.74 392.50 Td (reserve ) Tj ET Q q 0 0 0 rg BT 503.58 392.50 Td (did ) Tj ET Q q 0 0 0 rg BT 518.33 392.50 Td (not ) Tj ET Q q 0 0 0 rg BT 533.08 392.50 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.50 Td (any ) Tj ET Q q 0 0 0 rg BT 66.44 380.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 102.26 380.50 Td (of ) Tj ET Q q 0 0 0 rg BT 113.09 380.50 Td (the ) Tj ET Q q 0 0 0 rg BT 127.81 380.50 Td (future ) Tj ET Q q 0 0 0 rg BT 154.18 380.50 Td (stucco ) Tj ET Q q 0 0 0 rg BT 182.23 380.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 208.04 380.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 230.54 380.50 Td (for ) Tj ET Q q 0 0 0 rg BT 244.71 380.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 273.31 380.50 Td (for ) Tj ET Q q 0 0 0 rg BT 287.47 380.50 Td (which ) Tj ET Q q 0 0 0 rg BT 314.41 380.50 Td (we ) Tj ET Q q 0 0 0 rg BT 328.57 380.50 Td (had ) Tj ET Q q 0 0 0 rg BT 345.51 380.50 Td (not ) Tj ET Q q 0 0 0 rg BT 360.79 380.50 Td (received ) Tj ET Q q 0 0 0 rg BT 397.15 380.50 Td (claims. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.50 Td (During ) Tj ET Q q 0 0 0 rg BT 80.31 356.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 356.50 Td (third ) Tj ET Q q 0 0 0 rg BT 116.36 356.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 147.16 356.50 Td (of ) Tj ET Q q 0 0 0 rg BT 157.96 356.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.96 356.50 Td (, ) Tj ET Q q 0 0 0 rg BT 182.94 356.50 Td (we ) Tj ET Q q 0 0 0 rg BT 197.08 356.50 Td (continued ) Tj ET Q q 0 0 0 rg BT 238.99 356.50 Td (to ) Tj ET Q q 0 0 0 rg BT 249.24 356.50 Td (receive ) Tj ET Q q 0 0 0 rg BT 280.58 356.50 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 339.14 356.50 Td (claims ) Tj ET Q q 0 0 0 rg BT 367.72 356.50 Td (for ) Tj ET Q q 0 0 0 rg BT 381.86 356.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 410.44 356.50 Td (in ) Tj ET Q q 0 0 0 rg BT 420.70 356.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 450.38 356.50 Td (of ) Tj ET Q q 0 0 0 rg BT 461.19 356.50 Td (our ) Tj ET Q q 0 0 0 rg BT 476.99 356.50 Td (Florida ) Tj ET Q q 0 0 0 rg BT 508.36 356.50 Td (communities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.50 Td (identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 344.50 Td (199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.44 344.50 Td ( ) Tj ET Q q 0 0 0 rg BT 106.07 344.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 147.68 344.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 175.41 344.50 Td (that ) Tj ET Q q 0 0 0 rg BT 192.03 344.50 Td (require ) Tj ET Q q 0 0 0 rg BT 221.97 344.50 Td (more ) Tj ET Q q 0 0 0 rg BT 244.14 344.50 Td (than ) Tj ET Q q 0 0 0 rg BT 262.98 344.50 Td (minor ) Tj ET Q q 0 0 0 rg BT 288.49 344.50 Td (stucco ) Tj ET Q q 0 0 0 rg BT 315.66 344.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 344.49 344.50 Td (and ) Tj ET Q q 0 0 0 rg BT 360.55 344.50 Td (completed ) Tj ET Q q 0 0 0 rg BT 403.83 344.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 432.66 344.50 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.28 344.50 Td (1) Tj ET Q q 0 0 0 rg BT 448.91 344.50 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.91 344.50 Td ( ) Tj ET Q q 0 0 0 rg BT 460.54 344.50 Td (homes. ) Tj ET Q q 0 0 0 rg BT 490.65 344.50 Td (W) Tj ET Q q 0 0 0 rg BT 499.29 344.50 Td (e ) Tj ET Q q 0 0 0 rg BT 505.35 344.50 Td (also ) Tj ET Q q 0 0 0 rg BT 523.08 344.50 Td (continued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.50 Td (to ) Tj ET Q q 0 0 0 rg BT 59.89 332.50 Td (review ) Tj ET Q q 0 0 0 rg BT 89.71 332.50 Td (the ) Tj ET Q q 0 0 0 rg BT 104.54 332.50 Td (stucco ) Tj ET Q q 0 0 0 rg BT 132.69 332.50 Td (issues ) Tj ET Q q 0 0 0 rg BT 159.20 332.50 Td (and ) Tj ET Q q 0 0 0 rg BT 176.25 332.50 Td (to ) Tj ET Q q 0 0 0 rg BT 186.64 332.50 Td (collect ) Tj ET Q q 0 0 0 rg BT 215.90 332.50 Td (and ) Tj ET Q q 0 0 0 rg BT 232.95 332.50 Td (analyze ) Tj ET Q q 0 0 0 rg BT 266.09 332.50 Td (information ) Tj ET Q q 0 0 0 rg BT 315.92 332.50 Td (to ) Tj ET Q q 0 0 0 rg BT 326.30 332.50 Td (enable ) Tj ET Q q 0 0 0 rg BT 355.01 332.50 Td (us ) Tj ET Q q 0 0 0 rg BT 366.51 332.50 Td (to ) Tj ET Q q 0 0 0 rg BT 376.90 332.50 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 422.83 332.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 458.76 332.50 Td (the ) Tj ET Q q 0 0 0 rg BT 473.59 332.50 Td (overall ) Tj ET Q q 0 0 0 rg BT 503.96 332.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 522.68 332.50 Td (of ) Tj ET Q q 0 0 0 rg BT 533.63 332.50 Td (stucco-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.50 Td (related ) Tj ET Q q 0 0 0 rg BT 78.72 320.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 107.95 320.50 Td (to ) Tj ET Q q 0 0 0 rg BT 117.75 320.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 145.88 320.50 Td (in ) Tj ET Q q 0 0 0 rg BT 155.68 320.50 Td (our ) Tj ET Q q 0 0 0 rg BT 171.03 320.50 Td (Florida ) Tj ET Q q 0 0 0 rg BT 201.93 320.50 Td (communities. ) Tj ET Q q 0 0 0 rg BT 258.12 320.50 Td ( ) Tj ET Q q 0 0 0 rg BT 260.14 320.50 Td (During ) Tj ET Q q 0 0 0 rg BT 290.49 320.50 Td (the ) Tj ET Q q 0 0 0 rg BT 304.72 320.50 Td (course ) Tj ET Q q 0 0 0 rg BT 332.84 320.50 Td (of ) Tj ET Q q 0 0 0 rg BT 343.19 320.50 Td (our ) Tj ET Q q 0 0 0 rg BT 358.54 320.50 Td (review) Tj ET Q q 0 0 0 rg BT 385.10 320.50 Td (, ) Tj ET Q q 0 0 0 rg BT 389.62 320.50 Td (we ) Tj ET Q q 0 0 0 rg BT 403.30 320.50 Td (analyzed ) Tj ET Q q 0 0 0 rg BT 440.86 320.50 Td (a ) Tj ET Q q 0 0 0 rg BT 447.31 320.50 Td (number ) Tj ET Q q 0 0 0 rg BT 479.88 320.50 Td (of ) Tj ET Q q 0 0 0 rg BT 490.23 320.50 Td (factors, ) Tj ET Q q 0 0 0 rg BT 521.96 320.50 Td (including: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.48 308.50 Td (the ) Tj ET Q q 0 0 0 rg BT 78.01 308.50 Td (date ) Tj ET Q q 0 0 0 rg BT 96.98 308.50 Td (of ) Tj ET Q q 0 0 0 rg BT 107.63 308.50 Td (delivery ) Tj ET Q q 0 0 0 rg BT 142.71 308.50 Td (of ) Tj ET Q q 0 0 0 rg BT 153.35 308.50 Td (each ) Tj ET Q q 0 0 0 rg BT 173.98 308.50 Td (home ) Tj ET Q q 0 0 0 rg BT 198.52 308.50 Td (in ) Tj ET Q q 0 0 0 rg BT 208.61 308.50 Td (our ) Tj ET Q q 0 0 0 rg BT 224.26 308.50 Td (Florida ) Tj ET Q q 0 0 0 rg BT 255.46 308.50 Td (communities ) Tj ET Q q 0 0 0 rg BT 309.43 308.50 Td (and ) Tj ET Q q 0 0 0 rg BT 326.19 308.50 Td (the ) Tj ET Q q 0 0 0 rg BT 340.72 308.50 Td (expiration ) Tj ET Q q 0 0 0 rg BT 383.58 308.50 Td (date ) Tj ET Q q 0 0 0 rg BT 402.55 308.50 Td (of ) Tj ET Q q 0 0 0 rg BT 413.20 308.50 Td (the ) Tj ET Q q 0 0 0 rg BT 427.73 308.50 Td (10-year ) Tj ET Q q 0 0 0 rg BT 460.58 308.50 Td (statutory ) Tj ET Q q 0 0 0 rg BT 497.89 308.50 Td (period ) Tj ET Q q 0 0 0 rg BT 525.76 308.50 Td (of ) Tj ET Q q 0 0 0 rg BT 536.40 308.50 Td (repose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.50 Td (and ) Tj ET Q q 0 0 0 rg BT 66.47 296.50 Td (contractual ) Tj ET Q q 0 0 0 rg BT 113.43 296.50 Td (warranty ) Tj ET Q q 0 0 0 rg BT 151.50 296.50 Td (period ) Tj ET Q q 0 0 0 rg BT 179.58 296.50 Td (with ) Tj ET Q q 0 0 0 rg BT 199.90 296.50 Td (respect ) Tj ET Q q 0 0 0 rg BT 230.75 296.50 Td (to ) Tj ET Q q 0 0 0 rg BT 241.06 296.50 Td (each ) Tj ET Q q 0 0 0 rg BT 261.91 296.50 Td (such ) Tj ET Q q 0 0 0 rg BT 282.78 296.50 Td (home; ) Tj ET Q q 0 0 0 rg BT 310.31 296.50 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 324.51 296.50 Td (the ) Tj ET Q q 0 0 0 rg BT 339.26 296.50 Td (number ) Tj ET Q q 0 0 0 rg BT 372.34 296.50 Td (of ) Tj ET Q q 0 0 0 rg BT 383.21 296.50 Td (each ) Tj ET Q q 0 0 0 rg BT 404.06 296.50 Td (type ) Tj ET Q q 0 0 0 rg BT 423.81 296.50 Td (of ) Tj ET Q q 0 0 0 rg BT 434.68 296.50 Td (home ) Tj ET Q q 0 0 0 rg BT 459.43 296.50 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 480.01 296.50 Td (one ) Tj ET Q q 0 0 0 rg BT 496.99 296.50 Td (story) Tj ET Q q 0 0 0 rg BT 516.34 296.50 Td (, ) Tj ET Q q 0 0 0 rg BT 521.37 296.50 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 536.41 296.50 Td (stories ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.50 Td (or ) Tj ET Q q 0 0 0 rg BT 60.29 284.50 Td (2 ) Tj ET Q q 0 0 0 rg BT 67.76 284.50 Td (stories\); ) Tj ET Q q 0 0 0 rg BT 102.44 284.50 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 116.57 284.50 Td (our ) Tj ET Q q 0 0 0 rg BT 132.36 284.50 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 190.91 284.50 Td (claims ) Tj ET Q q 0 0 0 rg BT 219.47 284.50 Td (experience ) Tj ET Q q 0 0 0 rg BT 265.24 284.50 Td (with ) Tj ET Q q 0 0 0 rg BT 285.48 284.50 Td (respect ) Tj ET Q q 0 0 0 rg BT 316.26 284.50 Td (to ) Tj ET Q q 0 0 0 rg BT 326.51 284.50 Td (each ) Tj ET Q q 0 0 0 rg BT 347.29 284.50 Td (type ) Tj ET Q q 0 0 0 rg BT 366.97 284.50 Td (of ) Tj ET Q q 0 0 0 rg BT 377.76 284.50 Td (home ) Tj ET Q q 0 0 0 rg BT 402.44 284.50 Td (and ) Tj ET Q q 0 0 0 rg BT 419.35 284.50 Td (each ) Tj ET Q q 0 0 0 rg BT 440.13 284.50 Td (individual ) Tj ET Q q 0 0 0 rg BT 483.14 284.50 Td (community; ) Tj ET Q q 0 0 0 rg BT 533.94 284.50 Td (and ) Tj ET Q q 0 0 0 rg BT 550.84 284.50 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.50 Td (other ) Tj ET Q q 0 0 0 rg BT 72.55 272.50 Td (relevant ) Tj ET Q q 0 0 0 rg BT 107.25 272.50 Td (factors ) Tj ET Q q 0 0 0 rg BT 136.96 272.50 Td (and ) Tj ET Q q 0 0 0 rg BT 153.89 272.50 Td (observations ) Tj ET Q q 0 0 0 rg BT 206.94 272.50 Td (gained ) Tj ET Q q 0 0 0 rg BT 236.10 272.50 Td (from ) Tj ET Q q 0 0 0 rg BT 258.04 272.50 Td (the ) Tj ET Q q 0 0 0 rg BT 272.75 272.50 Td (field. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.50 Td (Based ) Tj ET Q q 0 0 0 rg BT 75.61 248.50 Td (on ) Tj ET Q q 0 0 0 rg BT 87.28 248.50 Td (the ) Tj ET Q q 0 0 0 rg BT 101.16 248.50 Td (progress ) Tj ET Q q 0 0 0 rg BT 136.71 248.50 Td (of ) Tj ET Q q 0 0 0 rg BT 146.71 248.50 Td (our ) Tj ET Q q 0 0 0 rg BT 161.71 248.50 Td (review ) Tj ET Q q 0 0 0 rg BT 190.59 248.50 Td (and ) Tj ET Q q 0 0 0 rg BT 206.69 248.50 Td (analysis, ) Tj ET Q q 0 0 0 rg BT 243.08 248.50 Td (we ) Tj ET Q q 0 0 0 rg BT 256.41 248.50 Td (believe ) Tj ET Q q 0 0 0 rg BT 286.95 248.50 Td (that ) Tj ET Q q 0 0 0 rg BT 303.61 248.50 Td (we ) Tj ET Q q 0 0 0 rg BT 316.94 248.50 Td (have ) Tj ET Q q 0 0 0 rg BT 337.49 248.50 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 389.69 248.50 Td (an ) Tj ET Q q 0 0 0 rg BT 400.79 248.50 Td (adequate ) Tj ET Q q 0 0 0 rg BT 437.99 248.50 Td (understanding ) Tj ET Q q 0 0 0 rg BT 496.32 248.50 Td (of, ) Tj ET Q q 0 0 0 rg BT 508.82 248.50 Td (and ) Tj ET Q q 0 0 0 rg BT 524.92 248.50 Td (suf) Tj ET Q q 0 0 0 rg BT 536.97 248.50 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.50 Td (experience ) Tj ET Q q 0 0 0 rg BT 95.49 236.50 Td (with, ) Tj ET Q q 0 0 0 rg BT 118.46 236.50 Td (the ) Tj ET Q q 0 0 0 rg BT 133.37 236.50 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 192.15 236.50 Td (issues ) Tj ET Q q 0 0 0 rg BT 218.73 236.50 Td (to ) Tj ET Q q 0 0 0 rg BT 229.20 236.50 Td (enable ) Tj ET Q q 0 0 0 rg BT 257.99 236.50 Td (us ) Tj ET Q q 0 0 0 rg BT 269.57 236.50 Td (to ) Tj ET Q q 0 0 0 rg BT 280.04 236.50 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 326.05 236.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 362.07 236.50 Td (the ) Tj ET Q q 0 0 0 rg BT 376.98 236.50 Td (overall ) Tj ET Q q 0 0 0 rg BT 407.43 236.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 426.23 236.50 Td (of ) Tj ET Q q 0 0 0 rg BT 437.26 236.50 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 496.03 236.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 525.93 236.50 Td (to ) Tj ET Q q 0 0 0 rg BT 536.40 236.50 Td (homes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.50 Td (in ) Tj ET Q q 0 0 0 rg BT 59.68 224.50 Td (our ) Tj ET Q q 0 0 0 rg BT 75.41 224.50 Td (Florida ) Tj ET Q q 0 0 0 rg BT 106.70 224.50 Td (communities. ) Tj ET Q q 0 0 0 rg BT 163.26 224.50 Td ( ) Tj ET Q q 0 0 0 rg BT 165.14 224.50 Td (As ) Tj ET Q q 0 0 0 rg BT 178.65 224.50 Td (a ) Tj ET Q q 0 0 0 rg BT 185.49 224.50 Td (result, ) Tj ET Q q 0 0 0 rg BT 212.61 224.50 Td (during ) Tj ET Q q 0 0 0 rg BT 241.12 224.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.74 224.50 Td (third ) Tj ET Q q 0 0 0 rg BT 277.03 224.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 307.75 224.50 Td (of ) Tj ET Q q 0 0 0 rg BT 318.48 224.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.48 224.50 Td (, ) Tj ET Q q 0 0 0 rg BT 343.38 224.50 Td (we ) Tj ET Q q 0 0 0 rg BT 357.45 224.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 394.82 224.50 Td (an ) Tj ET Q q 0 0 0 rg BT 406.67 224.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 449.06 224.50 Td (accrual ) Tj ET Q q 0 0 0 rg BT 480.32 224.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.05 224.50 Td ($14.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.95 224.50 Td ( ) Tj ET Q q 0 0 0 rg BT 547.35 224.50 Td (as ) Tj ET Q q 0 0 0 rg BT 558.08 224.50 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.50 Td (change ) Tj ET Q q 0 0 0 rg BT 80.44 212.50 Td (in ) Tj ET Q q 0 0 0 rg BT 90.85 212.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 126.79 212.50 Td (to ) Tj ET Q q 0 0 0 rg BT 137.20 212.50 Td (our ) Tj ET Q q 0 0 0 rg BT 153.15 212.50 Td (warranty ) Tj ET Q q 0 0 0 rg BT 191.32 212.50 Td (reserves ) Tj ET Q q 0 0 0 rg BT 226.70 212.50 Td (for ) Tj ET Q q 0 0 0 rg BT 240.99 212.50 Td (the ) Tj ET Q q 0 0 0 rg BT 255.83 212.50 Td (overall ) Tj ET Q q 0 0 0 rg BT 286.22 212.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 304.95 212.50 Td (of ) Tj ET Q q 0 0 0 rg BT 315.91 212.50 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 374.61 212.50 Td (repairs. ) Tj ET Q q 0 0 0 rg BT 406.95 212.50 Td ( ) Tj ET Q q 0 0 0 rg BT 408.99 212.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.62 212.50 Td (September30, ) Tj ET Q q 0 0 0 rg BT 482.01 212.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.01 212.50 Td (, ) Tj ET Q q 0 0 0 rg BT 507.14 212.50 Td (the ) Tj ET Q q 0 0 0 rg BT 521.98 212.50 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.50 Td (reserve ) Tj ET Q q 0 0 0 rg BT 80.81 200.50 Td (for ) Tj ET Q q 0 0 0 rg BT 94.92 200.50 Td (the ) Tj ET Q q 0 0 0 rg BT 109.58 200.50 Td (overall ) Tj ET Q q 0 0 0 rg BT 139.78 200.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 158.34 200.50 Td (of ) Tj ET Q q 0 0 0 rg BT 169.11 200.50 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 227.63 200.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 257.28 200.50 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.28 200.50 Td ($15.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.17 200.50 Td (. ) Tj ET Q q 0 0 0 rg BT 334.11 200.50 Td ( ) Tj ET Q q 0 0 0 rg BT 336.38 200.50 Td (This ) Tj ET Q q 0 0 0 rg BT 356.60 200.50 Td (remaining ) Tj ET Q q 0 0 0 rg BT 399.59 200.50 Td (reserve ) Tj ET Q q 0 0 0 rg BT 430.90 200.50 Td (represents ) Tj ET Q q 0 0 0 rg BT 473.88 200.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 487.99 200.50 Td (our ) Tj ET Q q 0 0 0 rg BT 503.76 200.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 539.52 200.50 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 200.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.50 Td (stucco ) Tj ET Q q 0 0 0 rg BT 77.61 188.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 103.50 188.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 126.06 188.50 Td (for ) Tj ET Q q 0 0 0 rg BT 140.29 188.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.08 188.50 Td (265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.08 188.50 Td ( ) Tj ET Q q 0 0 0 rg BT 172.64 188.50 Td (identified ) Tj ET Q q 0 0 0 rg BT 213.53 188.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 242.21 188.50 Td (in ) Tj ET Q q 0 0 0 rg BT 252.55 188.50 Td (our ) Tj ET Q q 0 0 0 rg BT 268.45 188.50 Td (Florida ) Tj ET Q q 0 0 0 rg BT 299.90 188.50 Td (communities ) Tj ET Q q 0 0 0 rg BT 354.13 188.50 Td (on ) Tj ET Q q 0 0 0 rg BT 366.70 188.50 Td (which ) Tj ET Q q 0 0 0 rg BT 393.71 188.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 423.48 188.50 Td (have ) Tj ET Q q 0 0 0 rg BT 444.92 188.50 Td (not ) Tj ET Q q 0 0 0 rg BT 460.27 188.50 Td (yet ) Tj ET Q q 0 0 0 rg BT 475.05 188.50 Td ( ) Tj ET Q q 0 0 0 rg BT 477.62 188.50 Td (been ) Tj ET Q q 0 0 0 rg BT 499.07 188.50 Td (completed ) Tj ET Q q 0 0 0 rg BT 543.28 188.50 Td (as ) Tj ET Q q 0 0 0 rg BT 554.18 188.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.50 Td (September30, ) Tj ET Q q 0 0 0 rg BT 110.27 176.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.27 176.50 Td ( ) Tj ET Q q 0 0 0 rg BT 133.28 176.50 Td (and ) Tj ET Q q 0 0 0 rg BT 150.72 176.50 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 165.39 176.50 Td (our ) Tj ET Q q 0 0 0 rg BT 181.73 176.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 218.05 176.50 Td (of ) Tj ET Q q 0 0 0 rg BT 229.39 176.50 Td (the ) Tj ET Q q 0 0 0 rg BT 244.61 176.50 Td (stucco ) Tj ET Q q 0 0 0 rg BT 273.17 176.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 299.49 176.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 322.50 176.50 Td (for ) Tj ET Q q 0 0 0 rg BT 337.16 176.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 366.28 176.50 Td (in ) Tj ET Q q 0 0 0 rg BT 377.06 176.50 Td (our ) Tj ET Q q 0 0 0 rg BT 393.40 176.50 Td (Florida ) Tj ET Q q 0 0 0 rg BT 425.29 176.50 Td (communities ) Tj ET Q q 0 0 0 rg BT 479.96 176.50 Td (that ) Tj ET Q q 0 0 0 rg BT 497.96 176.50 Td (we ) Tj ET Q q 0 0 0 rg BT 512.63 176.50 Td (have ) Tj ET Q q 0 0 0 rg BT 534.51 176.50 Td (not ) Tj ET Q q 0 0 0 rg BT 550.30 176.50 Td (yet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.50 Td (identified ) Tj ET Q q 0 0 0 rg BT 90.32 164.50 Td (as ) Tj ET Q q 0 0 0 rg BT 101.15 164.50 Td (needing ) Tj ET Q q 0 0 0 rg BT 135.31 164.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 165.01 164.50 Td (but ) Tj ET Q q 0 0 0 rg BT 180.29 164.50 Td (that ) Tj ET Q q 0 0 0 rg BT 197.79 164.50 Td (may ) Tj ET Q q 0 0 0 rg BT 217.50 164.50 Td (require ) Tj ET Q q 0 0 0 rg BT 248.32 164.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 278.03 164.50 Td (in ) Tj ET Q q 0 0 0 rg BT 288.30 164.50 Td (the ) Tj ET Q q 0 0 0 rg BT 303.02 164.50 Td (future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.01 140.50 Td (review ) Tj ET Q q 0 0 0 rg BT 98.17 140.50 Td (of ) Tj ET Q q 0 0 0 rg BT 109.46 140.50 Td (the ) Tj ET Q q 0 0 0 rg BT 124.63 140.50 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 183.67 140.50 Td (issues ) Tj ET Q q 0 0 0 rg BT 210.52 140.50 Td (in ) Tj ET Q q 0 0 0 rg BT 221.25 140.50 Td (our ) Tj ET Q q 0 0 0 rg BT 237.54 140.50 Td (Florida ) Tj ET Q q 0 0 0 rg BT 269.38 140.50 Td (communities ) Tj ET Q q 0 0 0 rg BT 324.00 140.50 Td (is ) Tj ET Q q 0 0 0 rg BT 333.62 140.50 Td (ongoing. ) Tj ET Q q 0 0 0 rg BT 371.86 140.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 390.37 140.50 Td (estimate, ) Tj ET Q q 0 0 0 rg BT 429.14 140.50 Td (as ) Tj ET Q q 0 0 0 rg BT 440.43 140.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.72 140.50 Td (September30, ) Tj ET Q q 0 0 0 rg BT 512.44 140.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.44 140.50 Td (, ) Tj ET Q q 0 0 0 rg BT 537.89 140.50 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 140.50 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.50 Td (overall ) Tj ET Q q 0 0 0 rg BT 80.07 128.50 Td (stucco ) Tj ET Q q 0 0 0 rg BT 108.43 128.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 134.55 128.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 157.36 128.50 Td (is ) Tj ET Q q 0 0 0 rg BT 166.83 128.50 Td (based ) Tj ET Q q 0 0 0 rg BT 192.41 128.50 Td (on ) Tj ET Q q 0 0 0 rg BT 205.22 128.50 Td (our ) Tj ET Q q 0 0 0 rg BT 221.36 128.50 Td (judgment ) Tj ET Q q 0 0 0 rg BT 261.94 128.50 Td (and ) Tj ET Q q 0 0 0 rg BT 279.18 128.50 Td (various ) Tj ET Q q 0 0 0 rg BT 311.43 128.50 Td (assumptions. ) Tj ET Q q 0 0 0 rg BT 366.18 128.50 Td ( ) Tj ET Q q 0 0 0 rg BT 368.99 128.50 Td (Due ) Tj ET Q q 0 0 0 rg BT 388.46 128.50 Td (to ) Tj ET Q q 0 0 0 rg BT 399.05 128.50 Td (the ) Tj ET Q q 0 0 0 rg BT 414.07 128.50 Td (degree ) Tj ET Q q 0 0 0 rg BT 443.52 128.50 Td (of ) Tj ET Q q 0 0 0 rg BT 454.66 128.50 Td (judgment ) Tj ET Q q 0 0 0 rg BT 495.24 128.50 Td (and ) Tj ET Q q 0 0 0 rg BT 512.49 128.50 Td (the ) Tj ET Q q 0 0 0 rg BT 527.51 128.50 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.50 Td (for ) Tj ET Q q 0 0 0 rg BT 63.17 116.50 Td (variability ) Tj ET Q q 0 0 0 rg BT 106.28 116.50 Td (in ) Tj ET Q q 0 0 0 rg BT 116.07 116.50 Td (our ) Tj ET Q q 0 0 0 rg BT 131.41 116.50 Td (underlying ) Tj ET Q q 0 0 0 rg BT 176.75 116.50 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 230.71 116.50 Td (as ) Tj ET Q q 0 0 0 rg BT 241.05 116.50 Td (we ) Tj ET Q q 0 0 0 rg BT 254.72 116.50 Td (obtain ) Tj ET Q q 0 0 0 rg BT 281.72 116.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 323.72 116.50 Td (information, ) Tj ET Q q 0 0 0 rg BT 375.45 116.50 Td (we ) Tj ET Q q 0 0 0 rg BT 389.12 116.50 Td (may ) Tj ET Q q 0 0 0 rg BT 408.34 116.50 Td (revise ) Tj ET Q q 0 0 0 rg BT 434.23 116.50 Td (our ) Tj ET Q q 0 0 0 rg BT 449.57 116.50 Td (estimate, ) Tj ET Q q 0 0 0 rg BT 487.40 116.50 Td (including ) Tj ET Q q 0 0 0 rg BT 527.19 116.50 Td (to ) Tj ET Q q 0 0 0 rg BT 536.98 116.50 Td (reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 91.99 104.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 132.81 104.50 Td (future ) Tj ET Q q 0 0 0 rg BT 159.19 104.50 Td (stucco ) Tj ET Q q 0 0 0 rg BT 187.23 104.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 216.94 104.50 Td (costs, ) Tj ET Q q 0 0 0 rg BT 241.94 104.50 Td (which ) Tj ET Q q 0 0 0 rg BT 268.88 104.50 Td (revision ) Tj ET Q q 0 0 0 rg BT 303.60 104.50 Td (could ) Tj ET Q q 0 0 0 rg BT 328.31 104.50 Td (be ) Tj ET Q q 0 0 0 rg BT 340.25 104.50 Td (material.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.50 Td (During ) Tj ET Q q 0 0 0 rg BT 80.40 82.50 Td (the ) Tj ET Q q 0 0 0 rg BT 95.18 82.50 Td (third ) Tj ET Q q 0 0 0 rg BT 116.63 82.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 147.51 82.50 Td (of ) Tj ET Q q 0 0 0 rg BT 158.40 82.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 183.47 82.50 Td (we ) Tj ET Q q 0 0 0 rg BT 197.69 82.50 Td (also ) Tj ET Q q 0 0 0 rg BT 216.37 82.50 Td (continued ) Tj ET Q q 0 0 0 rg BT 258.37 82.50 Td (our ) Tj ET Q q 0 0 0 rg BT 274.26 82.50 Td (investigation ) Tj ET Q q 0 0 0 rg BT 328.49 82.50 Td (of ) Tj ET Q q 0 0 0 rg BT 339.38 82.50 Td (the ) Tj ET Q q 0 0 0 rg BT 354.16 82.50 Td (extent ) Tj ET Q q 0 0 0 rg BT 381.16 82.50 Td (to ) Tj ET Q q 0 0 0 rg BT 391.50 82.50 Td (which ) Tj ET Q q 0 0 0 rg BT 418.51 82.50 Td (we ) Tj ET Q q 0 0 0 rg BT 432.73 82.50 Td (may ) Tj ET Q q 0 0 0 rg BT 452.51 82.50 Td (be ) Tj ET Q q 0 0 0 rg BT 464.52 82.50 Td (able ) Tj ET Q q 0 0 0 rg BT 483.74 82.50 Td (to ) Tj ET Q q 0 0 0 rg BT 494.08 82.50 Td (recover ) Tj ET Q q 0 0 0 rg BT 526.62 82.50 Td (a ) Tj ET Q q 0 0 0 rg BT 533.63 82.50 Td (portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.50 Td (of ) Tj ET Q q 0 0 0 rg BT 60.23 70.50 Td (our ) Tj ET Q q 0 0 0 rg BT 75.95 70.50 Td (stucco ) Tj ET Q q 0 0 0 rg BT 103.90 70.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 129.61 70.50 Td (and ) Tj ET Q q 0 0 0 rg BT 146.44 70.50 Td (claims ) Tj ET Q q 0 0 0 rg BT 174.94 70.50 Td (handling ) Tj ET Q q 0 0 0 rg BT 212.33 70.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 234.73 70.50 Td (from ) Tj ET Q q 0 0 0 rg BT 256.57 70.50 Td (other ) Tj ET Q q 0 0 0 rg BT 279.51 70.50 Td (sources, ) Tj ET Q q 0 0 0 rg BT 314.40 70.50 Td (including ) Tj ET Q q 0 0 0 rg BT 354.57 70.50 Td (our ) Tj ET Q q 0 0 0 rg BT 370.29 70.50 Td (direct ) Tj ET Q q 0 0 0 rg BT 395.45 70.50 Td (insurers, ) Tj ET Q q 0 0 0 rg BT 432.01 70.50 Td (the ) Tj ET Q q 0 0 0 rg BT 446.62 70.50 Td (subcontractors ) Tj ET Q q 0 0 0 rg BT 507.33 70.50 Td (involved ) Tj ET Q q 0 0 0 rg BT 544.73 70.50 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.50 Td (the ) Tj ET Q q 0 0 0 rg BT 64.26 58.50 Td (construction ) Tj ET Q q 0 0 0 rg BT 116.24 58.50 Td (of ) Tj ET Q q 0 0 0 rg BT 127.11 58.50 Td (the ) Tj ET Q q 0 0 0 rg BT 141.87 58.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 170.53 58.50 Td (and ) Tj ET Q q 0 0 0 rg BT 187.51 58.50 Td (their ) Tj ET Q q 0 0 0 rg BT 208.38 58.50 Td (insurers. ) Tj ET Q q 0 0 0 rg BT 244.52 58.50 Td (As ) Tj ET Q q 0 0 0 rg BT 258.18 58.50 Td (of ) Tj ET Q q 0 0 0 rg BT 269.05 58.50 Td (September ) Tj ET Q q 0 0 0 rg BT 314.36 58.50 Td (30, ) Tj ET Q q 0 0 0 rg BT 329.40 58.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 354.45 58.50 Td (we ) Tj ET Q q 0 0 0 rg BT 368.65 58.50 Td (are ) Tj ET Q q 0 0 0 rg BT 383.40 58.50 Td (unable ) Tj ET Q q 0 0 0 rg BT 412.60 58.50 Td (to ) Tj ET Q q 0 0 0 rg BT 422.92 58.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 458.79 58.50 Td (an ) Tj ET Q q 0 0 0 rg BT 470.77 58.50 Td (amount, ) Tj ET Q q 0 0 0 rg BT 505.81 58.50 Td (if ) Tj ET Q q 0 0 0 rg BT 514.46 58.50 Td (any) Tj ET Q q 0 0 0 rg BT 528.25 58.50 Td (, ) Tj ET Q q 0 0 0 rg BT 533.29 58.50 Td (that ) Tj ET Q q 0 0 0 rg BT 550.83 58.50 Td (we ) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 81.56 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 91.41 740.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 129.59 740.10 Td (that ) Tj ET Q q 0 0 0 rg BT 147.77 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 162.61 740.10 Td (will ) Tj ET Q q 0 0 0 rg BT 181.36 740.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 214.52 740.10 Td (from ) Tj ET Q q 0 0 0 rg BT 237.14 740.10 Td (these ) Tj ET Q q 0 0 0 rg BT 260.87 740.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 294.05 740.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 314.18 740.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 360.73 740.10 Td (, ) Tj ET Q q 0 0 0 rg BT 366.41 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 381.26 740.10 Td (have ) Tj ET Q q 0 0 0 rg BT 403.32 740.10 Td (not ) Tj ET Q q 0 0 0 rg BT 419.29 740.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 457.45 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 465.07 740.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 509.34 740.10 Td (for ) Tj ET Q q 0 0 0 rg BT 524.19 740.10 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 93.08 728.10 Td (nor ) Tj ET Q q 0 0 0 rg BT 108.91 728.10 Td (included ) Tj ET Q q 0 0 0 rg BT 145.85 728.10 Td (an ) Tj ET Q q 0 0 0 rg BT 157.79 728.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 198.61 728.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 231.10 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.93 728.10 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 285.52 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.79 728.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 346.61 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 362.44 728.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 400.48 728.10 Td (reserves.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Performance Bonds and Letters of Credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.05 680.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 122.37 680.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.37 680.10 Td (, ) Tj ET Q q 0 0 0 rg BT 147.42 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.20 680.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 203.64 680.10 Td (had ) Tj ET Q q 0 0 0 rg BT 220.63 680.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 269.85 680.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.16 680.10 Td ($145.8 ) Tj ET Q q 0 0 0 rg BT 360.21 680.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.10 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.66 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.54 680.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 450.09 680.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 476.53 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.52 680.10 Td (standby ) Tj ET Q q 0 0 0 rg BT 527.19 680.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 554.17 680.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (credit, ) Tj ET Q q 0 0 0 rg BT 77.78 668.10 Td (some ) Tj ET Q q 0 0 0 rg BT 101.90 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.24 668.10 Td (which ) Tj ET Q q 0 0 0 rg BT 140.70 668.10 Td (were ) Tj ET Q q 0 0 0 rg BT 163.14 668.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 191.15 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.95 668.10 Td (various ) Tj ET Q q 0 0 0 rg BT 234.40 668.10 Td (local ) Tj ET Q q 0 0 0 rg BT 256.85 668.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 314.84 668.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 346.74 668.10 Td (that ) Tj ET Q q 0 0 0 rg BT 364.75 668.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 392.75 668.10 Td (at ) Tj ET Q q 0 0 0 rg BT 402.98 668.10 Td (various ) Tj ET Q q 0 0 0 rg BT 435.43 668.10 Td (times ) Tj ET Q q 0 0 0 rg BT 460.11 668.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.23 668.10 Td (September ) Tj ET Q q 0 0 0 rg BT 540.01 668.10 Td (2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 668.10 Td (. ) Tj ET Q q 0 0 0 rg BT 565.01 668.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (Included ) Tj ET Q q 0 0 0 rg BT 87.11 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.51 656.10 Td (this ) Tj ET Q q 0 0 0 rg BT 114.58 656.10 Td (total ) Tj ET Q q 0 0 0 rg BT 134.97 656.10 Td (are: ) Tj ET Q q 0 0 0 rg BT 152.58 656.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.86 656.10 Td ($102.1 ) Tj ET Q q 0 0 0 rg BT 196.99 656.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.88 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.50 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.45 656.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 292.60 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.66 656.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 362.81 656.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 389.32 656.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.38 656.10 Td ($29.3 ) Tj ET Q q 0 0 0 rg BT 431.50 656.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.39 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 463.02 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 473.97 656.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 527.11 656.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 554.17 656.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 74.13 644.10 Td (that ) Tj ET Q q 0 0 0 rg BT 91.00 644.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 113.97 644.10 Td (as ) Tj ET Q q 0 0 0 rg BT 124.17 644.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 171.03 644.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 196.79 644.10 Td (for ) Tj ET Q q 0 0 0 rg BT 210.32 644.10 Td (land ) Tj ET Q q 0 0 0 rg BT 229.41 644.10 Td (development ) Tj ET Q q 0 0 0 rg BT 282.93 644.10 Td (work ) Tj ET Q q 0 0 0 rg BT 305.35 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.00 644.10 Td (progress; ) Tj ET Q q 0 0 0 rg BT 353.53 644.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.06 644.10 Td ($7.1 ) Tj ET Q q 0 0 0 rg BT 386.43 644.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.32 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.19 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.39 644.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 464.24 644.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 490.54 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.75 644.10 Td (credit, ) Tj ET Q q 0 0 0 rg BT 527.88 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.08 644.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td ($5.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.89 632.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 140.04 632.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 175.32 632.10 Td (on ) Tj ET Q q 0 0 0 rg BT 187.82 632.10 Td (land ) Tj ET Q q 0 0 0 rg BT 207.53 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.47 632.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 237.53 632.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 275.56 632.10 Td (agreements; ) Tj ET Q q 0 0 0 rg BT 326.38 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.31 632.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.47 632.10 Td ($7.3 ) Tj ET Q q 0 0 0 rg BT 377.47 632.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.37 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.87 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.70 632.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 457.18 632.10 Td (bonds.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (Land Option Contracts and Other Similar Contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.41 584.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 123.09 584.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.09 584.10 Td (, ) Tj ET Q q 0 0 0 rg BT 148.50 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.63 584.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 205.43 584.10 Td (also ) Tj ET Q q 0 0 0 rg BT 224.45 584.10 Td (had ) Tj ET Q q 0 0 0 rg BT 241.80 584.10 Td (options ) Tj ET Q q 0 0 0 rg BT 274.16 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.51 584.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 336.64 584.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 375.09 584.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 423.53 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 434.22 584.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 466.56 584.10 Td (land ) Tj ET Q q 0 0 0 rg BT 486.69 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.04 584.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 548.05 584.10 Td (lots ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.89 572.10 Td (an ) Tj ET Q q 0 0 0 rg BT 81.94 572.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 123.41 572.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 161.56 572.10 Td (price ) Tj ET Q q 0 0 0 rg BT 184.16 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.10 572.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.47 572.10 Td ($589.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.36 572.10 Td (. ) Tj ET Q q 0 0 0 rg BT 319.47 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.08 572.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 360.79 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.74 572.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 414.33 572.10 Td (under ) Tj ET Q q 0 0 0 rg BT 439.71 572.10 Td (these ) Tj ET Q q 0 0 0 rg BT 462.87 572.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 511.01 572.10 Td (is ) Tj ET Q q 0 0 0 rg BT 520.29 572.10 Td (contingent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 72.00 560.10 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 120.04 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.87 560.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 160.57 560.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 215.28 560.10 Td (by ) Tj ET Q q 0 0 0 rg BT 227.78 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.49 560.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 283.88 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.82 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.54 560.10 Td (sellers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (Legal ) Tj ET Q /GS0 gs q 34.17 0 0 9.93 75.33 535.94 cm /I3 Do Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.20 514.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 95.34 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.48 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.07 514.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 141.87 514.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 192.55 514.10 Td (related ) Tj ET Q q 0 0 0 rg BT 222.12 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.27 514.10 Td (stucco, ) Tj ET Q q 0 0 0 rg BT 262.68 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.26 514.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 318.52 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.32 514.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 364.89 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.59 514.10 Td (its ) Tj ET Q q 0 0 0 rg BT 387.41 514.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 436.99 514.10 Td (have ) Tj ET Q q 0 0 0 rg BT 458.23 514.10 Td (been ) Tj ET Q q 0 0 0 rg BT 479.48 514.10 Td (named ) Tj ET Q q 0 0 0 rg BT 508.50 514.10 Td (as ) Tj ET Q q 0 0 0 rg BT 519.20 514.10 Td (defendants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.17 502.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 90.26 502.10 Td (other ) Tj ET Q q 0 0 0 rg BT 113.70 502.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 136.02 502.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 187.22 502.10 Td (which ) Tj ET Q q 0 0 0 rg BT 214.55 502.10 Td (are ) Tj ET Q q 0 0 0 rg BT 229.65 502.10 Td (incidental ) Tj ET Q q 0 0 0 rg BT 271.97 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.64 502.10 Td (our ) Tj ET Q q 0 0 0 rg BT 298.86 502.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 338.14 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.82 502.10 Td (While ) Tj ET Q q 0 0 0 rg BT 368.14 502.10 Td (management ) Tj ET Q q 0 0 0 rg BT 422.12 502.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 461.10 502.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 496.76 502.10 Td (that ) Tj ET Q q 0 0 0 rg BT 514.64 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.75 502.10 Td (ultimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 92.36 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.56 490.10 Td (these ) Tj ET Q q 0 0 0 rg BT 126.97 490.10 Td (other ) Tj ET Q q 0 0 0 rg BT 150.38 490.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 172.68 490.10 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 226.37 490.10 Td (individually ) Tj ET Q q 0 0 0 rg BT 277.56 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.87 490.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.51 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.59 490.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 364.82 490.10 Td (will ) Tj ET Q q 0 0 0 rg BT 383.25 490.10 Td (not ) Tj ET Q q 0 0 0 rg BT 398.89 490.10 Td (have ) Tj ET Q q 0 0 0 rg BT 420.63 490.10 Td (a ) Tj ET Q q 0 0 0 rg BT 427.94 490.10 Td (material ) Tj ET Q q 0 0 0 rg BT 463.56 490.10 Td (ef) Tj ET Q q 0 0 0 rg BT 471.15 490.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 489.00 490.10 Td (on ) Tj ET Q q 0 0 0 rg BT 501.87 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.95 490.10 Td (Company) Tj ET Q q 0 0 0 rg BT 558.62 490.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.41 478.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 123.06 478.10 Td (results ) Tj ET Q q 0 0 0 rg BT 151.09 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.35 478.10 Td (operationsand ) Tj ET Q q 0 0 0 rg BT 221.87 478.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 241.57 478.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 268.21 478.10 Td (such ) Tj ET Q q 0 0 0 rg BT 288.47 478.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 309.83 478.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 360.07 478.10 Td (are ) Tj ET Q q 0 0 0 rg BT 374.20 478.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 404.46 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 414.16 478.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 448.85 478.10 Td (uncertainties. ) Tj ET Q q 0 0 0 rg BT 504.37 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 506.15 478.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.63 478.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (has ) Tj ET Q q 0 0 0 rg BT 65.48 466.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 103.11 466.10 Td (a ) Tj ET Q q 0 0 0 rg BT 110.20 466.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 143.96 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 154.39 466.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 187.59 466.10 Td (for ) Tj ET Q q 0 0 0 rg BT 201.90 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.77 466.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 263.28 466.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 288.44 466.10 Td (including ) Tj ET Q q 0 0 0 rg BT 328.86 466.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 350.95 466.10 Td (defense ) Tj ET Q q 0 0 0 rg BT 384.13 466.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 409.29 466.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 453.03 466.10 Td (with ) Tj ET Q q 0 0 0 rg BT 473.46 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.33 466.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 530.97 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.96 466.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.31 454.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 96.01 454.10 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 150.09 454.10 Td (However) Tj ET Q q 0 0 0 rg BT 186.34 454.10 Td (, ) Tj ET Q q 0 0 0 rg BT 192.10 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.58 454.10 Td (possibility ) Tj ET Q q 0 0 0 rg BT 252.52 454.10 Td (exists ) Tj ET Q q 0 0 0 rg BT 278.56 454.10 Td (that ) Tj ET Q q 0 0 0 rg BT 296.82 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.30 454.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 335.56 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 346.60 454.10 Td (resolve ) Tj ET Q q 0 0 0 rg BT 378.74 454.10 Td (these ) Tj ET Q q 0 0 0 rg BT 402.55 454.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 425.25 454.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 476.83 454.10 Td (could ) Tj ET Q q 0 0 0 rg BT 502.31 454.10 Td (dif) Tj ET Q q 0 0 0 rg BT 513.23 454.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 527.60 454.10 Td (from ) Tj ET Q q 0 0 0 rg BT 550.30 454.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 86.76 442.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 126.26 442.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 145.48 442.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 186.35 442.10 Td (have ) Tj ET Q q 0 0 0 rg BT 207.51 442.10 Td (a ) Tj ET Q q 0 0 0 rg BT 214.23 442.10 Td (material ) Tj ET Q q 0 0 0 rg BT 249.27 442.10 Td (ef) Tj ET Q q 0 0 0 rg BT 256.86 442.10 Td (fecton ) Tj ET Q q 0 0 0 rg BT 286.63 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.13 442.10 Td (Company) Tj ET Q q 0 0 0 rg BT 342.80 442.10 Td (s ) Tj ET Q q 0 0 0 rg BT 348.97 442.10 Td (net ) Tj ET Q q 0 0 0 rg BT 363.47 442.10 Td (income ) Tj ET Q q 0 0 0 rg BT 395.19 442.10 Td (for ) Tj ET Q q 0 0 0 rg BT 409.14 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.64 442.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 455.36 442.10 Td (in ) Tj ET Q q 0 0 0 rg BT 465.42 442.10 Td (which ) Tj ET Q q 0 0 0 rg BT 492.14 442.10 Td (they ) Tj ET Q q 0 0 0 rg BT 511.65 442.10 Td (are ) Tj ET Q q 0 0 0 rg BT 526.14 442.10 Td (resolved. ) Tj ET Q q 0 0 0 rg BT 565.01 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 430.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 122.26 430.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.26 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.76 430.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.70 430.10 Td (December ) Tj ET Q q 0 0 0 rg BT 205.29 430.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 220.29 430.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.29 430.10 Td (, ) Tj ET Q q 0 0 0 rg BT 245.29 430.10 Td (we ) Tj ET Q q 0 0 0 rg BT 259.45 430.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.38 430.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 296.38 430.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.28 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 327.78 430.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.71 430.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 364.71 430.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.61 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 396.11 430.10 Td (reserved ) Tj ET Q q 0 0 0 rg BT 432.47 430.10 Td (for ) Tj ET Q q 0 0 0 rg BT 446.63 430.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 468.57 430.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 509.67 430.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 557.33 430.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 406.10 Td (7. ) Tj ET Q q 0 0 0 rg BT 90.34 406.10 Td (Debt) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.33 384.10 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.59 384.10 Td (- ) Tj ET Q q 0 0 0 rg BT 116.42 384.10 Td (Homebuilding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.83 362.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 93.61 362.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 125.94 362.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 162.16 362.10 Td (for ) Tj ET Q q 0 0 0 rg BT 175.60 362.10 Td (an ) Tj ET Q q 0 0 0 rg BT 186.82 362.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 227.47 362.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 279.80 362.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 311.58 362.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.69 362.10 Td ($400million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.08 362.10 Td (, ) Tj ET Q q 0 0 0 rg BT 377.36 362.10 Td (including ) Tj ET Q q 0 0 0 rg BT 416.92 362.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.14 362.10 Td ($125million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.53 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 476.31 362.10 Td (sub-facility ) Tj ET Q q 0 0 0 rg BT 523.64 362.10 Td (for ) Tj ET Q q 0 0 0 rg BT 537.08 362.10 Td (letters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.39 350.10 Td (credit. ) Tj ET Q q 0 0 0 rg BT 86.10 350.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.20 350.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 129.75 350.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 161.86 350.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 192.30 350.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.85 350.10 Td (October ) Tj ET Q q 0 0 0 rg BT 237.62 350.10 Td (20, ) Tj ET Q q 0 0 0 rg BT 251.68 350.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.68 350.10 Td (. ) Tj ET Q q 0 0 0 rg BT 275.73 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 277.29 350.10 Td (For ) Tj ET Q q 0 0 0 rg BT 292.74 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.52 350.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 336.39 350.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.82 350.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 421.15 350.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 350.10 Td (, ) Tj ET Q q 0 0 0 rg BT 445.20 350.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 476.19 350.10 Td (on ) Tj ET Q q 0 0 0 rg BT 487.75 350.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 523.20 350.10 Td (borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (under ) Tj ET Q q 0 0 0 rg BT 74.43 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 88.81 338.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 115.97 338.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 148.68 338.10 Td (was ) Tj ET Q q 0 0 0 rg BT 166.40 338.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 199.66 338.10 Td (at ) Tj ET Q q 0 0 0 rg BT 209.04 338.10 Td (either ) Tj ET Q q 0 0 0 rg BT 233.96 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.87 338.10 Td (Alternate ) Tj ET Q q 0 0 0 rg BT 287.23 338.10 Td (Base ) Tj ET Q q 0 0 0 rg BT 308.83 338.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 329.32 338.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 348.15 338.10 Td (a ) Tj ET Q q 0 0 0 rg BT 354.75 338.10 Td (mar) Tj ET Q q 0 0 0 rg BT 370.12 338.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 385.06 338.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.56 338.10 Td (175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.56 338.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.72 338.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 434.88 338.10 Td (points, ) Tj ET Q q 0 0 0 rg BT 463.99 338.10 Td (or ) Tj ET Q q 0 0 0 rg BT 474.49 338.10 Td (at ) Tj ET Q q 0 0 0 rg BT 483.87 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.25 338.10 Td (Eurodollar ) Tj ET Q q 0 0 0 rg BT 543.17 338.10 Td (Rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 69.02 326.10 Td (a ) Tj ET Q q 0 0 0 rg BT 76.32 326.10 Td (mar) Tj ET Q q 0 0 0 rg BT 91.68 326.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 107.31 326.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.50 326.10 Td (275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.50 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.35 326.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 159.21 326.10 Td (points. ) Tj ET Q q 0 0 0 rg BT 188.80 326.10 Td (These ) Tj ET Q q 0 0 0 rg BT 215.53 326.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 247.82 326.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 269.55 326.10 Td (are ) Tj ET Q q 0 0 0 rg BT 284.61 326.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 315.79 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.43 326.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 373.16 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.79 326.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 431.09 326.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 463.38 326.10 Td (based ) Tj ET Q q 0 0 0 rg BT 489.00 326.10 Td (on ) Tj ET Q q 0 0 0 rg BT 501.85 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.93 326.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 87.17 314.10 Td (ratio. ) Tj ET Q q 0 0 0 rg BT 111.80 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.33 314.10 Td (The ) Tj ET Q q 0 0 0 rg BT 134.69 314.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 163.49 314.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 197.85 314.10 Td (also ) Tj ET Q q 0 0 0 rg BT 217.77 314.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 254.90 314.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 285.91 314.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.70 314.10 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 370.99 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 373.96 314.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.77 314.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 449.34 314.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.34 314.10 Td (, ) Tj ET Q q 0 0 0 rg BT 475.65 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.67 314.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 534.36 314.10 Td (was ) Tj ET Q q 0 0 0 rg BT 553.72 314.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 98.47 302.10 Td (with ) Tj ET Q q 0 0 0 rg BT 119.13 302.10 Td (all ) Tj ET Q q 0 0 0 rg BT 132.00 302.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 169.87 302.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 212.73 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.94 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.04 302.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 266.92 302.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 296.82 302.10 Td (. ) Tj ET Q q 0 0 0 rg BT 302.20 302.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.45 302.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.33 302.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 377.97 302.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.97 302.10 Td (, ) Tj ET Q q 0 0 0 rg BT 403.35 302.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 447.89 302.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 495.76 302.10 Td (under ) Tj ET Q q 0 0 0 rg BT 521.41 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.51 302.10 Td (Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 82.08 290.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.89 290.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 138.87 290.10 Td (with ) Tj ET Q q 0 0 0 rg BT 158.68 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.93 290.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 216.61 290.10 Td (base ) Tj ET Q q 0 0 0 rg BT 236.41 290.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 282.30 290.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.88 290.10 Td ($536.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.78 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.80 290.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 379.77 290.10 Td (as ) Tj ET Q q 0 0 0 rg BT 390.13 290.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.59 290.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 423.34 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.58 290.10 Td (full ) Tj ET Q q 0 0 0 rg BT 453.50 290.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 485.52 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.88 290.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.12 290.10 Td ($400million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.52 290.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 80.63 278.10 Td (was ) Tj ET Q q 0 0 0 rg BT 98.99 278.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 140.39 278.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.58 278.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.39 278.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 215.96 278.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.96 278.10 Td (, ) Tj ET Q q 0 0 0 rg BT 241.27 278.10 Td (there ) Tj ET Q q 0 0 0 rg BT 264.07 278.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.31 278.10 Td ($85.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.20 278.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.01 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.15 278.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 402.51 278.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 451.99 278.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.24 278.10 Td ($35.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.13 278.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.94 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 537.08 278.10 Td (letters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 266.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 85.59 266.10 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 137.26 266.10 Td (leaving ) Tj ET Q q 0 0 0 rg BT 169.19 266.10 Td (net ) Tj ET Q q 0 0 0 rg BT 183.91 266.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 226.95 266.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 271.11 266.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 318.60 266.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.43 266.10 Td ($279.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.32 266.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.70 244.10 Td (Company) Tj ET Q q 0 0 0 rg BT 109.37 244.10 Td (s ) Tj ET Q q 0 0 0 rg BT 115.92 244.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 163.02 244.10 Td (under ) Tj ET Q q 0 0 0 rg BT 188.45 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.32 244.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 230.97 244.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 264.18 244.10 Td (are ) Tj ET Q q 0 0 0 rg BT 279.05 244.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 325.57 244.10 Td (by ) Tj ET Q q 0 0 0 rg BT 338.23 244.10 Td (all ) Tj ET Q q 0 0 0 rg BT 350.88 244.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.87 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.74 244.10 Td (Company) Tj ET Q q 0 0 0 rg BT 418.41 244.10 Td (s ) Tj ET Q q 0 0 0 rg BT 424.96 244.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 477.33 244.10 Td (with ) Tj ET Q q 0 0 0 rg BT 497.77 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.64 244.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 554.17 244.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 98.49 232.10 Td (that ) Tj ET Q q 0 0 0 rg BT 115.25 232.10 Td (are ) Tj ET Q q 0 0 0 rg BT 129.23 232.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 168.21 232.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 203.30 232.10 Td (in ) Tj ET Q q 0 0 0 rg BT 212.84 232.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.83 232.10 Td (business ) Tj ET Q q 0 0 0 rg BT 262.49 232.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.59 232.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 312.13 232.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 354.16 232.10 Td (title ) Tj ET Q q 0 0 0 rg BT 371.48 232.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 411.57 232.10 Td (or ) Tj ET Q q 0 0 0 rg BT 421.67 232.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 451.21 232.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 487.96 232.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 531.95 232.10 Td (relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.22 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.37 220.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 130.86 220.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.24 220.10 Td (home ) Tj ET Q q 0 0 0 rg BT 171.39 220.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 192.77 220.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 231.09 220.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 260.23 220.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 309.39 220.10 Td (that ) Tj ET Q q 0 0 0 rg BT 326.32 220.10 Td (are ) Tj ET Q q 0 0 0 rg BT 340.47 220.10 Td (not ) Tj ET Q q 0 0 0 rg BT 355.18 220.10 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 410.44 220.10 Td (by ) Tj ET Q q 0 0 0 rg BT 422.38 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.53 220.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 477.36 220.10 Td (or ) Tj ET Q q 0 0 0 rg BT 487.62 220.10 Td (another ) Tj ET Q q 0 0 0 rg BT 519.55 220.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 560.00 220.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.55 208.10 Td (other ) Tj ET Q q 0 0 0 rg BT 89.72 208.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 139.55 208.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 184.93 208.10 Td (by ) Tj ET Q q 0 0 0 rg BT 197.55 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.38 208.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 253.88 208.10 Td (as ) Tj ET Q q 0 0 0 rg BT 264.83 208.10 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 316.87 208.10 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 368.37 208.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 382.65 208.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 415.25 208.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 425.64453125 206.76699218750002 m 457.328125 206.76699218750002 l s q 0 0 1 rg BT 425.64 208.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 447.70 208.10 Td (1) Tj ET Q q 0 0 1 rg BT 452.33 208.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 457.33 208.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 465.77 208.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 496.72 208.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.11 208.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 552.50 208.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.23 196.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 103.60 196.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 135.11 196.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 169.94 196.10 Td (in ) Tj ET Q q 0 0 0 rg BT 179.23 196.10 Td (such ) Tj ET Q q 0 0 0 rg BT 199.08 196.10 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 250.01 196.10 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 300.41 196.10 Td (in ) Tj ET Q q 0 0 0 rg BT 309.70 196.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 356.17 196.10 Td (with ) Tj ET Q q 0 0 0 rg BT 375.46 196.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.19 196.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 412.92 196.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.76 196.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.48 196.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 462.99 196.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 495.05 196.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.00 196.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.73 196.10 Td (indenture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.94 184.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.93 184.10 Td (Company) Tj ET Q q 0 0 0 rg BT 120.60 184.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.27 184.10 Td ($300.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.16 184.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.93 184.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 230.57 184.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 268.89 184.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 301.67 184.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.77 184.10 Td (6.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.60 184.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.38 184.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 370.27 184.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 396.37 184.10 Td (due ) Tj ET Q q 0 0 0 rg BT 413.59 184.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 436.37 184.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 454.69 184.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 481.91 184.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 510.79 184.10 Td (Notes\). ) Tj ET Q q 0 0 0 rg BT 546.97 184.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (guarantors ) Tj ET Q q 0 0 0 rg BT 94.29 172.10 Td (for ) Tj ET Q q 0 0 0 rg BT 108.54 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.35 172.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 150.93 172.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 184.07 172.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 202.21 172.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 249.77 172.10 Td (Subsidiaries\) ) Tj ET Q q 0 0 0 rg BT 309.01 172.10 Td (are ) Tj ET Q q 0 0 0 rg BT 323.81 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.61 172.10 Td (same ) Tj ET Q q 0 0 0 rg BT 361.75 172.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 411.55 172.10 Td (that ) Tj ET Q q 0 0 0 rg BT 429.13 172.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 470.58 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.39 172.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 507.98 172.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 536.67 172.10 Td (Notes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.27 160.10 Td (Company) Tj ET Q q 0 0 0 rg BT 105.94 160.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.38 160.10 Td ($57.5 ) Tj ET Q q 0 0 0 rg BT 137.44 160.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.33 160.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.89 160.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 210.30 160.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 248.40 160.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 280.95 160.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.84 160.10 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.67 160.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.22 160.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 369.99 160.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 398.65 160.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 454.53 160.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 480.42 160.10 Td (due ) Tj ET Q q 0 0 0 rg BT 497.41 160.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 519.97 160.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 538.07 160.10 Td (2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 98.36 148.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 126.12 148.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 181.10 148.10 Td (Notes\) ) Tj ET Q q 0 0 0 rg BT 213.85 148.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.94 148.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.81 148.10 Td (Company) Tj ET Q q 0 0 0 rg BT 285.48 148.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.02 148.10 Td ($86.3 ) Tj ET Q q 0 0 0 rg BT 315.17 148.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.06 148.10 Td ( ) Tj ET Q q 0 0 0 rg BT 345.71 148.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 386.23 148.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 423.42 148.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 455.07 148.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.05 148.10 Td (3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.88 148.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.53 148.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 536.40 148.10 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 105.33 136.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 131.16 136.10 Td (due ) Tj ET Q q 0 0 0 rg BT 148.09 136.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 170.59 136.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 188.64 136.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 215.58 136.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 265.29 136.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 293.90 136.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 349.72 136.10 Td (Notes\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.21 114.10 Td (Company) Tj ET Q q 0 0 0 rg BT 108.87 114.10 Td (s ) Tj ET Q q 0 0 0 rg BT 114.93 114.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 161.53 114.10 Td (under ) Tj ET Q q 0 0 0 rg BT 186.46 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.84 114.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 228.00 114.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 260.71 114.10 Td (are ) Tj ET Q q 0 0 0 rg BT 275.08 114.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 309.17 114.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 351.87 114.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 378.47 114.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 425.07 114.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.57 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.95 114.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 490.99 114.10 Td (and ) Tj ET Q q 0 0 0 rg BT 507.59 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 114.10 Td (Guarantor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.10 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 100.40 102.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.86 102.10 Td (rank ) Tj ET Q q 0 0 0 rg BT 136.64 102.10 Td (equally ) Tj ET Q q 0 0 0 rg BT 168.09 102.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.89 102.10 Td (right ) Tj ET Q q 0 0 0 rg BT 198.79 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.14 102.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 245.59 102.10 Td (with ) Tj ET Q q 0 0 0 rg BT 265.38 102.10 Td (all ) Tj ET Q q 0 0 0 rg BT 277.40 102.10 Td (our ) Tj ET Q q 0 0 0 rg BT 292.74 102.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.20 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.43 102.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 365.98 102.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 417.46 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 419.48 102.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 453.16 102.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.61 102.10 Td (future ) Tj ET Q q 0 0 0 rg BT 495.51 102.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 538.06 102.10 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.10 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 105.45 90.10 Td ( ) Tj ET Q q 0 0 0 rg BT 107.24 90.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 124.58 90.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 170.81 90.10 Td (under ) Tj ET Q q 0 0 0 rg BT 195.37 90.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.38 90.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 236.17 90.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 268.51 90.10 Td (are ) Tj ET Q q 0 0 0 rg BT 282.51 90.10 Td (ef) Tj ET Q q 0 0 0 rg BT 290.10 90.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 326.87 90.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 380.31 90.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.88 90.10 Td (our ) Tj ET Q q 0 0 0 rg BT 405.00 90.10 Td (and ) Tj ET Q q 0 0 0 rg BT 421.23 90.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.24 90.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 477.57 90.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 529.04 90.10 Td ( ) Tj ET Q q 0 0 0 rg BT 530.84 90.10 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 78.10 Td (future ) Tj ET Q q 0 0 0 rg BT 92.82 78.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 125.85 78.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 180.01 78.10 Td (with ) Tj ET Q q 0 0 0 rg BT 200.29 78.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 231.10 78.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.38 78.10 Td (any ) Tj ET Q q 0 0 0 rg BT 258.32 78.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 284.15 78.10 Td (comprising ) Tj ET Q q 0 0 0 rg BT 331.64 78.10 Td (security ) Tj ET Q q 0 0 0 rg BT 365.80 78.10 Td (or ) Tj ET Q q 0 0 0 rg BT 376.63 78.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 416.33 78.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.49 78.10 Td (such ) Tj ET Q q 0 0 0 rg BT 451.32 78.10 Td (indebtedness.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.36 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 74.44 740.10 Td (June ) Tj ET Q q 0 0 0 rg BT 95.51 740.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 110.76 740.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 136.01 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.97 740.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 192.60 740.10 Td (was ) Tj ET Q q 0 0 0 rg BT 210.90 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 218.09 740.10 Td (party ) Tj ET Q q 0 0 0 rg BT 241.38 740.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.90 740.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.89 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 274.64 740.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 307.92 740.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 333.43 740.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 381.71 740.10 Td (for ) Tj ET Q q 0 0 0 rg BT 396.12 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.08 740.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 447.70 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.78 740.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 485.96 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.04 740.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 522.55 740.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 554.18 740.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.26 728.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 91.79 728.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 124.89 728.10 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 174.21 728.10 Td (, ) Tj ET Q q 0 0 0 rg BT 179.26 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.01 728.10 Td (Letter ) Tj ET Q q 0 0 0 rg BT 224.87 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.74 728.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 263.27 728.10 Td (Facilities\). ) Tj ET Q q 0 0 0 rg BT 312.74 728.10 Td (During ) Tj ET Q q 0 0 0 rg BT 343.62 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.37 728.10 Td (third ) Tj ET Q q 0 0 0 rg BT 379.80 728.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 410.66 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.53 728.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 446.57 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.33 728.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 502.76 728.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 548.06 728.10 Td (one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (Letter ) Tj ET Q q 0 0 0 rg BT 75.92 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.80 716.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 114.34 716.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 147.44 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 164.43 716.10 Td (allowed ) Tj ET Q q 0 0 0 rg BT 198.63 716.10 Td (another ) Tj ET Q q 0 0 0 rg BT 231.16 716.10 Td (Letter ) Tj ET Q q 0 0 0 rg BT 257.58 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 268.46 716.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 296.00 716.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 329.10 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.43 716.10 Td (expire. ) Tj ET Q q 0 0 0 rg BT 369.28 716.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 413.74 716.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.50 716.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 483.82 716.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.82 716.10 Td (, ) Tj ET Q q 0 0 0 rg BT 508.86 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.63 716.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (was ) Tj ET Q q 0 0 0 rg BT 67.80 704.10 Td (party ) Tj ET Q q 0 0 0 rg BT 91.09 704.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.61 704.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.05 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 118.80 704.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 162.09 704.10 Td (Letter ) Tj ET Q q 0 0 0 rg BT 188.70 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.78 704.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 227.52 704.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 257.42 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 262.67 704.10 Td (with ) Tj ET Q q 0 0 0 rg BT 283.19 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 290.38 704.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 327.00 704.10 Td (date ) Tj ET Q q 0 0 0 rg BT 346.40 704.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.48 704.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 417.99 704.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.99 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 443.23 704.10 Td (which ) Tj ET Q q 0 0 0 rg BT 470.42 704.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 499.27 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 513.68 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.64 704.10 Td (issuance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.26 692.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 89.13 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.90 692.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 127.09 692.10 Td (up ) Tj ET Q q 0 0 0 rg BT 140.53 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.74 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 159.61 692.10 Td (total ) Tj ET Q q 0 0 0 rg BT 180.82 692.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.58 692.10 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 213.52 692.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.41 692.10 Td (. ) Tj ET Q q 0 0 0 rg BT 248.34 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 251.02 692.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.45 692.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 325.65 692.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 349.09 692.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.96 692.10 Td (December ) Tj ET Q q 0 0 0 rg BT 411.48 692.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 427.41 692.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.41 692.10 Td (, ) Tj ET Q q 0 0 0 rg BT 453.34 692.10 Td (there ) Tj ET Q q 0 0 0 rg BT 476.76 692.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.75 692.10 Td ($0.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.64 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.08 692.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td ($2.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.51 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.96 680.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 159.74 680.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 186.30 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.75 680.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 221.63 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.53 680.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 272.51 680.10 Td (under ) Tj ET Q q 0 0 0 rg BT 297.40 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.73 680.10 Td (Company) Tj ET Q q 0 0 0 rg BT 353.40 680.10 Td (s ) Tj ET Q q 0 0 0 rg BT 359.41 680.10 Td (Letter ) Tj ET Q q 0 0 0 rg BT 385.40 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.85 680.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 422.96 680.10 Td (Facilities, ) Tj ET Q q 0 0 0 rg BT 464.24 680.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 511.90 680.10 Td (, ) Tj ET Q q 0 0 0 rg BT 516.52 680.10 Td (which ) Tj ET Q q 0 0 0 rg BT 543.08 680.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 105.85 668.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.13 668.10 Td ($0.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.02 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 177.52 668.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.46 668.10 Td ($2.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.35 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.85 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 256.68 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.40 668.10 Td (Company) Tj ET Q q 0 0 0 rg BT 313.06 668.10 Td (s ) Tj ET Q q 0 0 0 rg BT 319.46 668.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 342.22 668.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 389.89 668.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.33 646.10 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.59 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 123.09 646.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 166.16 646.10 Td (Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.97 624.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 88.67 624.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 130.26 624.10 Td (W) Tj ET Q q 0 0 0 rg BT 138.90 624.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 185.05 624.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 232.40 624.10 Td (is ) Tj ET Q q 0 0 0 rg BT 241.99 624.10 Td (used ) Tj ET Q q 0 0 0 rg BT 263.24 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.94 624.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 306.28 624.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 339.20 624.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 383.77 624.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 424.45 624.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 448.48 624.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 491.95 624.10 Td (by ) Tj ET Q q 0 0 0 rg BT 504.87 624.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 522.79 624.10 Td (Financial. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.24 612.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 112.20 612.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 148.18 612.10 Td (a ) Tj ET Q q 0 0 0 rg BT 154.15 612.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 196.24 612.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 239.43 612.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 285.96 612.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.82 612.10 Td ($125million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.21 612.10 Td (, ) Tj ET Q q 0 0 0 rg BT 351.25 612.10 Td (which ) Tj ET Q q 0 0 0 rg BT 377.22 612.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 415.40 612.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.72 612.10 Td ($150 ) Tj ET Q q 0 0 0 rg BT 446.25 612.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 612.10 Td ( ) Tj ET Q q 0 0 0 rg BT 476.68 612.10 Td (during ) Tj ET Q q 0 0 0 rg BT 504.32 612.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 533.06 612.10 Td (periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.15 600.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 96.56 600.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 133.96 600.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 173.60 600.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 219.35 600.10 Td (volume, ) Tj ET Q q 0 0 0 rg BT 253.71 600.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 301.67 600.10 Td (from ) Tj ET Q q 0 0 0 rg BT 322.98 600.10 Td (September ) Tj ET Q q 0 0 0 rg BT 367.61 600.10 Td (25, ) Tj ET Q q 0 0 0 rg BT 381.98 600.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 403.85 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.50 600.10 Td (October ) Tj ET Q q 0 0 0 rg BT 447.57 600.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 461.94 600.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 483.81 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.12 600.10 Td (from ) Tj ET Q q 0 0 0 rg BT 521.43 600.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 63.56 588.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 85.12 588.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.45 588.10 Td (February ) Tj ET Q q 0 0 0 rg BT 132.11 588.10 Td (2, ) Tj ET Q q 0 0 0 rg BT 141.17 588.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 165.22 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.67 588.10 Td (The ) Tj ET Q q 0 0 0 rg BT 183.77 588.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 203.11 588.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 243.43 588.10 Td (W) Tj ET Q q 0 0 0 rg BT 252.07 588.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 297.16 588.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 343.14 588.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 373.58 588.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.14 588.10 Td (June23, ) Tj ET Q q 0 0 0 rg BT 420.02 588.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.02 588.10 Td (. ) Tj ET Q q 0 0 0 rg BT 444.08 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.64 588.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 477.18 588.10 Td (on ) Tj ET Q q 0 0 0 rg BT 488.74 588.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 524.18 588.10 Td (borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (under ) Tj ET Q q 0 0 0 rg BT 75.04 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 90.02 576.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 110.57 576.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 152.02 576.10 Td (W) Tj ET Q q 0 0 0 rg BT 160.66 576.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 206.69 576.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 253.88 576.10 Td (is ) Tj ET Q q 0 0 0 rg BT 263.32 576.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 297.19 576.10 Td (at ) Tj ET Q q 0 0 0 rg BT 307.17 576.10 Td (a ) Tj ET Q q 0 0 0 rg BT 314.38 576.10 Td (per ) Tj ET Q q 0 0 0 rg BT 329.91 576.10 Td (annum ) Tj ET Q q 0 0 0 rg BT 359.90 576.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 377.65 576.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 402.08 576.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.62 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.61 576.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 458.13 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.23 576.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 483.66 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.65 576.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 532.52 576.10 Td (LIBOR ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.99 564.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.17 564.10 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.17 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.68 564.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 126.18 564.10 Td (points ) Tj ET Q q 0 0 0 rg BT 153.14 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.09 564.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.25 564.10 Td (2.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.08 564.10 Td (. ) Tj ET Q q 0 0 0 rg BT 215.09 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.42 564.10 Td (The ) Tj ET Q q 0 0 0 rg BT 235.47 564.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 255.76 564.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 296.96 564.10 Td (W) Tj ET Q q 0 0 0 rg BT 305.60 564.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 351.43 564.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 398.36 564.10 Td (also ) Tj ET Q q 0 0 0 rg BT 416.98 564.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 452.81 564.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 482.52 564.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.01 564.10 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 565.00 564.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.80 552.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 119.86 552.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.86 552.10 Td (, ) Tj ET Q q 0 0 0 rg BT 143.66 552.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 159.96 552.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 198.48 552.10 Td (was ) Tj ET Q q 0 0 0 rg BT 215.33 552.10 Td (in ) Tj ET Q q 0 0 0 rg BT 224.41 552.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 271.80 552.10 Td (with ) Tj ET Q q 0 0 0 rg BT 290.88 552.10 Td (all ) Tj ET Q q 0 0 0 rg BT 302.17 552.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 338.45 552.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 379.74 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.37 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.88 552.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 421.97 552.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 462.05 552.10 Td (W) Tj ET Q q 0 0 0 rg BT 470.69 552.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 515.58 552.10 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.66 530.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 88.05 530.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 129.54 530.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 178.80 530.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 211.97 530.10 Td (is ) Tj ET Q q 0 0 0 rg BT 221.25 530.10 Td (used ) Tj ET Q q 0 0 0 rg BT 242.19 530.10 Td (to ) Tj ET Q q 0 0 0 rg BT 252.58 530.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 284.62 530.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 317.22 530.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 361.48 530.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 401.86 530.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 425.58 530.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 468.73 530.10 Td (by ) Tj ET Q q 0 0 0 rg BT 481.35 530.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 498.96 530.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 538.78 530.10 Td (and ) Tj ET Q q 0 0 0 rg BT 555.83 530.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (structured ) Tj ET Q q 0 0 0 rg BT 92.86 518.10 Td (as ) Tj ET Q q 0 0 0 rg BT 104.56 518.10 Td (a ) Tj ET Q q 0 0 0 rg BT 112.37 518.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 153.50 518.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 200.18 518.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 231.87 518.10 Td (with ) Tj ET Q q 0 0 0 rg BT 253.02 518.10 Td (a ) Tj ET Q q 0 0 0 rg BT 260.83 518.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 304.76 518.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 349.79 518.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 398.15 518.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.85 518.10 Td ($15million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.24 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.61 518.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.42 518.10 Td (an ) Tj ET Q q 0 0 0 rg BT 490.23 518.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 534.14 518.10 Td (date ) Tj ET Q q 0 0 0 rg BT 554.17 518.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td (November1, ) Tj ET Q q 0 0 0 rg BT 105.19 506.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.19 506.10 Td (. ) Tj ET Q q 0 0 0 rg BT 131.17 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.66 506.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 153.14 506.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 193.83 506.10 Td (expects ) Tj ET Q q 0 0 0 rg BT 227.30 506.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.56 506.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 262.03 506.10 Td (into ) Tj ET Q q 0 0 0 rg BT 281.07 506.10 Td (an ) Tj ET Q q 0 0 0 rg BT 293.99 506.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 344.13 506.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.39 506.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.09 506.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 392.35 506.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 434.71 506.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 484.84 506.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 518.88 506.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 541.80 506.10 Td (to ) Tj ET Q q 0 0 0 rg BT 553.06 506.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 93.02 494.10 Td (that ) Tj ET Q q 0 0 0 rg BT 110.99 494.10 Td (would ) Tj ET Q q 0 0 0 rg BT 138.97 494.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 168.60 494.10 Td (its ) Tj ET Q q 0 0 0 rg BT 181.03 494.10 Td (term ) Tj ET Q q 0 0 0 rg BT 202.33 494.10 Td (for ) Tj ET Q q 0 0 0 rg BT 216.97 494.10 Td (an ) Tj ET Q q 0 0 0 rg BT 229.38 494.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 272.35 494.10 Td (year) Tj ET Q q 0 0 0 rg BT 289.16 494.10 Td (, ) Tj ET Q q 0 0 0 rg BT 294.64 494.10 Td (but ) Tj ET Q q 0 0 0 rg BT 310.39 494.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 328.37 494.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 368.56 494.10 Td (can ) Tj ET Q q 0 0 0 rg BT 385.41 494.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 418.94 494.10 Td (no ) Tj ET Q q 0 0 0 rg BT 431.92 494.10 Td (assurances ) Tj ET Q q 0 0 0 rg BT 477.65 494.10 Td (that ) Tj ET Q q 0 0 0 rg BT 495.63 494.10 Td (it ) Tj ET Q q 0 0 0 rg BT 504.16 494.10 Td (will ) Tj ET Q q 0 0 0 rg BT 522.69 494.10 Td (be ) Tj ET Q q 0 0 0 rg BT 535.11 494.10 Td (able ) Tj ET Q q 0 0 0 rg BT 554.74 494.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 482.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 76.21 482.10 Td (such ) Tj ET Q q 0 0 0 rg BT 96.26 482.10 Td (an ) Tj ET Q q 0 0 0 rg BT 107.42 482.10 Td (extension. ) Tj ET Q q 0 0 0 rg BT 149.96 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.68 482.10 Td (In ) Tj ET Q q 0 0 0 rg BT 161.73 482.10 Td (December ) Tj ET Q q 0 0 0 rg BT 204.53 482.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 228.75 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.68 482.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 262.18 482.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 302.78 482.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 351.14 482.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 383.41 482.10 Td (was ) Tj ET Q q 0 0 0 rg BT 400.68 482.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 438.49 482.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.99 482.10 Td (include ) Tj ET Q q 0 0 0 rg BT 479.14 482.10 Td (a ) Tj ET Q q 0 0 0 rg BT 485.29 482.10 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 525.33 482.10 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 90.51 470.10 Td (which ) Tj ET Q q 0 0 0 rg BT 118.18 470.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 159.17 470.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.61 470.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 218.40 470.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 263.29 470.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 311.50 470.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.51 470.10 Td ($20 ) Tj ET Q q 0 0 0 rg BT 340.75 470.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.64 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.87 470.10 Td (through ) Tj ET Q q 0 0 0 rg BT 407.21 470.10 Td (January ) Tj ET Q q 0 0 0 rg BT 441.54 470.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 457.27 470.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 485.50 470.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 503.73 470.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 544.18 470.10 Td (pays ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.44 458.10 Td (on ) Tj ET Q q 0 0 0 rg BT 93.95 458.10 Td (each ) Tj ET Q q 0 0 0 rg BT 114.77 458.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 150.03 458.10 Td (under ) Tj ET Q q 0 0 0 rg BT 175.30 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.03 458.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 210.32 458.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 251.70 458.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 300.85 458.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 333.91 458.10 Td (at ) Tj ET Q q 0 0 0 rg BT 343.63 458.10 Td (a ) Tj ET Q q 0 0 0 rg BT 350.58 458.10 Td (per ) Tj ET Q q 0 0 0 rg BT 365.85 458.10 Td (annum ) Tj ET Q q 0 0 0 rg BT 395.58 458.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 413.07 458.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 437.23 458.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.51 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.24 458.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 495.85 458.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 528.35 458.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 545.84 458.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.10 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 68.11 446.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.06 446.10 Td (275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.06 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.67 446.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 122.28 446.10 Td (points ) Tj ET Q q 0 0 0 rg BT 150.34 446.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 195.61 446.10 Td (on ) Tj ET Q q 0 0 0 rg BT 209.23 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.06 446.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 245.89 446.10 Td (type. ) Tj ET Q q 0 0 0 rg BT 269.22 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 272.57 446.10 Td (The ) Tj ET Q q 0 0 0 rg BT 291.73 446.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 313.13 446.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 355.62 446.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 405.87 446.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 440.04 446.10 Td (also ) Tj ET Q q 0 0 0 rg BT 459.76 446.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 496.70 446.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 527.52 446.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 93.79 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.19 434.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.99 434.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 166.56 434.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.56 434.10 Td (, ) Tj ET Q q 0 0 0 rg BT 190.86 434.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 207.66 434.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 246.68 434.10 Td (was ) Tj ET Q q 0 0 0 rg BT 264.03 434.10 Td (in ) Tj ET Q q 0 0 0 rg BT 273.61 434.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 321.50 434.10 Td (with ) Tj ET Q q 0 0 0 rg BT 341.08 434.10 Td (all ) Tj ET Q q 0 0 0 rg BT 352.88 434.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 389.66 434.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 431.45 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.58 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.60 434.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 475.18 434.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 515.86 434.10 Td (Repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 79.40 422.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.28 400.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 124.83 400.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.83 400.10 Td (, ) Tj ET Q q 0 0 0 rg BT 151.11 400.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 169.89 400.10 Td (Financial) Tj ET Q q 0 0 0 rg BT 209.88 400.10 Td (s ) Tj ET Q q 0 0 0 rg BT 217.55 400.10 Td (total ) Tj ET Q q 0 0 0 rg BT 239.11 400.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 282.32 400.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 326.65 400.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 372.10 400.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 420.86 400.10 Td (under ) Tj ET Q q 0 0 0 rg BT 447.41 400.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.41 400.10 Td (two ) Tj ET Q q 0 0 0 rg BT 482.19 400.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 508.74 400.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 546.95 400.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td ($165.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 388.10 Td (, ) Tj ET Q q 0 0 0 rg BT 113.49 388.10 Td (an ) Tj ET Q q 0 0 0 rg BT 125.52 388.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 160.87 388.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.91 388.10 Td ($150.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.80 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 244.40 388.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.21 388.10 Td (December ) Tj ET Q q 0 0 0 rg BT 297.89 388.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 312.99 388.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.99 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.58 388.10 Td (due ) Tj ET Q q 0 0 0 rg BT 352.62 388.10 Td (to ) Tj ET Q q 0 0 0 rg BT 363.00 388.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.81 388.10 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 414.28 388.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 449.63 388.10 Td (from ) Tj ET Q q 0 0 0 rg BT 471.67 388.10 Td (September ) Tj ET Q q 0 0 0 rg BT 517.03 388.10 Td (25, ) Tj ET Q q 0 0 0 rg BT 532.13 388.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 554.72 388.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (October ) Tj ET Q q 0 0 0 rg BT 85.47 376.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 101.73 376.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 127.99 376.10 Td (as ) Tj ET Q q 0 0 0 rg BT 140.08 376.10 Td (described ) Tj ET Q q 0 0 0 rg BT 182.16 376.10 Td (in ) Tj ET Q q 0 0 0 rg BT 193.70 376.10 Td (further ) Tj ET Q q 0 0 0 rg BT 224.67 376.10 Td (detail ) Tj ET Q q 0 0 0 rg BT 250.64 376.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 280.78 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.71 376.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.47 376.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 359.00 376.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.76 376.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.96 376.10 Td (December ) Tj ET Q q 0 0 0 rg BT 445.80 376.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 462.06 376.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.06 376.10 Td (, ) Tj ET Q q 0 0 0 rg BT 488.32 376.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 507.08 376.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 548.06 376.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td ($91.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 364.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.85 364.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.75 364.10 Td ($123.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.64 364.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.09 364.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 233.22 364.10 Td (on ) Tj ET Q q 0 0 0 rg BT 245.67 364.10 Td (a ) Tj ET Q q 0 0 0 rg BT 252.57 364.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 294.46 364.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 316.92 364.10 Td (under ) Tj ET Q q 0 0 0 rg BT 342.15 364.10 Td (its ) Tj ET Q q 0 0 0 rg BT 354.05 364.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 379.27 364.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 418.66 364.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 466.32 364.10 Td (, ) Tj ET Q q 0 0 0 rg BT 471.28 364.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.17 364.10 Td (was ) Tj ET Q q 0 0 0 rg BT 506.18 364.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.42 364.10 Td (compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 352.10 Td (all ) Tj ET Q q 0 0 0 rg BT 82.27 352.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 119.75 352.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 162.24 352.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.07 352.10 Td (those ) Tj ET Q q 0 0 0 rg BT 196.68 352.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 244.71 352.10 Td (for ) Tj ET Q q 0 0 0 rg BT 258.87 352.10 Td (both ) Tj ET Q q 0 0 0 rg BT 279.15 352.10 Td (periods.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 330.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 79.23 330.10 Td (Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.56 330.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (As ) Tj ET Q q 0 0 0 rg BT 62.96 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 73.63 308.10 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.75 308.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 153.86 308.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.86 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.20 308.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.99 308.10 Td (December ) Tj ET Q q 0 0 0 rg BT 236.41 308.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 251.26 308.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.26 308.10 Td (, ) Tj ET Q q 0 0 0 rg BT 276.10 308.10 Td (we ) Tj ET Q q 0 0 0 rg BT 290.11 308.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.89 308.10 Td ($300.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.78 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 368.12 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.80 308.10 Td (our ) Tj ET Q q 0 0 0 rg BT 394.47 308.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 416.81 308.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 445.27 308.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 470.94 308.10 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 522.45 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 524.62 308.10 Td (The ) Tj ET Q q 0 0 0 rg BT 542.51 308.10 Td (2021 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 78.36 296.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 104.45 296.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 124.41 296.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 156.59 296.10 Td (at ) Tj ET Q q 0 0 0 rg BT 166.57 296.10 Td (a ) Tj ET Q q 0 0 0 rg BT 173.76 296.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 191.50 296.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.58 296.10 Td (6.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.41 296.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.17 296.10 Td (per ) Tj ET Q q 0 0 0 rg BT 246.69 296.10 Td (year) Tj ET Q q 0 0 0 rg BT 263.49 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 268.75 296.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 302.60 296.10 Td (semiannually ) Tj ET Q q 0 0 0 rg BT 358.67 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 369.20 296.10 Td (arrears ) Tj ET Q q 0 0 0 rg BT 399.15 296.10 Td (on ) Tj ET Q q 0 0 0 rg BT 411.91 296.10 Td (January ) Tj ET Q q 0 0 0 rg BT 445.76 296.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 458.51 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.71 296.10 Td (July ) Tj ET Q q 0 0 0 rg BT 495.13 296.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 507.88 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.97 296.10 Td (each ) Tj ET Q q 0 0 0 rg BT 540.04 296.10 Td (year ) Tj ET Q q 0 0 0 rg BT 560.00 296.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.46 284.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 98.74 284.10 Td (on ) Tj ET Q q 0 0 0 rg BT 112.25 284.10 Td (January ) Tj ET Q q 0 0 0 rg BT 146.87 284.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 162.89 284.10 Td (2021. ) Tj ET Q q 0 0 0 rg BT 188.90 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 192.17 284.10 Td (The ) Tj ET Q q 0 0 0 rg BT 211.23 284.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 234.75 284.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 264.37 284.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 291.22 284.10 Td (are ) Tj ET Q q 0 0 0 rg BT 306.94 284.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 342.38 284.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 386.44 284.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 414.39 284.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 462.35 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.20 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.94 284.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 532.34 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.30 284.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 93.52 272.10 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 145.90 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 163.82 272.10 Td (rank ) Tj ET Q q 0 0 0 rg BT 185.08 272.10 Td (equally ) Tj ET Q q 0 0 0 rg BT 218.00 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 229.26 272.10 Td (right ) Tj ET Q q 0 0 0 rg BT 251.63 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.45 272.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 301.37 272.10 Td (with ) Tj ET Q q 0 0 0 rg BT 322.63 272.10 Td (all ) Tj ET Q q 0 0 0 rg BT 336.12 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 352.93 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.86 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.56 272.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 430.58 272.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 482.06 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 485.54 272.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 520.70 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.62 272.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 91.95 260.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 118.30 260.10 Td (indebtedness.) Tj ET Q q 0 0 0 rg BT 174.78 260.10 Td (The ) Tj ET Q q 0 0 0 rg BT 192.24 260.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 214.15 260.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 242.17 260.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 267.41 260.10 Td (are ) Tj ET Q q 0 0 0 rg BT 281.53 260.10 Td (ef) Tj ET Q q 0 0 0 rg BT 289.12 260.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 326.02 260.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 379.58 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.28 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 404.52 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.87 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.00 260.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 477.45 260.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 528.92 260.10 Td ( ) Tj ET Q q 0 0 0 rg BT 530.84 260.10 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 248.10 Td (future ) Tj ET Q q 0 0 0 rg BT 92.82 248.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 125.85 248.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 180.01 248.10 Td (with ) Tj ET Q q 0 0 0 rg BT 200.29 248.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 231.10 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.38 248.10 Td (any ) Tj ET Q q 0 0 0 rg BT 258.32 248.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 284.15 248.10 Td (comprising ) Tj ET Q q 0 0 0 rg BT 331.64 248.10 Td (security ) Tj ET Q q 0 0 0 rg BT 365.80 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 376.63 248.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 416.33 248.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.49 248.10 Td (such ) Tj ET Q q 0 0 0 rg BT 451.32 248.10 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 507.97 248.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.25 226.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 89.44 226.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 117.75 226.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 143.28 226.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 174.91 226.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 204.31 226.10 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 249.00 226.10 Td (as ) Tj ET Q q 0 0 0 rg BT 259.53 226.10 Td (more ) Tj ET Q q 0 0 0 rg BT 282.27 226.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 303.36 226.10 Td (described ) Tj ET Q q 0 0 0 rg BT 343.87 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.51 226.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 392.69 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.67 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.09 226.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 457.05 226.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 499.79 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.21 226.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 536.41 226.10 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 77.29 214.10 Td (which ) Tj ET Q q 0 0 0 rg BT 103.69 214.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 124.55 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.73 214.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 166.24 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.54 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.72 214.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 231.57 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.97 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.15 214.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 301.31 214.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 350.49 214.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 362.73 214.10 Td (among ) Tj ET Q q 0 0 0 rg BT 391.91 214.10 Td (other ) Tj ET Q q 0 0 0 rg BT 414.42 214.10 Td (things: ) Tj ET Q q 0 0 0 rg BT 443.61 214.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 466.12 214.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 508.07 214.10 Td (indebtedness; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (make ) Tj ET Q q 0 0 0 rg BT 73.07 202.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 102.20 202.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 144.94 202.10 Td (including ) Tj ET Q q 0 0 0 rg BT 184.63 202.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 227.94 202.10 Td (or ) Tj ET Q q 0 0 0 rg BT 238.19 202.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 283.41 202.10 Td (any ) Tj ET Q q 0 0 0 rg BT 299.77 202.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 329.18 202.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.88 202.10 Td (an ) Tj ET Q q 0 0 0 rg BT 350.23 202.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 391.01 202.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 422.93 202.10 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 465.38 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 480.63 202.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 524.19 202.10 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (basket; ) Tj ET Q q 0 0 0 rg BT 84.14 190.10 Td (make ) Tj ET Q q 0 0 0 rg BT 107.67 190.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 136.74 190.10 Td (investments; ) Tj ET Q q 0 0 0 rg BT 189.17 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.48 190.10 Td (create ) Tj ET Q q 0 0 0 rg BT 231.22 190.10 Td (or ) Tj ET Q q 0 0 0 rg BT 241.42 190.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 263.84 190.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 292.92 190.10 Td (liens, ) Tj ET Q q 0 0 0 rg BT 316.18 190.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 363.60 190.10 Td (or ) Tj ET Q q 0 0 0 rg BT 373.80 190.10 Td (mer) Tj ET Q q 0 0 0 rg BT 389.17 190.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 400.48 190.10 Td (with ) Tj ET Q q 0 0 0 rg BT 420.13 190.10 Td (or ) Tj ET Q q 0 0 0 rg BT 430.33 190.10 Td (into ) Tj ET Q q 0 0 0 rg BT 447.77 190.10 Td (other ) Tj ET Q q 0 0 0 rg BT 470.19 190.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 517.32 190.10 Td (or ) Tj ET Q q 0 0 0 rg BT 527.53 190.10 Td (liquidate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.50 178.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 77.05 178.10 Td (or ) Tj ET Q q 0 0 0 rg BT 88.04 178.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 121.24 178.10 Td (all ) Tj ET Q q 0 0 0 rg BT 133.90 178.10 Td (or ) Tj ET Q q 0 0 0 rg BT 144.90 178.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 198.12 178.10 Td (all ) Tj ET Q q 0 0 0 rg BT 210.78 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.77 178.10 Td (our ) Tj ET Q q 0 0 0 rg BT 237.77 178.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 266.26 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 268.73 178.10 Td (These ) Tj ET Q q 0 0 0 rg BT 295.28 178.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 337.93 178.10 Td (are ) Tj ET Q q 0 0 0 rg BT 352.80 178.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 383.79 178.10 Td (to ) Tj ET Q q 0 0 0 rg BT 394.23 178.10 Td (a ) Tj ET Q q 0 0 0 rg BT 401.34 178.10 Td (number ) Tj ET Q q 0 0 0 rg BT 434.55 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.54 178.10 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 490.97 178.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.07 178.10 Td (qualifications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.15 166.10 Td (described ) Tj ET Q q 0 0 0 rg BT 100.79 166.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.89 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.42 166.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 165.51 166.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 208.38 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.91 166.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 245.23 166.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 273.66 166.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 301.81 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 303.62 166.10 Td (As ) Tj ET Q q 0 0 0 rg BT 317.06 166.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.71 166.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 387.79 166.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.79 166.10 Td (, ) Tj ET Q q 0 0 0 rg BT 412.61 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.15 166.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 468.36 166.10 Td (was ) Tj ET Q q 0 0 0 rg BT 486.23 166.10 Td (in ) Tj ET Q q 0 0 0 rg BT 496.33 166.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 544.74 166.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (all ) Tj ET Q q 0 0 0 rg BT 62.00 154.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 89.21 154.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 135.88 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 152.82 154.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 195.30 154.10 Td (under ) Tj ET Q q 0 0 0 rg BT 220.57 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.29 154.10 Td (indenture. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.00 132.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 88.95 132.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 117.00 132.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 142.28 132.10 Td (are ) Tj ET Q q 0 0 0 rg BT 156.44 132.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 177.28 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.67 132.10 Td (unconditionally ) Tj ET Q q 0 0 0 rg BT 258.38 132.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 304.20 132.10 Td (jointly ) Tj ET Q q 0 0 0 rg BT 332.26 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.65 132.10 Td (severally ) Tj ET Q q 0 0 0 rg BT 386.69 132.10 Td (on ) Tj ET Q q 0 0 0 rg BT 398.64 132.10 Td (a ) Tj ET Q q 0 0 0 rg BT 405.03 132.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 431.42 132.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 473.90 132.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 495.85 132.10 Td (by ) Tj ET Q q 0 0 0 rg BT 507.80 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 132.10 Td (Guarantor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (Subsidiaries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.53 98.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.89 98.10 Td (may ) Tj ET Q q 0 0 0 rg BT 128.59 98.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 160.50 98.10 Td (all ) Tj ET Q q 0 0 0 rg BT 172.97 98.10 Td (or ) Tj ET Q q 0 0 0 rg BT 183.78 98.10 Td (any ) Tj ET Q q 0 0 0 rg BT 200.70 98.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 232.07 98.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.88 98.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.58 98.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 280.06 98.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 308.65 98.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 334.46 98.10 Td (on ) Tj ET Q q 0 0 0 rg BT 346.94 98.10 Td (or ) Tj ET Q q 0 0 0 rg BT 357.75 98.10 Td (after ) Tj ET Q q 0 0 0 rg BT 378.54 98.10 Td (January ) Tj ET Q q 0 0 0 rg BT 412.12 98.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 427.10 98.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 449.58 98.10 Td (at ) Tj ET Q q 0 0 0 rg BT 459.28 98.10 Td (a ) Tj ET Q q 0 0 0 rg BT 466.20 98.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 492.00 98.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 540.03 98.10 Td (price, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.10 Td (together ) Tj ET Q q 0 0 0 rg BT 85.82 86.10 Td (with ) Tj ET Q q 0 0 0 rg BT 107.15 86.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 141.79 86.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.78 86.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 190.55 86.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 223.54 86.10 Td (thereon. ) Tj ET Q q 0 0 0 rg BT 259.58 86.10 Td ( ) Tj ET Q q 0 0 0 rg BT 262.87 86.10 Td (The ) Tj ET Q q 0 0 0 rg BT 281.97 86.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 331.07 86.10 Td (price ) Tj ET Q q 0 0 0 rg BT 354.61 86.10 Td (will ) Tj ET Q q 0 0 0 rg BT 373.72 86.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 408.38 86.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.37 86.10 Td (103.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.20 86.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.76 86.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.64 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.41 86.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 532.51 86.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 100.87 74.10 Td (but ) Tj ET Q q 0 0 0 rg BT 115.86 74.10 Td (will ) Tj ET Q q 0 0 0 rg BT 133.63 74.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 164.71 74.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.70 74.10 Td (101.688%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.53 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.74 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.28 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.70 74.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 280.45 74.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 312.66 74.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 361.53 74.10 Td (if ) Tj ET Q q 0 0 0 rg BT 369.85 74.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 410.92 74.10 Td (during ) Tj ET Q q 0 0 0 rg BT 439.24 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.67 74.10 Td (12-month ) Tj ET Q q 0 0 0 rg BT 494.76 74.10 Td (period ) Tj ET Q q 0 0 0 rg BT 522.52 74.10 Td (beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.34 62.10 Td (January ) Tj ET Q q 0 0 0 rg BT 96.28 62.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 111.61 62.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 136.95 62.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.23 62.10 Td (will ) Tj ET Q q 0 0 0 rg BT 172.62 62.10 Td (further ) Tj ET Q q 0 0 0 rg BT 202.67 62.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 234.38 62.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 62.10 Td (100.000%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.83 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.67 62.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.83 62.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.89 62.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 353.27 62.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 386.10 62.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 435.61 62.10 Td (if ) Tj ET Q q 0 0 0 rg BT 444.55 62.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 486.25 62.10 Td (on ) Tj ET Q q 0 0 0 rg BT 499.09 62.10 Td (or ) Tj ET Q q 0 0 0 rg BT 510.26 62.10 Td (after ) Tj ET Q q 0 0 0 rg BT 531.41 62.10 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 50.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 64.50 50.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 89.50 50.10 Td (but ) Tj ET Q q 0 0 0 rg BT 104.78 50.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 126.72 50.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.00 50.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 170.23 50.10 Td (.) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.84 740.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 108.40 740.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 151.74 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.87 740.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 190.66 740.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 219.57 740.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 245.69 740.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 271.27 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 287.40 740.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 315.75 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.32 740.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 343.55 740.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 385.23 740.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 400.53 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.76 740.10 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 466.37 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 482.49 740.10 Td (common ) Tj ET Q q 0 0 0 rg BT 520.28 740.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 548.07 740.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.93 728.10 Td (9.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.76 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.86 728.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 121.72 728.10 Td (A) Tj ET Q q 0 0 0 rg BT 128.39 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.49 728.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 171.79 728.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 201.55 728.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 220.20 728.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 251.50 728.10 Td (A) Tj ET Q q 0 0 0 rg BT 258.17 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.27 728.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 301.57 728.10 Td (Shares\) ) Tj ET Q q 0 0 0 rg BT 339.10 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.98 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.30 728.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 398.39 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.83 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.15 728.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 459.91 728.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 493.55 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.43 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 520.86 728.10 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 90.58 716.10 Td (basket, ) Tj ET Q q 0 0 0 rg BT 125.81 716.10 Td (as ) Tj ET Q q 0 0 0 rg BT 136.89 716.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 169.63 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 180.16 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.12 716.10 Td (indenture. ) Tj ET Q q 0 0 0 rg BT 238.14 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 240.69 716.10 Td (The ) Tj ET Q q 0 0 0 rg BT 258.99 716.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 303.38 716.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 344.45 716.10 Td (basket ) Tj ET Q q 0 0 0 rg BT 377.19 716.10 Td (is ) Tj ET Q q 0 0 0 rg BT 386.61 716.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 411.02 716.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.54 716.10 Td ($125.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.44 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.19 716.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 502.61 716.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.02 716.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.35 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.10 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 716.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 90.02 704.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 142.22 704.10 Td (net ) Tj ET Q q 0 0 0 rg BT 156.09 704.10 Td (income ) Tj ET Q q 0 0 0 rg BT 187.18 704.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 200.50 704.10 Td (minus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.60 704.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.93 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 251.59 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.58 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 276.56 704.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 317.08 704.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 369.28 704.10 Td (net ) Tj ET Q q 0 0 0 rg BT 383.16 704.10 Td (loss\) ) Tj ET Q q 0 0 0 rg BT 403.70 704.10 Td (from ) Tj ET Q q 0 0 0 rg BT 424.80 704.10 Td (October ) Tj ET Q q 0 0 0 rg BT 458.66 704.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 467.82 704.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 491.98 704.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 533.07 704.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.22 692.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 78.18 692.10 Td (from ) Tj ET Q q 0 0 0 rg BT 100.01 692.10 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 151.82 692.10 Td (Subsidiaries, ) Tj ET Q q 0 0 0 rg BT 205.60 692.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 224.67 692.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.72 692.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.05 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 264.44 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.16 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.77 692.10 Td (net ) Tj ET Q q 0 0 0 rg BT 304.38 692.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 324.54 692.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 362.47 692.10 Td (from ) Tj ET Q q 0 0 0 rg BT 384.30 692.10 Td (either ) Tj ET Q q 0 0 0 rg BT 409.46 692.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 464.63 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.80 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.41 692.10 Td (common ) Tj ET Q q 0 0 0 rg BT 526.79 692.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 554.18 692.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.42 680.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 106.00 680.10 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.02 680.10 Td (December ) Tj ET Q q 0 0 0 rg BT 170.80 680.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 186.00 680.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.70 680.10 Td (or ) Tj ET Q q 0 0 0 rg BT 219.73 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.64 680.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 252.89 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.92 680.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 302.16 680.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 329.85 680.10 Td (interests, ) Tj ET Q q 0 0 0 rg BT 368.38 680.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 387.75 680.10 Td (other ) Tj ET Q q 0 0 0 rg BT 410.99 680.10 Td (items ) Tj ET Q q 0 0 0 rg BT 435.36 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.50 680.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 483.52 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.00 680.10 Td (other ) Tj ET Q q 0 0 0 rg BT 517.24 680.10 Td (exceptions. ) Tj ET Q q 0 0 0 rg BT 565.01 680.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.64 668.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 105.43 668.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 145.35 668.10 Td (basket ) Tj ET Q q 0 0 0 rg BT 172.48 668.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.63 668.10 Td ($137.7 ) Tj ET Q q 0 0 0 rg BT 218.72 668.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.61 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 249.20 668.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.23 668.10 Td ($128.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.12 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.71 668.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.52 668.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 393.87 668.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.87 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.46 668.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.49 668.10 Td (December ) Tj ET Q q 0 0 0 rg BT 474.17 668.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 488.26 668.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.26 668.10 Td (, ) Tj ET Q q 0 0 0 rg BT 512.35 668.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 560.01 668.10 Td (. ) Tj ET Q q 0 0 0 rg BT 565.01 668.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.09 656.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 124.67 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.49 656.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 150.97 656.10 Td (future ) Tj ET Q q 0 0 0 rg BT 176.89 656.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 217.82 656.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 232.36 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 242.73 656.10 Td (make ) Tj ET Q q 0 0 0 rg BT 266.43 656.10 Td (future ) Tj ET Q q 0 0 0 rg BT 292.35 656.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 341.59 656.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 354.46 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 369.84 656.10 Td (common ) Tj ET Q q 0 0 0 rg BT 406.87 656.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 433.91 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 444.28 656.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 470.31 656.10 Td (A) Tj ET Q q 0 0 0 rg BT 476.98 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 479.02 656.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 518.26 656.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 546.96 656.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (be ) Tj ET Q q 0 0 0 rg BT 60.54 644.10 Td (at ) Tj ET Q q 0 0 0 rg BT 69.36 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 83.18 644.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 124.22 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.15 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 149.08 644.10 Td (board ) Tj ET Q q 0 0 0 rg BT 173.46 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.39 644.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 219.98 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.02 644.10 Td (will ) Tj ET Q q 0 0 0 rg BT 253.18 644.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 283.66 644.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 305.26 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 320.19 644.10 Td (results ) Tj ET Q q 0 0 0 rg BT 347.91 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.84 644.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 403.60 644.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 440.18 644.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 482.06 644.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 510.31 644.10 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.01 632.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 116.16 632.10 Td (with ) Tj ET Q q 0 0 0 rg BT 137.01 632.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 157.29 632.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 200.35 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 217.85 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.14 632.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 258.42 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.82 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 286.22 632.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 313.05 632.10 Td (A) Tj ET Q q 0 0 0 rg BT 319.72 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.79 632.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 363.05 632.10 Td (Shares, ) Tj ET Q q 0 0 0 rg BT 395.28 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 412.79 632.10 Td (other ) Tj ET Q q 0 0 0 rg BT 436.40 632.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 466.67 632.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 500.84 632.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 536.11 632.10 Td (by ) Tj ET Q q 0 0 0 rg BT 549.17 632.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (board ) Tj ET Q q 0 0 0 rg BT 74.77 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.60 620.10 Td (directors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 99.77 598.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 129.50 598.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 187.58 598.10 Td (Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.91 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (As ) Tj ET Q q 0 0 0 rg BT 62.63 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 72.98 576.10 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.78 576.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 152.56 576.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.56 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.58 576.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.04 576.10 Td (December ) Tj ET Q q 0 0 0 rg BT 234.14 576.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 248.66 576.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.66 576.10 Td (, ) Tj ET Q q 0 0 0 rg BT 273.18 576.10 Td (we ) Tj ET Q q 0 0 0 rg BT 286.86 576.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.32 576.10 Td ($86.3 ) Tj ET Q q 0 0 0 rg BT 327.83 576.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.73 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.75 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.09 576.10 Td (our ) Tj ET Q q 0 0 0 rg BT 384.44 576.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 406.46 576.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 455.69 576.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 483.82 576.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 539.17 576.10 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 101.39 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.92 564.10 Td (The ) Tj ET Q q 0 0 0 rg BT 122.20 564.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 144.92 564.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 194.86 564.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 223.70 564.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 279.75 564.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 305.81 564.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 325.74 564.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 357.90 564.10 Td (at ) Tj ET Q q 0 0 0 rg BT 367.85 564.10 Td (a ) Tj ET Q q 0 0 0 rg BT 375.01 564.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 392.72 564.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.78 564.10 Td (3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.61 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 427.34 564.10 Td (per ) Tj ET Q q 0 0 0 rg BT 442.83 564.10 Td (year) Tj ET Q q 0 0 0 rg BT 459.64 564.10 Td (, ) Tj ET Q q 0 0 0 rg BT 464.87 564.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 498.69 564.10 Td (semiannually ) Tj ET Q q 0 0 0 rg BT 554.73 564.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (arrears ) Tj ET Q q 0 0 0 rg BT 79.44 552.10 Td (on ) Tj ET Q q 0 0 0 rg BT 92.18 552.10 Td (March ) Tj ET Q q 0 0 0 rg BT 121.01 552.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 128.75 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.93 552.10 Td (September ) Tj ET Q q 0 0 0 rg BT 191.43 552.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 199.17 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.24 552.10 Td (each ) Tj ET Q q 0 0 0 rg BT 231.30 552.10 Td (year) Tj ET Q q 0 0 0 rg BT 247.95 552.10 Td (. ) Tj ET Q q 0 0 0 rg BT 253.19 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 255.73 552.10 Td (The ) Tj ET Q q 0 0 0 rg BT 274.02 552.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 296.76 552.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 346.71 552.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 375.56 552.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 431.62 552.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 457.69 552.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 488.19 552.10 Td (on ) Tj ET Q q 0 0 0 rg BT 500.93 552.10 Td (March ) Tj ET Q q 0 0 0 rg BT 529.77 552.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 540.01 552.10 Td (2018. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (At ) Tj ET Q q 0 0 0 rg BT 62.09 540.10 Td (any ) Tj ET Q q 0 0 0 rg BT 79.11 540.10 Td (time ) Tj ET Q q 0 0 0 rg BT 99.48 540.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 121.50 540.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.87 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.67 540.10 Td (close ) Tj ET Q q 0 0 0 rg BT 169.81 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.73 540.10 Td (business ) Tj ET Q q 0 0 0 rg BT 217.21 540.10 Td (on ) Tj ET Q q 0 0 0 rg BT 229.79 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.60 540.10 Td (second ) Tj ET Q q 0 0 0 rg BT 274.95 540.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 317.53 540.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 348.44 540.10 Td (day ) Tj ET Q q 0 0 0 rg BT 365.47 540.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 418.04 540.10 Td (preceding ) Tj ET Q q 0 0 0 rg BT 460.05 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.86 540.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 511.33 540.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 533.07 540.10 Td (holders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (may ) Tj ET Q q 0 0 0 rg BT 68.85 528.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 100.97 528.10 Td (their ) Tj ET Q q 0 0 0 rg BT 121.44 528.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 143.57 528.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 192.92 528.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 221.17 528.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 276.63 528.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 302.09 528.10 Td (into ) Tj ET Q q 0 0 0 rg BT 319.79 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.14 528.10 Td (Company) Tj ET Q q 0 0 0 rg BT 375.80 528.10 Td (s ) Tj ET Q q 0 0 0 rg BT 381.83 528.10 Td (common ) Tj ET Q q 0 0 0 rg BT 418.96 528.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 448.59 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 450.57 528.10 Td (The ) Tj ET Q q 0 0 0 rg BT 468.25 528.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 514.27 528.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 531.39 528.10 Td (initially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (equals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.79 516.10 Td (30.9478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.29 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.04 516.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 140.78 516.10 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.29 516.10 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.79 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.54 516.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.62 516.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 235.90 516.10 Td (amount. ) Tj ET Q q 0 0 0 rg BT 271.15 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 273.69 516.10 Td (This ) Tj ET Q q 0 0 0 rg BT 294.22 516.10 Td (corresponds ) Tj ET Q q 0 0 0 rg BT 345.29 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.81 516.10 Td (an ) Tj ET Q q 0 0 0 rg BT 368.00 516.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 394.07 516.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 440.70 516.10 Td (price ) Tj ET Q q 0 0 0 rg BT 463.43 516.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.50 516.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.01 516.10 Td ($32.31) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (per ) Tj ET Q q 0 0 0 rg BT 64.21 504.10 Td (common ) Tj ET Q q 0 0 0 rg BT 101.15 504.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 126.69 504.10 Td (which ) Tj ET Q q 0 0 0 rg BT 153.06 504.10 Td (equates ) Tj ET Q q 0 0 0 rg BT 184.99 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.71 504.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.41 504.10 Td (2.7 ) Tj ET Q q 0 0 0 rg BT 268.85 504.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.74 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 299.68 504.10 Td (common ) Tj ET Q q 0 0 0 rg BT 336.62 504.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 366.05 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 367.85 504.10 Td (The ) Tj ET Q q 0 0 0 rg BT 385.34 504.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 431.16 504.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 448.08 504.10 Td (is ) Tj ET Q q 0 0 0 rg BT 456.69 504.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 486.96 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.68 504.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 542.50 504.10 Td (upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.46 492.10 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 109.06 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.14 492.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 148.08 492.10 Td (events. ) Tj ET Q q 0 0 0 rg BT 177.88 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.50 492.10 Td (The ) Tj ET Q q 0 0 0 rg BT 196.79 492.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 218.53 492.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 267.49 492.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 295.35 492.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 350.42 492.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 375.49 492.10 Td (are ) Tj ET Q q 0 0 0 rg BT 389.44 492.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 410.08 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.26 492.10 Td (unconditionally ) Tj ET Q q 0 0 0 rg BT 490.78 492.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 536.38 492.10 Td (jointly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.01 480.10 Td (severally ) Tj ET Q q 0 0 0 rg BT 104.18 480.10 Td (on ) Tj ET Q q 0 0 0 rg BT 116.25 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 122.76 480.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 149.27 480.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 203.00 480.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 245.60 480.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 267.68 480.10 Td (by ) Tj ET Q q 0 0 0 rg BT 279.75 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.04 480.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 336.65 480.10 Td (Subsidiaries. ) Tj ET Q q 0 0 0 rg BT 390.10 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.03 480.10 Td (The ) Tj ET Q q 0 0 0 rg BT 409.64 480.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 431.72 480.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 481.00 480.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 509.18 480.10 Td (Subordinated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.16 468.10 Td (are ) Tj ET Q q 0 0 0 rg BT 89.69 468.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 116.45 468.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 170.43 468.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 213.30 468.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 260.07 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.72 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.26 468.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 326.48 468.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.24 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.78 468.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 400.65 468.10 Td (Subsidiaries, ) Tj ET Q q 0 0 0 rg BT 454.36 468.10 Td (are ) Tj ET Q q 0 0 0 rg BT 468.89 468.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 522.87 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 532.98 468.10 Td (right ) Tj ET Q q 0 0 0 rg BT 554.19 468.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 86.75 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.35 456.10 Td (our ) Tj ET Q q 0 0 0 rg BT 113.51 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.77 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.80 456.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 189.16 456.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 240.64 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.46 456.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 277.94 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.20 456.10 Td (future ) Tj ET Q q 0 0 0 rg BT 321.90 456.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 349.16 456.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 403.64 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.90 456.10 Td (are ) Tj ET Q q 0 0 0 rg BT 435.93 456.10 Td (also ) Tj ET Q q 0 0 0 rg BT 454.86 456.10 Td (ef) Tj ET Q q 0 0 0 rg BT 462.44 456.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 500.25 456.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 554.72 456.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.90 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 83.41 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.70 444.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 142.31 444.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 193.78 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.85 444.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 231.59 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.10 444.10 Td (future ) Tj ET Q q 0 0 0 rg BT 276.05 444.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 309.66 444.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 364.38 444.10 Td (with ) Tj ET Q q 0 0 0 rg BT 385.23 444.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 416.62 444.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.47 444.10 Td (any ) Tj ET Q q 0 0 0 rg BT 444.98 444.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 471.38 444.10 Td (comprising ) Tj ET Q q 0 0 0 rg BT 519.45 444.10 Td (security ) Tj ET Q q 0 0 0 rg BT 554.17 444.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 88.73 432.10 Td (for ) Tj ET Q q 0 0 0 rg BT 102.41 432.10 Td (such ) Tj ET Q q 0 0 0 rg BT 122.77 432.10 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 178.95 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.83 432.10 Td (The ) Tj ET Q q 0 0 0 rg BT 198.41 432.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 238.20 432.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 280.78 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.02 432.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 317.05 432.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 366.29 432.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 394.42 432.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 449.78 432.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 475.14 432.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 509.37 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.61 432.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.56 420.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 107.14 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.63 420.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 147.02 420.10 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 181.95 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.01 420.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 223.49 420.10 Td (exceptions\), ) Tj ET Q q 0 0 0 rg BT 275.36 420.10 Td (at ) Tj ET Q q 0 0 0 rg BT 285.86 420.10 Td (a ) Tj ET Q q 0 0 0 rg BT 293.57 420.10 Td (holder) Tj ET Q q 0 0 0 rg BT 319.49 420.10 Td () Tj ET Q q 0 0 0 rg BT 322.27 420.10 Td (s ) Tj ET Q q 0 0 0 rg BT 329.44 420.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 360.77 420.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 384.05 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.54 420.10 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 446.68 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.28 420.10 Td (a ) Tj ET Q q 0 0 0 rg BT 466.00 420.10 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 519.26 420.10 Td (change ) Tj ET Q q 0 0 0 rg BT 550.85 420.10 Td (\(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 81.99 408.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.26 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.98 408.10 Td (indenture\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.87 386.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.58 386.10 Td (may ) Tj ET Q q 0 0 0 rg BT 126.62 386.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 157.87 386.10 Td (for ) Tj ET Q q 0 0 0 rg BT 171.35 386.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 190.95 386.10 Td (any ) Tj ET Q q 0 0 0 rg BT 207.21 386.10 Td (or ) Tj ET Q q 0 0 0 rg BT 217.36 386.10 Td (all ) Tj ET Q q 0 0 0 rg BT 229.18 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.33 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.37 386.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 275.20 386.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 324.23 386.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 352.17 386.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 407.31 386.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 432.47 386.10 Td (\(except ) Tj ET Q q 0 0 0 rg BT 463.72 386.10 Td (for ) Tj ET Q q 0 0 0 rg BT 477.20 386.10 Td (any ) Tj ET Q q 0 0 0 rg BT 493.46 386.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 515.29 386.10 Td (Convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 78.04 374.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 133.80 374.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 159.56 374.10 Td (that ) Tj ET Q q 0 0 0 rg BT 176.99 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.63 374.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 232.95 374.10 Td (is ) Tj ET Q q 0 0 0 rg BT 242.05 374.10 Td (required ) Tj ET Q q 0 0 0 rg BT 277.80 374.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.01 374.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 333.75 374.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.96 374.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 390.26 374.10 Td (with ) Tj ET Q q 0 0 0 rg BT 410.47 374.10 Td (a ) Tj ET Q q 0 0 0 rg BT 417.34 374.10 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 469.75 374.10 Td (change\), ) Tj ET Q q 0 0 0 rg BT 506.33 374.10 Td (but ) Tj ET Q q 0 0 0 rg BT 521.54 374.10 Td (only ) Tj ET Q q 0 0 0 rg BT 541.75 374.10 Td (if ) Tj ET Q q 0 0 0 rg BT 550.29 374.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (last ) Tj ET Q q 0 0 0 rg BT 65.91 362.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 101.74 362.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 119.81 362.10 Td (price ) Tj ET Q q 0 0 0 rg BT 142.32 362.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.17 362.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.91 362.10 Td (Company) Tj ET Q q 0 0 0 rg BT 209.57 362.10 Td (s ) Tj ET Q q 0 0 0 rg BT 215.98 362.10 Td (common ) Tj ET Q q 0 0 0 rg BT 253.50 362.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 281.01 362.10 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 315.18 362.10 Td (130% ) Tj ET Q q 0 0 0 rg BT 341.03 362.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.88 362.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.62 362.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 410.23 362.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 456.63 362.10 Td (price ) Tj ET Q q 0 0 0 rg BT 479.13 362.10 Td (for ) Tj ET Q q 0 0 0 rg BT 493.31 362.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.05 362.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 531.68 362.10 Td (on ) Tj ET Q q 0 0 0 rg BT 544.20 362.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.61 350.10 Td (at ) Tj ET Q q 0 0 0 rg BT 70.60 350.10 Td (least ) Tj ET Q q 0 0 0 rg BT 91.71 350.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 104.49 350.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 148.35 350.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 179.46 350.10 Td (days. ) Tj ET Q q 0 0 0 rg BT 203.06 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 205.64 350.10 Td (The ) Tj ET Q q 0 0 0 rg BT 223.97 350.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 236.75 350.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 267.85 350.10 Td (days ) Tj ET Q q 0 0 0 rg BT 288.96 350.10 Td (do ) Tj ET Q q 0 0 0 rg BT 301.74 350.10 Td (not ) Tj ET Q q 0 0 0 rg BT 317.29 350.10 Td (need ) Tj ET Q q 0 0 0 rg BT 338.95 350.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.50 350.10 Td (be ) Tj ET Q q 0 0 0 rg BT 361.72 350.10 Td (consecutive, ) Tj ET Q q 0 0 0 rg BT 414.20 350.10 Td (but ) Tj ET Q q 0 0 0 rg BT 429.76 350.10 Td (must ) Tj ET Q q 0 0 0 rg BT 451.98 350.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 476.97 350.10 Td (during ) Tj ET Q q 0 0 0 rg BT 505.86 350.10 Td (a ) Tj ET Q q 0 0 0 rg BT 513.07 350.10 Td (period ) Tj ET Q q 0 0 0 rg BT 541.40 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 552.51 350.10 Td (30 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 100.23 338.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 132.08 338.10 Td (days ) Tj ET Q q 0 0 0 rg BT 153.94 338.10 Td (that ) Tj ET Q q 0 0 0 rg BT 172.46 338.10 Td (ends ) Tj ET Q q 0 0 0 rg BT 194.32 338.10 Td (within ) Tj ET Q q 0 0 0 rg BT 223.40 338.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 236.93 338.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 268.78 338.10 Td (days ) Tj ET Q q 0 0 0 rg BT 290.64 338.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 344.15 338.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 367.11 338.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.42 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.16 338.10 Td (date ) Tj ET Q q 0 0 0 rg BT 414.34 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.09 338.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 472.50 338.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 510.47 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.21 338.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 554.17 338.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (redemption. ) Tj ET Q q 0 0 0 rg BT 100.33 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 102.93 326.10 Td (The ) Tj ET Q q 0 0 0 rg BT 121.27 326.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 169.60 326.10 Td (price ) Tj ET Q q 0 0 0 rg BT 192.38 326.10 Td (for ) Tj ET Q q 0 0 0 rg BT 206.83 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.84 326.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 244.64 326.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 294.64 326.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 323.54 326.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 379.66 326.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 405.78 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.35 326.10 Td (be ) Tj ET Q q 0 0 0 rg BT 428.59 326.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 470.24 326.10 Td (will ) Tj ET Q q 0 0 0 rg BT 488.59 326.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 513.04 326.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 539.16 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 326.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.54 314.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 122.54 314.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 141.71 314.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 175.29 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 192.23 314.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 221.95 314.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 256.38 314.10 Td (if ) Tj ET Q q 0 0 0 rg BT 264.99 314.10 Td (any) Tj ET Q q 0 0 0 rg BT 278.78 314.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (As ) Tj ET Q q 0 0 0 rg BT 62.63 292.10 Td (of ) Tj ET Q q 0 0 0 rg BT 72.98 292.10 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.78 292.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 152.56 292.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.56 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.58 292.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.04 292.10 Td (December ) Tj ET Q q 0 0 0 rg BT 234.14 292.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 248.66 292.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.66 292.10 Td (, ) Tj ET Q q 0 0 0 rg BT 273.18 292.10 Td (we ) Tj ET Q q 0 0 0 rg BT 286.86 292.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.32 292.10 Td ($57.5 ) Tj ET Q q 0 0 0 rg BT 327.83 292.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.73 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.75 292.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.09 292.10 Td (our ) Tj ET Q q 0 0 0 rg BT 384.44 292.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 406.46 292.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 455.69 292.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 483.82 292.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 539.17 292.10 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 101.13 280.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.41 280.10 Td (The ) Tj ET Q q 0 0 0 rg BT 121.42 280.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 143.88 280.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 193.56 280.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 222.13 280.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 277.92 280.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 303.71 280.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 323.38 280.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 355.27 280.10 Td (at ) Tj ET Q q 0 0 0 rg BT 364.95 280.10 Td (a ) Tj ET Q q 0 0 0 rg BT 371.85 280.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 389.30 280.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.09 280.10 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.92 280.10 Td ( ) Tj ET Q q 0 0 0 rg BT 428.39 280.10 Td (per ) Tj ET Q q 0 0 0 rg BT 443.62 280.10 Td (year) Tj ET Q q 0 0 0 rg BT 460.42 280.10 Td (, ) Tj ET Q q 0 0 0 rg BT 465.39 280.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 498.94 280.10 Td (semiannually ) Tj ET Q q 0 0 0 rg BT 554.73 280.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (arrears ) Tj ET Q q 0 0 0 rg BT 79.11 268.10 Td (on ) Tj ET Q q 0 0 0 rg BT 91.53 268.10 Td (March ) Tj ET Q q 0 0 0 rg BT 120.05 268.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 132.46 268.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.32 268.10 Td (September ) Tj ET Q q 0 0 0 rg BT 194.50 268.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 206.92 268.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.66 268.10 Td (each ) Tj ET Q q 0 0 0 rg BT 238.40 268.10 Td (year) Tj ET Q q 0 0 0 rg BT 255.05 268.10 Td (. ) Tj ET Q q 0 0 0 rg BT 259.97 268.10 Td ( ) Tj ET Q q 0 0 0 rg BT 262.21 268.10 Td (The ) Tj ET Q q 0 0 0 rg BT 280.17 268.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 302.59 268.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 352.22 268.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 380.75 268.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 436.49 268.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 462.24 268.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 492.42 268.10 Td (on ) Tj ET Q q 0 0 0 rg BT 504.83 268.10 Td (September ) Tj ET Q q 0 0 0 rg BT 550.01 268.10 Td (15, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 74.82 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.03 256.10 Td (At ) Tj ET Q q 0 0 0 rg BT 89.85 256.10 Td (any ) Tj ET Q q 0 0 0 rg BT 107.11 256.10 Td (time ) Tj ET Q q 0 0 0 rg BT 127.71 256.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 149.98 256.10 Td (to ) Tj ET Q q 0 0 0 rg BT 160.58 256.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.62 256.10 Td (close ) Tj ET Q q 0 0 0 rg BT 198.99 256.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.15 256.10 Td (business ) Tj ET Q q 0 0 0 rg BT 246.86 256.10 Td (on ) Tj ET Q q 0 0 0 rg BT 259.69 256.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.73 256.10 Td (second ) Tj ET Q q 0 0 0 rg BT 305.32 256.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 348.13 256.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 379.28 256.10 Td (day ) Tj ET Q q 0 0 0 rg BT 396.54 256.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 449.35 256.10 Td (preceding ) Tj ET Q q 0 0 0 rg BT 491.60 256.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.65 256.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 543.35 256.10 Td (date, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 81.17 244.10 Td (may ) Tj ET Q q 0 0 0 rg BT 100.63 244.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 132.85 244.10 Td (their ) Tj ET Q q 0 0 0 rg BT 153.41 244.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 175.64 244.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 225.09 244.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 253.43 244.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 308.99 244.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 334.56 244.10 Td (into ) Tj ET Q q 0 0 0 rg BT 352.35 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.80 244.10 Td (Company) Tj ET Q q 0 0 0 rg BT 408.47 244.10 Td (s ) Tj ET Q q 0 0 0 rg BT 414.60 244.10 Td (common ) Tj ET Q q 0 0 0 rg BT 451.83 244.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 481.55 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.63 244.10 Td (The ) Tj ET Q q 0 0 0 rg BT 501.41 244.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 547.52 244.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 83.15 232.10 Td (equals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.25 232.10 Td (42.0159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.75 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.29 232.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 173.83 232.10 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.14 232.10 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.64 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.19 232.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.06 232.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 268.15 232.10 Td (amount. ) Tj ET Q q 0 0 0 rg BT 303.19 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.55 232.10 Td (This ) Tj ET Q q 0 0 0 rg BT 325.88 232.10 Td (corresponds ) Tj ET Q q 0 0 0 rg BT 376.74 232.10 Td (to ) Tj ET Q q 0 0 0 rg BT 387.06 232.10 Td (an ) Tj ET Q q 0 0 0 rg BT 399.05 232.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 424.92 232.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 471.35 232.10 Td (price ) Tj ET Q q 0 0 0 rg BT 493.88 232.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.75 232.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td ($23.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 78.55 220.10 Td (per ) Tj ET Q q 0 0 0 rg BT 92.86 220.10 Td (common ) Tj ET Q q 0 0 0 rg BT 129.40 220.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 154.54 220.10 Td (which ) Tj ET Q q 0 0 0 rg BT 180.53 220.10 Td (equates ) Tj ET Q q 0 0 0 rg BT 212.06 220.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.38 220.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.69 220.10 Td (2.4 ) Tj ET Q q 0 0 0 rg BT 294.73 220.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.62 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.17 220.10 Td (common ) Tj ET Q q 0 0 0 rg BT 361.71 220.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 390.75 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.18 220.10 Td (The ) Tj ET Q q 0 0 0 rg BT 409.27 220.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 454.69 220.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 471.22 220.10 Td (is ) Tj ET Q q 0 0 0 rg BT 479.44 220.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 509.31 220.10 Td (to ) Tj ET Q q 0 0 0 rg BT 518.63 220.10 Td (adjustment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 71.61 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.93 208.10 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 131.89 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.33 208.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 171.64 208.10 Td (events. ) Tj ET Q q 0 0 0 rg BT 201.79 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.74 208.10 Td (The ) Tj ET Q q 0 0 0 rg BT 221.40 208.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 243.51 208.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 292.82 208.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 321.04 208.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 376.47 208.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 401.91 208.10 Td (are ) Tj ET Q q 0 0 0 rg BT 416.22 208.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 437.22 208.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.76 208.10 Td (unconditionally ) Tj ET Q q 0 0 0 rg BT 518.64 208.10 Td (guaranteed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (jointly ) Tj ET Q q 0 0 0 rg BT 79.29 196.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.41 196.10 Td (severally ) Tj ET Q q 0 0 0 rg BT 137.18 196.10 Td (on ) Tj ET Q q 0 0 0 rg BT 150.86 196.10 Td (a ) Tj ET Q q 0 0 0 rg BT 158.98 196.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 187.10 196.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 242.43 196.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 286.65 196.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 310.33 196.10 Td (by ) Tj ET Q q 0 0 0 rg BT 324.01 196.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.90 196.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 384.12 196.10 Td (Subsidiaries. ) Tj ET Q q 0 0 0 rg BT 439.19 196.10 Td ( ) Tj ET Q q 0 0 0 rg BT 442.60 196.10 Td (The ) Tj ET Q q 0 0 0 rg BT 461.82 196.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 485.50 196.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 536.39 196.10 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 104.24 184.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 128.98 184.10 Td (are ) Tj ET Q q 0 0 0 rg BT 142.60 184.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 168.45 184.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 221.52 184.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 263.47 184.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 309.32 184.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.07 184.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.70 184.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 373.00 184.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.85 184.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.48 184.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 444.43 184.10 Td (Subsidiaries, ) Tj ET Q q 0 0 0 rg BT 497.23 184.10 Td (are ) Tj ET Q q 0 0 0 rg BT 510.85 184.10 Td (subordinated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (in ) Tj ET Q q 0 0 0 rg BT 61.30 172.10 Td (right ) Tj ET Q q 0 0 0 rg BT 84.21 172.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.56 172.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 135.02 172.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.82 172.10 Td (our ) Tj ET Q q 0 0 0 rg BT 164.17 172.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.63 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.87 172.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 243.43 172.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 294.90 172.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.92 172.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 334.61 172.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.07 172.10 Td (future ) Tj ET Q q 0 0 0 rg BT 380.97 172.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 409.43 172.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 465.11 172.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.57 172.10 Td (are ) Tj ET Q q 0 0 0 rg BT 499.80 172.10 Td (also ) Tj ET Q q 0 0 0 rg BT 519.93 172.10 Td (ef) Tj ET Q q 0 0 0 rg BT 527.52 172.10 Td (fectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 103.08 160.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.79 160.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.05 160.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.41 160.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.56 160.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 201.02 160.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 252.50 160.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.42 160.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 288.02 160.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.38 160.10 Td (future ) Tj ET Q q 0 0 0 rg BT 330.19 160.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 362.65 160.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 416.24 160.10 Td (with ) Tj ET Q q 0 0 0 rg BT 435.94 160.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 466.19 160.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.89 160.10 Td (any ) Tj ET Q q 0 0 0 rg BT 492.26 160.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 517.52 160.10 Td (comprising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (security ) Tj ET Q q 0 0 0 rg BT 83.74 148.10 Td (or ) Tj ET Q q 0 0 0 rg BT 94.66 148.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 134.44 148.10 Td (for ) Tj ET Q q 0 0 0 rg BT 148.68 148.10 Td (such ) Tj ET Q q 0 0 0 rg BT 169.60 148.10 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 226.34 148.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.74 148.10 Td (The ) Tj ET Q q 0 0 0 rg BT 246.87 148.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 287.22 148.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 330.35 148.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.16 148.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 367.74 148.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 417.54 148.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 446.23 148.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 502.14 148.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 528.06 148.10 Td (provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (that ) Tj ET Q q 0 0 0 rg BT 68.11 136.10 Td (we ) Tj ET Q q 0 0 0 rg BT 83.38 136.10 Td (may ) Tj ET Q q 0 0 0 rg BT 104.22 136.10 Td (not ) Tj ET Q q 0 0 0 rg BT 120.61 136.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 153.65 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.48 136.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 194.20 136.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 217.26 136.10 Td (to ) Tj ET Q q 0 0 0 rg BT 228.65 136.10 Td (their ) Tj ET Q q 0 0 0 rg BT 250.59 136.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 277.53 136.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 315.03 136.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 337.80 136.10 Td (but ) Tj ET Q q 0 0 0 rg BT 354.19 136.10 Td (also ) Tj ET Q q 0 0 0 rg BT 373.91 136.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 410.85 136.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 456.14 136.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 496.41 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.24 136.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 554.74 136.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 94.21 124.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.83 124.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 129.24 124.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 177.86 124.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 205.37 124.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 260.11 124.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 284.84 124.10 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 317.90 124.10 Td (to ) Tj ET Q q 0 0 0 rg BT 327.09 124.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 355.70 124.10 Td (exceptions\), ) Tj ET Q q 0 0 0 rg BT 405.70 124.10 Td (at ) Tj ET Q q 0 0 0 rg BT 414.32 124.10 Td (a ) Tj ET Q q 0 0 0 rg BT 420.16 124.10 Td (holder) Tj ET Q q 0 0 0 rg BT 446.08 124.10 Td () Tj ET Q q 0 0 0 rg BT 448.86 124.10 Td (s ) Tj ET Q q 0 0 0 rg BT 454.16 124.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 483.62 124.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 505.03 124.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.65 124.10 Td (occurrence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 112.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.27 112.10 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 119.75 112.10 Td (change ) Tj ET Q q 0 0 0 rg BT 150.56 112.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 164.72 112.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 197.21 112.10 Td (in ) Tj ET Q q 0 0 0 rg BT 207.49 112.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.21 112.10 Td (indenture\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 90.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.33 90.10 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.59 90.10 Td (- ) Tj ET Q q 0 0 0 rg BT 116.42 90.10 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.38 68.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.61 68.10 Td (had ) Tj ET Q q 0 0 0 rg BT 128.38 68.10 Td (other ) Tj ET Q q 0 0 0 rg BT 152.27 68.10 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 203.66 68.10 Td (which ) Tj ET Q q 0 0 0 rg BT 231.43 68.10 Td (are ) Tj ET Q q 0 0 0 rg BT 246.98 68.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 283.63 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 294.75 68.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 321.41 68.10 Td (Payable ) Tj ET Q q 0 0 0 rg BT 356.41 68.10 Td (- ) Tj ET Q q 0 0 0 rg BT 363.07 68.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 389.18 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.30 68.10 Td (our ) Tj ET Q q 0 0 0 rg BT 416.96 68.10 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 461.96 68.10 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 509.73 68.10 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 83.32 56.10 Td (Sheets, ) Tj ET Q q 0 0 0 rg BT 113.54 56.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.71 56.10 Td ($8.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.60 56.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.22 56.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.27 56.10 Td ($8.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.17 56.10 Td ( ) Tj ET Q q 0 0 0 rg BT 262.78 56.10 Td (as ) Tj ET Q q 0 0 0 rg BT 272.73 56.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.67 56.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 342.05 56.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.05 56.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.67 56.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.72 56.10 Td (December ) Tj ET Q q 0 0 0 rg BT 422.42 56.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 436.54 56.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.54 56.10 Td (, ) Tj ET Q q 0 0 0 rg BT 460.66 56.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 508.32 56.10 Td (. ) Tj ET Q q 0 0 0 rg BT 514.82 56.10 Td (The ) Tj ET Q q 0 0 0 rg BT 531.98 56.10 Td (balance ) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 84.84 740.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 125.72 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.72 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 145.82 740.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 187.26 740.10 Td (note ) Tj ET Q q 0 0 0 rg BT 208.14 740.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 242.90 740.10 Td (with ) Tj ET Q q 0 0 0 rg BT 264.35 740.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.46 740.10 Td ($3.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.35 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.02 740.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 364.23 740.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 398.43 740.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 448.76 740.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 740.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 521.08 740.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.08 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 544.75 740.10 Td (\(and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td ($3.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.22 728.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 139.58 728.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 172.94 728.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 222.43 728.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.47 728.10 Td (December ) Tj ET Q q 0 0 0 rg BT 276.37 728.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 291.70 728.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.70 728.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 320.35 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 347.61 728.10 Td (is ) Tj ET Q q 0 0 0 rg BT 357.11 728.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 390.47 728.10 Td (by ) Tj ET Q q 0 0 0 rg BT 403.29 728.10 Td (an ) Tj ET Q q 0 0 0 rg BT 415.55 728.10 Td (of) Tj ET Q q 0 0 0 rg BT 423.70 728.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 441.51 728.10 Td (building, ) Tj ET Q q 0 0 0 rg BT 480.17 728.10 Td (matures ) Tj ET Q q 0 0 0 rg BT 514.65 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 525.25 728.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 548.08 728.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (carries ) Tj ET Q q 0 0 0 rg BT 78.67 716.10 Td (an ) Tj ET Q q 0 0 0 rg BT 90.64 716.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 122.60 716.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 140.12 716.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.97 716.10 Td (8.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.80 716.10 Td (. ) Tj ET Q q 0 0 0 rg BT 176.83 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.18 716.10 Td (The ) Tj ET Q q 0 0 0 rg BT 197.25 716.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 240.32 716.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 273.38 716.10 Td (is ) Tj ET Q q 0 0 0 rg BT 282.58 716.10 Td (made ) Tj ET Q q 0 0 0 rg BT 306.77 716.10 Td (up ) Tj ET Q q 0 0 0 rg BT 319.29 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.15 716.10 Td (other ) Tj ET Q q 0 0 0 rg BT 353.23 716.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 376.86 716.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 410.49 716.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 446.33 716.10 Td (through ) Tj ET Q q 0 0 0 rg BT 479.97 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.71 716.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 525.57 716.10 Td (course ) Tj ET Q q 0 0 0 rg BT 554.19 716.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 682.10 Td (8. ) Tj ET Q q 0 0 0 rg BT 90.34 682.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 131.74 682.10 Td (Per) Tj ET Q q 0 0 0 rg BT 146.55 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.05 682.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 169.43 682.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.28 660.10 Td (table ) Tj ET Q q 0 0 0 rg BT 88.94 660.10 Td (below ) Tj ET Q q 0 0 0 rg BT 115.61 660.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 150.61 660.10 Td (a ) Tj ET Q q 0 0 0 rg BT 157.28 660.10 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 214.48 660.10 Td (between ) Tj ET Q q 0 0 0 rg BT 250.03 660.10 Td (basic ) Tj ET Q q 0 0 0 rg BT 272.81 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.48 660.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 319.48 660.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 358.37 660.10 Td (average ) Tj ET Q q 0 0 0 rg BT 391.68 660.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 418.90 660.10 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 470.30 660.10 Td (net ) Tj ET Q q 0 0 0 rg BT 484.74 660.10 Td (income ) Tj ET Q q 0 0 0 rg BT 516.41 660.10 Td (available ) Tj ET Q q 0 0 0 rg BT 554.73 660.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (common ) Tj ET Q q 0 0 0 rg BT 86.78 648.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 139.60 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.32 648.10 Td (basic ) Tj ET Q q 0 0 0 rg BT 179.15 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.87 648.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 225.93 648.10 Td (income ) Tj ET Q q 0 0 0 rg BT 257.64 648.10 Td (per ) Tj ET Q q 0 0 0 rg BT 272.69 648.10 Td (share ) Tj ET Q q 0 0 0 rg BT 296.07 648.10 Td (for ) Tj ET Q q 0 0 0 rg BT 310.02 648.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.52 648.10 Td (three ) Tj ET Q q 0 0 0 rg BT 346.79 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.51 648.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 383.01 648.10 Td (months ) Tj ET Q q 0 0 0 rg BT 414.74 648.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 440.90 648.10 Td (September ) Tj ET Q q 0 0 0 rg BT 485.94 648.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 500.73 648.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 523.01 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 539.73 648.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.73 648.10 Td (: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 600.6 m 321 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 600.6 m 326 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 600.6 m 379 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 600.6 m 386 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 600.6 m 439 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 600.6 m 449 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 600.6 m 502 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 600.6 m 509 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 600.6 m 562 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 600.6 m 379 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 600.6 m 439 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 561.6 m 321 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 548.6 m 321 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 561.6 m 326 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 548.6 m 326 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 561.6 m 379 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 548.6 m 379 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 561.6 m 386 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 548.6 m 386 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 561.6 m 439 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 548.6 m 439 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 561.6 m 449 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 548.6 m 449 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 561.6 m 502 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 548.6 m 502 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 561.6 m 509 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 548.6 m 509 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 561.6 m 562 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 548.6 m 562 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 522.6 m 379 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 522.6 m 386 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 522.6 m 439 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 522.6 m 449 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 522.6 m 502 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 522.6 m 509 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 522.6 m 562 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 522.6 m 321 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 509.6 m 321 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 522.6 m 326 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 509.6 m 326 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 522.6 m 379 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 509.6 m 379 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 522.6 m 386 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 509.6 m 386 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 522.6 m 439 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 509.6 m 439 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 522.6 m 449 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 509.6 m 449 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 522.6 m 502 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 509.6 m 502 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 522.6 m 509 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 509.6 m 509 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 522.6 m 562 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 509.6 m 562 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 509.6 m 379 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 509.6 m 439 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 418.6 m 379 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 418.6 m 386 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 418.6 m 439 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 418.6 m 321 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 405.6 m 321 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 418.6 m 326 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 405.6 m 326 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 418.6 m 379 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 405.6 m 379 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 418.6 m 386 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 405.6 m 386 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 418.6 m 439 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 405.6 m 439 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 418.6 m 449 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 405.6 m 449 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 418.6 m 502 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 405.6 m 502 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 418.6 m 509 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 405.6 m 509 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 418.6 m 562 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 405.6 m 562 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 405.6 m 321 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 405.6 m 326 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 405.6 m 379 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 405.6 m 386 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 405.6 m 439 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 405.6 m 449 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 405.6 m 502 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 405.6 m 509 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 405.6 m 562 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 366.6 m 321 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 366.6 m 326 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 366.6 m 379 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 366.6 m 386 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 366.6 m 439 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 366.6 m 449 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 366.6 m 502 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 366.6 m 509 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 366.6 m 562 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 345.6 m 321 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 345.6 m 326 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 345.6 m 379 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 345.6 m 386 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 345.6 m 439 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 345.6 m 449 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 345.6 m 502 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 345.6 m 509 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 345.6 m 562 345.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 629.68 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 629.68 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 617.68 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 617.68 Td (September 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 604.85 Td (\(In thousands, except per share amounts\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.00 604.83 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 604.85 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.00 604.83 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 604.85 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 591.83 Td (NUMERATOR) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 578.85 Td (Net income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 578.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 578.83 Td (10,942) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 578.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 578.85 Td (15,570) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 578.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 578.83 Td (36,047) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 578.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 578.85 Td (38,488) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 565.85 Td (Preferred stock dividends) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.10 565.83 Td (\(1,218) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 565.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.10 565.85 Td (\(1,218) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 565.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.10 565.83 Td (\(3,656) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.80 565.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 565.85 Td (\(3,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 565.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 552.85 Td (Net income to common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 552.83 Td (9,724) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 552.85 Td (14,352) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 552.83 Td (32,391) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 552.85 Td (34,832) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 539.85 Td (Interest on 3.25% convertible senior subordinated notes due 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 539.83 Td (378) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 539.85 Td (372) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 539.83 Td (1,152) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 539.85 Td (1,117) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 526.85 Td (Interest on 3.00% convertible senior subordinated notes due 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 526.83 Td (510) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 526.85 Td (502) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 526.83 Td (1,554) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 526.85 Td (1,507) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 513.85 Td (Diluted income available to common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 513.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 513.83 Td (10,612) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 513.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 513.85 Td (15,226) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 513.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 513.83 Td (35,097) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 513.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 513.85 Td (37,456) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 500.83 Td (DENOMINATOR) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 487.85 Td (Basic weighted average shares outstanding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 487.83 Td (24,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 487.85 Td (24,605) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 487.83 Td (24,665) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 487.85 Td (24,551) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 474.85 Td (Effect of dilutive securities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 461.85 Td (Stock option awards) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 461.83 Td (231) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 461.85 Td (244) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 461.83 Td (200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 461.85 Td (238) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 448.85 Td (Deferred compensation awards) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 448.83 Td (154) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 448.85 Td (133) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 448.83 Td (143) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 448.85 Td (147) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 435.85 Td (3.25% convertible senior subordinated notes due 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 435.83 Td (2,416) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 435.85 Td (2,416) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 435.83 Td (2,416) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 435.85 Td (2,416) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 422.85 Td (3.00% convertible senior subordinated notes due 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 422.83 Td (2,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 422.85 Td (2,669) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 422.83 Td (2,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 422.85 Td (2,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 409.85 Td (Diluted weighted average shares outstanding - adjusted for assumed conversions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 409.83 Td (30,139) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 409.85 Td (30,067) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 409.83 Td (30,093) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 409.85 Td (30,021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 396.85 Td (Earnings per common share:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 383.85 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 383.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.80 383.83 Td (0.39) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 383.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 383.85 Td (0.58) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 383.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 383.83 Td (1.31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 383.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 383.85 Td (1.42) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 370.85 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 370.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.80 370.83 Td (0.35) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 370.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 370.85 Td (0.51) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 370.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 370.83 Td (1.17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 370.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 370.85 Td (1.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 357.85 Td (Anti-dilutive equity awards not included in the calculation of diluted earnings per) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 349.85 Td (common share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 349.83 Td (896) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 349.85 Td (1,460) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 349.83 Td (1,288) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 349.85 Td (1,443) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.57 324.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.96 324.10 Td (three ) Tj ET Q q 0 0 0 rg BT 105.12 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.73 324.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 143.12 324.10 Td (months ) Tj ET Q q 0 0 0 rg BT 175.74 324.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 202.79 324.10 Td (September ) Tj ET Q q 0 0 0 rg BT 248.73 324.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 264.40 324.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 287.58 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.19 324.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.19 324.10 Td (, ) Tj ET Q q 0 0 0 rg BT 330.86 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.25 324.10 Td (ef) Tj ET Q q 0 0 0 rg BT 353.84 324.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 372.00 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.50 324.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 431.66 324.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 452.05 324.10 Td (was ) Tj ET Q q 0 0 0 rg BT 470.77 324.10 Td (included ) Tj ET Q q 0 0 0 rg BT 508.38 324.10 Td (in ) Tj ET Q q 0 0 0 rg BT 519.33 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.72 324.10 Td (diluted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 85.88 312.10 Td (per ) Tj ET Q q 0 0 0 rg BT 101.15 312.10 Td (share ) Tj ET Q q 0 0 0 rg BT 124.74 312.10 Td (calculations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (NOTE 9. Income ) Tj ET Q q 0 0 0 rg BT 124.32 290.10 Td (T) Tj ET Q q 0 0 0 rg BT 130.07 290.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (During ) Tj ET Q q 0 0 0 rg BT 82.14 268.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.66 268.10 Td (three ) Tj ET Q q 0 0 0 rg BT 122.96 268.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.71 268.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 163.23 268.10 Td (months ) Tj ET Q q 0 0 0 rg BT 196.99 268.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 225.17 268.10 Td (September ) Tj ET Q q 0 0 0 rg BT 272.25 268.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 289.05 268.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.05 268.10 Td (, ) Tj ET Q q 0 0 0 rg BT 315.86 268.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.39 268.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 375.58 268.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 414.87 268.10 Td (a ) Tj ET Q q 0 0 0 rg BT 423.61 268.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 440.14 268.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 482.23 268.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.87 268.10 Td ($7.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.76 268.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.07 268.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td ($22.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 256.10 Td (, ) Tj ET Q q 0 0 0 rg BT 108.50 256.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 156.16 256.10 Td (, ) Tj ET Q q 0 0 0 rg BT 161.27 256.10 Td (which ) Tj ET Q q 0 0 0 rg BT 188.31 256.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 220.34 256.10 Td (income ) Tj ET Q q 0 0 0 rg BT 252.39 256.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 267.21 256.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 302.02 256.10 Td (related ) Tj ET Q q 0 0 0 rg BT 331.83 256.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.22 256.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.04 256.10 Td (period) Tj ET Q q 0 0 0 rg BT 385.37 256.10 Td (s ) Tj ET Q q 0 0 0 rg BT 391.87 256.10 Td (income ) Tj ET Q q 0 0 0 rg BT 423.91 256.10 Td (before ) Tj ET Q q 0 0 0 rg BT 452.05 256.10 Td (income ) Tj ET Q q 0 0 0 rg BT 484.09 256.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 509.56 256.10 Td (The ) Tj ET Q q 0 0 0 rg BT 527.71 256.10 Td (ef) Tj ET Q q 0 0 0 rg BT 535.30 256.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 63.92 244.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 81.11 244.10 Td (for ) Tj ET Q q 0 0 0 rg BT 94.98 244.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.40 244.10 Td (three ) Tj ET Q q 0 0 0 rg BT 131.59 244.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.23 244.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 167.65 244.10 Td (months ) Tj ET Q q 0 0 0 rg BT 199.30 244.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 225.39 244.10 Td (September ) Tj ET Q q 0 0 0 rg BT 270.35 244.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 285.06 244.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.06 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.26 244.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.02 244.10 Td (40.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.85 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 353.05 244.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.70 244.10 Td (38.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.53 244.10 Td (, ) Tj ET Q q 0 0 0 rg BT 400.23 244.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 447.89 244.10 Td (, ) Tj ET Q q 0 0 0 rg BT 452.60 244.10 Td (which ) Tj ET Q q 0 0 0 rg BT 479.24 244.10 Td (included ) Tj ET Q q 0 0 0 rg BT 515.88 244.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 530.30 244.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (related ) Tj ET Q q 0 0 0 rg BT 79.32 232.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.72 232.10 Td (state ) Tj ET Q q 0 0 0 rg BT 110.66 232.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 125.50 232.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 143.10 232.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 177.93 232.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.98 232.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.82 232.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 247.97 232.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 262.81 232.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 297.08 232.10 Td (for ) Tj ET Q q 0 0 0 rg BT 311.36 232.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.19 232.10 Td (domestic ) Tj ET Q q 0 0 0 rg BT 364.92 232.10 Td (production ) Tj ET Q q 0 0 0 rg BT 410.86 232.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 449.58 232.10 Td (deduction. ) Tj ET Q q 0 0 0 rg BT 494.13 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 496.75 232.10 Td (During ) Tj ET Q q 0 0 0 rg BT 527.70 232.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.53 232.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.50 220.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 84.28 220.10 Td (months ) Tj ET Q q 0 0 0 rg BT 115.29 220.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 140.73 220.10 Td (September ) Tj ET Q q 0 0 0 rg BT 185.05 220.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 199.11 220.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.11 220.10 Td (, ) Tj ET Q q 0 0 0 rg BT 223.17 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.95 220.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 277.40 220.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 313.94 220.10 Td (a ) Tj ET Q q 0 0 0 rg BT 319.94 220.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 333.72 220.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 373.06 220.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.95 220.10 Td ($10.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.84 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.40 220.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.40 220.10 Td ($25.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.29 220.10 Td (, ) Tj ET Q q 0 0 0 rg BT 512.35 220.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 560.02 220.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.90 Td (which ) Tj ET Q q 0 0 0 rg BT 76.09 206.90 Td (reflects ) Tj ET Q q 0 0 0 rg BT 107.66 206.90 Td (income ) Tj ET Q q 0 0 0 rg BT 139.25 206.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 153.61 206.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 187.97 206.90 Td (related ) Tj ET Q q 0 0 0 rg BT 217.32 206.90 Td (to ) Tj ET Q q 0 0 0 rg BT 227.25 206.90 Td (the ) Tj ET Q q 0 0 0 rg BT 241.62 206.90 Td (period) Tj ET Q q 0 0 0 rg BT 269.94 206.90 Td (s ) Tj ET Q q 0 0 0 rg BT 275.98 206.90 Td (income ) Tj ET Q q 0 0 0 rg BT 307.57 206.90 Td (before ) Tj ET Q q 0 0 0 rg BT 335.25 206.90 Td (income ) Tj ET Q q 0 0 0 rg BT 366.84 206.90 Td (taxes.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 389.88 206.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.25 206.90 Td (The ) Tj ET Q q 0 0 0 rg BT 409.95 206.90 Td (ef) Tj ET Q q 0 0 0 rg BT 417.53 206.90 Td (fective ) Tj ET Q q 0 0 0 rg BT 446.89 206.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 461.25 206.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 478.39 206.90 Td (for ) Tj ET Q q 0 0 0 rg BT 492.20 206.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.56 206.90 Td (three ) Tj ET Q q 0 0 0 rg BT 528.70 206.90 Td (and ) Tj ET Q q 0 0 0 rg BT 545.29 206.90 Td (nine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.90 Td (months ) Tj ET Q q 0 0 0 rg BT 81.45 194.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 107.83 194.90 Td (September ) Tj ET Q q 0 0 0 rg BT 153.09 194.90 Td (30, ) Tj ET Q q 0 0 0 rg BT 168.09 194.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.09 194.90 Td ( ) Tj ET Q q 0 0 0 rg BT 190.59 194.90 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.64 194.90 Td (41.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.47 194.90 Td ( ) Tj ET Q q 0 0 0 rg BT 236.97 194.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.91 194.90 Td (39.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.74 194.90 Td (, ) Tj ET Q q 0 0 0 rg BT 284.74 194.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 332.40 194.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.90 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.55 172.90 Td (September30, ) Tj ET Q q 0 0 0 rg BT 127.36 172.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.36 172.90 Td (, ) Tj ET Q q 0 0 0 rg BT 154.91 172.90 Td (the ) Tj ET Q q 0 0 0 rg BT 172.18 172.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 216.12 172.90 Td (had ) Tj ET Q q 0 0 0 rg BT 235.60 172.90 Td (federal ) Tj ET Q q 0 0 0 rg BT 268.41 172.90 Td (NOL) Tj ET Q q 0 0 0 rg BT 288.59 172.90 Td ( ) Tj ET Q q 0 0 0 rg BT 293.64 172.90 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 354.77 172.90 Td (of ) Tj ET Q q 0 0 0 rg BT 368.15 172.90 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.96 172.90 Td ($3.0 ) Tj ET Q q 0 0 0 rg BT 453.51 172.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.40 172.90 Td ( ) Tj ET Q q 0 0 0 rg BT 487.45 172.90 Td (and ) Tj ET Q q 0 0 0 rg BT 506.94 172.90 Td (federal ) Tj ET Q q 0 0 0 rg BT 539.74 172.90 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.90 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 107.37 160.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.48 160.90 Td ($9.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.37 160.90 Td (. ) Tj ET Q q 0 0 0 rg BT 170.66 160.90 Td ( ) Tj ET Q q 0 0 0 rg BT 172.45 160.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 189.78 160.90 Td (federal ) Tj ET Q q 0 0 0 rg BT 219.32 160.90 Td (NOL) Tj ET Q q 0 0 0 rg BT 239.50 160.90 Td ( ) Tj ET Q q 0 0 0 rg BT 241.29 160.90 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 299.16 160.90 Td (may ) Tj ET Q q 0 0 0 rg BT 318.16 160.90 Td (be ) Tj ET Q q 0 0 0 rg BT 329.38 160.90 Td (carried ) Tj ET Q q 0 0 0 rg BT 358.92 160.90 Td (forward ) Tj ET Q q 0 0 0 rg BT 392.36 160.90 Td (from ) Tj ET Q q 0 0 0 rg BT 413.58 160.90 Td (one ) Tj ET Q q 0 0 0 rg BT 429.81 160.90 Td (to ) Tj ET Q q 0 0 0 rg BT 439.37 160.90 Td (16 ) Tj ET Q q 0 0 0 rg BT 451.16 160.90 Td (years ) Tj ET Q q 0 0 0 rg BT 474.04 160.90 Td (to ) Tj ET Q q 0 0 0 rg BT 483.61 160.90 Td (of) Tj ET Q q 0 0 0 rg BT 491.76 160.90 Td (fset ) Tj ET Q q 0 0 0 rg BT 507.98 160.90 Td (future ) Tj ET Q q 0 0 0 rg BT 533.65 160.90 Td (taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.90 Td (income ) Tj ET Q q 0 0 0 rg BT 82.99 148.90 Td (with ) Tj ET Q q 0 0 0 rg BT 104.83 148.90 Td (the ) Tj ET Q q 0 0 0 rg BT 121.11 148.90 Td (federal ) Tj ET Q q 0 0 0 rg BT 152.92 148.90 Td (carryforward ) Tj ET Q q 0 0 0 rg BT 209.17 148.90 Td (benefits ) Tj ET Q q 0 0 0 rg BT 244.88 148.90 Td (beginning ) Tj ET Q q 0 0 0 rg BT 288.94 148.90 Td (to ) Tj ET Q q 0 0 0 rg BT 300.78 148.90 Td (expire ) Tj ET Q q 0 0 0 rg BT 329.82 148.90 Td (in ) Tj ET Q q 0 0 0 rg BT 341.66 148.90 Td (2028. ) Tj ET Q q 0 0 0 rg BT 368.22 148.90 Td ( ) Tj ET Q q 0 0 0 rg BT 371.98 148.90 Td (The ) Tj ET Q q 0 0 0 rg BT 391.59 148.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 434.54 148.90 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.03 148.90 Td ($6.6 ) Tj ET Q q 0 0 0 rg BT 474.59 148.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.49 148.90 Td ( ) Tj ET Q q 0 0 0 rg BT 507.55 148.90 Td (of ) Tj ET Q q 0 0 0 rg BT 519.94 148.90 Td (state ) Tj ET Q q 0 0 0 rg BT 542.32 148.90 Td (NOL) Tj ET Q q 0 0 0 rg BT 562.50 148.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.90 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 109.27 136.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.17 136.90 Td (September30, ) Tj ET Q q 0 0 0 rg BT 181.62 136.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.62 136.90 Td (. ) Tj ET Q q 0 0 0 rg BT 207.81 136.90 Td ( ) Tj ET Q q 0 0 0 rg BT 211.49 136.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 230.73 136.90 Td (state ) Tj ET Q q 0 0 0 rg BT 252.74 136.90 Td (NOLs ) Tj ET Q q 0 0 0 rg BT 280.87 136.90 Td (may ) Tj ET Q q 0 0 0 rg BT 301.78 136.90 Td (be ) Tj ET Q q 0 0 0 rg BT 314.90 136.90 Td (carried ) Tj ET Q q 0 0 0 rg BT 346.34 136.90 Td (forward ) Tj ET Q q 0 0 0 rg BT 381.68 136.90 Td (from ) Tj ET Q q 0 0 0 rg BT 404.80 136.90 Td (one ) Tj ET Q q 0 0 0 rg BT 422.93 136.90 Td (to ) Tj ET Q q 0 0 0 rg BT 434.39 136.90 Td (16 ) Tj ET Q q 0 0 0 rg BT 448.08 136.90 Td (years, ) Tj ET Q q 0 0 0 rg BT 475.36 136.90 Td (depending ) Tj ET Q q 0 0 0 rg BT 520.71 136.90 Td (on ) Tj ET Q q 0 0 0 rg BT 534.39 136.90 Td (the ) Tj ET Q q 0 0 0 rg BT 550.30 136.90 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.90 Td (jurisdiction, ) Tj ET Q q 0 0 0 rg BT 99.25 124.90 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.73 124.90 Td ($1.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.62 124.90 Td ( ) Tj ET Q q 0 0 0 rg BT 169.32 124.90 Td (expiring ) Tj ET Q q 0 0 0 rg BT 204.34 124.90 Td (between ) Tj ET Q q 0 0 0 rg BT 239.35 124.90 Td (2022 ) Tj ET Q q 0 0 0 rg BT 261.05 124.90 Td (and ) Tj ET Q q 0 0 0 rg BT 277.19 124.90 Td (2027 ) Tj ET Q q 0 0 0 rg BT 298.89 124.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.02 124.90 Td ($4.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.92 124.90 Td ( ) Tj ET Q q 0 0 0 rg BT 365.61 124.90 Td (expiring ) Tj ET Q q 0 0 0 rg BT 400.64 124.90 Td (between ) Tj ET Q q 0 0 0 rg BT 435.65 124.90 Td (2028 ) Tj ET Q q 0 0 0 rg BT 457.35 124.90 Td (and ) Tj ET Q q 0 0 0 rg BT 473.49 124.90 Td (2032, ) Tj ET Q q 0 0 0 rg BT 497.68 124.90 Td (absent ) Tj ET Q q 0 0 0 rg BT 524.93 124.90 Td (suf) Tj ET Q q 0 0 0 rg BT 536.97 124.90 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.90 Td (state ) Tj ET Q q 0 0 0 rg BT 70.33 112.90 Td (taxable ) Tj ET Q q 0 0 0 rg BT 101.70 112.90 Td (income.) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (NOTE 10. Business Segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.37 718.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.04 718.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.25 718.25 Td (chief ) Tj ET Q q 0 0 0 rg BT 137.57 718.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 177.66 718.25 Td (decision ) Tj ET Q q 0 0 0 rg BT 213.31 718.25 Td (makers ) Tj ET Q q 0 0 0 rg BT 244.51 718.25 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 280.15 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.69 718.25 Td (Company) Tj ET Q q 0 0 0 rg BT 336.35 718.25 Td (s ) Tj ET Q q 0 0 0 rg BT 342.57 718.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 395.42 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 405.52 718.25 Td (various ) Tj ET Q q 0 0 0 rg BT 437.29 718.25 Td (ways, ) Tj ET Q q 0 0 0 rg BT 462.66 718.25 Td (including: ) Tj ET Q q 0 0 0 rg BT 505.54 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 507.87 718.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 521.85 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.40 718.25 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.60 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.70 706.25 Td (15 ) Tj ET Q q 0 0 0 rg BT 89.46 706.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 132.78 706.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 191.10 706.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 231.63 706.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 271.62 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 288.82 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.81 706.25 Td (results ) Tj ET Q q 0 0 0 rg BT 332.68 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 343.78 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 359.88 706.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 397.63 706.25 Td (services ) Tj ET Q q 0 0 0 rg BT 432.60 706.25 Td (operations; ) Tj ET Q q 0 0 0 rg BT 479.80 706.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 494.23 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.21 706.25 Td (results ) Tj ET Q q 0 0 0 rg BT 538.09 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 706.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (three ) Tj ET Q q 0 0 0 rg BT 71.99 694.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 130.04 694.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 173.07 694.25 Td (segments; ) Tj ET Q q 0 0 0 rg BT 215.56 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.50 694.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 246.66 694.25 Td (our ) Tj ET Q q 0 0 0 rg BT 262.49 694.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 315.54 694.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 353.02 694.25 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.70 672.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 108.53 672.25 Td (with ) Tj ET Q q 0 0 0 rg BT 128.54 672.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 150.86 672.25 Td (280, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.23 672.25 Td (Segment ) Tj ET Q q 0 0 0 rg BT 207.98 672.25 Td (Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.97 672.25 Td ( ) Tj ET Q q 0 0 0 rg BT 250.84 672.25 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 280.93 672.25 Td (280\), ) Tj ET Q q 0 0 0 rg BT 309.07 672.25 Td (we ) Tj ET Q q 0 0 0 rg BT 323.60 672.25 Td (have ) Tj ET Q q 0 0 0 rg BT 345.34 672.25 Td (identified ) Tj ET Q q 0 0 0 rg BT 386.53 672.25 Td (each ) Tj ET Q q 0 0 0 rg BT 407.72 672.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 466.14 672.25 Td (division ) Tj ET Q q 0 0 0 rg BT 501.23 672.25 Td (as ) Tj ET Q q 0 0 0 rg BT 512.43 672.25 Td (an ) Tj ET Q q 0 0 0 rg BT 524.74 672.25 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 85.70 660.25 Td (as ) Tj ET Q q 0 0 0 rg BT 96.91 660.25 Td (each ) Tj ET Q q 0 0 0 rg BT 118.10 660.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 176.52 660.25 Td (division ) Tj ET Q q 0 0 0 rg BT 211.62 660.25 Td (engages ) Tj ET Q q 0 0 0 rg BT 246.71 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 257.36 660.25 Td (business ) Tj ET Q q 0 0 0 rg BT 294.13 660.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 333.10 660.25 Td (from ) Tj ET Q q 0 0 0 rg BT 355.41 660.25 Td (which ) Tj ET Q q 0 0 0 rg BT 382.73 660.25 Td (it ) Tj ET Q q 0 0 0 rg BT 391.16 660.25 Td (earns ) Tj ET Q q 0 0 0 rg BT 415.13 660.25 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 452.15 660.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 492.24 660.25 Td (from ) Tj ET Q q 0 0 0 rg BT 514.55 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 529.64 660.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 548.07 660.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 101.57 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.54 648.25 Td (single-family ) Tj ET Q q 0 0 0 rg BT 168.49 648.25 Td (attached ) Tj ET Q q 0 0 0 rg BT 204.44 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 221.52 648.25 Td (detached ) Tj ET Q q 0 0 0 rg BT 259.69 648.25 Td (homes, ) Tj ET Q q 0 0 0 rg BT 290.93 648.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 337.45 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 354.52 648.25 Td (development ) Tj ET Q q 0 0 0 rg BT 408.81 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.78 648.25 Td (land, ) Tj ET Q q 0 0 0 rg BT 442.13 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.21 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.06 648.25 Td (occasional ) Tj ET Q q 0 0 0 rg BT 518.90 648.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 537.08 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.05 648.25 Td (lots ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.59 636.25 Td (third ) Tj ET Q q 0 0 0 rg BT 80.79 636.25 Td (parties. ) Tj ET Q q 0 0 0 rg BT 112.26 636.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 130.12 636.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 167.41 636.25 Td (services ) Tj ET Q q 0 0 0 rg BT 201.93 636.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 245.90 636.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 282.07 636.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 316.03 636.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 355.55 636.25 Td (from ) Tj ET Q q 0 0 0 rg BT 377.31 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.83 636.25 Td (origination, ) Tj ET Q q 0 0 0 rg BT 440.53 636.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 458.39 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 475.14 636.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 514.10 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.75 636.25 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 73.72 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 91.26 624.25 Td (title ) Tj ET Q q 0 0 0 rg BT 109.92 624.25 Td (services ) Tj ET Q q 0 0 0 rg BT 145.24 624.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 185.56 624.25 Td (for ) Tj ET Q q 0 0 0 rg BT 200.33 624.25 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 246.19 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.63 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 272.95 624.25 Td (Company) Tj ET Q q 0 0 0 rg BT 314.62 624.25 Td (s ) Tj ET Q q 0 0 0 rg BT 321.62 624.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 350.84 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.38 624.25 Td (are ) Tj ET Q q 0 0 0 rg BT 383.70 624.25 Td (included ) Tj ET Q q 0 0 0 rg BT 421.24 624.25 Td (in ) Tj ET Q q 0 0 0 rg BT 432.12 624.25 Td (our ) Tj ET Q q 0 0 0 rg BT 448.56 624.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 486.65 624.25 Td (services ) Tj ET Q q 0 0 0 rg BT 521.97 624.25 Td (reportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (segment. ) Tj ET Q q 0 0 0 rg BT 87.24 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 89.16 612.25 Td (In ) Tj ET Q q 0 0 0 rg BT 99.40 612.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 146.28 612.25 Td (with ) Tj ET Q q 0 0 0 rg BT 165.97 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.10 612.25 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 229.22 612.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 259.45 612.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 291.35 612.25 Td (in ) Tj ET Q q 0 0 0 rg BT 300.62 612.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 321.99 612.25 Td (280, ) Tj ET Q q 0 0 0 rg BT 341.40 612.25 Td (we ) Tj ET Q q 0 0 0 rg BT 354.98 612.25 Td (have ) Tj ET Q q 0 0 0 rg BT 375.77 612.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 422.67 612.25 Td (our ) Tj ET Q q 0 0 0 rg BT 437.91 612.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 480.36 612.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 519.49 612.25 Td (as ) Tj ET Q q 0 0 0 rg BT 529.74 612.25 Td (follows: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 86.13 600.25 Td (homebuilding, ) Tj ET Q q 0 0 0 rg BT 145.82 600.25 Td (Southern ) Tj ET Q q 0 0 0 rg BT 183.56 600.25 Td (homebuilding, ) Tj ET Q q 0 0 0 rg BT 243.25 600.25 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 297.09 600.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 354.28 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 370.35 600.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 406.96 600.25 Td (services ) Tj ET Q q 0 0 0 rg BT 440.80 600.25 Td (operations.) Tj ET Q q 0 0 0 rg BT 489.78 600.25 Td (The ) Tj ET Q q 0 0 0 rg BT 506.96 600.25 Td (homebuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.27 588.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 128.49 588.25 Td (that ) Tj ET Q q 0 0 0 rg BT 145.50 588.25 Td (are ) Tj ET Q q 0 0 0 rg BT 159.71 588.25 Td (included ) Tj ET Q q 0 0 0 rg BT 196.15 588.25 Td (within ) Tj ET Q q 0 0 0 rg BT 223.71 588.25 Td (each ) Tj ET Q q 0 0 0 rg BT 244.04 588.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 286.58 588.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 321.91 588.25 Td (have ) Tj ET Q q 0 0 0 rg BT 342.79 588.25 Td (been ) Tj ET Q q 0 0 0 rg BT 363.67 588.25 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 409.54 588.25 Td (because ) Tj ET Q q 0 0 0 rg BT 443.20 588.25 Td (they ) Tj ET Q q 0 0 0 rg BT 462.42 588.25 Td (share ) Tj ET Q q 0 0 0 rg BT 485.53 588.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 515.31 588.25 Td (aggregation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 108.10 576.25 Td (as ) Tj ET Q q 0 0 0 rg BT 117.85 576.25 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 160.91 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 169.79 576.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 190.66 576.25 Td (280 ) Tj ET Q q 0 0 0 rg BT 207.07 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 216.27 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.90 576.25 Td (following ) Tj ET Q q 0 0 0 rg BT 270.20 576.25 Td (regards: ) Tj ET Q q 0 0 0 rg BT 303.82 576.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 316.90 576.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 357.75 576.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 398.03 576.25 Td (characteristics; ) Tj ET Q q 0 0 0 rg BT 459.41 576.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 472.49 576.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 511.12 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 526.97 576.25 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (future ) Tj ET Q q 0 0 0 rg BT 77.17 564.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 120.40 564.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 145.30 564.25 Td (mar) Tj ET Q q 0 0 0 rg BT 160.67 564.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 177.24 564.25 Td (percentages; ) Tj ET Q q 0 0 0 rg BT 231.01 564.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 246.46 564.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 281.92 564.25 Td (products, ) Tj ET Q q 0 0 0 rg BT 322.66 564.25 Td (production ) Tj ET Q q 0 0 0 rg BT 369.77 564.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 411.89 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 430.12 564.25 Td (methods ) Tj ET Q q 0 0 0 rg BT 467.80 564.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.92 564.25 Td (distribution; ) Tj ET Q q 0 0 0 rg BT 532.61 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 550.84 564.25 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.25 Td (geographical ) Tj ET Q q 0 0 0 rg BT 103.64 552.25 Td (proximity) Tj ET Q q 0 0 0 rg BT 142.43 552.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 530.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 125.60 530.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 165.86 530.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 205.58 530.25 Td (that ) Tj ET Q q 0 0 0 rg BT 223.07 530.25 Td (comprise ) Tj ET Q q 0 0 0 rg BT 262.23 530.25 Td (each ) Tj ET Q q 0 0 0 rg BT 283.04 530.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.88 530.25 Td (our ) Tj ET Q q 0 0 0 rg BT 309.71 530.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 352.74 530.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 392.45 530.25 Td (are ) Tj ET Q q 0 0 0 rg BT 407.16 530.25 Td (as ) Tj ET Q q 0 0 0 rg BT 417.99 530.25 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 94.5 508.9833984375 m 129.5 508.9833984375 l s q 0 0 0 rg BT 94.50 510.32 Td (Midwest) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 242.5 508.9833984375 m 278.6083984375 508.9833984375 l s q 0 0 0 rg BT 242.50 510.32 Td (Southern) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 388.5 508.9833984375 m 440.7119140625 508.9833984375 l s q 0 0 0 rg BT 388.50 510.32 Td (Mid-Atlantic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 496.37 Td (Chicago, ) Tj ET Q q 0 0 0 rg BT 132.83 496.37 Td (Illinois) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 496.37 Td (Orlando, ) Tj ET Q q 0 0 0 rg BT 280.27 496.37 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 496.37 Td (Charlotte, ) Tj ET Q q 0 0 0 rg BT 430.71 496.37 Td (North ) Tj ET Q q 0 0 0 rg BT 456.54 496.37 Td (Carolina) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 484.37 Td (Cincinnati, ) Tj ET Q q 0 0 0 rg BT 141.16 484.37 Td (Ohio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 484.37 Td (Sarasota, ) Tj ET Q q 0 0 0 rg BT 281.38 484.37 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 484.37 Td (Raleigh, ) Tj ET Q q 0 0 0 rg BT 424.60 484.37 Td (North ) Tj ET Q q 0 0 0 rg BT 450.43 484.37 Td (Carolina) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 472.37 Td (Columbus, ) Tj ET Q q 0 0 0 rg BT 140.62 472.37 Td (Ohio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 472.37 Td (Tampa, Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 472.37 Td (W) Tj ET Q q 0 0 0 rg BT 397.54 472.37 Td (ashington, ) Tj ET Q q 0 0 0 rg BT 441.02 472.37 Td (D.C.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 460.37 Td (Indianapolis, ) Tj ET Q q 0 0 0 rg BT 148.93 460.37 Td (Indiana) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 460.37 Td (Austin, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 448.37 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 160.61 448.37 Td (Paul, ) Tj ET Q q 0 0 0 rg BT 183.39 448.37 Td (Minnesota) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 448.37 Td (Dallas/Fort Worth, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 436.37 Td (Houston, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 424.37 Td (San Antonio, Texas) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.25 Td (On July 1, 2016, we entered the Sarasota, Florida market.) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.34 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 110.52 740.10 Td (table ) Tj ET Q q 0 0 0 rg BT 133.24 740.10 Td (shows, ) Tj ET Q q 0 0 0 rg BT 164.04 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 177.33 740.10 Td (segment: ) Tj ET Q q 0 0 0 rg BT 216.73 740.10 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 254.17 740.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 295.22 740.10 Td (income ) Tj ET Q q 0 0 0 rg BT 327.95 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.68 740.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 378.41 740.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 413.91 740.10 Td (for ) Tj ET Q q 0 0 0 rg BT 428.86 740.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.37 740.10 Td (three ) Tj ET Q q 0 0 0 rg BT 467.65 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.38 740.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 505.89 740.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.63 740.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (September ) Tj ET Q q 0 0 0 rg BT 94.76 728.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 109.76 728.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 132.26 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.20 728.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.20 728.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 696.6 m 379 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 696.6 m 386 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 696.6 m 439 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 696.6 m 449 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 696.6 m 502 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 696.6 m 509 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 696.6 m 562 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 696.6 m 502 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 684.6 m 502 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 696.6 m 509 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 684.6 m 509 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 696.6 m 562 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 684.6 m 562 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 684.6 m 326 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 684.6 m 379 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 684.6 m 386 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 684.6 m 439 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 684.6 m 449 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 684.6 m 502 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 684.6 m 509 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 684.6 m 562 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 624.6 m 386 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 624.6 m 439 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 624.6 m 326 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 612.6 m 326 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 624.6 m 379 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 612.6 m 379 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 624.6 m 386 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 612.6 m 386 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 624.6 m 439 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 612.6 m 439 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 624.6 m 449 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 612.6 m 449 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 624.6 m 502 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 612.6 m 502 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 624.6 m 509 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 612.6 m 509 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 624.6 m 562 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 612.6 m 562 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 612.6 m 326 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 612.6 m 379 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 612.6 m 386 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 612.6 m 439 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 612.6 m 449 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 612.6 m 502 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 612.6 m 509 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 612.6 m 562 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 535.6 m 326 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 523.6 m 326 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 535.6 m 379 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 523.6 m 379 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 535.6 m 386 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 523.6 m 386 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 535.6 m 439 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 523.6 m 439 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 535.6 m 449 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 523.6 m 449 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 535.6 m 502 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 523.6 m 502 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 535.6 m 509 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 523.6 m 509 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 535.6 m 562 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 523.6 m 562 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 523.6 m 326 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 523.6 m 379 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 523.6 m 386 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 523.6 m 439 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 523.6 m 449 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 523.6 m 502 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 523.6 m 509 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 523.6 m 562 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 458.6 m 326 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 458.6 m 379 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 458.6 m 386 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 458.6 m 439 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 458.6 m 449 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 458.6 m 502 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 458.6 m 509 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 458.6 m 562 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 458.6 m 326 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 446.6 m 326 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 458.6 m 379 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 446.6 m 379 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 458.6 m 386 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 446.6 m 386 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 458.6 m 439 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 446.6 m 439 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 458.6 m 449 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 446.6 m 449 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 458.6 m 502 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 446.6 m 502 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 458.6 m 509 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 446.6 m 509 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 458.6 m 562 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 446.6 m 562 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 446.6 m 326 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 446.6 m 379 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 446.6 m 386 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 446.6 m 439 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 446.6 m 449 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 446.6 m 502 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 446.6 m 509 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 446.6 m 562 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 429.6 m 326 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 429.6 m 379 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 429.6 m 386 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 429.6 m 439 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 429.6 m 449 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 429.6 m 502 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 429.6 m 509 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 429.6 m 562 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 410.6 m 326 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 410.6 m 379 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 410.6 m 386 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 410.6 m 439 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 410.6 m 449 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 410.6 m 502 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 410.6 m 509 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 410.6 m 562 410.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 708.83 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 700.83 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 708.83 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 700.83 Td (September 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 688.55 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 688.55 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.00 688.68 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 688.55 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.00 688.68 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 688.55 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 676.68 Td (Revenue:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 664.55 Td (Midwest homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 664.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 664.68 Td (166,928) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 664.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 664.55 Td (128,121) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 664.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 664.68 Td (438,016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 664.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 664.55 Td (331,479) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 652.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 652.68 Td (143,315) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 652.55 Td (137,185) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 652.68 Td (414,974) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 652.55 Td (341,139) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 640.55 Td (Mid-Atlantic homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 640.68 Td (121,659) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 640.55 Td (88,875) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 640.68 Td (284,527) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 640.55 Td (250,546) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 628.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.04 632.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 628.68 Td (10,562) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 628.55 Td (9,276) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 628.68 Td (30,564) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 628.55 Td (26,308) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 616.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 616.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 616.55 Td (revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 616.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 616.68 Td (442,464) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 616.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 616.55 Td (363,457) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 616.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.75 616.68 Td (1,168,081) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 616.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 616.55 Td (949,472) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 599.68 Td (Operating ) Tj ET Q q 0 0 0 rg BT 88.61 599.68 Td (income:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 587.55 Td (Midwest homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 587.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 587.68 Td (20,628) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 587.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 587.55 Td (13,511) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 587.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 587.68 Td (48,943) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 587.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 587.55 Td (33,526) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 575.55 Td (Southern homebuilding ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 134.83 579.18 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.10 575.68 Td (\(5,249) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 575.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 575.55 Td (13,860) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 575.68 Td (8,380) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 575.55 Td (30,421) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 563.55 Td (Mid-Atlantic homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 563.68 Td (11,359) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 563.55 Td (6,350) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 563.68 Td (22,827) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 563.55 Td (19,376) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 551.55 Td (Financial services) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 115.04 555.18 Td ( \(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 551.68 Td (5,944) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 551.55 Td (4,856) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 551.68 Td (17,581) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 551.55 Td (15,425) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 539.55 Td (Less: Corporate selling, general and administrative expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.10 539.68 Td (\(10,676) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 539.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.10 539.55 Td (\(8,457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 539.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.10 539.68 Td (\(26,876) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.80 539.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 539.55 Td (\(23,051) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 539.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 527.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 527.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 527.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 102.04 527.55 Td (income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 527.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 527.68 Td (22,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 527.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 527.55 Td (30,120) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 527.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 527.68 Td (70,855) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 527.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 527.55 Td (75,697) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 510.68 Td (Inter) Tj ET Q q 0 0 0 rg BT 68.68 510.68 Td (est ) Tj ET Q q 0 0 0 rg BT 80.01 510.68 Td (expense:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 498.55 Td (Midwest homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 498.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 498.68 Td (647) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 498.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 498.55 Td (649) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 498.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 498.68 Td (2,539) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 498.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 498.55 Td (2,536) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 486.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 486.68 Td (1,788) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 486.55 Td (1,649) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 486.68 Td (6,118) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 486.55 Td (5,185) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 474.55 Td (Mid-Atlantic homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 474.68 Td (601) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 474.55 Td (948) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 474.68 Td (3,058) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 474.55 Td (3,011) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 462.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.04 466.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 462.68 Td (551) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 462.55 Td (412) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 462.68 Td (1,445) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 462.55 Td (1,138) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 450.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 450.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 450.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 95.37 450.55 Td (expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 450.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 450.68 Td (3,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 450.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 450.55 Td (3,658) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 450.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 450.68 Td (13,160) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 450.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 450.55 Td (11,870) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 433.55 Td (Equity in income of unconsolidated joint ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.10 433.68 Td (\(24) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 433.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.10 433.55 Td (\(36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 433.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.10 433.68 Td (\(413) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.80 433.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 433.55 Td (\(248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 433.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 414.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 77.49 414.55 Td (before ) Tj ET Q q 0 0 0 rg BT 99.92 414.55 Td (income ) Tj ET Q q 0 0 0 rg BT 125.46 414.55 Td (taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 414.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 414.68 Td (18,443) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 414.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 414.55 Td (26,498) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 414.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 414.68 Td (58,108) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 414.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 414.55 Td (64,075) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 395.50 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 395.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 81.89 395.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 111.82 395.50 Td (services ) Tj ET Q q 0 0 0 rg BT 139.53 395.50 Td (operational ) Tj ET Q q 0 0 0 rg BT 177.46 395.50 Td (results ) Tj ET Q q 0 0 0 rg BT 200.30 395.50 Td (should ) Tj ET Q q 0 0 0 rg BT 223.58 395.50 Td (be ) Tj ET Q q 0 0 0 rg BT 233.08 395.50 Td (viewed ) Tj ET Q q 0 0 0 rg BT 258.13 395.50 Td (in ) Tj ET Q q 0 0 0 rg BT 266.30 395.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 303.34 395.50 Td (with ) Tj ET Q q 0 0 0 rg BT 319.51 395.50 Td (our ) Tj ET Q q 0 0 0 rg BT 332.13 395.50 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 378.51 395.50 Td (business ) Tj ET Q q 0 0 0 rg BT 407.57 395.50 Td (as ) Tj ET Q q 0 0 0 rg BT 416.19 395.50 Td (its ) Tj ET Q q 0 0 0 rg BT 425.69 395.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 460.96 395.50 Td (originate ) Tj ET Q q 0 0 0 rg BT 491.34 395.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 510.18 395.50 Td (and ) Tj ET Q q 0 0 0 rg BT 523.68 395.50 Td (provide ) Tj ET Q q 0 0 0 rg BT 550.06 395.50 Td (title ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 385.90 Td (services ) Tj ET Q q 0 0 0 rg BT 95.27 385.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 127.04 385.90 Td (for ) Tj ET Q q 0 0 0 rg BT 138.36 385.90 Td (our ) Tj ET Q q 0 0 0 rg BT 151.03 385.90 Td (homebuying ) Tj ET Q q 0 0 0 rg BT 193.02 385.90 Td (customers, ) Tj ET Q q 0 0 0 rg BT 229.46 385.90 Td (with ) Tj ET Q q 0 0 0 rg BT 245.68 385.90 Td (the ) Tj ET Q q 0 0 0 rg BT 257.46 385.90 Td (exception ) Tj ET Q q 0 0 0 rg BT 290.55 385.90 Td (of ) Tj ET Q q 0 0 0 rg BT 299.22 385.90 Td (a ) Tj ET Q q 0 0 0 rg BT 304.77 385.90 Td (small ) Tj ET Q q 0 0 0 rg BT 324.10 385.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 350.10 385.90 Td (of ) Tj ET Q q 0 0 0 rg BT 358.76 385.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 390.97 385.90 Td (refinancing.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 370.30 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 370.30 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.43 370.30 Td (a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 101.80 370.30 Td ($14.5 ) Tj ET Q q 0 0 0 rg BT 121.63 370.30 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.74 370.30 Td ( ) Tj ET Q q 0 0 0 rg BT 146.56 370.30 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.94 370.30 Td ($19.4 ) Tj ET Q q 0 0 0 rg BT 179.76 370.30 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.88 370.30 Td ( ) Tj ET Q q 0 0 0 rg BT 204.70 370.30 Td (char) Tj ET Q q 0 0 0 rg BT 218.32 370.30 Td (ge ) Tj ET Q q 0 0 0 rg BT 227.70 370.30 Td (for ) Tj ET Q q 0 0 0 rg BT 238.85 370.30 Td (known ) Tj ET Q q 0 0 0 rg BT 262.45 370.30 Td (and ) Tj ET Q q 0 0 0 rg BT 275.82 370.30 Td (estimated ) Tj ET Q q 0 0 0 rg BT 308.30 370.30 Td (future ) Tj ET Q q 0 0 0 rg BT 329.23 370.30 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 375.92 370.30 Td (repair ) Tj ET Q q 0 0 0 rg BT 396.39 370.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 414.22 370.30 Td (in ) Tj ET Q q 0 0 0 rg BT 422.27 370.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 445.85 370.30 Td (of ) Tj ET Q q 0 0 0 rg BT 454.34 370.30 Td (our ) Tj ET Q q 0 0 0 rg BT 466.83 370.30 Td (Florida ) Tj ET Q q 0 0 0 rg BT 491.76 370.30 Td (communities ) Tj ET Q q 0 0 0 rg BT 534.91 370.30 Td (\(as ) Tj ET Q q 0 0 0 rg BT 546.07 370.30 Td (more ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 360.70 Td (fully ) Tj ET Q q 0 0 0 rg BT 84.61 360.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 117.27 360.70 Td (in ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 125.50 360.70 Td (Note ) Tj ET Q q 0 0 0 rg BT 143.05 360.70 Td (6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.05 360.70 Td (\) ) Tj ET Q q 0 0 0 rg BT 151.71 360.70 Td (taken ) Tj ET Q q 0 0 0 rg BT 171.04 360.70 Td (during ) Tj ET Q q 0 0 0 rg BT 193.92 360.70 Td (the ) Tj ET Q q 0 0 0 rg BT 205.70 360.70 Td (three ) Tj ET Q q 0 0 0 rg BT 223.68 360.70 Td (and ) Tj ET Q q 0 0 0 rg BT 237.23 360.70 Td (nine ) Tj ET Q q 0 0 0 rg BT 253.01 360.70 Td (months ) Tj ET Q q 0 0 0 rg BT 278.57 360.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 299.67 360.70 Td (September ) Tj ET Q q 0 0 0 rg BT 335.88 360.70 Td (30, ) Tj ET Q q 0 0 0 rg BT 347.88 360.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 367.88 360.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 406.01 360.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.70 Td (The following tables show total assets by segment at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.52 336.70 Td (September30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.78 336.70 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.22 336.70 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.80 336.70 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 314.20000000000005 m 303.5 314.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 314.20000000000005 m 314.5 314.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 314.20000000000005 m 354.5 314.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 314.20000000000005 m 365.5 314.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 314.20000000000005 m 424.5 314.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 314.20000000000005 m 435.5 314.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 314.20000000000005 m 505.5 314.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 314.20000000000005 m 516.5 314.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 314.20000000000005 m 561.5 314.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 285.20000000000005 m 259.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 285.20000000000005 m 303.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 285.20000000000005 m 314.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 285.20000000000005 m 354.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 285.20000000000005 m 365.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 285.20000000000005 m 424.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 285.20000000000005 m 435.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 285.20000000000005 m 505.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 285.20000000000005 m 516.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 285.20000000000005 m 561.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 285.20000000000005 m 259.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 285.20000000000005 m 303.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 285.20000000000005 m 314.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 285.20000000000005 m 354.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 285.20000000000005 m 365.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 285.20000000000005 m 424.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 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ET q 0 0 0 rg BT 319.55 168.85 Td (Southern) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.60 168.85 Td (Mid-Atlantic) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.00 184.85 Td (Corporate,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.55 176.85 Td (Financial Services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.90 168.85 Td (and Unallocated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.30 168.85 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 156.55 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 82.00 156.55 Td (on ) Tj ET Q q 0 0 0 rg BT 92.00 156.55 Td (real ) Tj ET Q q 0 0 0 rg BT 105.99 156.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 126.20 156.55 Td (under ) Tj ET Q q 0 0 0 rg BT 146.41 156.55 Td (option ) Tj ET Q q 0 0 0 rg BT 168.86 156.55 Td (or ) Tj ET Q q 0 0 0 rg BT 177.52 156.55 Td (contract) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.00 156.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.25 156.55 Td (3,379) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.00 156.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.25 156.55 Td (16,128) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.00 156.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.30 156.55 Td (4,203) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.00 156.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.30 156.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.00 156.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 156.55 Td (23,710) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 144.55 Td (Inventory ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 85.10 148.18 Td (\(a\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.25 144.55 Td (368,748) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.25 144.55 Td (416,443) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.30 144.55 Td (303,141) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.30 144.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.25 144.55 Td (1,088,332) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 132.55 Td (Investments ) Tj ET Q q 0 0 0 rg BT 92.66 132.55 Td (in ) Tj ET Q q 0 0 0 rg BT 100.88 132.55 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 151.32 132.55 Td (joint ) Tj ET Q q 0 0 0 rg BT 167.98 132.55 Td (ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.25 132.55 Td (5,976) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.25 132.55 Td (30,991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.30 132.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.30 132.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 132.55 Td (36,967) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 120.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 72.21 120.55 Td (assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.25 120.55 Td (10,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.25 120.55 Td (23,704) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.30 120.55 Td (7,253) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.30 120.55 Td (225,570) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 120.55 Td (266,545) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 108.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.33 108.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 70.32 108.55 Td (assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.00 108.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.25 108.55 Td (388,121) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.00 108.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.25 108.55 Td (487,266) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.00 108.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.30 108.55 Td (314,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.00 108.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.30 108.55 Td (225,570) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.00 108.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.25 108.55 Td (1,415,554) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 89.50 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 89.50 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 99.75 89.50 Td (includes ) Tj ET Q q 0 0 0 rg BT 127.55 89.50 Td (single-family ) Tj ET Q q 0 0 0 rg BT 171.35 89.50 Td (lots, ) Tj ET Q q 0 0 0 rg BT 186.05 89.50 Td (land ) Tj ET Q q 0 0 0 rg BT 200.97 89.50 Td (and ) Tj ET Q q 0 0 0 rg BT 213.67 89.50 Td (land ) Tj ET Q q 0 0 0 rg BT 228.59 89.50 Td (development ) Tj ET Q q 0 0 0 rg BT 271.05 89.50 Td (costs; ) Tj ET Q q 0 0 0 rg BT 290.42 89.50 Td (land ) Tj ET Q q 0 0 0 rg BT 305.34 89.50 Td (held ) Tj ET Q q 0 0 0 rg BT 320.25 89.50 Td (for ) Tj ET Q q 0 0 0 rg BT 330.73 89.50 Td (sale; ) Tj ET Q q 0 0 0 rg BT 346.53 89.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 368.56 89.50 Td (under ) Tj ET Q q 0 0 0 rg BT 387.92 89.50 Td (construction; ) Tj ET Q q 0 0 0 rg BT 430.84 89.50 Td (model ) Tj ET Q q 0 0 0 rg BT 451.98 89.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 474.01 89.50 Td (and ) Tj ET Q q 0 0 0 rg BT 486.70 89.50 Td (furnishings; ) Tj ET Q q 0 0 0 rg BT 526.07 89.50 Td (community ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 79.90 Td (development ) Tj ET Q q 0 0 0 rg BT 110.82 79.90 Td (district ) Tj ET Q q 0 0 0 rg BT 135.04 79.90 Td (infrastructure; ) Tj ET Q q 0 0 0 rg BT 182.35 79.90 Td (and ) Tj ET Q q 0 0 0 rg BT 195.90 79.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 238.34 79.90 Td (inventory ) Tj ET Q q 0 0 0 rg BT 271.00 79.90 Td (not ) Tj ET Q q 0 0 0 rg BT 283.22 79.90 Td (owned.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 64.30 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 64.30 Td (During ) Tj ET Q q 0 0 0 rg BT 91.63 64.30 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 102.87 64.30 Td (nine ) Tj ET Q q 0 0 0 rg BT 118.11 64.30 Td (months ) Tj ET Q q 0 0 0 rg BT 143.14 64.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 163.71 64.30 Td (September ) Tj ET Q q 0 0 0 rg BT 199.39 64.30 Td (30, ) Tj ET Q q 0 0 0 rg BT 210.86 64.30 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.86 64.30 Td (, ) Tj ET Q q 0 0 0 rg BT 230.32 64.30 Td (the ) Tj ET Q q 0 0 0 rg BT 241.57 64.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 274.14 64.30 Td (purchased ) Tj ET Q q 0 0 0 rg BT 308.04 64.30 Td (an ) Tj ET Q q 0 0 0 rg BT 317.06 64.30 Td (airplane ) Tj ET Q q 0 0 0 rg BT 344.29 64.30 Td (for ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.08 64.30 Td ($9.9million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.20 64.30 Td (. ) Tj ET Q q 0 0 0 rg BT 397.56 64.30 Td (The ) Tj ET Q q 0 0 0 rg BT 411.46 64.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 428.48 64.30 Td (is ) Tj ET Q q 0 0 0 rg BT 435.29 64.30 Td (included ) Tj ET Q q 0 0 0 rg BT 464.30 64.30 Td (in ) Tj ET Q q 0 0 0 rg BT 471.99 64.30 Td (the ) Tj ET Q q 0 0 0 rg BT 483.23 64.30 Td (table ) Tj ET Q q 0 0 0 rg BT 500.25 64.30 Td (above ) Tj ET Q q 0 0 0 rg BT 520.82 64.30 Td (in ) Tj ET Q q 0 0 0 rg BT 528.51 64.30 Td (Corporate, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 54.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 99.27 54.70 Td (Services, ) Tj ET Q q 0 0 0 rg BT 130.37 54.70 Td (and ) Tj ET Q q 0 0 0 rg BT 143.92 54.70 Td (Unallocated ) Tj ET Q q 0 0 0 rg BT 184.57 54.70 Td (Other ) Tj ET Q q 0 0 0 rg BT 204.34 54.70 Td (Assets, ) Tj ET Q q 0 0 0 rg BT 229.23 54.70 Td (and ) Tj ET Q q 0 0 0 rg BT 242.79 54.70 Td (within ) Tj ET Q q 0 0 0 rg BT 265.23 54.70 Td (Property ) Tj ET Q q 0 0 0 rg BT 294.78 54.70 Td (and ) Tj ET Q q 0 0 0 rg BT 308.33 54.70 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 345.44 54.70 Td (- ) Tj ET Q q 0 0 0 rg BT 350.10 54.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 363.65 54.70 Td (in ) Tj ET Q q 0 0 0 rg BT 371.88 54.70 Td (our ) Tj ET Q q 0 0 0 rg BT 384.54 54.70 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 419.86 54.70 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 457.41 54.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 501.63 54.70 Td (Balance ) Tj ET Q q 0 0 0 rg BT 529.39 54.70 Td (Sheets.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (NOTE 1) Tj ET Q q 0 0 0 rg BT 84.79 740.25 Td (1. Supplemental Guarantor) Tj ET Q q 0 0 0 rg BT 202.12 740.25 Td ( Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.49 718.25 Td (Company) Tj ET Q q 0 0 0 rg BT 108.15 718.25 Td (s ) Tj ET Q q 0 0 0 rg BT 113.48 718.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 159.37 718.25 Td (under ) Tj ET Q q 0 0 0 rg BT 183.57 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.23 718.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 218.67 718.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 246.22 718.25 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 273.49 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 287.14 718.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 308.58 718.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 357.23 718.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 384.78 718.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 439.55 718.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 464.32 718.25 Td (and ) Tj ET Q q 0 0 0 rg BT 480.19 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 493.85 718.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 515.29 718.25 Td (Convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 78.75 706.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 135.22 706.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 161.69 706.25 Td (are ) Tj ET Q q 0 0 0 rg BT 177.04 706.25 Td (not ) Tj ET Q q 0 0 0 rg BT 192.96 706.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 239.96 706.25 Td (by ) Tj ET Q q 0 0 0 rg BT 253.11 706.25 Td (all ) Tj ET Q q 0 0 0 rg BT 266.24 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 277.72 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.07 706.25 Td (Company) Tj ET Q q 0 0 0 rg BT 334.74 706.25 Td (s ) Tj ET Q q 0 0 0 rg BT 341.77 706.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 392.13 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 409.71 706.25 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 451.44 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.80 706.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 508.83 706.25 Td (has ) Tj ET Q q 0 0 0 rg BT 525.30 706.25 Td (disclosed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 95.72 694.25 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 153.61 694.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 192.60 694.25 Td (information ) Tj ET Q q 0 0 0 rg BT 243.83 694.25 Td (in ) Tj ET Q q 0 0 0 rg BT 255.62 694.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 304.59 694.25 Td (with ) Tj ET Q q 0 0 0 rg BT 326.38 694.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 348.73 694.25 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 396.63 694.25 Td (S-X ) Tj ET Q q 0 0 0 rg BT 416.75 694.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 439.65 694.25 Td (3-10, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.49 694.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 507.38 694.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 554.72 694.25 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (Guarantors ) Tj ET Q q 0 0 0 rg BT 98.35 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.52 682.25 Td (Issuers ) Tj ET Q q 0 0 0 rg BT 146.02 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.97 682.25 Td (Guaranteed ) Tj ET Q q 0 0 0 rg BT 205.91 682.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 247.51 682.25 Td (Register) Tj ET Q q 0 0 0 rg BT 280.47 682.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 292.08 682.25 Td (or ) Tj ET Q q 0 0 0 rg BT 303.14 682.25 Td (Being ) Tj ET Q q 0 0 0 rg BT 328.63 682.25 Td (Register) Tj ET Q q 0 0 0 rg BT 361.59 682.25 Td (ed. ) Tj ET Q q 0 0 0 rg BT 375.70 682.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.87 682.25 Td (The ) Tj ET Q q 0 0 0 rg BT 395.58 682.25 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 438.29 682.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 489.35 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 499.85 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 514.24 682.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 536.41 682.25 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 77.83 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.55 670.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 115.05 670.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 164.76 670.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 193.37 670.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 249.19 670.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 275.02 670.25 Td (and ) Tj ET Q q 0 0 0 rg BT 291.96 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 306.68 670.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 329.18 670.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 378.89 670.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 407.50 670.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 463.32 670.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 489.15 670.25 Td (are ) Tj ET Q q 0 0 0 rg BT 503.86 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.58 670.25 Td (same.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (The ) Tj ET Q q 0 0 0 rg BT 69.26 648.25 Td (following ) Tj ET Q q 0 0 0 rg BT 112.36 648.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 158.78 648.25 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 216.87 648.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 256.06 648.25 Td (information ) Tj ET Q q 0 0 0 rg BT 307.49 648.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 345.03 648.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 379.77 648.25 Td (sheets, ) Tj ET Q q 0 0 0 rg BT 410.92 648.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 457.35 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 469.89 648.25 Td (income ) Tj ET Q q 0 0 0 rg BT 503.54 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.19 648.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 544.17 648.25 Td (flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (information ) Tj ET Q q 0 0 0 rg BT 100.18 636.25 Td (for ) Tj ET Q q 0 0 0 rg BT 115.32 636.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 133.79 636.25 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 168.09 636.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 186.83 636.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 205.85 636.25 Td (parent ) Tj ET Q q 0 0 0 rg BT 234.30 636.25 Td (company ) Tj ET Q q 0 0 0 rg BT 274.43 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 292.34 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.03 636.25 Td (issuer ) Tj ET Q q 0 0 0 rg BT 334.83 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 346.63 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.32 636.25 Td (aforementioned ) Tj ET Q q 0 0 0 rg BT 428.54 636.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 475.88 636.25 Td (notes\), ) Tj ET Q q 0 0 0 rg BT 506.29 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.98 636.25 Td (Guarantor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (Subsidiaries, ) Tj ET Q q 0 0 0 rg BT 104.53 624.25 Td (collectively) Tj ET Q q 0 0 0 rg BT 150.52 624.25 Td (, ) Tj ET Q q 0 0 0 rg BT 156.67 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.75 624.25 Td (for ) Tj ET Q q 0 0 0 rg BT 190.05 624.25 Td (all ) Tj ET Q q 0 0 0 rg BT 203.68 624.25 Td (other ) Tj ET Q q 0 0 0 rg BT 227.87 624.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 278.73 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 296.81 624.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 318.79 624.25 Td (ventures ) Tj ET Q q 0 0 0 rg BT 356.31 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 368.28 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.14 624.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 426.67 624.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 445.85 624.25 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 503.36 624.25 Td (Subsidiaries\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (collectively) Tj ET Q q 0 0 0 rg BT 95.50 612.25 Td (. ) Tj ET Q q 0 0 0 rg BT 101.34 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 104.68 612.25 Td (Each ) Tj ET Q q 0 0 0 rg BT 128.01 612.25 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 171.89 612.25 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 218.01 612.25 Td (is ) Tj ET Q q 0 0 0 rg BT 228.02 612.25 Td (a ) Tj ET Q q 0 0 0 rg BT 235.80 612.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 261.91 612.25 Td (or ) Tj ET Q q 0 0 0 rg BT 273.58 612.25 Td (indirect ) Tj ET Q q 0 0 0 rg BT 307.46 612.25 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 364.13 612.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 408.58 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 420.25 612.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 438.59 612.25 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 472.76 612.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 491.38 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 509.16 612.25 Td (has ) Tj ET Q q 0 0 0 rg BT 525.83 612.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 548.06 612.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (unconditionally ) Tj ET Q q 0 0 0 rg BT 114.80 600.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 161.20 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.95 600.25 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 189.59 600.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 212.12 600.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 240.77 600.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 266.63 600.25 Td (on ) Tj ET Q q 0 0 0 rg BT 279.17 600.25 Td (a ) Tj ET Q q 0 0 0 rg BT 286.14 600.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 307.01 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 323.99 600.25 Td (several ) Tj ET Q q 0 0 0 rg BT 354.84 600.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 381.81 600.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 424.89 600.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 449.92 600.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 464.12 600.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 486.65 600.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 536.40 600.25 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 106.08 588.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 132.66 588.25 Td (on ) Tj ET Q q 0 0 0 rg BT 145.91 588.25 Td (a ) Tj ET Q q 0 0 0 rg BT 153.60 588.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 175.18 588.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.87 588.25 Td (several ) Tj ET Q q 0 0 0 rg BT 224.44 588.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 252.13 588.25 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 307.04 588.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 350.82 588.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 374.07 588.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.76 588.25 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 406.11 588.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 429.36 588.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 479.83 588.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 509.19 588.25 Td (Subordinated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.33 576.25 Td (on ) Tj ET Q q 0 0 0 rg BT 87.83 576.25 Td (a ) Tj ET Q q 0 0 0 rg BT 94.77 576.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 115.60 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.54 576.25 Td (several ) Tj ET Q q 0 0 0 rg BT 163.36 576.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 190.30 576.25 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 244.45 576.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 287.49 576.25 Td (basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.25 Td (There ) Tj ET Q q 0 0 0 rg BT 75.55 554.25 Td (are ) Tj ET Q q 0 0 0 rg BT 90.50 554.25 Td (no ) Tj ET Q q 0 0 0 rg BT 103.24 554.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 148.19 554.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 195.36 554.25 Td (on ) Tj ET Q q 0 0 0 rg BT 208.10 554.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.05 554.25 Td (parent ) Tj ET Q q 0 0 0 rg BT 250.78 554.25 Td (company) Tj ET Q q 0 0 0 rg BT 290.21 554.25 Td (s ) Tj ET Q q 0 0 0 rg BT 296.84 554.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 325.13 554.25 Td (to ) Tj ET Q q 0 0 0 rg BT 335.65 554.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 363.38 554.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 388.34 554.25 Td (from ) Tj ET Q q 0 0 0 rg BT 410.52 554.25 Td (its ) Tj ET Q q 0 0 0 rg BT 422.70 554.25 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 465.98 554.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 517.60 554.25 Td (in ) Tj ET Q q 0 0 0 rg BT 528.12 554.25 Td (the ) Tj ET Q q 0 0 0 rg BT 543.08 554.25 Td (form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 542.25 Td (a ) Tj ET Q q 0 0 0 rg BT 67.27 542.25 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 107.26 542.25 Td (loan, ) Tj ET Q q 0 0 0 rg BT 129.48 542.25 Td (or ) Tj ET Q q 0 0 0 rg BT 140.31 542.25 Td (other ) Tj ET Q q 0 0 0 rg BT 163.36 542.25 Td (means. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.25 Td (As ) Tj ET Q q 0 0 0 rg BT 63.17 520.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.05 520.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 134.37 520.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.37 520.25 Td (, ) Tj ET Q q 0 0 0 rg BT 159.43 520.25 Td (each ) Tj ET Q q 0 0 0 rg BT 180.30 520.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.18 520.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.96 520.25 Td (Company) Tj ET Q q 0 0 0 rg BT 247.62 520.25 Td (s ) Tj ET Q q 0 0 0 rg BT 254.07 520.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 303.84 520.25 Td (is ) Tj ET Q q 0 0 0 rg BT 313.06 520.25 Td (a ) Tj ET Q q 0 0 0 rg BT 320.06 520.25 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 363.15 520.25 Td (Subsidiary) Tj ET Q q 0 0 0 rg BT 405.28 520.25 Td (, ) Tj ET Q q 0 0 0 rg BT 410.33 520.25 Td (with ) Tj ET Q q 0 0 0 rg BT 430.67 520.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.44 520.25 Td (exception ) Tj ET Q q 0 0 0 rg BT 486.87 520.25 Td (of ) Tj ET Q q 0 0 0 rg BT 497.75 520.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 547.52 520.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.25 Td (are ) Tj ET Q q 0 0 0 rg BT 65.96 508.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 107.43 508.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 144.99 508.25 Td (in ) Tj ET Q q 0 0 0 rg BT 157.03 508.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.50 508.25 Td (business ) Tj ET Q q 0 0 0 rg BT 211.64 508.25 Td (of ) Tj ET Q q 0 0 0 rg BT 224.23 508.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 266.24 508.25 Td (financing, ) Tj ET Q q 0 0 0 rg BT 310.76 508.25 Td (title ) Tj ET Q q 0 0 0 rg BT 330.56 508.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 373.13 508.25 Td (or ) Tj ET Q q 0 0 0 rg BT 385.72 508.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 417.74 508.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 456.98 508.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 503.45 508.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 538.25 508.25 Td (to ) Tj ET Q q 0 0 0 rg BT 550.28 508.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 107.43 496.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.25 496.25 Td (home ) Tj ET Q q 0 0 0 rg BT 148.84 496.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 170.66 496.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 209.43 496.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 239.01 496.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 288.60 496.25 Td (that ) Tj ET Q q 0 0 0 rg BT 305.97 496.25 Td (are ) Tj ET Q q 0 0 0 rg BT 320.56 496.25 Td (not ) Tj ET Q q 0 0 0 rg BT 335.72 496.25 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 391.41 496.25 Td (by ) Tj ET Q q 0 0 0 rg BT 403.79 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 418.39 496.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 459.65 496.25 Td (or ) Tj ET Q q 0 0 0 rg BT 470.36 496.25 Td (another ) Tj ET Q q 0 0 0 rg BT 502.72 496.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 543.18 496.25 Td (, ) Tj ET Q q 0 0 0 rg BT 548.06 496.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.25 Td (other ) Tj ET Q q 0 0 0 rg BT 71.86 484.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 120.88 484.25 Td (designated ) Tj ET Q q 0 0 0 rg BT 165.45 484.25 Td (by ) Tj ET Q q 0 0 0 rg BT 177.26 484.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.29 484.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 231.99 484.25 Td (as ) Tj ET Q q 0 0 0 rg BT 242.12 484.25 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 293.36 484.25 Td (Subsidiaries, ) Tj ET Q q 0 0 0 rg BT 346.55 484.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 376.69 484.25 Td (to ) Tj ET Q q 0 0 0 rg BT 386.27 484.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 430.86 484.25 Td (on ) Tj ET Q q 0 0 0 rg BT 442.67 484.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.70 484.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 497.37 484.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 529.17 484.25 Td (invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.61 472.25 Td (such ) Tj ET Q q 0 0 0 rg BT 80.27 472.25 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 132.02 472.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 183.24 472.25 Td (in ) Tj ET Q q 0 0 0 rg BT 193.34 472.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 240.63 472.25 Td (with ) Tj ET Q q 0 0 0 rg BT 260.74 472.25 Td (the ) Tj ET Q q 0 0 0 rg BT 275.29 472.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 299.83 472.25 Td (of ) Tj ET Q q 0 0 0 rg BT 310.49 472.25 Td (the ) Tj ET Q q 0 0 0 rg BT 325.04 472.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 352.36 472.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 385.24 472.25 Td (and ) Tj ET Q q 0 0 0 rg BT 402.01 472.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.56 472.25 Td (indenture ) Tj ET Q q 0 0 0 rg BT 456.65 472.25 Td (governing ) Tj ET Q q 0 0 0 rg BT 499.52 472.25 Td (the ) Tj ET Q q 0 0 0 rg BT 514.07 472.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 536.40 472.25 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.25 Td (Notes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.01 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.40 438.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 118.78 438.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 155.94 438.25 Td (tables ) Tj ET Q q 0 0 0 rg BT 181.44 438.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 221.93 438.25 Td (below) Tj ET Q q 0 0 0 rg BT 245.72 438.25 Td (, ) Tj ET Q q 0 0 0 rg BT 250.39 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.78 438.25 Td (parent ) Tj ET Q q 0 0 0 rg BT 291.94 438.25 Td (company ) Tj ET Q q 0 0 0 rg BT 330.77 438.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 365.72 438.25 Td (all ) Tj ET Q q 0 0 0 rg BT 377.89 438.25 Td (of ) Tj ET Q q 0 0 0 rg BT 388.39 438.25 Td (its ) Tj ET Q q 0 0 0 rg BT 400.02 438.25 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 455.51 438.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 504.91 438.25 Td (as ) Tj ET Q q 0 0 0 rg BT 515.41 438.25 Td (if ) Tj ET Q q 0 0 0 rg BT 523.69 438.25 Td (they ) Tj ET Q q 0 0 0 rg BT 543.09 438.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 92.03 426.25 Td (for ) Tj ET Q q 0 0 0 rg BT 105.68 426.25 Td (under ) Tj ET Q q 0 0 0 rg BT 130.45 426.25 Td (the ) Tj ET Q q 0 0 0 rg BT 144.66 426.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 171.65 426.25 Td (method. ) Tj ET Q q 0 0 0 rg BT 206.14 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 207.70 426.25 Td (All ) Tj ET Q q 0 0 0 rg BT 222.47 426.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 265.56 426.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 305.31 426.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 343.40 426.25 Td (have ) Tj ET Q q 0 0 0 rg BT 364.28 426.25 Td (been ) Tj ET Q q 0 0 0 rg BT 385.15 426.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 423.23 426.25 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 478.54 426.25 Td (among ) Tj ET Q q 0 0 0 rg BT 507.75 426.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 426.25 Td (Guarantor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 414.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 100.89 414.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.83 414.25 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 169.75 414.25 Td (Subsidiaries.) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (24) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 706.5 m 324 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 706.5 m 384 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 706.5 m 449 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 706.5 m 504 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 706.5 m 562 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 685.5 m 246 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 685.5 m 258 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 685.5 m 324 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 685.5 m 384 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 685.5 m 449 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 685.5 m 504 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 685.5 m 562 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 587.5 m 246 587.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 574.5 m 246 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 587.5 m 258 587.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 574.5 m 258 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 587.5 m 324 587.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 574.5 m 324 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 587.5 m 384 587.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 574.5 m 384 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 587.5 m 449 587.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 574.5 m 449 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 587.5 m 504 587.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 574.5 m 504 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 587.5 m 562 587.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 574.5 m 562 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 518.5 m 246 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 518.5 m 258 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 518.5 m 324 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 518.5 m 384 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 518.5 m 449 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 518.5 m 504 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 518.5 m 562 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 498.5 m 246 498.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 498.5 m 258 498.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 498.5 m 324 498.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 498.5 m 384 498.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 498.5 m 449 498.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 498.5 m 504 498.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 498.5 m 562 498.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 458.5 m 246 458.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 458.5 m 258 458.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 458.5 m 324 458.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 458.5 m 384 458.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 458.5 m 449 458.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 458.5 m 504 458.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 458.5 m 562 458.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.60 737.18 Td (CONDENSED CONSOLIDATING STATEMENTS OF INCOME) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.75 710.73 Td (Three Months Ended September 30, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 689.75 Td (\(In thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.70 689.73 Td (M/I Homes, Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.10 697.73 Td (Guarantor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.60 689.73 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 697.73 Td (Unrestricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.10 689.73 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.20 689.73 Td (Eliminations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.05 689.73 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 669.75 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.50 669.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 669.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 669.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.80 669.73 Td (431,903) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.50 669.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.80 669.73 Td (10,561) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 669.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 669.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 669.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 669.73 Td (442,464) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 656.75 Td (Costs and expenses:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 643.75 Td (Land and housing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 643.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.80 643.73 Td (363,635) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.80 643.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 643.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 643.73 Td (363,635) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 630.75 Td (General and administrative) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 630.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 630.73 Td (24,340) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 630.73 Td (4,820) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 630.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 630.73 Td (29,160) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 617.75 Td (Selling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 617.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 617.73 Td (27,663) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.80 617.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 617.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 617.73 Td (27,663) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 604.75 Td (Equity in income of unconsolidated joint ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 604.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.80 604.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.10 604.73 Td (\(24) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.80 604.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 604.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.10 604.73 Td (\(24) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 604.73 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 591.75 Td (Interest) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 591.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.80 591.73 Td (3,036) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.80 591.73 Td (551) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 591.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 591.73 Td (3,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 578.75 Td (Total costs and expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 578.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.80 578.73 Td (418,674) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 578.73 Td (5,347) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 578.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 578.73 Td (424,021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 558.75 Td (Income before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 558.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 558.73 Td (13,229) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 558.73 Td (5,214) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 558.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 558.73 Td (18,443) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 540.75 Td (Provision for income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 540.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.80 540.73 Td (5,601) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 540.73 Td (1,900) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 540.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 540.73 Td (7,501) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 522.75 Td (Equity in subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.80 522.73 Td (10,942) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.80 522.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.80 522.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 522.73 Td (\(10,942) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.80 522.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 522.73 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 502.75 Td (Net income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.80 502.73 Td (10,942) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.80 502.73 Td (7,628) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 502.73 Td (3,314) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 502.73 Td (\(10,942) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.80 502.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 502.73 Td (10,942) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 482.75 Td (Preferred dividends) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.80 482.73 Td (1,218) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.80 482.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.80 482.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 482.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 482.73 Td (1,218) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 462.75 Td (Net income to common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.50 462.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.80 462.73 Td (9,724) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 462.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.80 462.73 Td (7,628) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.50 462.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 462.73 Td (3,314) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 462.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 462.73 Td (\(10,942) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.80 462.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 462.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 462.73 Td (9,724) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 423.5 m 324 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 423.5 m 384 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 423.5 m 449 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 423.5 m 504 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 423.5 m 562 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 402.5 m 246 402.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 402.5 m 258 402.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 402.5 m 324 402.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 402.5 m 384 402.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 402.5 m 449 402.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 402.5 m 504 402.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 402.5 m 562 402.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 304.5 m 246 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 291.5 m 246 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 304.5 m 258 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 291.5 m 258 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 304.5 m 324 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 291.5 m 324 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 304.5 m 384 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 291.5 m 384 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 304.5 m 449 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 291.5 m 449 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 304.5 m 504 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 291.5 m 504 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 304.5 m 562 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 291.5 m 562 291.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 235.5 m 246 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 235.5 m 258 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 235.5 m 324 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 235.5 m 384 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 235.5 m 449 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 235.5 m 504 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 235.5 m 562 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 215.5 m 246 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 215.5 m 258 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 215.5 m 324 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 215.5 m 384 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 215.5 m 449 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 215.5 m 504 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 215.5 m 562 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 215.5 m 246 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 215.5 m 258 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 215.5 m 324 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 215.5 m 384 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 215.5 m 449 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 215.5 m 504 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 215.5 m 562 215.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 175.5 m 246 175.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 175.5 m 258 175.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 175.5 m 324 175.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 175.5 m 384 175.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 175.5 m 449 175.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 175.5 m 504 175.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 175.5 m 562 175.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.60 427.75 Td (Three Months Ended September 30, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 406.75 Td (\(In thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.05 406.75 Td (M/I Homes, Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.25 414.75 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.90 406.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.20 414.75 Td (Unrestricted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.40 406.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.55 406.75 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.35 406.75 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 386.75 Td (Revenue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.50 386.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 386.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.50 386.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.15 386.75 Td (354,181) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.50 386.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 386.75 Td (9,276) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.50 386.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 386.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.50 386.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 386.75 Td (363,457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 373.75 Td (Costs and expenses:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 360.75 Td (Land and housing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 360.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.15 360.75 Td (285,416) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 360.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 360.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 360.75 Td (285,416) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 347.75 Td (General and administrative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 347.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 347.75 Td (19,080) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 347.75 Td (4,571) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 347.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 347.75 Td (23,651) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 334.75 Td (Selling) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 334.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 334.75 Td (24,270) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 334.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 334.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 334.75 Td (24,270) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 321.75 Td (Equity in income of unconsolidated joint ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 321.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.15 321.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.10 321.75 Td (\(36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.80 321.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 321.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.10 321.75 Td (\(36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 321.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 308.75 Td (Interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 308.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.15 308.75 Td (3,246) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 308.75 Td (412) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 308.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 308.75 Td (3,658) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 295.75 Td (Total costs and expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 295.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.15 295.75 Td (332,012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 295.75 Td (4,947) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 295.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 295.75 Td (336,959) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 275.75 Td (Income before income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 275.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 275.75 Td (22,169) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 275.75 Td (4,329) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 275.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 275.75 Td (26,498) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 257.75 Td (Provision for income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 257.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.15 257.75 Td (9,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 257.75 Td (1,397) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 257.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 257.75 Td (10,928) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 239.75 Td (Equity in subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.80 239.75 Td (15,570) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.15 239.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 239.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 239.75 Td (\(15,570) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 239.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 239.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 219.75 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.80 219.75 Td (15,570) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 219.75 Td (12,638) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 219.75 Td (2,932) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 219.75 Td (\(15,570) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 219.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 219.75 Td (15,570) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 199.75 Td (Preferred dividends) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 199.75 Td (1,218) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.15 199.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 199.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 199.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 199.75 Td (1,218) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 179.75 Td (Net income to common shareholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.50 179.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.80 179.75 Td (14,352) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.50 179.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 179.75 Td (12,638) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.50 179.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 179.75 Td (2,932) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.50 179.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 179.75 Td (\(15,570) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 179.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.50 179.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 179.75 Td (14,352) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (25) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 707.5 m 324 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 707.5 m 384 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 707.5 m 449 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 707.5 m 504 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 707.5 m 562 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 686.5 m 246 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 686.5 m 258 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 686.5 m 324 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 686.5 m 384 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 686.5 m 449 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 686.5 m 504 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 686.5 m 562 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 588.5 m 246 588.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 575.5 m 246 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 588.5 m 258 588.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 575.5 m 258 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 588.5 m 324 588.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 575.5 m 324 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 588.5 m 384 588.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 575.5 m 384 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 588.5 m 449 588.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 575.5 m 449 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 588.5 m 504 588.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 575.5 m 504 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 588.5 m 562 588.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 575.5 m 562 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 519.5 m 246 519.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 519.5 m 258 519.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 519.5 m 324 519.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 519.5 m 384 519.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 519.5 m 449 519.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 519.5 m 504 519.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 519.5 m 562 519.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 501.5 m 246 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 501.5 m 258 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 501.5 m 324 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 501.5 m 384 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 501.5 m 449 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 501.5 m 504 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 501.5 m 562 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 461.5 m 246 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 461.5 m 258 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 461.5 m 324 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 461.5 m 384 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 461.5 m 449 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 461.5 m 504 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 461.5 m 562 461.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.60 737.23 Td (CONDENSED CONSOLIDATING STATEMENTS OF INCOME) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.90 711.73 Td (Nine Months Ended September 30, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 690.75 Td (\(In thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.70 690.73 Td (M/I Homes, Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.10 698.73 Td (Guarantor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.60 690.73 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 698.73 Td (Unrestricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.10 690.73 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.20 690.73 Td (Eliminations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.05 690.73 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 670.75 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.50 670.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 670.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 670.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.75 670.73 Td (1,137,517) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.50 670.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.80 670.73 Td (30,564) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 670.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 670.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 670.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 670.73 Td (1,168,081) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 657.75 Td (Costs and expenses:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 644.75 Td (Land and housing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 644.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.80 644.73 Td (943,515) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.80 644.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 644.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 644.73 Td (943,515) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 631.75 Td (General and administrative) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 631.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 631.73 Td (64,727) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.80 631.73 Td (13,522) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 631.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 631.73 Td (78,249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 618.75 Td (Selling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 618.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 618.73 Td (75,462) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.80 618.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 618.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 618.73 Td (75,462) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 605.75 Td (Equity in income of unconsolidated joint ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 605.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.80 605.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.10 605.73 Td (\(413) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.80 605.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 605.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.10 605.73 Td (\(413) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 605.73 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 592.75 Td (Interest) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 592.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 592.73 Td (11,715) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 592.73 Td (1,445) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 592.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 592.73 Td (13,160) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 579.75 Td (Total costs and expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 579.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.75 579.73 Td (1,095,419) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.80 579.73 Td (14,554) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 579.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 579.73 Td (1,109,973) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 559.75 Td (Income before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 559.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 559.73 Td (42,098) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.80 559.73 Td (16,010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 559.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 559.73 Td (58,108) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 541.75 Td (Provision for income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 541.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 541.73 Td (16,487) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 541.73 Td (5,574) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 541.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 541.73 Td (22,061) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 523.75 Td (Equity in subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.80 523.73 Td (36,047) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.80 523.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.80 523.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 523.73 Td (\(36,047) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.80 523.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 523.73 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 505.75 Td (Net income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.80 505.73 Td (36,047) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 505.73 Td (25,611) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.80 505.73 Td (10,436) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 505.73 Td (\(36,047) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.80 505.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 505.73 Td (36,047) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 485.75 Td (Preferred dividends) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.80 485.73 Td (3,656) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.80 485.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.80 485.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 485.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 485.73 Td (3,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 465.75 Td (Net income to common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.50 465.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.80 465.73 Td (32,391) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 465.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 465.73 Td (25,611) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.50 465.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.80 465.73 Td (10,436) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 465.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 465.73 Td (\(36,047) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.80 465.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 465.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 465.73 Td (32,391) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 426.5 m 324 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 426.5 m 384 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 426.5 m 449 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 426.5 m 504 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 426.5 m 562 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 405.5 m 246 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 405.5 m 258 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 405.5 m 324 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 405.5 m 384 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 405.5 m 449 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 405.5 m 504 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 405.5 m 562 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 307.5 m 246 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 294.5 m 246 294.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 307.5 m 258 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 294.5 m 258 294.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 307.5 m 324 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 294.5 m 324 294.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 307.5 m 384 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 294.5 m 384 294.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 307.5 m 449 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 294.5 m 449 294.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 307.5 m 504 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 294.5 m 504 294.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 307.5 m 562 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 294.5 m 562 294.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 238.5 m 246 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 238.5 m 258 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 238.5 m 324 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 238.5 m 384 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 238.5 m 449 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 238.5 m 504 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 238.5 m 562 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 218.5 m 246 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 218.5 m 258 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 218.5 m 324 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 218.5 m 384 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 218.5 m 449 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 218.5 m 504 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 218.5 m 562 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 178.5 m 246 178.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 178.5 m 258 178.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 178.5 m 324 178.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 178.5 m 384 178.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 178.5 m 449 178.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 178.5 m 504 178.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 178.5 m 562 178.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.15 430.75 Td (Nine Months Ended September 30, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 409.75 Td (\(In thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.05 409.75 Td (M/I Homes, Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.25 417.75 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.90 409.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.20 417.75 Td (Unrestricted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.40 409.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.55 409.75 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.35 409.75 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 389.75 Td (Revenue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.50 389.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 389.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.50 389.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.15 389.75 Td (923,164) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.50 389.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 389.75 Td (26,308) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.50 389.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 389.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.50 389.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 389.75 Td (949,472) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 376.75 Td (Costs and expenses:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 363.75 Td (Land and housing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 363.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.15 363.75 Td (744,194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 363.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 363.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 363.75 Td (744,194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 350.75 Td (General and administrative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 350.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 350.75 Td (53,334) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 350.75 Td (11,356) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 350.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 350.75 Td (64,690) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 337.75 Td (Selling) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 337.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 337.75 Td (64,891) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 337.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 337.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 337.75 Td (64,891) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 324.75 Td (Equity in income of unconsolidated joint ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 324.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.15 324.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.10 324.75 Td (\(248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.80 324.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 324.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 324.75 Td (\(248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 324.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 311.75 Td (Interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 311.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 311.75 Td (10,732) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 311.75 Td (1,138) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 311.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 311.75 Td (11,870) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 298.75 Td (Total costs and expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 298.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.15 298.75 Td (873,151) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 298.75 Td (12,246) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 298.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 298.75 Td (885,397) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 278.75 Td (Income before income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 278.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 278.75 Td (50,013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 278.75 Td (14,062) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 278.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 278.75 Td (64,075) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 260.75 Td (Provision for income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 260.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 260.75 Td (20,690) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 260.75 Td (4,897) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 260.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 260.75 Td (25,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 242.75 Td (Equity in subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.80 242.75 Td (38,488) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.15 242.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 242.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 242.75 Td (\(38,488) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 242.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 242.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 222.75 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.80 222.75 Td (38,488) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 222.75 Td (29,323) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 222.75 Td (9,165) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 222.75 Td (\(38,488) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 222.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 222.75 Td (38,488) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 202.75 Td (Preferred dividends) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 202.75 Td (3,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.15 202.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 202.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 202.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 202.75 Td (3,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 182.75 Td (Net income to common shareholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.50 182.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.80 182.75 Td (34,832) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.50 182.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 182.75 Td (29,323) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.50 182.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 182.75 Td (9,165) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.50 182.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 182.75 Td (\(38,488) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 182.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.50 182.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 182.75 Td (34,832) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (26) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 707.5 m 337 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 707.5 m 392 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 707.5 m 455 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 707.5 m 508 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 707.5 m 562 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 686.5 m 265 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 686.5 m 272 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 686.5 m 337 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 686.5 m 392 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 686.5 m 455 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 686.5 m 508 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 686.5 m 562 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 534.5 m 265 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 521.5 m 265 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 534.5 m 272 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 521.5 m 272 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 534.5 m 337 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 521.5 m 337 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 534.5 m 392 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 521.5 m 392 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 534.5 m 455 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 521.5 m 455 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 534.5 m 508 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 521.5 m 508 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 534.5 m 562 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 521.5 m 562 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 323.5 m 265 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 310.5 m 265 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 323.5 m 272 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 310.5 m 272 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 323.5 m 337 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 310.5 m 337 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 323.5 m 392 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 310.5 m 392 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 323.5 m 455 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 310.5 m 455 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 323.5 m 508 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 310.5 m 508 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 323.5 m 562 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 310.5 m 562 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 290.5 m 265 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 290.5 m 272 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 290.5 m 337 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 290.5 m 392 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 290.5 m 455 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 290.5 m 508 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 290.5 m 562 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 270.5 m 265 270.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 270.5 m 272 270.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 270.5 m 337 270.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 270.5 m 392 270.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 270.5 m 455 270.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 270.5 m 508 270.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 270.5 m 562 270.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.10 737.23 Td (CONDENSED CONSOLIDATING BALANCE SHEET) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.10 711.73 Td (September 30, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 690.75 Td (\(In thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.20 690.73 Td (M/I Homes, Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 698.73 Td (Guarantor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.10 690.73 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.50 698.73 Td (Unrestricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.10 690.73 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.20 690.73 Td (Eliminations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.05 690.73 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 668.75 Td (ASSETS:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 655.75 Td (Cash and cash equivalents) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 655.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.80 655.73 Td (7,161) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 655.73 Td (15,149) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 655.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 655.73 Td (22,310) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 642.75 Td (Restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 642.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.80 642.73 Td (998) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 642.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 642.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.80 642.73 Td (998) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 629.75 Td (Mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 629.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 629.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 629.73 Td (95,545) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 629.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 629.73 Td (95,545) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 616.75 Td (Inventory) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 616.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.75 616.73 Td (1,225,153) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 616.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 616.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 616.73 Td (1,225,153) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 603.75 Td (Property and equipment - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 603.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 603.73 Td (21,221) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.80 603.73 Td (571) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 603.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 603.73 Td (21,792) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 590.75 Td (Investment in unconsolidated joint ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 590.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.80 590.73 Td (6,017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 590.73 Td (20,511) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 590.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 590.73 Td (26,528) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 577.75 Td (Deferred income taxes, net of valuation allowances) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 577.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 577.73 Td (39,944) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 577.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 577.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 577.73 Td (39,944) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 564.75 Td (Investment in subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.80 564.73 Td (649,961) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 564.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 564.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 564.73 Td (\(649,961) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 564.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 564.73 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 551.75 Td (Intercompany assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.80 551.73 Td (417,303) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 551.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 551.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 551.73 Td (\(417,303) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 551.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 551.73 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 538.75 Td (Other assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.80 538.73 Td (1,924) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 538.73 Td (50,391) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 538.73 Td (12,652) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 538.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 538.73 Td (64,967) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 525.75 Td (TOTAL ASSETS) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.50 525.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.80 525.73 Td (1,069,188) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.50 525.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.75 525.73 Td (1,350,885) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 525.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.80 525.73 Td (144,428) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.50 525.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.10 525.73 Td (\(1,067,264) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 525.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 525.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 525.73 Td (1,497,237) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 503.75 Td (LIABILITIES AND SHAREHOLDERS EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 483.75 Td (LIABILITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 470.75 Td (Accounts payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.50 470.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 470.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.50 470.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 470.73 Td (109,808) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 470.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.80 470.73 Td (371) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.50 470.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 470.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 470.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 470.73 Td (110,179) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 457.75 Td (Customer deposits) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 457.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 457.73 Td (26,439) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 457.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 457.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 457.73 Td (26,439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 444.75 Td (Intercompany liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 444.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 444.73 Td (399,251) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 444.73 Td (18,052) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 444.73 Td (\(417,303) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 444.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 444.73 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 431.75 Td (Other liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 431.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 431.73 Td (94,998) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.80 431.73 Td (4,971) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 431.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 431.73 Td (99,969) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 418.75 Td (Community development district obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 418.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.80 418.73 Td (551) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 418.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 418.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.80 418.73 Td (551) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 405.75 Td (Obligation for consolidated inventory not owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 405.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.80 405.73 Td (5,862) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 405.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 405.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 405.73 Td (5,862) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 392.75 Td (Notes payable bank - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 392.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 392.73 Td (85,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 392.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 392.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 392.73 Td (85,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 379.75 Td (Notes payable bank - financial services operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 379.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 379.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 379.73 Td (91,483) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 379.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 379.73 Td (91,483) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 366.75 Td (Notes payable - other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 366.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.80 366.73 Td (8,566) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 366.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 366.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 366.73 Td (8,566) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 353.75 Td (Convertible senior subordinated notes due 2017 - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.80 353.73 Td (56,949) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 353.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 353.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 353.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 353.73 Td (56,949) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 340.75 Td (Convertible senior subordinated notes due 2018 - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.80 340.73 Td (85,246) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 340.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 340.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 340.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 340.73 Td (85,246) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 327.75 Td (Senior notes due 2021 - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.80 327.73 Td (295,401) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 327.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 327.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 327.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 327.73 Td (295,401) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 314.75 Td (TOTAL LIABILITIES) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.80 314.73 Td (437,596) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 314.73 Td (730,475) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.80 314.73 Td (114,877) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 314.73 Td (\(417,303) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 314.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 314.73 Td (865,645) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 294.75 Td (SHAREHOLDERS EQUITY) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.80 294.73 Td (631,592) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 294.73 Td (620,410) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 294.73 Td (29,551) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 294.73 Td (\(649,961) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 294.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 294.73 Td (631,592) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 274.75 Td (TOTAL LIABILITIES AND SHAREHOLDERS EQUITY) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.50 274.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.80 274.73 Td (1,069,188) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.50 274.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.75 274.73 Td (1,350,885) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 274.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.80 274.73 Td (144,428) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.50 274.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.10 274.73 Td (\(1,067,264) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 274.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 274.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 274.73 Td (1,497,237) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (27) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 707.5 m 337 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 707.5 m 392 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 707.5 m 455 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 707.5 m 508 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 707.5 m 562 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 686.5 m 265 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 686.5 m 272 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 686.5 m 337 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 686.5 m 392 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 686.5 m 455 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 686.5 m 508 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 686.5 m 562 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 534.5 m 265 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 521.5 m 265 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 534.5 m 272 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 521.5 m 272 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 534.5 m 337 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 521.5 m 337 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 534.5 m 392 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 521.5 m 392 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 534.5 m 455 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 521.5 m 455 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 534.5 m 508 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 521.5 m 508 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 534.5 m 562 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 521.5 m 562 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 323.5 m 265 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 310.5 m 265 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 323.5 m 272 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 310.5 m 272 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 323.5 m 337 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 310.5 m 337 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 323.5 m 392 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 310.5 m 392 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 323.5 m 455 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 310.5 m 455 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 323.5 m 508 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 310.5 m 508 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 323.5 m 562 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 310.5 m 562 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 289.5 m 265 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 289.5 m 272 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 289.5 m 337 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 289.5 m 392 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 289.5 m 455 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 289.5 m 508 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 289.5 m 562 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 269.5 m 265 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 269.5 m 272 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 269.5 m 337 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 269.5 m 392 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 269.5 m 455 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 269.5 m 508 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 269.5 m 562 269.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.10 737.23 Td (CONDENSED CONSOLIDATING BALANCE SHEET) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.05 711.75 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 690.75 Td (\(In thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.55 690.75 Td (M/I Homes, Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.75 698.75 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.40 690.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.20 698.75 Td (Unrestricted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.40 690.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 460.55 690.75 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.35 690.75 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 668.75 Td (ASSETS:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 655.75 Td (Cash and cash equivalents) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.50 655.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 655.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.50 655.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 655.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 655.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.80 655.75 Td (18,156) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 655.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.10 655.75 Td (\(7,951) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 655.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.50 655.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 655.75 Td (10,205) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 642.75 Td (Restricted cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 642.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.80 642.75 Td (2,896) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 642.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 642.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 642.75 Td (2,896) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 629.75 Td (Mortgage loans held for sale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 629.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 629.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.80 629.75 Td (127,001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 629.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 629.75 Td (127,001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 616.75 Td (Inventory) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 616.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.75 616.75 Td (1,112,042) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 616.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 616.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 616.75 Td (1,112,042) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 603.75 Td (Property and equipment - net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 603.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 603.75 Td (12,222) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 603.75 Td (675) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 603.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 603.75 Td (12,897) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 590.75 Td (Investment in unconsolidated joint ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 590.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 590.75 Td (17,425) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.80 590.75 Td (19,542) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 590.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 590.75 Td (36,967) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 577.75 Td (Deferred income taxes, net of valuation allowances) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 577.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 577.75 Td (67,255) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 577.75 Td (149) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 577.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 577.75 Td (67,404) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 564.75 Td (Investment in subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 564.75 Td (621,052) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 564.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 564.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 564.75 Td (\(621,052) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 564.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 564.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 551.75 Td (Intercompany assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 551.75 Td (408,847) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 551.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 551.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 551.75 Td (\(408,847) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 551.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 551.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 538.75 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.80 538.75 Td (2,626) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 538.75 Td (32,335) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.80 538.75 Td (11,181) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 538.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 538.75 Td (46,142) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 525.75 Td (TOTAL ASSETS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.50 525.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 525.75 Td (1,032,525) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.50 525.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.75 525.75 Td (1,244,175) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 525.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.80 525.75 Td (176,704) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 525.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.10 525.75 Td (\(1,037,850) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 525.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.50 525.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 525.75 Td (1,415,554) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 503.75 Td (LIABILITIES AND SHAREHOLDERS EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 483.75 Td (LIABILITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 470.75 Td (Accounts payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.50 470.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 470.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.50 470.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 470.75 Td (94,554) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 470.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 470.75 Td (275) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 470.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.10 470.75 Td (\(7,951) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 470.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.50 470.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 470.75 Td (86,878) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 457.75 Td (Customer deposits) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 457.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 457.75 Td (19,567) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 457.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 457.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 457.75 Td (19,567) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 444.75 Td (Intercompany liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 444.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 444.75 Td (387,439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.80 444.75 Td (21,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 444.75 Td (\(408,847) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 444.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 444.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 431.75 Td (Other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 431.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 431.75 Td (88,550) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 431.75 Td (5,120) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 431.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 431.75 Td (93,670) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 418.75 Td (Community development district obligations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 418.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.80 418.75 Td (1,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 418.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 418.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 418.75 Td (1,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 405.75 Td (Obligation for consolidated inventory not owned) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 405.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.80 405.75 Td (6,007) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 405.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 405.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 405.75 Td (6,007) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 392.75 Td (Notes payable bank - homebuilding operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 392.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 392.75 Td (43,800) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 392.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 392.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 392.75 Td (43,800) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 379.75 Td (Notes payable bank - financial services operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 379.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 379.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.80 379.75 Td (123,648) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 379.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 379.75 Td (123,648) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 366.75 Td (Notes payable - other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 366.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.80 366.75 Td (8,441) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 366.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 366.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 366.75 Td (8,441) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 353.75 Td (Convertible senior subordinated notes due 2017 - net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.80 353.75 Td (56,518) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 353.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 353.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 353.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 353.75 Td (56,518) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 340.75 Td (Convertible senior subordinated notes due 2018 - net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.80 340.75 Td (84,714) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 340.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 340.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 340.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 340.75 Td (84,714) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 327.75 Td (Senior notes due 2021 - net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 327.75 Td (294,727) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 327.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 327.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 327.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 327.75 Td (294,727) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 314.75 Td (TOTAL LIABILITIES) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 314.75 Td (435,959) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 314.75 Td (649,376) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.80 314.75 Td (150,451) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 314.75 Td (\(416,798) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 314.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 314.75 Td (818,988) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 293.75 Td (SHAREHOLDERS EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 293.75 Td (596,566) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 293.75 Td (594,799) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.80 293.75 Td (26,253) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 293.75 Td (\(621,052) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 293.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 293.75 Td (596,566) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 273.75 Td (TOTAL LIABILITIES AND SHAREHOLDERS EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.50 273.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 273.75 Td (1,032,525) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.50 273.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.75 273.75 Td (1,244,175) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 273.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.80 273.75 Td (176,704) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 273.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.10 273.75 Td (\(1,037,850) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 273.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.50 273.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 273.75 Td (1,415,554) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (28) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 707.5 m 350 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 707.5 m 403 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 707.5 m 456 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 707.5 m 509 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 707.5 m 562 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 686.5 m 297 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 686.5 m 350 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 686.5 m 403 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 686.5 m 456 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 686.5 m 509 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 686.5 m 562 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 669.5 m 297 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 659.5 m 297 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 669.5 m 350 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 659.5 m 350 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 669.5 m 403 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 659.5 m 403 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 669.5 m 456 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 659.5 m 456 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 669.5 m 509 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 659.5 m 509 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 669.5 m 562 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 659.5 m 562 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 601.5 m 297 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 591.5 m 297 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 601.5 m 350 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 591.5 m 350 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 601.5 m 403 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 591.5 m 403 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 601.5 m 456 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 591.5 m 456 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 601.5 m 509 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 591.5 m 509 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 601.5 m 562 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 591.5 m 562 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 493.5 m 297 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 493.5 m 350 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 493.5 m 403 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 493.5 m 456 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 493.5 m 509 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 493.5 m 562 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 493.5 m 297 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 483.5 m 297 483.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 493.5 m 350 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 483.5 m 350 483.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 493.5 m 403 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 483.5 m 403 483.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 493.5 m 456 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 483.5 m 456 483.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 493.5 m 509 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 483.5 m 509 483.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 493.5 m 562 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 483.5 m 562 483.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 455.5 m 297 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 445.5 m 297 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 455.5 m 350 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 445.5 m 350 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 455.5 m 403 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 445.5 m 403 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 455.5 m 456 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 445.5 m 456 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 455.5 m 509 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 445.5 m 509 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 455.5 m 562 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 445.5 m 562 445.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.50 737.23 Td (CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.40 711.73 Td (Nine Months Ended September 30, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 690.75 Td (\(In thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.75 698.73 Td (M/I Homes,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.40 690.73 Td (Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 698.73 Td (Guarantor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.10 690.73 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.50 698.73 Td (Unrestricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.10 690.73 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.20 690.73 Td (Eliminations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.55 690.73 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 671.50 Td (OPERATING ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 661.50 Td (Net cash provided by \(used in\) operating activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.50 661.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.80 661.63 Td (7,138) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.50 661.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.10 661.63 Td (\(18,192) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 661.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.50 661.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.75 661.63 Td (44,712) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.50 661.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.10 661.63 Td (\(7,138) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.80 661.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.50 661.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 661.63 Td (26,520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 643.50 Td (INVESTING ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 633.50 Td (Restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 633.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.80 633.63 Td (1,880) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 633.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 633.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 633.63 Td (1,880) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 623.50 Td (Purchase of property and equipment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 623.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.10 623.63 Td (\(11,565) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 623.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.10 623.63 Td (\(54) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 623.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 623.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.10 623.63 Td (\(11,619) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 623.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 613.50 Td (Intercompany investing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.10 613.63 Td (\(3,555) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.80 613.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.80 613.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 613.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.80 613.63 Td (3,555) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 613.63 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 603.50 Td (Investments in and advances to unconsolidated joint ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 603.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.10 603.63 Td (\(5,504) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 603.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.10 603.63 Td (\(4,556) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 603.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 603.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.10 603.63 Td (\(10,060) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 603.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 593.50 Td (Net cash \(used in\) provided by investing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.10 593.63 Td (\(3,555) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.80 593.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.10 593.63 Td (\(15,189) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 593.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.10 593.63 Td (\(4,610) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 593.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.80 593.63 Td (3,555) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.10 593.63 Td (\(19,799) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 593.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 575.50 Td (FINANCING ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 565.50 Td (Proceeds from bank borrowings - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 565.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.75 565.63 Td (276,800) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 565.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 565.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 565.63 Td (276,800) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 555.50 Td (Principal repayments of bank borrowings - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 555.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.10 555.63 Td (\(235,600) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 555.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 555.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 555.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.10 555.63 Td (\(235,600) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 555.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 545.50 Td (Net proceeds from bank borrowings - financial services operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 545.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.80 545.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.10 545.63 Td (\(32,165) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 545.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 545.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.10 545.63 Td (\(32,165) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 545.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 535.50 Td (Principal proceeds from notes payable - other and CDD bond obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 535.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.80 535.63 Td (125) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 535.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 535.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.80 535.63 Td (125) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 525.50 Td (Proceeds from exercise of stock options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 525.63 Td (73) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.80 525.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 525.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 525.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 525.63 Td (73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 515.50 Td (Intercompany financing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 515.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.10 515.63 Td (\(630) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 515.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.10 515.63 Td (\(3,766) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 515.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.80 515.63 Td (4,396) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 515.63 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 505.50 Td (Dividends paid) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.10 505.63 Td (\(3,656) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.80 505.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.80 505.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.10 505.63 Td (\(7,138) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 505.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.80 505.63 Td (7,138) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 505.63 Td (\(3,656) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 505.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 495.50 Td (Debt issue costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 495.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.10 495.63 Td (\(153) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 495.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.10 495.63 Td (\(40) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 495.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 495.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.10 495.63 Td (\(193) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 495.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 485.50 Td (Net cash \(used in\) provided by financing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.10 485.63 Td (\(3,583) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.80 485.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.75 485.63 Td (40,542) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.10 485.63 Td (\(43,109) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 485.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.75 485.63 Td (11,534) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 485.63 Td (5,384) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 467.50 Td (Net increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 467.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.80 467.63 Td (7,161) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.10 467.63 Td (\(3,007) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 467.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.80 467.63 Td (7,951) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 467.63 Td (12,105) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 457.50 Td (Cash and cash equivalents balance at beginning of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 457.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.80 457.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.75 457.63 Td (18,156) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.10 457.63 Td (\(7,951) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.80 457.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 457.63 Td (10,205) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 447.50 Td (Cash and cash equivalents balance at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.50 447.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 447.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.50 447.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.80 447.63 Td (7,161) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.50 447.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.75 447.63 Td (15,149) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.50 447.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 447.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.50 447.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 447.63 Td (22,310) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 410.5 m 350 410.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 410.5 m 403 410.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 410.5 m 456 410.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 410.5 m 509 410.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 410.5 m 562 410.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 389.5 m 297 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 389.5 m 350 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 389.5 m 403 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 389.5 m 456 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 389.5 m 509 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 389.5 m 562 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 372.5 m 297 372.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 362.5 m 297 362.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 372.5 m 350 372.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 362.5 m 350 362.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 372.5 m 403 372.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 362.5 m 403 362.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 372.5 m 456 372.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 362.5 m 456 362.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 372.5 m 509 372.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 362.5 m 509 362.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 372.5 m 562 372.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 362.5 m 562 362.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 294.5 m 297 294.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 284.5 m 297 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 294.5 m 350 294.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 284.5 m 350 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 294.5 m 403 294.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 284.5 m 403 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 294.5 m 456 294.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 284.5 m 456 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 294.5 m 509 294.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 284.5 m 509 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 294.5 m 562 294.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 284.5 m 562 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 186.5 m 297 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 176.5 m 297 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 186.5 m 350 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 176.5 m 350 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 186.5 m 403 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 176.5 m 403 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 186.5 m 456 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 176.5 m 456 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 186.5 m 509 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 176.5 m 509 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 186.5 m 562 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 176.5 m 562 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 148.5 m 297 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 138.5 m 297 138.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 148.5 m 350 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 138.5 m 350 138.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 148.5 m 403 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 138.5 m 403 138.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 148.5 m 456 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 138.5 m 456 138.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 148.5 m 509 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 138.5 m 509 138.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 148.5 m 562 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 138.5 m 562 138.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.65 414.75 Td (Nine Months Ended September 30, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 393.75 Td (\(In thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.65 401.75 Td (M/I Homes,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.85 393.75 Td (Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.75 401.75 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.40 393.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.20 401.75 Td (Unrestricted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.40 393.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.55 393.75 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.85 393.75 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 374.50 Td (OPERATING ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 364.50 Td (Net cash provided by \(used in\) operating activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.50 364.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.80 364.50 Td (2,428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.50 364.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.10 364.50 Td (\(114,357) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 364.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.50 364.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 364.50 Td (19,161) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.50 364.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.10 364.50 Td (\(2,428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 364.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 364.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 364.50 Td (\(95,196) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 364.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 346.50 Td (INVESTING ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 336.50 Td (Restricted cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 336.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.80 336.50 Td (3,615) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 336.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 336.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 336.50 Td (3,615) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 326.50 Td (Purchase of property and equipment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 326.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.10 326.50 Td (\(1,939) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 326.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.10 326.50 Td (\(64) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 326.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 326.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 326.50 Td (\(2,003) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 326.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 316.50 Td (Intercompany Investing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.80 316.50 Td (193) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 316.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 316.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.10 316.50 Td (\(193) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 316.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 316.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 306.50 Td (Investments in and advances to unconsolidated joint ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 306.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.10 306.50 Td (\(2,728) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 306.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.10 306.50 Td (\(7,997) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 306.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 306.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 306.50 Td (\(10,725) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 306.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 296.50 Td (Net proceeds from the sale of mortgage servicing rights) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 296.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 296.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.80 296.50 Td (3,065) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 296.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 296.50 Td (3,065) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 286.50 Td (Net cash provided by \(used in\) investing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.80 286.50 Td (193) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.10 286.50 Td (\(1,052) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 286.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.10 286.50 Td (\(4,996) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 286.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.10 286.50 Td (\(193) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 286.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 286.50 Td (\(6,048) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 286.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 268.50 Td (FINANCING ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 258.50 Td (Proceeds from bank borrowings - homebuilding operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 258.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.75 258.50 Td (329,400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 258.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 258.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 258.50 Td (329,400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 248.50 Td (Principal repayments of bank borrowings - homebuilding operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 248.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.10 248.50 Td (\(203,300) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 248.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 248.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 248.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.10 248.50 Td (\(203,300) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 248.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 238.50 Td (Net repayments of bank borrowings - financial services operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 238.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 238.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 238.50 Td (\(12,140) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 238.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 238.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 238.50 Td (\(12,140) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 238.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 228.50 Td (Principal repayments of notes payable - other and CDD bond obligations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 228.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.10 228.50 Td (\(155) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 228.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 228.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 228.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 228.50 Td (\(155) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 228.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 218.50 Td (Proceeds from exercise of stock options) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.80 218.50 Td (1,035) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 218.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 218.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 218.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 218.50 Td (1,035) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 208.50 Td (Intercompany financing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 208.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.10 208.50 Td (\(6,158) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 208.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.80 208.50 Td (5,965) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.80 208.50 Td (193) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 208.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 198.50 Td (Dividends paid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.10 198.50 Td (\(3,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 198.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 198.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.10 198.50 Td (\(2,428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 198.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 198.50 Td (2,428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 198.50 Td (\(3,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 198.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 188.50 Td (Debt issue costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 188.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.10 188.50 Td (\(380) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 188.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.10 188.50 Td (\(40) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 188.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 188.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 188.50 Td (\(420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 188.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 178.50 Td (Net cash \(used in\) provided by financing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.10 178.50 Td (\(2,621) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 178.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.75 178.50 Td (119,407) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.10 178.50 Td (\(8,643) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 178.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 178.50 Td (2,621) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 178.50 Td (110,764) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 160.50 Td (Net increase in cash and cash equivalents) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 160.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.80 160.50 Td (3,998) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.80 160.50 Td (5,522) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 160.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 160.50 Td (9,520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 150.50 Td (Cash and cash equivalents balance at beginning of period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 150.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.80 150.50 Td (3,872) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 150.50 Td (11,663) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 150.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 150.50 Td (15,535) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 140.50 Td (Cash and cash equivalents balance at end of period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.50 140.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 140.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.50 140.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.80 140.50 Td (7,870) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.50 140.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 140.50 Td (17,185) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.50 140.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 140.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 140.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 140.50 Td (25,055) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (ITEM 2: MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 239.52 740.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 263.14 740.25 Td (ANAL) Tj ET Q q 0 0 0 rg BT 290.55 740.25 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 328.81 740.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 387.42 740.25 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 450.77 740.25 Td (AND) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 728.25 Td ( RESUL) Tj ET Q q 0 0 0 rg BT 120.43 728.25 Td (TS OF) Tj ET Q q 0 0 0 rg BT 148.67 728.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 185.43 728.25 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 48.5 702.68505859375 m 104.73291015625 702.68505859375 l s q 0 0 0 rg BT 48.50 704.25 Td (OVER) Tj ET Q q 0 0 0 rg BT 77.04 704.25 Td (VIEW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 67.21 682.25 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 100.75 682.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 118.73 682.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 136.99 682.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 187.46 682.25 Td (or ) Tj ET Q q 0 0 0 rg BT 198.50 682.25 Td (we\) ) Tj ET Q q 0 0 0 rg BT 225.08 682.25 Td (is ) Tj ET Q q 0 0 0 rg BT 234.46 682.25 Td (one ) Tj ET Q q 0 0 0 rg BT 251.60 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.64 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.57 682.25 Td (nation) Tj ET Q q 0 0 0 rg BT 305.34 682.25 Td (s ) Tj ET Q q 0 0 0 rg BT 311.95 682.25 Td (leading ) Tj ET Q q 0 0 0 rg BT 344.09 682.25 Td (builders ) Tj ET Q q 0 0 0 rg BT 379.02 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.06 682.25 Td (single-family ) Tj ET Q q 0 0 0 rg BT 446.09 682.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 474.91 682.25 Td (having ) Tj ET Q q 0 0 0 rg BT 504.83 682.25 Td (delivered ) Tj ET Q q 0 0 0 rg BT 544.74 682.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (97,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.15 670.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 109.40 670.25 Td (since ) Tj ET Q q 0 0 0 rg BT 133.09 670.25 Td (we ) Tj ET Q q 0 0 0 rg BT 147.90 670.25 Td (commenced ) Tj ET Q q 0 0 0 rg BT 199.36 670.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 258.05 670.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 297.30 670.25 Td (in ) Tj ET Q q 0 0 0 rg BT 308.22 670.25 Td (1976.) Tj ET Q q 0 0 0 rg BT 335.54 670.25 Td (The ) Tj ET Q q 0 0 0 rg BT 354.23 670.25 Td (Company) Tj ET Q q 0 0 0 rg BT 395.90 670.25 Td (s ) Tj ET Q q 0 0 0 rg BT 402.94 670.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 432.19 670.25 Td (are ) Tj ET Q q 0 0 0 rg BT 447.54 670.25 Td (marketed ) Tj ET Q q 0 0 0 rg BT 487.89 670.25 Td (and ) Tj ET Q q 0 0 0 rg BT 505.48 670.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 525.29 670.25 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (under ) Tj ET Q q 0 0 0 rg BT 75.76 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 91.47 658.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 109.96 658.25 Td (Homes ) Tj ET Q q 0 0 0 rg BT 141.78 658.25 Td (brand ) Tj ET Q q 0 0 0 rg BT 168.04 658.25 Td (\(M/I ) Tj ET Q q 0 0 0 rg BT 189.86 658.25 Td (Homes ) Tj ET Q q 0 0 0 rg BT 221.68 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 239.61 658.25 Td (Showcase ) Tj ET Q q 0 0 0 rg BT 283.09 658.25 Td (Collection ) Tj ET Q q 0 0 0 rg BT 328.25 658.25 Td (\(exclusively ) Tj ET Q q 0 0 0 rg BT 380.61 658.25 Td (by ) Tj ET Q q 0 0 0 rg BT 394.10 658.25 Td (M/I\)\) ) Tj ET Q q 0 0 0 rg BT 419.25 658.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 439.68 658.25 Td (following ) Tj ET Q q 0 0 0 rg BT 482.06 658.25 Td (our ) Tj ET Q q 0 0 0 rg BT 498.88 658.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 546.25 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 558.07 658.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 107.67 646.25 Td (homebuilder ) Tj ET Q q 0 0 0 rg BT 160.29 646.25 Td (in ) Tj ET Q q 0 0 0 rg BT 170.15 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.45 646.25 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 250.15 646.25 Td (Paul ) Tj ET Q q 0 0 0 rg BT 270.01 646.25 Td (market ) Tj ET Q q 0 0 0 rg BT 299.85 646.25 Td (in ) Tj ET Q q 0 0 0 rg BT 309.71 646.25 Td (December ) Tj ET Q q 0 0 0 rg BT 352.88 646.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 377.46 646.25 Td (we ) Tj ET Q q 0 0 0 rg BT 391.20 646.25 Td (also ) Tj ET Q q 0 0 0 rg BT 409.39 646.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 447.57 646.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 479.07 646.25 Td (under ) Tj ET Q q 0 0 0 rg BT 503.92 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.22 646.25 Td (name ) Tj ET Q q 0 0 0 rg BT 541.96 646.25 Td (Hans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (Hagen ) Tj ET Q q 0 0 0 rg BT 77.11 634.25 Td (Homes ) Tj ET Q q 0 0 0 rg BT 106.95 634.25 Td (in ) Tj ET Q q 0 0 0 rg BT 116.25 634.25 Td (that ) Tj ET Q q 0 0 0 rg BT 132.75 634.25 Td (market. ) Tj ET Q q 0 0 0 rg BT 164.53 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 165.93 634.25 Td (The ) Tj ET Q q 0 0 0 rg BT 182.99 634.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 223.39 634.25 Td (has ) Tj ET Q q 0 0 0 rg BT 238.23 634.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 295.30 634.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 338.47 634.25 Td (in ) Tj ET Q q 0 0 0 rg BT 347.76 634.25 Td (Columbus ) Tj ET Q q 0 0 0 rg BT 390.39 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 406.34 634.25 Td (Cincinnati, ) Tj ET Q q 0 0 0 rg BT 452.01 634.25 Td (Ohio; ) Tj ET Q q 0 0 0 rg BT 476.30 634.25 Td (Indianapolis, ) Tj ET Q q 0 0 0 rg BT 529.75 634.25 Td (Indiana; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (Chicago, ) Tj ET Q q 0 0 0 rg BT 88.26 622.25 Td (Illinois; ) Tj ET Q q 0 0 0 rg BT 122.31 622.25 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 188.85 622.25 Td (Paul, ) Tj ET Q q 0 0 0 rg BT 212.06 622.25 Td (Minnesota; ) Tj ET Q q 0 0 0 rg BT 259.78 622.25 Td (T) Tj ET Q q 0 0 0 rg BT 265.19 622.25 Td (ampa, ) Tj ET Q q 0 0 0 rg BT 292.28 622.25 Td (Sarasota ) Tj ET Q q 0 0 0 rg BT 329.09 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 346.46 622.25 Td (Orlando, ) Tj ET Q q 0 0 0 rg BT 384.66 622.25 Td (Florida; ) Tj ET Q q 0 0 0 rg BT 418.62 622.25 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 450.72 622.25 Td (Dallas/Fort ) Tj ET Q q 0 0 0 rg BT 498.44 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 507.07 622.25 Td (orth, ) Tj ET Q q 0 0 0 rg BT 528.62 622.25 Td (Houston ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 610.25 Td (San ) Tj ET Q q 0 0 0 rg BT 83.39 610.25 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 120.98 610.25 Td (T) Tj ET Q q 0 0 0 rg BT 126.39 610.25 Td (exas; ) Tj ET Q q 0 0 0 rg BT 149.44 610.25 Td (Charlotte ) Tj ET Q q 0 0 0 rg BT 189.15 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 206.09 610.25 Td (Raleigh, ) Tj ET Q q 0 0 0 rg BT 242.20 610.25 Td (North ) Tj ET Q q 0 0 0 rg BT 268.03 610.25 Td (Carolina; ) Tj ET Q q 0 0 0 rg BT 307.74 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 324.68 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.21 610.25 Td (V) Tj ET Q q 0 0 0 rg BT 345.83 610.25 Td (ir) Tj ET Q q 0 0 0 rg BT 351.76 610.25 Td (ginia ) Tj ET Q q 0 0 0 rg BT 374.26 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.19 610.25 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 432.57 610.25 Td (suburbs ) Tj ET Q q 0 0 0 rg BT 466.18 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.83 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 485.47 610.25 Td (ashington, ) Tj ET Q q 0 0 0 rg BT 529.36 610.25 Td (D.C. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (Included ) Tj ET Q q 0 0 0 rg BT 86.56 588.25 Td (in ) Tj ET Q q 0 0 0 rg BT 96.41 588.25 Td (this ) Tj ET Q q 0 0 0 rg BT 112.93 588.25 Td (Management) Tj ET Q q 0 0 0 rg BT 167.91 588.25 Td (s ) Tj ET Q q 0 0 0 rg BT 173.87 588.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 219.83 588.25 Td (and ) Tj ET Q q 0 0 0 rg BT 235.89 588.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 272.96 588.25 Td (of ) Tj ET Q q 0 0 0 rg BT 283.36 588.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 322.64 588.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 364.72 588.25 Td (and ) Tj ET Q q 0 0 0 rg BT 381.23 588.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 412.75 588.25 Td (of ) Tj ET Q q 0 0 0 rg BT 423.15 588.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 469.10 588.25 Td (are ) Tj ET Q q 0 0 0 rg BT 483.38 588.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.67 588.25 Td (following ) Tj ET Q q 0 0 0 rg BT 538.63 588.25 Td (topics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 84.20 576.25 Td (to ) Tj ET Q q 0 0 0 rg BT 94.48 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 109.20 576.25 Td (Company) Tj ET Q q 0 0 0 rg BT 150.86 576.25 Td (s ) Tj ET Q q 0 0 0 rg BT 157.25 576.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 210.28 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 227.21 576.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.70 576.25 Td (condition:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 554.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 554.25 Td (Information ) Tj ET Q q 0 0 0 rg BT 162.76 554.25 Td (Relating ) Tj ET Q q 0 0 0 rg BT 199.15 554.25 Td (to ) Tj ET Q q 0 0 0 rg BT 209.42 554.25 Td (Forward-Looking ) Tj ET Q q 0 0 0 rg BT 283.02 554.25 Td (Statements;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 542.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 542.25 Td (Application ) Tj ET Q q 0 0 0 rg BT 162.21 542.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.04 542.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 204.98 542.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 254.14 542.25 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 295.52 542.25 Td (and ) Tj ET Q q 0 0 0 rg BT 312.46 542.25 Td (Policies;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 530.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 530.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 144.45 530.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.28 530.25 Td (Operations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 518.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 518.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 158.89 518.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.72 518.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 187.77 518.25 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 227.50 518.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.43 518.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 275.82 518.25 Td (Resources;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 506.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 506.25 Td (Summary ) Tj ET Q q 0 0 0 rg BT 153.89 506.25 Td (of ) Tj ET Q q 0 0 0 rg BT 164.72 506.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 182.77 506.25 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 231.92 506.25 Td (Obligations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 494.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 494.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 158.89 494.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.72 494.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 187.77 494.25 Td (Utilization ) Tj ET Q q 0 0 0 rg BT 233.04 494.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.87 494.25 Td (Of) Tj ET Q q 0 0 0 rg BT 254.24 494.25 Td (f-Balance ) Tj ET Q q 0 0 0 rg BT 295.61 494.25 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 319.77 494.25 Td (Arrangements; ) Tj ET Q q 0 0 0 rg BT 381.69 494.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 482.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 482.25 Td (Impact ) Tj ET Q q 0 0 0 rg BT 142.76 482.25 Td (of ) Tj ET Q q 0 0 0 rg BT 153.59 482.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 186.08 482.25 Td (Rates ) Tj ET Q q 0 0 0 rg BT 210.80 482.25 Td (and ) Tj ET Q q 0 0 0 rg BT 227.73 482.25 Td (Inflation.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 48.5 458.68505859375 m 221.41015625 458.68505859375 l s q 0 0 0 rg BT 48.50 460.25 Td (FOR) Tj ET Q q 0 0 0 rg BT 69.26 460.25 Td (W) Tj ET Q q 0 0 0 rg BT 78.15 460.25 Td (ARD-LOOKING ST) Tj ET Q q 0 0 0 rg BT 166.03 460.25 Td (A) Tj ET Q q 0 0 0 rg BT 172.51 460.25 Td (TEMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.59 438.25 Td (information ) Tj ET Q q 0 0 0 rg BT 133.46 438.25 Td (included ) Tj ET Q q 0 0 0 rg BT 171.55 438.25 Td (in ) Tj ET Q q 0 0 0 rg BT 182.99 438.25 Td (this ) Tj ET Q q 0 0 0 rg BT 201.09 438.25 Td (report ) Tj ET Q q 0 0 0 rg BT 228.63 438.25 Td (or ) Tj ET Q q 0 0 0 rg BT 240.61 438.25 Td (in ) Tj ET Q q 0 0 0 rg BT 252.05 438.25 Td (other ) Tj ET Q q 0 0 0 rg BT 276.25 438.25 Td (materials ) Tj ET Q q 0 0 0 rg BT 316.56 438.25 Td (we ) Tj ET Q q 0 0 0 rg BT 331.88 438.25 Td (have ) Tj ET Q q 0 0 0 rg BT 354.41 438.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 376.39 438.25 Td (or ) Tj ET Q q 0 0 0 rg BT 388.38 438.25 Td (will ) Tj ET Q q 0 0 0 rg BT 407.60 438.25 Td (file ) Tj ET Q q 0 0 0 rg BT 424.58 438.25 Td (with ) Tj ET Q q 0 0 0 rg BT 446.01 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.89 438.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 504.98 438.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.07 438.25 Td (Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 102.75 426.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 120.98 426.25 Td (SEC\) ) Tj ET Q q 0 0 0 rg BT 154.21 426.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 168.56 426.25 Td (well ) Tj ET Q q 0 0 0 rg BT 188.46 426.25 Td (as ) Tj ET Q q 0 0 0 rg BT 199.47 426.25 Td (information ) Tj ET Q q 0 0 0 rg BT 249.37 426.25 Td (included ) Tj ET Q q 0 0 0 rg BT 286.49 426.25 Td (in ) Tj ET Q q 0 0 0 rg BT 296.95 426.25 Td (oral ) Tj ET Q q 0 0 0 rg BT 315.18 426.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 360.08 426.25 Td (or ) Tj ET Q q 0 0 0 rg BT 371.09 426.25 Td (other ) Tj ET Q q 0 0 0 rg BT 394.33 426.25 Td (written ) Tj ET Q q 0 0 0 rg BT 425.34 426.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 470.23 426.25 Td (made ) Tj ET Q q 0 0 0 rg BT 494.57 426.25 Td (or ) Tj ET Q q 0 0 0 rg BT 505.59 426.25 Td (to ) Tj ET Q q 0 0 0 rg BT 516.05 426.25 Td (be ) Tj ET Q q 0 0 0 rg BT 528.17 426.25 Td (made ) Tj ET Q q 0 0 0 rg BT 552.51 426.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 414.25 Td (us\) ) Tj ET Q q 0 0 0 rg BT 64.54 414.25 Td (contains ) Tj ET Q q 0 0 0 rg BT 100.68 414.25 Td (or ) Tj ET Q q 0 0 0 rg BT 111.83 414.25 Td (may ) Tj ET Q q 0 0 0 rg BT 131.86 414.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 164.11 414.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 232.47 414.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 280.00 414.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 323.09 414.25 Td (but ) Tj ET Q q 0 0 0 rg BT 338.68 414.25 Td (not ) Tj ET Q q 0 0 0 rg BT 354.28 414.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 385.43 414.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 398.52 414.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 443.55 414.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 484.69 414.25 Td (our ) Tj ET Q q 0 0 0 rg BT 500.83 414.25 Td (future ) Tj ET Q q 0 0 0 rg BT 527.53 414.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 402.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.84 402.25 Td (and ) Tj ET Q q 0 0 0 rg BT 120.10 402.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 157.90 402.25 Td (condition.) Tj ET Q q 0 0 0 rg BT 202.99 402.25 Td (W) Tj ET Q q 0 0 0 rg BT 211.63 402.25 Td (ords ) Tj ET Q q 0 0 0 rg BT 231.67 402.25 Td (such ) Tj ET Q q 0 0 0 rg BT 252.82 402.25 Td (as ) Tj ET Q q 0 0 0 rg BT 263.97 402.25 Td (expects, ) Tj ET Q q 0 0 0 rg BT 308.15 402.25 Td (anticipates, ) Tj ET Q q 0 0 0 rg BT 365.11 402.25 Td (tar) Tj ET Q q 0 0 0 rg BT 379.92 402.25 Td (gets, ) Tj ET Q q 0 0 0 rg BT 405.78 402.25 Td (goals, ) Tj ET Q q 0 0 0 rg BT 441.09 402.25 Td (projects, ) Tj ET Q q 0 0 0 rg BT 486.94 402.25 Td (intends, ) Tj ET Q q 0 0 0 rg BT 530.02 402.25 Td (plans, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 390.25 Td (believes, ) Tj ET Q q 0 0 0 rg BT 97.05 390.25 Td (seeks, ) Tj ET Q q 0 0 0 rg BT 133.50 390.25 Td (and ) Tj ET Q q 0 0 0 rg BT 151.35 390.25 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 203.34 390.25 Td (variations ) Tj ET Q q 0 0 0 rg BT 246.19 390.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.93 390.25 Td (such ) Tj ET Q q 0 0 0 rg BT 279.67 390.25 Td (words ) Tj ET Q q 0 0 0 rg BT 307.52 390.25 Td (and ) Tj ET Q q 0 0 0 rg BT 325.37 390.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 356.55 390.25 Td (expressions ) Tj ET Q q 0 0 0 rg BT 406.62 390.25 Td (are ) Tj ET Q q 0 0 0 rg BT 422.24 390.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 460.08 390.25 Td (to ) Tj ET Q q 0 0 0 rg BT 471.27 390.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 505.78 390.25 Td (such ) Tj ET Q q 0 0 0 rg BT 527.52 390.25 Td (forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.25 Td (looking ) Tj ET Q q 0 0 0 rg BT 82.12 378.25 Td (statements.) Tj ET Q q 0 0 0 rg BT 131.65 378.25 Td (These ) Tj ET Q q 0 0 0 rg BT 157.59 378.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 201.86 378.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 233.92 378.25 Td (a ) Tj ET Q q 0 0 0 rg BT 240.42 378.25 Td (number ) Tj ET Q q 0 0 0 rg BT 273.03 378.25 Td (of ) Tj ET Q q 0 0 0 rg BT 283.42 378.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 304.38 378.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.88 378.25 Td (uncertainties.) Tj ET Q q 0 0 0 rg BT 378.91 378.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 398.20 378.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 465.80 378.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 510.07 378.25 Td (that ) Tj ET Q q 0 0 0 rg BT 527.13 378.25 Td (we ) Tj ET Q q 0 0 0 rg BT 540.85 378.25 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 76.64 366.25 Td (and ) Tj ET Q q 0 0 0 rg BT 93.23 366.25 Td (in ) Tj ET Q q 0 0 0 rg BT 103.16 366.25 Td (future ) Tj ET Q q 0 0 0 rg BT 129.19 366.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 159.11 366.25 Td (and ) Tj ET Q q 0 0 0 rg BT 175.70 366.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 220.06 366.25 Td (are ) Tj ET Q q 0 0 0 rg BT 234.42 366.25 Td (not ) Tj ET Q q 0 0 0 rg BT 249.35 366.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 294.26 366.25 Td (of ) Tj ET Q q 0 0 0 rg BT 304.74 366.25 Td (future ) Tj ET Q q 0 0 0 rg BT 330.77 366.25 Td (performance, ) Tj ET Q q 0 0 0 rg BT 385.95 366.25 Td (and ) Tj ET Q q 0 0 0 rg BT 402.54 366.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 428.56 366.25 Td (results ) Tj ET Q q 0 0 0 rg BT 456.82 366.25 Td (may ) Tj ET Q q 0 0 0 rg BT 476.19 366.25 Td (dif) Tj ET Q q 0 0 0 rg BT 487.12 366.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 500.37 366.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 543.06 366.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.25 Td (those ) Tj ET Q q 0 0 0 rg BT 73.42 354.25 Td (in ) Tj ET Q q 0 0 0 rg BT 84.00 354.25 Td (such ) Tj ET Q q 0 0 0 rg BT 105.14 354.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 173.48 354.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 218.50 354.25 Td (as ) Tj ET Q q 0 0 0 rg BT 229.64 354.25 Td (a ) Tj ET Q q 0 0 0 rg BT 236.89 354.25 Td (result ) Tj ET Q q 0 0 0 rg BT 261.91 354.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.05 354.25 Td (various ) Tj ET Q q 0 0 0 rg BT 305.30 354.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 323.10 354.25 Td (factors.Please ) Tj ET Q q 0 0 0 rg BT 386.17 354.25 Td (see) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.93 354.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.46 354.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 427.03 354.25 Td (1A. ) Tj ET Q q 0 0 0 rg BT 444.56 354.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 465.71 354.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 502.39 354.25 Td (in ) Tj ET Q q 0 0 0 rg BT 512.98 354.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 531.90 354.25 Td (I ) Tj ET Q q 0 0 0 rg BT 538.03 354.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 354.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 81.41 342.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 111.09 342.25 Td (on ) Tj ET Q q 0 0 0 rg BT 123.56 342.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 147.69 342.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 170.71 342.25 Td (for ) Tj ET Q q 0 0 0 rg BT 184.84 342.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.52 342.25 Td (year ) Tj ET Q q 0 0 0 rg BT 219.20 342.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.54 342.25 Td (December ) Tj ET Q q 0 0 0 rg BT 289.09 342.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 304.06 342.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.06 342.25 Td ( ) Tj ET Q q 0 0 0 rg BT 326.53 342.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 344.54 342.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.98 342.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.98 342.25 Td ( ) Tj ET Q q 0 0 0 rg BT 371.45 342.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 395.59 342.25 Td (10-K\), ) Tj ET Q q 0 0 0 rg BT 428.87 342.25 Td (as ) Tj ET Q q 0 0 0 rg BT 439.67 342.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.36 342.25 Td (same ) Tj ET Q q 0 0 0 rg BT 477.37 342.25 Td (may ) Tj ET Q q 0 0 0 rg BT 497.05 342.25 Td (be ) Tj ET Q q 0 0 0 rg BT 508.96 342.25 Td (updated ) Tj ET Q q 0 0 0 rg BT 543.08 342.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.25 Td (time ) Tj ET Q q 0 0 0 rg BT 69.77 330.25 Td (to ) Tj ET Q q 0 0 0 rg BT 80.05 330.25 Td (time ) Tj ET Q q 0 0 0 rg BT 100.33 330.25 Td (in ) Tj ET Q q 0 0 0 rg BT 110.60 330.25 Td (our ) Tj ET Q q 0 0 0 rg BT 126.43 330.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 173.37 330.25 Td (filings ) Tj ET Q q 0 0 0 rg BT 201.43 330.25 Td (with ) Tj ET Q q 0 0 0 rg BT 221.71 330.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.42 330.25 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 259.76 330.25 Td (for ) Tj ET Q q 0 0 0 rg BT 273.92 330.25 Td (more ) Tj ET Q q 0 0 0 rg BT 296.97 330.25 Td (information ) Tj ET Q q 0 0 0 rg BT 346.68 330.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 387.50 330.25 Td (those ) Tj ET Q q 0 0 0 rg BT 411.11 330.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 428.61 330.25 Td (factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 68.69 308.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 136.20 308.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 176.49 308.25 Td (speaks ) Tj ET Q q 0 0 0 rg BT 205.12 308.25 Td (only ) Tj ET Q q 0 0 0 rg BT 224.86 308.25 Td (as ) Tj ET Q q 0 0 0 rg BT 235.16 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 245.46 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.65 308.25 Td (date ) Tj ET Q q 0 0 0 rg BT 278.27 308.25 Td (made. ) Tj ET Q q 0 0 0 rg BT 304.40 308.25 Td ( ) Tj ET Q q 0 0 0 rg BT 306.37 308.25 Td (Except ) Tj ET Q q 0 0 0 rg BT 336.10 308.25 Td (as ) Tj ET Q q 0 0 0 rg BT 346.40 308.25 Td (required ) Tj ET Q q 0 0 0 rg BT 381.68 308.25 Td (by ) Tj ET Q q 0 0 0 rg BT 393.65 308.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 436.71 308.25 Td (law) Tj ET Q q 0 0 0 rg BT 450.50 308.25 Td (, ) Tj ET Q q 0 0 0 rg BT 454.97 308.25 Td (we ) Tj ET Q q 0 0 0 rg BT 468.60 308.25 Td (undertake ) Tj ET Q q 0 0 0 rg BT 509.99 308.25 Td (no ) Tj ET Q q 0 0 0 rg BT 521.96 308.25 Td (obligation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.57 296.25 Td (publicly ) Tj ET Q q 0 0 0 rg BT 94.64 296.25 Td (update ) Tj ET Q q 0 0 0 rg BT 123.60 296.25 Td (any ) Tj ET Q q 0 0 0 rg BT 140.33 296.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 208.16 296.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 255.17 296.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 289.68 296.25 Td (as ) Tj ET Q q 0 0 0 rg BT 300.30 296.25 Td (a ) Tj ET Q q 0 0 0 rg BT 307.04 296.25 Td (result ) Tj ET Q q 0 0 0 rg BT 331.55 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.18 296.25 Td (new ) Tj ET Q q 0 0 0 rg BT 361.13 296.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 413.14 296.25 Td (future ) Tj ET Q q 0 0 0 rg BT 439.32 296.25 Td (events ) Tj ET Q q 0 0 0 rg BT 467.16 296.25 Td (or ) Tj ET Q q 0 0 0 rg BT 477.79 296.25 Td (otherwise. ) Tj ET Q q 0 0 0 rg BT 521.46 296.25 Td ( ) Tj ET Q q 0 0 0 rg BT 523.75 296.25 Td (However) Tj ET Q q 0 0 0 rg BT 560.00 296.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (any ) Tj ET Q q 0 0 0 rg BT 65.72 284.25 Td (further ) Tj ET Q q 0 0 0 rg BT 94.71 284.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 140.93 284.25 Td (made ) Tj ET Q q 0 0 0 rg BT 164.36 284.25 Td (on ) Tj ET Q q 0 0 0 rg BT 176.15 284.25 Td (related ) Tj ET Q q 0 0 0 rg BT 205.13 284.25 Td (subjects ) Tj ET Q q 0 0 0 rg BT 239.13 284.25 Td (in ) Tj ET Q q 0 0 0 rg BT 248.69 284.25 Td (our ) Tj ET Q q 0 0 0 rg BT 263.80 284.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 310.02 284.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 339.57 284.25 Td (on ) Tj ET Q q 0 0 0 rg BT 351.35 284.25 Td (Forms ) Tj ET Q q 0 0 0 rg BT 378.69 284.25 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 403.52 284.25 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 425.86 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 442.08 284.25 Td (8-K ) Tj ET Q q 0 0 0 rg BT 459.41 284.25 Td (should ) Tj ET Q q 0 0 0 rg BT 487.86 284.25 Td (be ) Tj ET Q q 0 0 0 rg BT 499.08 284.25 Td (consulted.) Tj ET Q q 0 0 0 rg BT 544.73 284.25 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 94.86 272.25 Td (is ) Tj ET Q q 0 0 0 rg BT 105.22 272.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 144.46 272.25 Td (as ) Tj ET Q q 0 0 0 rg BT 156.48 272.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 198.49 272.25 Td (by ) Tj ET Q q 0 0 0 rg BT 212.18 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.09 272.25 Td (Private ) Tj ET Q q 0 0 0 rg BT 260.10 272.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 303.23 272.25 Td (Litigation ) Tj ET Q q 0 0 0 rg BT 346.36 272.25 Td (Reform ) Tj ET Q q 0 0 0 rg BT 379.78 272.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 397.91 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 409.93 272.25 Td (1995, ) Tj ET Q q 0 0 0 rg BT 436.12 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 454.25 272.25 Td (all ) Tj ET Q q 0 0 0 rg BT 467.93 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.95 272.25 Td (our ) Tj ET Q q 0 0 0 rg BT 496.97 272.25 Td (forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.21 260.25 Td (are ) Tj ET Q q 0 0 0 rg BT 108.92 260.25 Td (expressly ) Tj ET Q q 0 0 0 rg BT 149.19 260.25 Td (qualified ) Tj ET Q q 0 0 0 rg BT 187.23 260.25 Td (in ) Tj ET Q q 0 0 0 rg BT 197.51 260.25 Td (their ) Tj ET Q q 0 0 0 rg BT 218.33 260.25 Td (entirety ) Tj ET Q q 0 0 0 rg BT 251.38 260.25 Td (by ) Tj ET Q q 0 0 0 rg BT 263.88 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 278.59 260.25 Td (cautionary ) Tj ET Q q 0 0 0 rg BT 323.29 260.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 368.01 260.25 Td (contained ) Tj ET Q q 0 0 0 rg BT 409.38 260.25 Td (or ) Tj ET Q q 0 0 0 rg BT 420.21 260.25 Td (referenced ) Tj ET Q q 0 0 0 rg BT 464.89 260.25 Td (in ) Tj ET Q q 0 0 0 rg BT 475.17 260.25 Td (this ) Tj ET Q q 0 0 0 rg BT 492.12 260.25 Td (section.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 236.68505859375 m 392.1513671875 236.68505859375 l s q 0 0 0 rg BT 49.50 238.25 Td (APPLICA) Tj ET Q q 0 0 0 rg BT 93.20 238.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 121.26 238.25 Td (OF) Tj ET Q q 0 0 0 rg BT 134.78 238.25 Td ( ) Tj ET Q q 0 0 0 rg BT 137.28 238.25 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 186.74 238.25 Td ( ) Tj ET Q q 0 0 0 rg BT 188.68 238.25 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 260.63 238.25 Td (ESTIMA) Tj ET Q q 0 0 0 rg BT 299.34 238.25 Td (TES ) Tj ET Q q 0 0 0 rg BT 320.19 238.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 344.36 238.25 Td (POLICIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.66 216.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 113.81 216.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.75 216.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.34 216.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 204.17 216.25 Td (in ) Tj ET Q q 0 0 0 rg BT 213.56 216.25 Td (conformity ) Tj ET Q q 0 0 0 rg BT 259.61 216.25 Td (with ) Tj ET Q q 0 0 0 rg BT 279.00 216.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 324.49 216.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 365.54 216.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 404.35 216.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 440.94 216.25 Td (in ) Tj ET Q q 0 0 0 rg BT 450.33 216.25 Td (the ) Tj ET Q q 0 0 0 rg BT 464.16 216.25 Td (United ) Tj ET Q q 0 0 0 rg BT 492.99 216.25 Td (States ) Tj ET Q q 0 0 0 rg BT 518.49 216.25 Td (of ) Tj ET Q q 0 0 0 rg BT 528.08 216.25 Td (America ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.25 Td (\(GAAP\) ) Tj ET Q q 0 0 0 rg BT 94.71 204.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 129.37 204.25 Td (management ) Tj ET Q q 0 0 0 rg BT 182.91 204.25 Td (to ) Tj ET Q q 0 0 0 rg BT 193.14 204.25 Td (make ) Tj ET Q q 0 0 0 rg BT 217.25 204.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 256.91 204.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.80 204.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 325.70 204.25 Td (that ) Tj ET Q q 0 0 0 rg BT 343.15 204.25 Td (af) Tj ET Q q 0 0 0 rg BT 350.74 204.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 368.17 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.84 204.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 418.61 204.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 454.94 204.25 Td (of ) Tj ET Q q 0 0 0 rg BT 465.73 204.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 491.51 204.25 Td (and ) Tj ET Q q 0 0 0 rg BT 508.40 204.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 548.06 204.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.25 192.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 107.33 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.20 192.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 162.94 192.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 188.81 192.25 Td (and ) Tj ET Q q 0 0 0 rg BT 205.78 192.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 245.53 192.25 Td (at ) Tj ET Q q 0 0 0 rg BT 255.28 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.03 192.25 Td (date ) Tj ET Q q 0 0 0 rg BT 289.22 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 300.09 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.84 192.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 367.91 192.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 405.43 192.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 450.17 192.25 Td (and ) Tj ET Q q 0 0 0 rg BT 467.15 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.90 192.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 517.75 192.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 554.17 192.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 83.37 180.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.04 180.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 138.37 180.25 Td (during ) Tj ET Q q 0 0 0 rg BT 166.71 180.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.15 180.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 220.04 180.25 Td (period.Management ) Tj ET Q q 0 0 0 rg BT 307.52 180.25 Td (bases ) Tj ET Q q 0 0 0 rg BT 331.40 180.25 Td (its ) Tj ET Q q 0 0 0 rg BT 343.08 180.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 382.52 180.25 Td (and ) Tj ET Q q 0 0 0 rg BT 399.19 180.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 450.87 180.25 Td (on ) Tj ET Q q 0 0 0 rg BT 463.10 180.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 502.54 180.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 548.07 180.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.25 Td (on ) Tj ET Q q 0 0 0 rg BT 62.45 168.25 Td (various ) Tj ET Q q 0 0 0 rg BT 94.84 168.25 Td (other ) Tj ET Q q 0 0 0 rg BT 118.34 168.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 148.50 168.25 Td (that ) Tj ET Q q 0 0 0 rg BT 166.44 168.25 Td (it ) Tj ET Q q 0 0 0 rg BT 174.95 168.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 210.66 168.25 Td (are ) Tj ET Q q 0 0 0 rg BT 225.82 168.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 271.52 168.25 Td (under ) Tj ET Q q 0 0 0 rg BT 297.24 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 312.41 168.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 374.50 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.67 168.25 Td (results ) Tj ET Q q 0 0 0 rg BT 418.73 168.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.01 168.25 Td (which ) Tj ET Q q 0 0 0 rg BT 457.40 168.25 Td (form ) Tj ET Q q 0 0 0 rg BT 479.79 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.96 168.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 517.91 168.25 Td (for ) Tj ET Q q 0 0 0 rg BT 532.52 168.25 Td (making ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (judgments ) Tj ET Q q 0 0 0 rg BT 93.38 156.25 Td (about ) Tj ET Q q 0 0 0 rg BT 117.81 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.24 156.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 167.77 156.25 Td (value ) Tj ET Q q 0 0 0 rg BT 191.64 156.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.18 156.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 227.72 156.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.38 156.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 283.81 156.25 Td (that ) Tj ET Q q 0 0 0 rg BT 301.01 156.25 Td (are ) Tj ET Q q 0 0 0 rg BT 315.43 156.25 Td (not ) Tj ET Q q 0 0 0 rg BT 330.43 156.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 360.40 156.25 Td (apparent ) Tj ET Q q 0 0 0 rg BT 397.04 156.25 Td (from ) Tj ET Q q 0 0 0 rg BT 418.69 156.25 Td (other ) Tj ET Q q 0 0 0 rg BT 441.45 156.25 Td (sources.On ) Tj ET Q q 0 0 0 rg BT 493.38 156.25 Td (an ) Tj ET Q q 0 0 0 rg BT 505.03 156.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 540.02 156.25 Td (basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.15 144.25 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 142.92 144.25 Td (such ) Tj ET Q q 0 0 0 rg BT 163.82 144.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 203.60 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 220.60 144.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 272.62 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 289.62 144.25 Td (makes ) Tj ET Q q 0 0 0 rg BT 317.73 144.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 368.07 144.25 Td (as ) Tj ET Q q 0 0 0 rg BT 378.97 144.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 412.63 144.25 Td (necessary) Tj ET Q q 0 0 0 rg BT 450.85 144.25 Td (.) Tj ET Q q 0 0 0 rg BT 457.79 144.25 Td (Actual ) Tj ET Q q 0 0 0 rg BT 487.01 144.25 Td (results ) Tj ET Q q 0 0 0 rg BT 515.69 144.25 Td (could ) Tj ET Q q 0 0 0 rg BT 540.47 144.25 Td (dif) Tj ET Q q 0 0 0 rg BT 551.40 144.25 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.25 Td (from ) Tj ET Q q 0 0 0 rg BT 71.20 132.25 Td (these ) Tj ET Q q 0 0 0 rg BT 94.01 132.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 133.49 132.25 Td (using ) Tj ET Q q 0 0 0 rg BT 157.43 132.25 Td (dif) Tj ET Q q 0 0 0 rg BT 168.35 132.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 193.93 132.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 233.41 132.25 Td (and ) Tj ET Q q 0 0 0 rg BT 250.11 132.25 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 304.33 132.25 Td (or ) Tj ET Q q 0 0 0 rg BT 314.92 132.25 Td (if ) Tj ET Q q 0 0 0 rg BT 323.29 132.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 367.22 132.25 Td (are ) Tj ET Q q 0 0 0 rg BT 381.70 132.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 433.95 132.25 Td (dif) Tj ET Q q 0 0 0 rg BT 444.88 132.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 470.46 132.25 Td (in ) Tj ET Q q 0 0 0 rg BT 480.50 132.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.98 132.25 Td (future.See ) Tj ET Q q 0 0 0 rg BT 543.06 132.25 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 57.70 120.25 Td (\(Summary ) Tj ET Q q 0 0 0 rg BT 103.11 120.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.64 120.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 161.02 120.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 210.87 120.25 Td (Policies\) ) Tj ET Q q 0 0 0 rg BT 249.06 120.25 Td (to ) Tj ET Q q 0 0 0 rg BT 260.04 120.25 Td (our ) Tj ET Q q 0 0 0 rg BT 276.57 120.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 330.31 120.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 368.49 120.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 413.90 120.25 Td (included ) Tj ET Q q 0 0 0 rg BT 451.53 120.25 Td (in ) Tj ET Q q 0 0 0 rg BT 462.50 120.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.03 120.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.03 120.25 Td ( ) Tj ET Q q 0 0 0 rg BT 502.23 120.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 527.10 120.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 550.85 120.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 91.99 108.25 Td (information ) Tj ET Q q 0 0 0 rg BT 141.70 108.25 Td (about ) Tj ET Q q 0 0 0 rg BT 166.42 108.25 Td (our ) Tj ET Q q 0 0 0 rg BT 182.25 108.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 228.62 108.25 Td (policies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 86.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.91 86.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.11 86.25 Td (that ) Tj ET Q q 0 0 0 rg BT 113.44 86.25 Td (there ) Tj ET Q q 0 0 0 rg BT 135.75 86.25 Td (have ) Tj ET Q q 0 0 0 rg BT 156.96 86.25 Td (been ) Tj ET Q q 0 0 0 rg BT 178.17 86.25 Td (no ) Tj ET Q q 0 0 0 rg BT 190.50 86.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 235.04 86.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 269.58 86.25 Td (to ) Tj ET Q q 0 0 0 rg BT 279.69 86.25 Td (our ) Tj ET Q q 0 0 0 rg BT 295.35 86.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 325.44 86.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 371.64 86.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 405.07 86.25 Td (during ) Tj ET Q q 0 0 0 rg BT 433.51 86.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.06 86.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 478.70 86.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 504.91 86.25 Td (September ) Tj ET Q q 0 0 0 rg BT 550.01 86.25 Td (30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 74.25 Td ( ) Tj ET Q q 0 0 0 rg BT 71.74 74.25 Td (as ) Tj ET Q q 0 0 0 rg BT 82.30 74.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 123.96 74.25 Td (to ) Tj ET Q q 0 0 0 rg BT 133.98 74.25 Td (those ) Tj ET Q q 0 0 0 rg BT 157.32 74.25 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 196.78 74.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.79 74.25 Td (Management) Tj ET Q q 0 0 0 rg BT 261.77 74.25 Td (s ) Tj ET Q q 0 0 0 rg BT 267.90 74.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 314.03 74.25 Td (and ) Tj ET Q q 0 0 0 rg BT 330.21 74.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 367.44 74.25 Td (of ) Tj ET Q q 0 0 0 rg BT 378.01 74.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 417.46 74.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 459.70 74.25 Td (and ) Tj ET Q q 0 0 0 rg BT 476.37 74.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 508.06 74.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.63 74.25 Td (Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.25 Td (included ) Tj ET Q q 0 0 0 rg BT 86.43 62.25 Td (in ) Tj ET Q q 0 0 0 rg BT 96.71 62.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.54 62.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.54 62.25 Td ( ) Tj ET Q q 0 0 0 rg BT 135.04 62.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 159.21 62.25 Td (10-K.) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (30) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 738.68505859375 m 178.0546875 738.68505859375 l s q 0 0 0 rg BT 49.50 740.25 Td (RESUL) Tj ET Q q 0 0 0 rg BT 81.93 740.25 Td (TS OF) Tj ET Q q 0 0 0 rg BT 110.17 740.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 146.93 740.25 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.37 718.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.04 718.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.25 718.25 Td (chief ) Tj ET Q q 0 0 0 rg BT 137.57 718.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 177.66 718.25 Td (decision ) Tj ET Q q 0 0 0 rg BT 213.31 718.25 Td (makers ) Tj ET Q q 0 0 0 rg BT 244.51 718.25 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 280.15 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.69 718.25 Td (Company) Tj ET Q q 0 0 0 rg BT 336.35 718.25 Td (s ) Tj ET Q q 0 0 0 rg BT 342.57 718.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 395.42 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 405.52 718.25 Td (various ) Tj ET Q q 0 0 0 rg BT 437.29 718.25 Td (ways, ) Tj ET Q q 0 0 0 rg BT 462.66 718.25 Td (including: ) Tj ET Q q 0 0 0 rg BT 505.54 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 507.87 718.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 521.85 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.40 718.25 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.60 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.70 706.25 Td (15 ) Tj ET Q q 0 0 0 rg BT 89.46 706.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 132.78 706.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 191.10 706.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 231.63 706.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 271.62 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 288.82 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.81 706.25 Td (results ) Tj ET Q q 0 0 0 rg BT 332.68 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 343.78 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 359.88 706.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 397.63 706.25 Td (services ) Tj ET Q q 0 0 0 rg BT 432.60 706.25 Td (operations; ) Tj ET Q q 0 0 0 rg BT 479.80 706.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 494.23 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.21 706.25 Td (results ) Tj ET Q q 0 0 0 rg BT 538.09 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 706.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (three ) Tj ET Q q 0 0 0 rg BT 71.99 694.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 130.04 694.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 173.07 694.25 Td (segments; ) Tj ET Q q 0 0 0 rg BT 215.56 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.50 694.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 246.66 694.25 Td (our ) Tj ET Q q 0 0 0 rg BT 262.49 694.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 315.54 694.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 353.02 694.25 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.70 672.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 108.53 672.25 Td (with ) Tj ET Q q 0 0 0 rg BT 128.54 672.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 150.86 672.25 Td (280, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.23 672.25 Td (Segment ) Tj ET Q q 0 0 0 rg BT 207.98 672.25 Td (Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.97 672.25 Td ( ) Tj ET Q q 0 0 0 rg BT 250.84 672.25 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 280.93 672.25 Td (280\), ) Tj ET Q q 0 0 0 rg BT 309.07 672.25 Td (we ) Tj ET Q q 0 0 0 rg BT 323.60 672.25 Td (have ) Tj ET Q q 0 0 0 rg BT 345.34 672.25 Td (identified ) Tj ET Q q 0 0 0 rg BT 386.53 672.25 Td (each ) Tj ET Q q 0 0 0 rg BT 407.72 672.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 466.14 672.25 Td (division ) Tj ET Q q 0 0 0 rg BT 501.23 672.25 Td (as ) Tj ET Q q 0 0 0 rg BT 512.43 672.25 Td (an ) Tj ET Q q 0 0 0 rg BT 524.74 672.25 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 85.70 660.25 Td (as ) Tj ET Q q 0 0 0 rg BT 96.91 660.25 Td (each ) Tj ET Q q 0 0 0 rg BT 118.10 660.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 176.52 660.25 Td (division ) Tj ET Q q 0 0 0 rg BT 211.62 660.25 Td (engages ) Tj ET Q q 0 0 0 rg BT 246.71 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 257.36 660.25 Td (business ) Tj ET Q q 0 0 0 rg BT 294.13 660.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 333.10 660.25 Td (from ) Tj ET Q q 0 0 0 rg BT 355.41 660.25 Td (which ) Tj ET Q q 0 0 0 rg BT 382.73 660.25 Td (it ) Tj ET Q q 0 0 0 rg BT 391.16 660.25 Td (earns ) Tj ET Q q 0 0 0 rg BT 415.13 660.25 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 452.15 660.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 492.24 660.25 Td (from ) Tj ET Q q 0 0 0 rg BT 514.55 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 529.64 660.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 548.07 660.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 101.57 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.54 648.25 Td (single-family ) Tj ET Q q 0 0 0 rg BT 168.49 648.25 Td (attached ) Tj ET Q q 0 0 0 rg BT 204.44 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 221.52 648.25 Td (detached ) Tj ET Q q 0 0 0 rg BT 259.69 648.25 Td (homes, ) Tj ET Q q 0 0 0 rg BT 290.93 648.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 337.45 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 354.52 648.25 Td (development ) Tj ET Q q 0 0 0 rg BT 408.81 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.78 648.25 Td (land, ) Tj ET Q q 0 0 0 rg BT 442.13 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.21 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.06 648.25 Td (occasional ) Tj ET Q q 0 0 0 rg BT 518.90 648.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 537.08 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.05 648.25 Td (lots ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.59 636.25 Td (third ) Tj ET Q q 0 0 0 rg BT 80.79 636.25 Td (parties. ) Tj ET Q q 0 0 0 rg BT 112.26 636.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 130.12 636.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 167.41 636.25 Td (services ) Tj ET Q q 0 0 0 rg BT 201.93 636.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 245.90 636.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 282.07 636.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 316.03 636.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 355.55 636.25 Td (from ) Tj ET Q q 0 0 0 rg BT 377.31 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.83 636.25 Td (origination, ) Tj ET Q q 0 0 0 rg BT 440.53 636.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 458.39 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 475.14 636.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 514.10 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.75 636.25 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 73.72 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 91.26 624.25 Td (title ) Tj ET Q q 0 0 0 rg BT 109.92 624.25 Td (services ) Tj ET Q q 0 0 0 rg BT 145.24 624.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 185.56 624.25 Td (for ) Tj ET Q q 0 0 0 rg BT 200.33 624.25 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 246.19 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.63 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 272.95 624.25 Td (Company) Tj ET Q q 0 0 0 rg BT 314.62 624.25 Td (s ) Tj ET Q q 0 0 0 rg BT 321.62 624.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 350.84 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.38 624.25 Td (are ) Tj ET Q q 0 0 0 rg BT 383.70 624.25 Td (included ) Tj ET Q q 0 0 0 rg BT 421.24 624.25 Td (in ) Tj ET Q q 0 0 0 rg BT 432.12 624.25 Td (our ) Tj ET Q q 0 0 0 rg BT 448.56 624.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 486.65 624.25 Td (services ) Tj ET Q q 0 0 0 rg BT 521.97 624.25 Td (reportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (segment. ) Tj ET Q q 0 0 0 rg BT 87.24 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 89.16 612.25 Td (In ) Tj ET Q q 0 0 0 rg BT 99.40 612.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 146.28 612.25 Td (with ) Tj ET Q q 0 0 0 rg BT 165.97 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.10 612.25 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 229.22 612.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 259.45 612.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 291.35 612.25 Td (in ) Tj ET Q q 0 0 0 rg BT 300.62 612.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 321.99 612.25 Td (280, ) Tj ET Q q 0 0 0 rg BT 341.40 612.25 Td (we ) Tj ET Q q 0 0 0 rg BT 354.98 612.25 Td (have ) Tj ET Q q 0 0 0 rg BT 375.77 612.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 422.67 612.25 Td (our ) Tj ET Q q 0 0 0 rg BT 437.91 612.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 480.36 612.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 519.49 612.25 Td (as ) Tj ET Q q 0 0 0 rg BT 529.74 612.25 Td (follows: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 86.13 600.25 Td (homebuilding, ) Tj ET Q q 0 0 0 rg BT 145.82 600.25 Td (Southern ) Tj ET Q q 0 0 0 rg BT 183.56 600.25 Td (homebuilding, ) Tj ET Q q 0 0 0 rg BT 243.25 600.25 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 297.09 600.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 354.28 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 370.35 600.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 406.96 600.25 Td (services ) Tj ET Q q 0 0 0 rg BT 440.80 600.25 Td (operations.) Tj ET Q q 0 0 0 rg BT 489.78 600.25 Td (The ) Tj ET Q q 0 0 0 rg BT 506.96 600.25 Td (homebuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 88.59 588.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 127.13 588.25 Td (included ) Tj ET Q q 0 0 0 rg BT 162.90 588.25 Td (in ) Tj ET Q q 0 0 0 rg BT 172.00 588.25 Td (each ) Tj ET Q q 0 0 0 rg BT 191.64 588.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 233.50 588.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 268.16 588.25 Td (have ) Tj ET Q q 0 0 0 rg BT 288.36 588.25 Td (been ) Tj ET Q q 0 0 0 rg BT 308.56 588.25 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 353.75 588.25 Td (because ) Tj ET Q q 0 0 0 rg BT 386.73 588.25 Td (they ) Tj ET Q q 0 0 0 rg BT 405.27 588.25 Td (share ) Tj ET Q q 0 0 0 rg BT 427.70 588.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 456.80 588.25 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 505.33 588.25 Td (characteristics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (as ) Tj ET Q q 0 0 0 rg BT 59.85 576.25 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 103.52 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 112.87 576.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 134.35 576.25 Td (280 ) Tj ET Q q 0 0 0 rg BT 151.37 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 161.17 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.41 576.25 Td (following ) Tj ET Q q 0 0 0 rg BT 216.31 576.25 Td (regards: ) Tj ET Q q 0 0 0 rg BT 250.54 576.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 264.22 576.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 305.68 576.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 346.57 576.25 Td (characteristics; ) Tj ET Q q 0 0 0 rg BT 408.56 576.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 422.24 576.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 461.48 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 477.94 576.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 515.49 576.25 Td (future ) Tj ET Q q 0 0 0 rg BT 541.39 576.25 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (term ) Tj ET Q q 0 0 0 rg BT 71.17 564.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 95.64 564.25 Td (mar) Tj ET Q q 0 0 0 rg BT 111.00 564.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 127.13 564.25 Td (percentages; ) Tj ET Q q 0 0 0 rg BT 180.45 564.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 195.46 564.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 230.48 564.25 Td (products, ) Tj ET Q q 0 0 0 rg BT 270.77 564.25 Td (production ) Tj ET Q q 0 0 0 rg BT 317.44 564.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 359.11 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.90 564.25 Td (methods ) Tj ET Q q 0 0 0 rg BT 414.14 564.25 Td (of ) Tj ET Q q 0 0 0 rg BT 425.82 564.25 Td (distribution; ) Tj ET Q q 0 0 0 rg BT 478.06 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 495.85 564.25 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 510.86 564.25 Td (geographical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.25 Td (proximity) Tj ET Q q 0 0 0 rg BT 88.29 552.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 530.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 125.60 530.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 165.86 530.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 205.58 530.25 Td (that ) Tj ET Q q 0 0 0 rg BT 223.07 530.25 Td (comprise ) Tj ET Q q 0 0 0 rg BT 262.23 530.25 Td (each ) Tj ET Q q 0 0 0 rg BT 283.04 530.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.88 530.25 Td (our ) Tj ET Q q 0 0 0 rg BT 309.71 530.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 352.74 530.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 392.45 530.25 Td (are ) Tj ET Q q 0 0 0 rg BT 407.16 530.25 Td (as ) Tj ET Q q 0 0 0 rg BT 417.99 530.25 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 94.5 508.9833984375 m 129.5 508.9833984375 l s q 0 0 0 rg BT 94.50 510.32 Td (Midwest) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 242.5 508.9833984375 m 278.6083984375 508.9833984375 l s q 0 0 0 rg BT 242.50 510.32 Td (Southern) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 388.5 508.9833984375 m 440.7119140625 508.9833984375 l s q 0 0 0 rg BT 388.50 510.32 Td (Mid-Atlantic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 496.37 Td (Chicago, ) Tj ET Q q 0 0 0 rg BT 132.83 496.37 Td (Illinois) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 496.37 Td (Orlando, ) Tj ET Q q 0 0 0 rg BT 280.27 496.37 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 496.37 Td (Charlotte, ) Tj ET Q q 0 0 0 rg BT 430.71 496.37 Td (North ) Tj ET Q q 0 0 0 rg BT 456.54 496.37 Td (Carolina) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 484.37 Td (Cincinnati, ) Tj ET Q q 0 0 0 rg BT 141.16 484.37 Td (Ohio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 484.37 Td (Sarasota, ) Tj ET Q q 0 0 0 rg BT 281.38 484.37 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 484.37 Td (Raleigh, ) Tj ET Q q 0 0 0 rg BT 424.60 484.37 Td (North ) Tj ET Q q 0 0 0 rg BT 450.43 484.37 Td (Carolina) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 472.37 Td (Columbus, ) Tj ET Q q 0 0 0 rg BT 140.62 472.37 Td (Ohio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 472.37 Td (Tampa, Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 472.37 Td (W) Tj ET Q q 0 0 0 rg BT 397.54 472.37 Td (ashington, ) Tj ET Q q 0 0 0 rg BT 441.02 472.37 Td (D.C.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 460.37 Td (Indianapolis, ) Tj ET Q q 0 0 0 rg BT 148.93 460.37 Td (Indiana) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 460.37 Td (Austin, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 448.37 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 160.61 448.37 Td (Paul, ) Tj ET Q q 0 0 0 rg BT 183.39 448.37 Td (Minnesota) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 448.37 Td (Dallas/Fort Worth, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 436.37 Td (Houston, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 424.37 Td (San Antonio, Texas) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (On July 1, 2016, we entered the Sarasota, Florida market.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 374.68505859375 m 90.59375 374.68505859375 l s q 0 0 0 rg BT 49.50 376.25 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.59 376.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.25 Td (During ) Tj ET Q q 0 0 0 rg BT 80.66 354.25 Td (both ) Tj ET Q q 0 0 0 rg BT 101.27 354.25 Td (the ) Tj ET Q q 0 0 0 rg BT 116.32 354.25 Td (three ) Tj ET Q q 0 0 0 rg BT 139.13 354.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.40 354.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 176.45 354.25 Td (months ) Tj ET Q q 0 0 0 rg BT 208.73 354.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 235.44 354.25 Td (September ) Tj ET Q q 0 0 0 rg BT 281.03 354.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 296.37 354.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.37 354.25 Td (, ) Tj ET Q q 0 0 0 rg BT 321.70 354.25 Td (we ) Tj ET Q q 0 0 0 rg BT 336.19 354.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 387.32 354.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 427.35 354.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 467.94 354.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 502.42 354.25 Td (for ) Tj ET Q q 0 0 0 rg BT 516.92 354.25 Td (new ) Tj ET Q q 0 0 0 rg BT 536.41 354.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 565.01 354.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.86 342.25 Td (most ) Tj ET Q q 0 0 0 rg BT 83.90 342.25 Td (of ) Tj ET Q q 0 0 0 rg BT 95.81 342.25 Td (our ) Tj ET Q q 0 0 0 rg BT 112.73 342.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 147.97 342.25 Td (as ) Tj ET Q q 0 0 0 rg BT 159.88 342.25 Td (a ) Tj ET Q q 0 0 0 rg BT 167.91 342.25 Td (result ) Tj ET Q q 0 0 0 rg BT 193.71 342.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.63 342.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 245.86 342.25 Td (in ) Tj ET Q q 0 0 0 rg BT 257.22 342.25 Td (employment, ) Tj ET Q q 0 0 0 rg BT 313.30 342.25 Td (low ) Tj ET Q q 0 0 0 rg BT 331.88 342.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 364.90 342.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 389.86 342.25 Td (improved ) Tj ET Q q 0 0 0 rg BT 431.77 342.25 Td (consumer ) Tj ET Q q 0 0 0 rg BT 474.24 342.25 Td (confidence, ) Tj ET Q q 0 0 0 rg BT 524.18 342.25 Td (improved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 89.19 330.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 136.11 330.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.47 330.25 Td (a ) Tj ET Q q 0 0 0 rg BT 158.84 330.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 189.10 330.25 Td (supply ) Tj ET Q q 0 0 0 rg BT 217.70 330.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.96 330.25 Td (new ) Tj ET Q q 0 0 0 rg BT 246.55 330.25 Td (homes. ) Tj ET Q q 0 0 0 rg BT 277.08 330.25 Td ( ) Tj ET Q q 0 0 0 rg BT 278.87 330.25 Td (While ) Tj ET Q q 0 0 0 rg BT 305.23 330.25 Td (industry-wide ) Tj ET Q q 0 0 0 rg BT 362.71 330.25 Td (new ) Tj ET Q q 0 0 0 rg BT 381.30 330.25 Td (home ) Tj ET Q q 0 0 0 rg BT 405.44 330.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 426.81 330.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 463.17 330.25 Td (at ) Tj ET Q q 0 0 0 rg BT 472.32 330.25 Td (a ) Tj ET Q q 0 0 0 rg BT 478.69 330.25 Td (pace ) Tj ET Q q 0 0 0 rg BT 498.93 330.25 Td (below ) Tj ET Q q 0 0 0 rg BT 525.30 330.25 Td (historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 318.25 Td (averages, ) Tj ET Q q 0 0 0 rg BT 89.17 318.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.59 318.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 142.99 318.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 182.94 318.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 216.79 318.25 Td (for ) Tj ET Q q 0 0 0 rg BT 230.65 318.25 Td (new ) Tj ET Q q 0 0 0 rg BT 249.50 318.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 277.81 318.25 Td (and ) Tj ET Q q 0 0 0 rg BT 294.45 318.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.86 318.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 350.49 318.25 Td (execution ) Tj ET Q q 0 0 0 rg BT 391.56 318.25 Td (of ) Tj ET Q q 0 0 0 rg BT 402.09 318.25 Td (our ) Tj ET Q q 0 0 0 rg BT 417.62 318.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 453.68 318.25 Td (business ) Tj ET Q q 0 0 0 rg BT 489.77 318.25 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 531.41 318.25 Td (enabled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 306.25 Td (us ) Tj ET Q q 0 0 0 rg BT 60.89 306.25 Td (to ) Tj ET Q q 0 0 0 rg BT 71.17 306.25 Td (achieve ) Tj ET Q q 0 0 0 rg BT 104.20 306.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.92 306.25 Td (following ) Tj ET Q q 0 0 0 rg BT 160.31 306.25 Td (results, ) Tj ET Q q 0 0 0 rg BT 191.41 306.25 Td (in ) Tj ET Q q 0 0 0 rg BT 201.69 306.25 Td (comparison ) Tj ET Q q 0 0 0 rg BT 250.85 306.25 Td (to ) Tj ET Q q 0 0 0 rg BT 261.13 306.25 Td (the ) Tj ET Q q 0 0 0 rg BT 275.84 306.25 Td (three ) Tj ET Q q 0 0 0 rg BT 298.33 306.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.27 306.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 334.98 306.25 Td (months ) Tj ET Q q 0 0 0 rg BT 366.93 306.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 393.31 306.25 Td (September ) Tj ET Q q 0 0 0 rg BT 438.57 306.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 453.57 306.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.57 306.25 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 284.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 284.25 Td (New ) Tj ET Q q 0 0 0 rg BT 106.88 284.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 145.48 284.25 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.73 284.25 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.06 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 206.56 284.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.50 284.25 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.83 284.25 Td (, ) Tj ET Q q 0 0 0 rg BT 246.83 284.25 Td (respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 272.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 272.25 Td (Homes ) Tj ET Q q 0 0 0 rg BT 116.33 272.25 Td (delivered ) Tj ET Q q 0 0 0 rg BT 156.03 272.25 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.29 272.25 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.62 272.25 Td ( ) Tj ET Q q 0 0 0 rg BT 217.12 272.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.39 272.25 Td (1,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.89 272.25 Td ( ) Tj ET Q q 0 0 0 rg BT 252.39 272.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 281.00 272.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.94 272.25 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.27 272.25 Td ( ) Tj ET Q q 0 0 0 rg BT 318.77 272.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.05 272.25 Td (3,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.55 272.25 Td ( ) Tj ET Q q 0 0 0 rg BT 354.05 272.25 Td (homes, ) Tj ET Q q 0 0 0 rg BT 385.16 272.25 Td (respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 260.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 260.25 Td (A) Tj ET Q q 0 0 0 rg BT 91.98 260.25 Td (verage ) Tj ET Q q 0 0 0 rg BT 121.13 260.25 Td (price ) Tj ET Q q 0 0 0 rg BT 143.61 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 154.44 260.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 183.05 260.25 Td (delivered ) Tj ET Q q 0 0 0 rg BT 222.75 260.25 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 260.25 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.33 260.25 Td ( ) Tj ET Q q 0 0 0 rg BT 278.83 260.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.11 260.25 Td ($365,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.61 260.25 Td ( ) Tj ET Q q 0 0 0 rg BT 329.11 260.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.05 260.25 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.38 260.25 Td ( ) Tj ET Q q 0 0 0 rg BT 361.88 260.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.16 260.25 Td ($361,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.66 260.25 Td (, ) Tj ET Q q 0 0 0 rg BT 414.66 260.25 Td (respectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 248.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 248.25 Td (Number ) Tj ET Q q 0 0 0 rg BT 119.99 248.25 Td (of ) Tj ET Q q 0 0 0 rg BT 130.04 248.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 157.87 248.25 Td (in ) Tj ET Q q 0 0 0 rg BT 167.37 248.25 Td (backlog ) Tj ET Q q 0 0 0 rg BT 200.75 248.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.68 248.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 269.17 248.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.17 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 290.89 248.25 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.37 248.25 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.70 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 350.42 248.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.92 248.25 Td (2,221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.42 248.25 Td (, ) Tj ET Q q 0 0 0 rg BT 386.64 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 402.80 248.25 Td (our ) Tj ET Q q 0 0 0 rg BT 417.85 248.25 Td (total ) Tj ET Q q 0 0 0 rg BT 437.34 248.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 458.50 248.25 Td (value ) Tj ET Q q 0 0 0 rg BT 481.88 248.25 Td (in ) Tj ET Q q 0 0 0 rg BT 491.38 248.25 Td (backlog ) Tj ET Q q 0 0 0 rg BT 524.76 248.25 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 236.25 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.83 236.25 Td ( ) Tj ET Q q 0 0 0 rg BT 106.33 236.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.61 236.25 Td ($821.5 ) Tj ET Q q 0 0 0 rg BT 146.61 236.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 236.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 224.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 224.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 122.99 224.25 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.24 224.25 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.57 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 184.07 224.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.01 224.25 Td (23%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.34 224.25 Td (, ) Tj ET Q q 0 0 0 rg BT 224.34 224.25 Td (respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 212.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 212.25 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 118.89 212.25 Td (general ) Tj ET Q q 0 0 0 rg BT 150.87 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 167.87 212.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 227.63 212.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 262.40 212.25 Td (as ) Tj ET Q q 0 0 0 rg BT 273.29 212.25 Td (a ) Tj ET Q q 0 0 0 rg BT 280.28 212.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 326.14 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 337.03 212.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 371.23 212.25 Td (improved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.12 212.25 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.12 212.25 Td ( ) Tj ET Q q 0 0 0 rg BT 424.67 212.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 447.23 212.25 Td (points ) Tj ET Q q 0 0 0 rg BT 474.24 212.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.57 212.25 Td (12.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.40 212.25 Td ( ) Tj ET Q q 0 0 0 rg BT 512.96 212.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.96 212.25 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.96 212.25 Td ( ) Tj ET Q q 0 0 0 rg BT 542.51 212.25 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 200.25 Td (points ) Tj ET Q q 0 0 0 rg BT 112.45 200.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.73 200.25 Td (13.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.56 200.25 Td (, ) Tj ET Q q 0 0 0 rg BT 153.56 200.25 Td (respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 83.11 176.25 Td (before ) Tj ET Q q 0 0 0 rg BT 112.28 176.25 Td (income ) Tj ET Q q 0 0 0 rg BT 145.34 176.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 169.52 176.25 Td (for ) Tj ET Q q 0 0 0 rg BT 184.81 176.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.66 176.25 Td (third ) Tj ET Q q 0 0 0 rg BT 223.17 176.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 255.12 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.08 176.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.08 176.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.71 176.25 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.12 176.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.75 176.25 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.08 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 355.71 176.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.78 176.25 Td ($26.5 ) Tj ET Q q 0 0 0 rg BT 404.91 176.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 437.43 176.25 Td (in ) Tj ET Q q 0 0 0 rg BT 448.83 176.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.68 176.25 Td (third ) Tj ET Q q 0 0 0 rg BT 487.20 176.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 519.14 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 531.10 176.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.10 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 554.73 176.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td ($18.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 164.25 Td ( ) Tj ET Q q 0 0 0 rg BT 105.67 164.25 Td (in ) Tj ET Q q 0 0 0 rg BT 115.74 164.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.23 164.25 Td (third ) Tj ET Q q 0 0 0 rg BT 151.40 164.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 182.00 164.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.62 164.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.62 164.25 Td (. ) Tj ET Q q 0 0 0 rg BT 217.40 164.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 249.67 164.25 Td (before ) Tj ET Q q 0 0 0 rg BT 277.49 164.25 Td (income ) Tj ET Q q 0 0 0 rg BT 309.20 164.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 332.03 164.25 Td (for ) Tj ET Q q 0 0 0 rg BT 345.97 164.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.47 164.25 Td (third ) Tj ET Q q 0 0 0 rg BT 381.64 164.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 412.24 164.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.85 164.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.85 164.25 Td ( ) Tj ET Q q 0 0 0 rg BT 445.14 164.25 Td (was ) Tj ET Q q 0 0 0 rg BT 462.97 164.25 Td (unfavorably ) Tj ET Q q 0 0 0 rg BT 513.57 164.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 552.50 164.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.38 152.25 Td ($14.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.27 152.25 Td ( ) Tj ET Q q 0 0 0 rg BT 112.71 152.25 Td (char) Tj ET Q q 0 0 0 rg BT 129.73 152.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 141.61 152.25 Td (for ) Tj ET Q q 0 0 0 rg BT 155.71 152.25 Td (known ) Tj ET Q q 0 0 0 rg BT 185.37 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 202.25 152.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 243.01 152.25 Td (future ) Tj ET Q q 0 0 0 rg BT 269.32 152.25 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 327.84 152.25 Td (repair ) Tj ET Q q 0 0 0 rg BT 353.60 152.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 376.04 152.25 Td (in ) Tj ET Q q 0 0 0 rg BT 386.25 152.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 415.89 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 426.66 152.25 Td (our ) Tj ET Q q 0 0 0 rg BT 442.43 152.25 Td (Florida ) Tj ET Q q 0 0 0 rg BT 473.76 152.25 Td (communities ) Tj ET Q q 0 0 0 rg BT 527.86 152.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 541.96 152.25 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 70.75 140.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 111.45 140.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 121.599609375 138.9169921875 m 148.40625 138.9169921875 l s q 0 0 1 rg BT 121.60 140.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 143.41 140.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.41 140.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 156.60 140.25 Td ( ) Tj ET Q q 0 0 0 rg BT 158.80 140.25 Td (This ) Tj ET Q q 0 0 0 rg BT 178.95 140.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 208.53 140.25 Td (to ) Tj ET Q q 0 0 0 rg BT 218.67 140.25 Td (income ) Tj ET Q q 0 0 0 rg BT 250.48 140.25 Td (before ) Tj ET Q q 0 0 0 rg BT 278.38 140.25 Td (income ) Tj ET Q q 0 0 0 rg BT 310.18 140.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 333.10 140.25 Td (was ) Tj ET Q q 0 0 0 rg BT 351.02 140.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 386.71 140.25 Td (of) Tj ET Q q 0 0 0 rg BT 394.86 140.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 411.66 140.25 Td (by ) Tj ET Q q 0 0 0 rg BT 424.03 140.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.84 140.25 Td ($0.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.73 140.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.10 140.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.85 140.25 Td ( ) Tj ET Q q 0 0 0 rg BT 517.22 140.25 Td (in ) Tj ET Q q 0 0 0 rg BT 527.37 140.25 Td (land ) Tj ET Q q 0 0 0 rg BT 546.95 140.25 Td (sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 73.68 128.25 Td (in ) Tj ET Q q 0 0 0 rg BT 83.42 128.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.60 128.25 Td (third ) Tj ET Q q 0 0 0 rg BT 118.46 128.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 148.74 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.03 128.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.03 128.25 Td ( ) Tj ET Q q 0 0 0 rg BT 180.99 128.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.32 128.25 Td ($1.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.22 128.25 Td (\) ) Tj ET Q q 0 0 0 rg BT 238.51 128.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 279.90 128.25 Td (to ) Tj ET Q q 0 0 0 rg BT 289.64 128.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.82 128.25 Td (third ) Tj ET Q q 0 0 0 rg BT 324.67 128.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 354.95 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.25 128.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.25 128.25 Td ( ) Tj ET Q q 0 0 0 rg BT 387.21 128.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.54 128.25 Td ($0.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.43 128.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 447.23 128.25 Td ( ) Tj ET Q q 0 0 0 rg BT 449.19 128.25 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 492.26 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 506.44 128.25 Td (stucco-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 116.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 82.55 116.25 Td (for ) Tj ET Q q 0 0 0 rg BT 96.91 116.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.82 116.25 Td (three ) Tj ET Q q 0 0 0 rg BT 134.50 116.25 Td (months ) Tj ET Q q 0 0 0 rg BT 166.64 116.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 193.21 116.25 Td (September ) Tj ET Q q 0 0 0 rg BT 238.67 116.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 253.86 116.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.86 116.25 Td ( ) Tj ET Q q 0 0 0 rg BT 276.56 116.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.69 116.25 Td (land ) Tj ET Q q 0 0 0 rg BT 313.60 116.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 331.84 116.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 360.64 116.25 Td (in ) Tj ET Q q 0 0 0 rg BT 371.12 116.25 Td (both ) Tj ET Q q 0 0 0 rg BT 391.59 116.25 Td (periods, ) Tj ET Q q 0 0 0 rg BT 426.22 116.25 Td (which ) Tj ET Q q 0 0 0 rg BT 453.36 116.25 Td (can ) Tj ET Q q 0 0 0 rg BT 469.93 116.25 Td (vary ) Tj ET Q q 0 0 0 rg BT 490.39 116.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 543.07 116.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 81.19 104.25 Td (to ) Tj ET Q q 0 0 0 rg BT 92.34 104.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 124.02 104.25 Td (based ) Tj ET Q q 0 0 0 rg BT 150.16 104.25 Td (on ) Tj ET Q q 0 0 0 rg BT 163.54 104.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.12 104.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 208.61 104.25 Td (of ) Tj ET Q q 0 0 0 rg BT 220.31 104.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 250.88 104.25 Td (land ) Tj ET Q q 0 0 0 rg BT 271.47 104.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 325.11 104.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 361.80 104.25 Td (income ) Tj ET Q q 0 0 0 rg BT 394.61 104.25 Td (before ) Tj ET Q q 0 0 0 rg BT 423.52 104.25 Td (income ) Tj ET Q q 0 0 0 rg BT 456.32 104.25 Td (taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.24 104.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 104.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.37 104.25 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.70 104.25 Td ( ) Tj ET Q q 0 0 0 rg BT 543.07 104.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td ($25.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 92.25 Td ( ) Tj ET Q q 0 0 0 rg BT 105.75 92.25 Td (in ) Tj ET Q q 0 0 0 rg BT 115.89 92.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.47 92.25 Td (third ) Tj ET Q q 0 0 0 rg BT 151.72 92.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 182.40 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 193.09 92.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.09 92.25 Td ( ) Tj ET Q q 0 0 0 rg BT 215.46 92.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.60 92.25 Td ($31.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.49 92.25 Td ( ) Tj ET Q q 0 0 0 rg BT 281.85 92.25 Td (in ) Tj ET Q q 0 0 0 rg BT 291.99 92.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.57 92.25 Td (third ) Tj ET Q q 0 0 0 rg BT 327.82 92.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 358.50 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.19 92.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.19 92.25 Td (. ) Tj ET Q q 0 0 0 rg BT 394.05 92.25 Td ( ) Tj ET Q q 0 0 0 rg BT 396.41 92.25 Td (For ) Tj ET Q q 0 0 0 rg BT 412.67 92.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.25 92.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 446.83 92.25 Td (months ) Tj ET Q q 0 0 0 rg BT 478.64 92.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 504.88 92.25 Td (September ) Tj ET Q q 0 0 0 rg BT 550.00 92.25 Td (30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 80.25 Td (, ) Tj ET Q q 0 0 0 rg BT 73.56 80.25 Td (income ) Tj ET Q q 0 0 0 rg BT 104.56 80.25 Td (before ) Tj ET Q q 0 0 0 rg BT 131.66 80.25 Td (income ) Tj ET Q q 0 0 0 rg BT 162.65 80.25 Td (taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.76 80.25 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.18 80.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.74 80.25 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.07 80.25 Td ( ) Tj ET Q q 0 0 0 rg BT 240.63 80.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.63 80.25 Td ($64.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.53 80.25 Td ( ) Tj ET Q q 0 0 0 rg BT 317.09 80.25 Td (for ) Tj ET Q q 0 0 0 rg BT 330.31 80.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.09 80.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 362.87 80.25 Td (months ) Tj ET Q q 0 0 0 rg BT 393.88 80.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 419.32 80.25 Td (September ) Tj ET Q q 0 0 0 rg BT 463.65 80.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 477.71 80.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.71 80.25 Td ( ) Tj ET Q q 0 0 0 rg BT 499.27 80.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.61 80.25 Td ($58.1million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.67 68.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 68.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 98.11 68.25 Td (months ) Tj ET Q q 0 0 0 rg BT 130.06 68.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 156.44 68.25 Td (September ) Tj ET Q q 0 0 0 rg BT 201.71 68.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 216.72 68.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.72 68.25 Td (. ) Tj ET Q q 0 0 0 rg BT 241.72 68.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 274.21 68.25 Td (before ) Tj ET Q q 0 0 0 rg BT 302.25 68.25 Td (income ) Tj ET Q q 0 0 0 rg BT 334.19 68.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 357.24 68.25 Td (for ) Tj ET Q q 0 0 0 rg BT 371.41 68.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.13 68.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 405.85 68.25 Td (months ) Tj ET Q q 0 0 0 rg BT 437.81 68.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 464.19 68.25 Td (September ) Tj ET Q q 0 0 0 rg BT 509.46 68.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 524.46 68.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.46 68.25 Td ( ) Tj ET Q q 0 0 0 rg BT 546.97 68.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.25 Td (unfavorably ) Tj ET Q q 0 0 0 rg BT 100.44 56.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 139.71 56.25 Td (by ) Tj ET Q q 0 0 0 rg BT 152.34 56.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.40 56.25 Td ($19.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.29 56.25 Td ( ) Tj ET Q q 0 0 0 rg BT 215.92 56.25 Td (char) Tj ET Q q 0 0 0 rg BT 232.94 56.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 245.01 56.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.41 56.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.41 56.25 Td ( ) Tj ET Q q 0 0 0 rg BT 278.04 56.25 Td (for ) Tj ET Q q 0 0 0 rg BT 292.32 56.25 Td (known ) Tj ET Q q 0 0 0 rg BT 322.17 56.25 Td (and ) Tj ET Q q 0 0 0 rg BT 339.23 56.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 380.17 56.25 Td (future ) Tj ET Q q 0 0 0 rg BT 406.68 56.25 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 465.38 56.25 Td (repair ) Tj ET Q q 0 0 0 rg BT 491.32 56.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 513.94 56.25 Td (in ) Tj ET Q q 0 0 0 rg BT 524.35 56.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 554.17 56.25 Td (of ) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 64.95 740.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 95.95 740.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 149.73 740.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 163.50 740.10 Td (more ) Tj ET Q q 0 0 0 rg BT 186.17 740.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 207.17 740.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 247.62 740.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 257.5126953125 738.7669921875 m 284.06787109375 738.7669921875 l s q 0 0 1 rg BT 257.51 740.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 279.07 740.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 284.07 740.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 292.01 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.57 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 320.69 740.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.24 740.10 Td ($3.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.13 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.25 740.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 418.13 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 428.03 740.10 Td (land ) Tj ET Q q 0 0 0 rg BT 447.36 740.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 465.02 740.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 489.36 740.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.25 740.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 527.06 740.10 Td (first ) Tj ET Q q 0 0 0 rg BT 545.29 740.10 Td (nine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.95 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.43 728.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.76 728.10 Td ($3.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.65 728.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 139.46 728.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 181.36 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.62 728.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.32 728.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 226.01 728.10 Td (months ) Tj ET Q q 0 0 0 rg BT 257.94 728.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 284.30 728.10 Td (September ) Tj ET Q q 0 0 0 rg BT 329.54 728.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 344.52 728.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.52 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 367.00 728.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.33 728.10 Td ($6.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.22 728.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 427.53 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.01 728.10 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 473.59 728.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 532.15 728.10 Td (char) Tj ET Q q 0 0 0 rg BT 549.18 728.10 Td (ges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (for ) Tj ET Q q 0 0 0 rg BT 62.90 716.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.85 716.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 95.81 716.10 Td (months ) Tj ET Q q 0 0 0 rg BT 126.99 716.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 152.61 716.10 Td (September ) Tj ET Q q 0 0 0 rg BT 197.11 716.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 211.34 716.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.34 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 233.08 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.26 716.10 Td (land ) Tj ET Q q 0 0 0 rg BT 268.21 716.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 285.50 716.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 313.34 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 322.86 716.10 Td (both ) Tj ET Q q 0 0 0 rg BT 342.37 716.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 373.55 716.10 Td (, ) Tj ET Q q 0 0 0 rg BT 377.79 716.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 412.85 716.10 Td (income ) Tj ET Q q 0 0 0 rg BT 444.02 716.10 Td (before ) Tj ET Q q 0 0 0 rg BT 471.29 716.10 Td (income ) Tj ET Q q 0 0 0 rg BT 502.46 716.10 Td (taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.75 716.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (29%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.83 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 69.64 704.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.88 704.10 Td ($57.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.77 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.58 704.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.16 704.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 183.66 704.10 Td (first ) Tj ET Q q 0 0 0 rg BT 201.57 704.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 220.60 704.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.04 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 251.85 704.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.43 704.10 Td ($74.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.33 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.13 704.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.72 704.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 354.21 704.10 Td (first ) Tj ET Q q 0 0 0 rg BT 372.13 704.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 391.15 704.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.60 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 424.77 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 442.13 704.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 487.80 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.94 704.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 533.07 704.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (before ) Tj ET Q q 0 0 0 rg BT 77.63 692.10 Td (income ) Tj ET Q q 0 0 0 rg BT 109.66 692.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 135.30 692.10 Td (which ) Tj ET Q q 0 0 0 rg BT 162.34 692.10 Td (we ) Tj ET Q q 0 0 0 rg BT 176.59 692.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 208.06 692.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 245.09 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 252.13 692.10 Td (clearer ) Tj ET Q q 0 0 0 rg BT 281.91 692.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 317.83 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.75 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.56 692.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 378.94 692.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 432.05 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 442.98 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 458.90 692.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 497.89 692.10 Td (is ) Tj ET Q q 0 0 0 rg BT 507.16 692.10 Td (described ) Tj ET Q q 0 0 0 rg BT 548.07 692.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (reconciled ) Tj ET Q q 0 0 0 rg BT 93.96 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 104.56 680.10 Td (income ) Tj ET Q q 0 0 0 rg BT 136.82 680.10 Td (before ) Tj ET Q q 0 0 0 rg BT 165.17 680.10 Td (income ) Tj ET Q q 0 0 0 rg BT 197.43 680.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 223.30 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.34 680.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 276.14 680.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 312.27 680.10 Td (that ) Tj ET Q q 0 0 0 rg BT 330.09 680.10 Td (is ) Tj ET Q q 0 0 0 rg BT 339.58 680.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 382.93 680.10 Td (using ) Tj ET Q q 0 0 0 rg BT 407.42 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 423.57 680.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 450.43 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 453.25 680.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 484.68 680.10 Td (below ) Tj ET Q q 0 0 0 rg BT 511.94 680.10 Td (under ) Tj ET Q q 0 0 0 rg BT 537.53 680.10 Td (Non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.36 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 78.86 668.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 118.57 668.10 Td (Measures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 646.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.00 646.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.29 646.10 Td (that ) Tj ET Q q 0 0 0 rg BT 113.71 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 129.47 646.10 Td (results ) Tj ET Q q 0 0 0 rg BT 158.00 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 168.20 646.10 Td (both ) Tj ET Q q 0 0 0 rg BT 188.40 646.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.04 646.10 Td (third ) Tj ET Q q 0 0 0 rg BT 224.35 646.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.67 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 255.09 646.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.95 646.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 291.59 646.10 Td (months ) Tj ET Q q 0 0 0 rg BT 323.46 646.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 349.76 646.10 Td (September ) Tj ET Q q 0 0 0 rg BT 394.95 646.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 409.88 646.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.88 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 432.30 646.10 Td (were ) Tj ET Q q 0 0 0 rg BT 454.15 646.10 Td (positively ) Tj ET Q q 0 0 0 rg BT 496.02 646.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 535.09 646.10 Td (by: ) Tj ET Q q 0 0 0 rg BT 550.29 646.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 88.88 634.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 128.81 634.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 162.64 634.10 Td (for ) Tj ET Q q 0 0 0 rg BT 176.48 634.10 Td (new ) Tj ET Q q 0 0 0 rg BT 195.32 634.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 223.60 634.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 264.11 634.10 Td (above; ) Tj ET Q q 0 0 0 rg BT 292.94 634.10 Td (our ) Tj ET Q q 0 0 0 rg BT 308.45 634.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 344.50 634.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 375.00 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.62 634.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 437.68 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 447.63 634.10 Td (new ) Tj ET Q q 0 0 0 rg BT 466.47 634.10 Td (communities; ) Tj ET Q q 0 0 0 rg BT 523.08 634.10 Td (continued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 104.59 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.15 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 129.25 622.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 146.58 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.69 622.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 210.12 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.33 622.10 Td (better ) Tj ET Q q 0 0 0 rg BT 250.87 622.10 Td (locations ) Tj ET Q q 0 0 0 rg BT 288.75 622.10 Td (within ) Tj ET Q q 0 0 0 rg BT 316.08 622.10 Td (each ) Tj ET Q q 0 0 0 rg BT 336.17 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.27 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 361.37 622.10 Td (markets; ) Tj ET Q q 0 0 0 rg BT 397.58 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 412.69 622.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 453.89 622.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 477.33 622.10 Td (on ) Tj ET Q q 0 0 0 rg BT 489.10 622.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 534.76 622.10 Td (overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (costs; ) Tj ET Q q 0 0 0 rg BT 74.78 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 91.72 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.43 610.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 133.93 610.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 186.96 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.79 610.10 Td (our ) Tj ET Q q 0 0 0 rg BT 213.62 610.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 251.10 610.10 Td (services ) Tj ET Q q 0 0 0 rg BT 285.80 610.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 586.53505859375 m 222.8447265625 586.53505859375 l s q 0 0 0 rg BT 49.50 588.10 Td (Summary of Company Financial Results) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.69 566.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.76 566.10 Td (third ) Tj ET Q q 0 0 0 rg BT 97.51 566.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 128.68 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.87 566.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.87 566.10 Td (, ) Tj ET Q q 0 0 0 rg BT 165.23 566.10 Td (we ) Tj ET Q q 0 0 0 rg BT 179.74 566.10 Td (achieved ) Tj ET Q q 0 0 0 rg BT 218.13 566.10 Td (net ) Tj ET Q q 0 0 0 rg BT 233.21 566.10 Td (income ) Tj ET Q q 0 0 0 rg BT 265.50 566.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.14 566.10 Td (common ) Tj ET Q q 0 0 0 rg BT 313.99 566.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 367.39 566.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.57 566.10 Td ($9.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.46 566.10 Td (, ) Tj ET Q q 0 0 0 rg BT 432.82 566.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.01 566.10 Td ($0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.51 566.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.37 566.10 Td (per ) Tj ET Q q 0 0 0 rg BT 485.00 566.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 515.63 566.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 542.08 566.10 Td ( ) Tj ET Q q 0 0 0 rg BT 544.73 566.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.10 Td (compares ) Tj ET Q q 0 0 0 rg BT 90.10 554.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.17 554.10 Td (net ) Tj ET Q q 0 0 0 rg BT 114.68 554.10 Td (income ) Tj ET Q q 0 0 0 rg BT 146.40 554.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.47 554.10 Td (common ) Tj ET Q q 0 0 0 rg BT 193.75 554.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 246.58 554.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.20 554.10 Td ($14.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.09 554.10 Td (, ) Tj ET Q q 0 0 0 rg BT 315.88 554.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.50 554.10 Td ($0.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.00 554.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.29 554.10 Td (per ) Tj ET Q q 0 0 0 rg BT 366.34 554.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 396.41 554.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 422.29 554.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.36 554.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 460.34 554.10 Td (third ) Tj ET Q q 0 0 0 rg BT 481.52 554.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.28 554.10 Td (. ) Tj ET Q q 0 0 0 rg BT 514.07 554.10 Td ( ) Tj ET Q q 0 0 0 rg BT 516.36 554.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 533.09 554.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.89 542.10 Td (each ) Tj ET Q q 0 0 0 rg BT 80.83 542.10 Td (period ) Tj ET Q q 0 0 0 rg BT 108.99 542.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.04 542.10 Td ($1.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.93 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.55 542.10 Td (in ) Tj ET Q q 0 0 0 rg BT 207.94 542.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 245.55 542.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 286.49 542.10 Td (made ) Tj ET Q q 0 0 0 rg BT 310.77 542.10 Td (to ) Tj ET Q q 0 0 0 rg BT 321.16 542.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 353.21 542.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.16 542.10 Td (our ) Tj ET Q q 0 0 0 rg BT 380.11 542.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 406.58 542.10 Td (A) Tj ET Q q 0 0 0 rg BT 413.25 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.87 542.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 455.68 542.10 Td (Shares. ) Tj ET Q q 0 0 0 rg BT 487.46 542.10 Td (In ) Tj ET Q q 0 0 0 rg BT 498.41 542.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.24 542.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 533.07 542.10 Td (months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 76.10 530.10 Td (September ) Tj ET Q q 0 0 0 rg BT 121.58 530.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 136.81 530.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.81 530.10 Td (, ) Tj ET Q q 0 0 0 rg BT 162.03 530.10 Td (we ) Tj ET Q q 0 0 0 rg BT 176.41 530.10 Td (achieved ) Tj ET Q q 0 0 0 rg BT 214.67 530.10 Td (net ) Tj ET Q q 0 0 0 rg BT 229.60 530.10 Td (income ) Tj ET Q q 0 0 0 rg BT 261.76 530.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.26 530.10 Td (common ) Tj ET Q q 0 0 0 rg BT 309.98 530.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 363.24 530.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.29 530.10 Td ($32.4 ) Tj ET Q q 0 0 0 rg BT 399.51 530.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.40 530.10 Td (, ) Tj ET Q q 0 0 0 rg BT 433.63 530.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.68 530.10 Td ($1.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.18 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.90 530.10 Td (per ) Tj ET Q q 0 0 0 rg BT 485.39 530.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 515.89 530.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 542.21 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 544.73 530.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (compares ) Tj ET Q q 0 0 0 rg BT 90.64 518.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.24 518.10 Td (net ) Tj ET Q q 0 0 0 rg BT 116.28 518.10 Td (income ) Tj ET Q q 0 0 0 rg BT 148.54 518.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.15 518.10 Td (common ) Tj ET Q q 0 0 0 rg BT 196.97 518.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 250.33 518.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.48 518.10 Td ($34.8 ) Tj ET Q q 0 0 0 rg BT 286.81 518.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.70 518.10 Td (, ) Tj ET Q q 0 0 0 rg BT 321.02 518.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.18 518.10 Td ($1.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.68 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 357.50 518.10 Td (per ) Tj ET Q q 0 0 0 rg BT 373.10 518.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 403.69 518.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 430.12 518.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.72 518.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 460.76 518.10 Td (months ) Tj ET Q q 0 0 0 rg BT 493.04 518.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 519.74 518.10 Td (September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 63.95 506.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.95 506.10 Td (. ) Tj ET Q q 0 0 0 rg BT 88.41 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.36 506.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 106.76 506.10 Td (income ) Tj ET Q q 0 0 0 rg BT 138.15 506.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.88 506.10 Td (each ) Tj ET Q q 0 0 0 rg BT 168.15 506.10 Td (period ) Tj ET Q q 0 0 0 rg BT 195.65 506.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.04 506.10 Td ($3.7 ) Tj ET Q q 0 0 0 rg BT 251.49 506.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.38 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.34 506.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.07 506.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 329.02 506.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 369.30 506.10 Td (made ) Tj ET Q q 0 0 0 rg BT 392.91 506.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.64 506.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 434.04 506.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.32 506.10 Td (our ) Tj ET Q q 0 0 0 rg BT 459.61 506.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 485.57 506.10 Td (A) Tj ET Q q 0 0 0 rg BT 492.24 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.19 506.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 533.34 506.10 Td (Shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.26 484.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.91 484.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 125.66 484.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 151.97 484.10 Td (September ) Tj ET Q q 0 0 0 rg BT 197.17 484.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 212.10 484.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.10 484.10 Td (, ) Tj ET Q q 0 0 0 rg BT 237.03 484.10 Td (we ) Tj ET Q q 0 0 0 rg BT 251.13 484.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 288.54 484.10 Td (third ) Tj ET Q q 0 0 0 rg BT 309.86 484.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 340.60 484.10 Td (record ) Tj ET Q q 0 0 0 rg BT 368.58 484.10 Td (total ) Tj ET Q q 0 0 0 rg BT 388.78 484.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 422.86 484.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.62 484.10 Td ($442.5 ) Tj ET Q q 0 0 0 rg BT 463.56 484.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.45 484.10 Td (, ) Tj ET Q q 0 0 0 rg BT 497.38 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.14 484.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.02 484.10 Td ($419.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 472.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.19 472.10 Td (was ) Tj ET Q q 0 0 0 rg BT 97.53 472.10 Td (from ) Tj ET Q q 0 0 0 rg BT 118.76 472.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 146.66 472.10 Td (delivered, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.16 472.10 Td ($12.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.05 472.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.84 472.10 Td (was ) Tj ET Q q 0 0 0 rg BT 261.19 472.10 Td (from ) Tj ET Q q 0 0 0 rg BT 282.42 472.10 Td (land ) Tj ET Q q 0 0 0 rg BT 301.43 472.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 322.66 472.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.90 472.10 Td ($10.6 ) Tj ET Q q 0 0 0 rg BT 363.19 472.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.08 472.10 Td ( ) Tj ET Q q 0 0 0 rg BT 393.87 472.10 Td (was ) Tj ET Q q 0 0 0 rg BT 411.22 472.10 Td (from ) Tj ET Q q 0 0 0 rg BT 432.45 472.10 Td (our ) Tj ET Q q 0 0 0 rg BT 447.58 472.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 484.35 472.10 Td (services ) Tj ET Q q 0 0 0 rg BT 518.35 472.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 565.00 472.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 86.89 460.10 Td (from ) Tj ET Q q 0 0 0 rg BT 108.73 460.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 137.24 460.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.84 460.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.59 460.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 460.10 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.33 460.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.73 460.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.91 460.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 276.00 460.10 Td (third ) Tj ET Q q 0 0 0 rg BT 297.29 460.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.60 460.10 Td ( ) Tj ET Q q 0 0 0 rg BT 328.01 460.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 369.83 460.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.01 460.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.63 460.10 Td (same ) Tj ET Q q 0 0 0 rg BT 417.58 460.10 Td (period ) Tj ET Q q 0 0 0 rg BT 445.53 460.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.71 460.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.71 460.10 Td ( ) Tj ET Q q 0 0 0 rg BT 478.11 460.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 506.05 460.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 545.67 460.10 Td (by ) Tj ET Q q 0 0 0 rg BT 558.07 460.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.83 448.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.45 448.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.21 448.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.83 448.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.23 448.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.07 448.10 Td (number ) Tj ET Q q 0 0 0 rg BT 159.24 448.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.19 448.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 196.92 448.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 235.75 448.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.08 448.10 Td (154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.08 448.10 Td ( ) Tj ET Q q 0 0 0 rg BT 255.70 448.10 Td (units\) ) Tj ET Q q 0 0 0 rg BT 280.10 448.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.16 448.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.22 448.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.55 448.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.18 448.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.93 448.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.55 448.10 Td (in ) Tj ET Q q 0 0 0 rg BT 360.95 448.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.79 448.10 Td (average ) Tj ET Q q 0 0 0 rg BT 407.50 448.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 428.56 448.10 Td (price ) Tj ET Q q 0 0 0 rg BT 450.17 448.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.12 448.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 487.85 448.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 526.68 448.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.01 448.10 Td ($16,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (per ) Tj ET Q q 0 0 0 rg BT 65.29 436.10 Td (home ) Tj ET Q q 0 0 0 rg BT 90.53 436.10 Td (delivered\). ) Tj ET Q q 0 0 0 rg BT 136.58 436.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.61 436.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 177.62 436.10 Td (from ) Tj ET Q q 0 0 0 rg BT 200.08 436.10 Td (land ) Tj ET Q q 0 0 0 rg BT 220.32 436.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.78 436.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.53 436.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.55 436.10 Td ($5.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.44 436.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.47 436.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.93 436.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 386.64 436.10 Td (third ) Tj ET Q q 0 0 0 rg BT 408.55 436.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.87 436.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.89 436.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 480.13 436.10 Td (due ) Tj ET Q q 0 0 0 rg BT 497.59 436.10 Td (to ) Tj ET Q q 0 0 0 rg BT 508.39 436.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 545.28 436.10 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 71.59 424.10 Td (in ) Tj ET Q q 0 0 0 rg BT 82.02 424.10 Td (our ) Tj ET Q q 0 0 0 rg BT 98.01 424.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 152.87 424.10 Td (region ) Tj ET Q q 0 0 0 rg BT 181.07 424.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 223.15 424.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.58 424.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 255.67 424.10 Td (year ) Tj ET Q q 0 0 0 rg BT 275.53 424.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 289.84 424.10 Td (our ) Tj ET Q q 0 0 0 rg BT 305.82 424.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 364.03 424.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 408.34 424.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 444.85 424.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 479.15 424.10 Td (from ) Tj ET Q q 0 0 0 rg BT 501.24 424.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.11 424.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 534.31 424.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.29 424.10 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.09 412.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.11 412.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 106.25 412.10 Td (course ) Tj ET Q q 0 0 0 rg BT 135.16 412.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.29 412.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 190.76 412.10 Td (from ) Tj ET Q q 0 0 0 rg BT 213.01 412.10 Td (time ) Tj ET Q q 0 0 0 rg BT 233.59 412.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.18 412.10 Td (time\). ) Tj ET Q q 0 0 0 rg BT 270.59 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 273.40 412.10 Td (During ) Tj ET Q q 0 0 0 rg BT 304.54 412.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.56 412.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 339.59 412.10 Td (months ) Tj ET Q q 0 0 0 rg BT 371.85 412.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 398.53 412.10 Td (September ) Tj ET Q q 0 0 0 rg BT 444.10 412.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 459.41 412.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.41 412.10 Td (, ) Tj ET Q q 0 0 0 rg BT 484.72 412.10 Td (we ) Tj ET Q q 0 0 0 rg BT 499.19 412.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 536.98 412.10 Td (record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (total ) Tj ET Q q 0 0 0 rg BT 69.25 400.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 102.87 400.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.18 400.10 Td ($1.2billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.29 400.10 Td (, ) Tj ET Q q 0 0 0 rg BT 163.77 400.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.08 400.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 400.10 Td ($1.1billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.61 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 248.59 400.10 Td (was ) Tj ET Q q 0 0 0 rg BT 266.12 400.10 Td (from ) Tj ET Q q 0 0 0 rg BT 287.53 400.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 315.62 400.10 Td (delivered, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.30 400.10 Td ($31.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.19 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 413.17 400.10 Td (was ) Tj ET Q q 0 0 0 rg BT 430.70 400.10 Td (from ) Tj ET Q q 0 0 0 rg BT 452.11 400.10 Td (land ) Tj ET Q q 0 0 0 rg BT 471.31 400.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 492.72 400.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.14 400.10 Td ($30.6 ) Tj ET Q q 0 0 0 rg BT 533.62 400.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (was ) Tj ET Q q 0 0 0 rg BT 66.60 388.10 Td (from ) Tj ET Q q 0 0 0 rg BT 87.59 388.10 Td (our ) Tj ET Q q 0 0 0 rg BT 102.47 388.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 139.00 388.10 Td (services ) Tj ET Q q 0 0 0 rg BT 172.75 388.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 218.46 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 220.01 388.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 256.54 388.10 Td (from ) Tj ET Q q 0 0 0 rg BT 277.53 388.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 305.19 388.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.94 388.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.69 388.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.24 388.10 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.57 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.12 388.10 Td (during ) Tj ET Q q 0 0 0 rg BT 430.78 388.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.55 388.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 463.31 388.10 Td (months ) Tj ET Q q 0 0 0 rg BT 494.31 388.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 519.74 388.10 Td (September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 64.53 376.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.53 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.06 376.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 129.01 376.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.32 376.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.07 376.10 Td (same ) Tj ET Q q 0 0 0 rg BT 177.14 376.10 Td (period ) Tj ET Q q 0 0 0 rg BT 205.22 376.10 Td (in ) Tj ET Q q 0 0 0 rg BT 215.53 376.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.53 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.05 376.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 266.13 376.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 305.87 376.10 Td (by ) Tj ET Q q 0 0 0 rg BT 318.40 376.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.37 376.10 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.70 376.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.23 376.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.98 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.51 376.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.82 376.10 Td (the ) Tj ET Q q 0 0 0 rg BT 406.57 376.10 Td (number ) Tj ET Q q 0 0 0 rg BT 439.64 376.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.50 376.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 479.14 376.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 518.87 376.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.20 376.10 Td (436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.20 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 539.73 376.10 Td (units\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.00 364.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.49 364.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.82 364.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.88 364.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.64 364.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.69 364.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.53 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.80 364.10 Td (average ) Tj ET Q q 0 0 0 rg BT 179.95 364.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 201.44 364.10 Td (price ) Tj ET Q q 0 0 0 rg BT 223.49 364.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.88 364.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 262.04 364.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 301.30 364.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.63 364.10 Td ($22,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.13 364.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.19 364.10 Td (per ) Tj ET Q q 0 0 0 rg BT 354.02 364.10 Td (home ) Tj ET Q q 0 0 0 rg BT 378.29 364.10 Td (delivered\). ) Tj ET Q q 0 0 0 rg BT 423.38 364.10 Td ( ) Tj ET Q q 0 0 0 rg BT 425.44 364.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 462.48 364.10 Td (from ) Tj ET Q q 0 0 0 rg BT 483.98 364.10 Td (land ) Tj ET Q q 0 0 0 rg BT 503.25 364.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.75 364.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.09 352.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.90 352.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 158.30 352.10 Td (first ) Tj ET Q q 0 0 0 rg BT 177.11 352.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 197.03 352.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.48 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 229.18 352.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 269.09 352.10 Td (due ) Tj ET Q q 0 0 0 rg BT 286.23 352.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.71 352.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 337.17 352.10 Td (land ) Tj ET Q q 0 0 0 rg BT 357.08 352.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 379.22 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 389.70 352.10 Td (our ) Tj ET Q q 0 0 0 rg BT 405.74 352.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 460.65 352.10 Td (region ) Tj ET Q q 0 0 0 rg BT 488.90 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 499.38 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.30 352.10 Td (current ) Tj ET Q q 0 0 0 rg BT 545.31 352.10 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 91.36 340.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.57 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.21 340.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 138.08 340.10 Td (year) Tj ET Q q 0 0 0 rg BT 154.74 340.10 Td (. ) Tj ET Q q 0 0 0 rg BT 159.67 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.10 340.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 199.52 340.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.73 340.10 Td (our ) Tj ET Q q 0 0 0 rg BT 225.49 340.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 262.90 340.10 Td (services ) Tj ET Q q 0 0 0 rg BT 297.54 340.10 Td (segment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.30 340.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.05 340.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.48 340.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.81 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 394.25 340.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.46 340.10 Td ($10.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.35 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 460.78 340.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 340.10 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.98 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.41 340.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.62 340.10 Td ($30.6million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.23 328.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.40 328.10 Td (three ) Tj ET Q q 0 0 0 rg BT 95.34 328.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.73 328.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 130.90 328.10 Td (months ) Tj ET Q q 0 0 0 rg BT 162.30 328.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 188.13 328.10 Td (September ) Tj ET Q q 0 0 0 rg BT 232.85 328.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 247.30 328.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.30 328.10 Td (, ) Tj ET Q q 0 0 0 rg BT 271.76 328.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 319.42 328.10 Td (, ) Tj ET Q q 0 0 0 rg BT 323.87 328.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 365.25 328.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.98 328.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 328.10 Td (same ) Tj ET Q q 0 0 0 rg BT 411.65 328.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 443.04 328.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.77 328.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.77 328.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.72 328.10 Td (as ) Tj ET Q q 0 0 0 rg BT 485.01 328.10 Td (a ) Tj ET Q q 0 0 0 rg BT 491.40 328.10 Td (result ) Tj ET Q q 0 0 0 rg BT 515.57 328.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.85 328.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.61 328.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.32 316.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.57 316.10 Td (number ) Tj ET Q q 0 0 0 rg BT 106.15 316.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.52 316.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 135.78 316.10 Td (originations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.09 316.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.84 316.10 Td (s ) Tj ET Q q 0 0 0 rg BT 226.77 316.10 Td (in ) Tj ET Q q 0 0 0 rg BT 236.59 316.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.84 316.10 Td (average ) Tj ET Q q 0 0 0 rg BT 283.96 316.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 303.22 316.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 337.75 316.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.23 316.10 Td (more ) Tj ET Q q 0 0 0 rg BT 376.81 316.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 416.60 316.10 Td (market ) Tj ET Q q 0 0 0 rg BT 446.40 316.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 490.11 316.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 527.14 316.10 Td (in ) Tj ET Q q 0 0 0 rg BT 536.95 316.10 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 304.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 84.04 304.10 Td (on ) Tj ET Q q 0 0 0 rg BT 96.54 304.10 Td (our ) Tj ET Q q 0 0 0 rg BT 112.37 304.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 135.97 304.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 155.14 304.10 Td (in ) Tj ET Q q 0 0 0 rg BT 165.42 304.10 Td (both ) Tj ET Q q 0 0 0 rg BT 185.70 304.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 217.64 304.10 Td (than ) Tj ET Q q 0 0 0 rg BT 237.36 304.10 Td (we ) Tj ET Q q 0 0 0 rg BT 251.52 304.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 302.32 304.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.60 304.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.31 304.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 349.25 304.10 Td (year) Tj ET Q q 0 0 0 rg BT 365.91 304.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 282.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 282.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 72.51 282.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 96.24 282.10 Td (mar) Tj ET Q q 0 0 0 rg BT 111.60 282.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 126.99 282.10 Td (\(total ) Tj ET Q q 0 0 0 rg BT 150.70 282.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 184.96 282.10 Td (less ) Tj ET Q q 0 0 0 rg BT 202.57 282.10 Td (total ) Tj ET Q q 0 0 0 rg BT 222.95 282.10 Td (land ) Tj ET Q q 0 0 0 rg BT 242.77 282.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.82 282.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 294.10 282.10 Td (costs\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.04 282.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.79 282.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.40 282.10 Td ($0.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.29 282.10 Td ( ) Tj ET Q q 0 0 0 rg BT 411.90 282.10 Td (in ) Tj ET Q q 0 0 0 rg BT 422.29 282.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.11 282.10 Td (third ) Tj ET Q q 0 0 0 rg BT 458.61 282.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 489.53 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.47 282.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.47 282.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.08 282.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.22 270.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.38 270.10 Td (third ) Tj ET Q q 0 0 0 rg BT 94.20 270.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 124.46 270.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.73 270.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.73 270.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.67 270.10 Td (as ) Tj ET Q q 0 0 0 rg BT 166.94 270.10 Td (a ) Tj ET Q q 0 0 0 rg BT 173.32 270.10 Td (result ) Tj ET Q q 0 0 0 rg BT 197.47 270.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.74 270.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.12 270.10 Td ($1.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.01 270.10 Td ( ) Tj ET Q q 0 0 0 rg BT 264.95 270.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 320.21 270.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.93 270.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.09 270.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 367.14 270.10 Td (mar) Tj ET Q q 0 0 0 rg BT 382.51 270.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 397.23 270.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.50 270.10 Td (our ) Tj ET Q q 0 0 0 rg BT 422.77 270.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 459.69 270.10 Td (services ) Tj ET Q q 0 0 0 rg BT 493.83 270.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 537.43 270.10 Td (of) Tj ET Q q 0 0 0 rg BT 545.58 270.10 Td (fset, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.22 258.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 81.21 258.10 Td (by ) Tj ET Q q 0 0 0 rg BT 94.16 258.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.54 258.10 Td ($0.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.43 258.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.38 258.10 Td (decline) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.25 258.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.19 258.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.92 258.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.08 258.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 235.13 258.10 Td (mar) Tj ET Q q 0 0 0 rg BT 250.50 258.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 266.22 258.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.50 258.10 Td (our ) Tj ET Q q 0 0 0 rg BT 293.77 258.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 352.27 258.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 399.37 258.10 Td ( ) Tj ET Q q 0 0 0 rg BT 402.10 258.10 Td (W) Tj ET Q q 0 0 0 rg BT 411.14 258.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 424.64 258.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 455.90 258.10 Td (to ) Tj ET Q q 0 0 0 rg BT 466.62 258.10 Td (our ) Tj ET Q q 0 0 0 rg BT 482.90 258.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 541.39 258.10 Td (gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.10 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 246.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 83.38 246.10 Td (our ) Tj ET Q q 0 0 0 rg BT 99.94 246.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 124.28 246.10 Td (mar) Tj ET Q q 0 0 0 rg BT 139.65 246.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 155.66 246.10 Td (on ) Tj ET Q q 0 0 0 rg BT 168.89 246.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 198.23 246.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 238.66 246.10 Td (\(housing ) Tj ET Q q 0 0 0 rg BT 276.89 246.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 301.24 246.10 Td (mar) Tj ET Q q 0 0 0 rg BT 316.61 246.10 Td (gin\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.95 246.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.82 246.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.05 246.10 Td ($0.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.94 246.10 Td (, ) Tj ET Q q 0 0 0 rg BT 427.67 246.10 Td (due ) Tj ET Q q 0 0 0 rg BT 445.34 246.10 Td (to ) Tj ET Q q 0 0 0 rg BT 456.35 246.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.02 246.10 Td ($14.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.91 246.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.14 246.10 Td (char) Tj ET Q q 0 0 0 rg BT 538.17 246.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 550.84 246.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.10 Td (known ) Tj ET Q q 0 0 0 rg BT 79.84 234.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.41 234.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 138.85 234.10 Td (future ) Tj ET Q q 0 0 0 rg BT 165.85 234.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 225.05 234.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 251.49 234.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 274.61 234.10 Td (in ) Tj ET Q q 0 0 0 rg BT 285.51 234.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 315.84 234.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.29 234.10 Td (our ) Tj ET Q q 0 0 0 rg BT 343.74 234.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 375.75 234.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 430.53 234.10 Td (during ) Tj ET Q q 0 0 0 rg BT 459.76 234.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.10 234.10 Td (third ) Tj ET Q q 0 0 0 rg BT 497.11 234.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 528.55 234.10 Td (of ) Tj ET Q q 0 0 0 rg BT 540.00 234.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 234.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 85.73 222.10 Td (of) Tj ET Q q 0 0 0 rg BT 93.88 222.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 111.22 222.10 Td (by ) Tj ET Q q 0 0 0 rg BT 124.13 222.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.25 222.10 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.58 222.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.49 222.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.24 222.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.15 222.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.83 222.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.96 222.10 Td (number ) Tj ET Q q 0 0 0 rg BT 255.41 222.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.65 222.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 295.66 222.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 335.77 222.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.12 222.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.24 222.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.57 222.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.48 222.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.23 222.10 Td ( ) Tj ET Q q 0 0 0 rg BT 420.14 222.10 Td (in ) Tj ET Q q 0 0 0 rg BT 430.82 222.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.95 222.10 Td (average ) Tj ET Q q 0 0 0 rg BT 479.94 222.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 502.28 222.10 Td (price ) Tj ET Q q 0 0 0 rg BT 525.18 222.10 Td (of ) Tj ET Q q 0 0 0 rg BT 536.41 222.10 Td (homes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.10 Td (delivered. ) Tj ET Q q 0 0 0 rg BT 92.01 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.83 210.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 113.19 210.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 147.67 210.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 171.59 210.10 Td (mar) Tj ET Q q 0 0 0 rg BT 186.96 210.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 202.55 210.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.66 210.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.54 210.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.35 210.10 Td (360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.35 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 303.16 210.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 325.97 210.10 Td (points ) Tj ET Q q 0 0 0 rg BT 353.23 210.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.48 210.10 Td (19.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.31 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.12 210.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.71 210.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 436.96 210.10 Td (year's ) Tj ET Q q 0 0 0 rg BT 462.67 210.10 Td (third ) Tj ET Q q 0 0 0 rg BT 484.37 210.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.69 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 515.50 210.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.09 210.10 Td (16.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.92 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.73 210.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 78.04 198.10 Td (third ) Tj ET Q q 0 0 0 rg BT 99.77 198.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.54 198.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.88 198.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.73 198.10 Td (Exclusive ) Tj ET Q q 0 0 0 rg BT 178.01 198.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.18 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.24 198.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 263.17 198.10 Td (char) Tj ET Q q 0 0 0 rg BT 280.20 198.10 Td (ge, ) Tj ET Q q 0 0 0 rg BT 294.98 198.10 Td (our ) Tj ET Q q 0 0 0 rg BT 311.16 198.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 347.33 198.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 381.84 198.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 405.80 198.10 Td (mar) Tj ET Q q 0 0 0 rg BT 421.17 198.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 436.79 198.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.94 198.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.81 198.10 Td ( ) Tj ET Q q 0 0 0 rg BT 519.66 198.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 552.51 198.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 186.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.42 186.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 85.34 186.10 Td (points ) Tj ET Q q 0 0 0 rg BT 112.71 186.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.41 186.10 Td (19.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.24 186.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.16 186.10 Td (in ) Tj ET Q q 0 0 0 rg BT 162.86 186.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.00 186.10 Td (third ) Tj ET Q q 0 0 0 rg BT 199.81 186.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 231.05 186.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.30 186.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.30 186.10 Td (, ) Tj ET Q q 0 0 0 rg BT 267.72 186.10 Td (lar) Tj ET Q q 0 0 0 rg BT 278.09 186.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 298.22 186.10 Td (as ) Tj ET Q q 0 0 0 rg BT 309.48 186.10 Td (a ) Tj ET Q q 0 0 0 rg BT 316.83 186.10 Td (result ) Tj ET Q q 0 0 0 rg BT 341.97 186.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.22 186.10 Td (product ) Tj ET Q q 0 0 0 rg BT 386.69 186.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 405.17 186.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.53 186.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.67 186.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 456.15 186.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.40 186.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 521.98 186.10 Td (delivering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.10 Td (homes, ) Tj ET Q q 0 0 0 rg BT 80.20 174.10 Td (as ) Tj ET Q q 0 0 0 rg BT 90.63 174.10 Td (well ) Tj ET Q q 0 0 0 rg BT 109.94 174.10 Td (as ) Tj ET Q q 0 0 0 rg BT 120.36 174.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 148.00 174.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 199.53 174.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.06 174.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 228.71 174.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 250.80 174.10 Td (in ) Tj ET Q q 0 0 0 rg BT 260.68 174.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.99 174.10 Td (third ) Tj ET Q q 0 0 0 rg BT 295.97 174.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 326.38 174.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.80 174.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.80 174.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.89 174.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 400.41 174.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.28 174.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 438.07 174.10 Td (third ) Tj ET Q q 0 0 0 rg BT 459.05 174.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.82 174.10 Td (. ) Tj ET Q q 0 0 0 rg BT 491.41 174.10 Td ( ) Tj ET Q q 0 0 0 rg BT 493.50 174.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 511.15 174.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 534.36 174.10 Td (mar) Tj ET Q q 0 0 0 rg BT 549.72 174.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.19 162.10 Td (land ) Tj ET Q q 0 0 0 rg BT 82.11 162.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.24 162.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.56 162.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.26 162.10 Td ($0.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.15 162.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.84 162.10 Td (as ) Tj ET Q q 0 0 0 rg BT 207.87 162.10 Td (a ) Tj ET Q q 0 0 0 rg BT 215.00 162.10 Td (result ) Tj ET Q q 0 0 0 rg BT 239.91 162.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.94 162.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 291.38 162.10 Td (land ) Tj ET Q q 0 0 0 rg BT 311.30 162.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 333.43 162.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.90 162.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.81 162.10 Td (third ) Tj ET Q q 0 0 0 rg BT 380.39 162.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 411.40 162.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.43 162.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.43 162.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.12 162.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 487.24 162.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.71 162.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.62 162.10 Td (third ) Tj ET Q q 0 0 0 rg BT 534.21 162.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.09 150.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.09 150.10 Td (. ) Tj ET Q q 0 0 0 rg BT 84.86 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.96 150.10 Td (T) Tj ET Q q 0 0 0 rg BT 92.37 150.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 109.62 150.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 133.00 150.10 Td (mar) Tj ET Q q 0 0 0 rg BT 148.37 150.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.41 150.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.16 150.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.43 150.10 Td ($19.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.32 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 259.58 150.10 Td (for ) Tj ET Q q 0 0 0 rg BT 273.50 150.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.98 150.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 307.46 150.10 Td (months ) Tj ET Q q 0 0 0 rg BT 339.18 150.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 365.32 150.10 Td (September ) Tj ET Q q 0 0 0 rg BT 410.34 150.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 425.11 150.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.11 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 447.37 150.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 489.06 150.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.10 150.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.58 150.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 533.06 150.10 Td (months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 75.97 138.10 Td (September ) Tj ET Q q 0 0 0 rg BT 121.33 138.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 136.43 138.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.43 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.02 138.10 Td (as ) Tj ET Q q 0 0 0 rg BT 169.95 138.10 Td (a ) Tj ET Q q 0 0 0 rg BT 176.98 138.10 Td (result ) Tj ET Q q 0 0 0 rg BT 201.79 138.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.72 138.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.75 138.10 Td ($15.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.64 138.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.24 138.10 Td (improvement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.56 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 332.15 138.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.53 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.34 138.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 381.05 138.10 Td (mar) Tj ET Q q 0 0 0 rg BT 396.41 138.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 411.79 138.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.71 138.10 Td (our ) Tj ET Q q 0 0 0 rg BT 438.64 138.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 496.79 138.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 541.04 138.10 Td (and ) Tj ET Q q 0 0 0 rg BT 558.07 138.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td ($4.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.19 126.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 155.31 126.10 Td (in ) Tj ET Q q 0 0 0 rg BT 164.88 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.89 126.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 201.80 126.10 Td (mar) Tj ET Q q 0 0 0 rg BT 217.17 126.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 231.75 126.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.87 126.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.00 126.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 293.78 126.10 Td (services ) Tj ET Q q 0 0 0 rg BT 327.78 126.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 373.73 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.40 126.10 Td (W) Tj ET Q q 0 0 0 rg BT 384.44 126.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 396.79 126.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 426.90 126.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.48 126.10 Td (our ) Tj ET Q q 0 0 0 rg BT 451.61 126.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 508.96 126.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 531.87 126.10 Td (mar) Tj ET Q q 0 0 0 rg BT 547.23 126.10 Td (gin, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.23 114.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 88.75 114.10 Td (mar) Tj ET Q q 0 0 0 rg BT 104.11 114.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 119.29 114.10 Td (on ) Tj ET Q q 0 0 0 rg BT 131.70 114.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 160.21 114.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.81 114.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.14 114.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.54 114.10 Td ($18.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.43 114.10 Td (, ) Tj ET Q q 0 0 0 rg BT 299.33 114.10 Td (due ) Tj ET Q q 0 0 0 rg BT 316.17 114.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.36 114.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.97 114.10 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.30 114.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.71 114.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.46 114.10 Td ( ) Tj ET Q q 0 0 0 rg BT 396.86 114.10 Td (in ) Tj ET Q q 0 0 0 rg BT 407.04 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.66 114.10 Td (number ) Tj ET Q q 0 0 0 rg BT 454.61 114.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.34 114.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 493.86 114.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 533.46 114.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.30 114.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.83 102.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.98 102.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.74 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.89 102.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.83 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.20 102.10 Td (average ) Tj ET Q q 0 0 0 rg BT 162.43 102.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 185.03 102.10 Td (price ) Tj ET Q q 0 0 0 rg BT 208.17 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.65 102.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 248.91 102.10 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 291.77 102.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 328.25 102.10 Td (of) Tj ET Q q 0 0 0 rg BT 336.39 102.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 353.99 102.10 Td (by ) Tj ET Q q 0 0 0 rg BT 367.14 102.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.73 102.10 Td ($19.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.63 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 431.78 102.10 Td (char) Tj ET Q q 0 0 0 rg BT 448.81 102.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 461.40 102.10 Td (for ) Tj ET Q q 0 0 0 rg BT 476.21 102.10 Td (known ) Tj ET Q q 0 0 0 rg BT 506.59 102.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.18 102.10 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.10 Td (future ) Tj ET Q q 0 0 0 rg BT 75.43 90.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 133.56 90.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 158.93 90.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 180.98 90.10 Td (in ) Tj ET Q q 0 0 0 rg BT 190.81 90.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 220.07 90.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.45 90.10 Td (our ) Tj ET Q q 0 0 0 rg BT 245.83 90.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 276.77 90.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 330.48 90.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.64 90.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 386.39 90.10 Td (first ) Tj ET Q q 0 0 0 rg BT 404.55 90.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 423.82 90.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.27 90.10 Td (. ) Tj ET Q q 0 0 0 rg BT 457.82 90.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.87 90.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 477.47 90.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 511.20 90.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 534.36 90.10 Td (mar) Tj ET Q q 0 0 0 rg BT 549.73 90.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.22 78.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.09 78.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.51 78.10 Td (210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.51 78.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.94 78.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 171.36 78.10 Td (points ) Tj ET Q q 0 0 0 rg BT 198.23 78.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.08 78.10 Td (19.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.92 78.10 Td ( ) Tj ET Q q 0 0 0 rg BT 248.34 78.10 Td (in ) Tj ET Q q 0 0 0 rg BT 258.54 78.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.17 78.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 295.03 78.10 Td (year ) Tj ET Q q 0 0 0 rg BT 314.66 78.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.86 78.10 Td (17.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.69 78.10 Td ( ) Tj ET Q q 0 0 0 rg BT 353.11 78.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.31 78.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 391.42 78.10 Td (first ) Tj ET Q q 0 0 0 rg BT 409.95 78.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 429.59 78.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.04 78.10 Td (. ) Tj ET Q q 0 0 0 rg BT 463.96 78.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.38 78.10 Td (Exclusive ) Tj ET Q q 0 0 0 rg BT 508.24 78.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.99 78.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.62 78.10 Td (stucco-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.10 Td (related ) Tj ET Q q 0 0 0 rg BT 78.32 66.10 Td (char) Tj ET Q q 0 0 0 rg BT 95.35 66.10 Td (ge, ) Tj ET Q q 0 0 0 rg BT 108.90 66.10 Td (our ) Tj ET Q q 0 0 0 rg BT 123.85 66.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 158.79 66.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 192.08 66.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 214.81 66.10 Td (mar) Tj ET Q q 0 0 0 rg BT 230.18 66.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 244.57 66.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.49 66.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.36 66.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.98 66.10 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.98 66.10 Td ( ) Tj ET Q q 0 0 0 rg BT 336.60 66.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 358.22 66.10 Td (points ) Tj ET Q q 0 0 0 rg BT 384.28 66.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.68 66.10 Td (19.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.51 66.10 Td ( ) Tj ET Q q 0 0 0 rg BT 421.13 66.10 Td (in ) Tj ET Q q 0 0 0 rg BT 430.52 66.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.36 66.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 463.19 66.10 Td (months ) Tj ET Q q 0 0 0 rg BT 494.26 66.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 519.75 66.10 Td (September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 54.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 65.13 54.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.13 54.10 Td (, ) Tj ET Q q 0 0 0 rg BT 90.75 54.10 Td (lar) Tj ET Q q 0 0 0 rg BT 101.12 54.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 121.47 54.10 Td (as ) Tj ET Q q 0 0 0 rg BT 132.92 54.10 Td (a ) Tj ET Q q 0 0 0 rg BT 140.49 54.10 Td (result ) Tj ET Q q 0 0 0 rg BT 165.83 54.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.29 54.10 Td (both ) Tj ET Q q 0 0 0 rg BT 198.20 54.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.76 54.10 Td (change ) Tj ET Q q 0 0 0 rg BT 237.21 54.10 Td (in ) Tj ET Q q 0 0 0 rg BT 248.11 54.10 Td (product ) Tj ET Q q 0 0 0 rg BT 281.79 54.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 300.47 54.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.04 54.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.38 54.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 352.06 54.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.52 54.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 418.31 54.10 Td (delivering ) Tj ET Q q 0 0 0 rg BT 461.98 54.10 Td (homes, ) Tj ET Q q 0 0 0 rg BT 493.71 54.10 Td (as ) Tj ET Q q 0 0 0 rg BT 505.17 54.10 Td (well ) Tj ET Q q 0 0 0 rg BT 525.52 54.10 Td (as ) Tj ET Q q 0 0 0 rg BT 536.97 54.10 Td (higher ) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 101.65 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.81 740.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 132.08 740.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 154.80 740.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.29 740.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 193.70 740.10 Td (first ) Tj ET Q q 0 0 0 rg BT 212.53 740.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 232.46 740.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.91 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 264.63 740.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 306.77 740.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.27 740.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 345.68 740.10 Td (first ) Tj ET Q q 0 0 0 rg BT 364.50 740.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 384.44 740.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.88 740.10 Td (. ) Tj ET Q q 0 0 0 rg BT 418.91 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 437.17 740.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 483.75 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.80 740.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 530.84 740.10 Td (housing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 72.40 728.10 Td (mar) Tj ET Q q 0 0 0 rg BT 87.77 728.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 104.83 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 131.05 728.10 Td (we ) Tj ET Q q 0 0 0 rg BT 144.50 728.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 175.16 728.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 211.38 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 217.61 728.10 Td (clearer ) Tj ET Q q 0 0 0 rg BT 246.59 728.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 281.69 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.80 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.81 728.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 340.37 728.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 392.68 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.80 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 417.91 728.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 456.09 728.10 Td (is ) Tj ET Q q 0 0 0 rg BT 464.55 728.10 Td (described ) Tj ET Q q 0 0 0 rg BT 504.65 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.87 728.10 Td (reconciled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.36 716.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 95.11 716.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 119.30 716.10 Td (mar) Tj ET Q q 0 0 0 rg BT 134.67 716.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 153.03 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.32 716.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 206.38 716.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 242.78 716.10 Td (that ) Tj ET Q q 0 0 0 rg BT 260.85 716.10 Td (is ) Tj ET Q q 0 0 0 rg BT 270.60 716.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 314.21 716.10 Td (using ) Tj ET Q q 0 0 0 rg BT 338.96 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 355.37 716.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 382.23 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.31 716.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 417.00 716.10 Td (below ) Tj ET Q q 0 0 0 rg BT 444.51 716.10 Td (under ) Tj ET Q q 0 0 0 rg BT 470.36 716.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 522.21 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.29 716.10 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Measures. ) Tj ET Q q 0 0 0 rg BT 97.30 704.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 115.39 704.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 139.05 704.10 Td (mar) Tj ET Q q 0 0 0 rg BT 154.41 704.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 169.73 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 182.28 704.10 Td (land ) Tj ET Q q 0 0 0 rg BT 202.03 704.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.01 704.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.89 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.43 704.10 Td ($3.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.32 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 311.86 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 322.18 704.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.94 704.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 356.70 704.10 Td (months ) Tj ET Q q 0 0 0 rg BT 388.69 704.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 415.11 704.10 Td (September ) Tj ET Q q 0 0 0 rg BT 460.41 704.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 475.45 704.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.45 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.99 704.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 539.96 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.28 704.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (same ) Tj ET Q q 0 0 0 rg BT 72.55 692.10 Td (period ) Tj ET Q q 0 0 0 rg BT 100.59 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.87 692.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.87 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.37 692.10 Td (as ) Tj ET Q q 0 0 0 rg BT 144.20 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 151.14 692.10 Td (result ) Tj ET Q q 0 0 0 rg BT 175.86 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.69 692.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 226.94 692.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 255.55 692.10 Td (on ) Tj ET Q q 0 0 0 rg BT 268.05 692.10 Td (land ) Tj ET Q q 0 0 0 rg BT 287.77 692.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 309.71 692.10 Td (made ) Tj ET Q q 0 0 0 rg BT 333.86 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 344.14 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.86 692.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 380.79 692.10 Td (year ) Tj ET Q q 0 0 0 rg BT 400.50 692.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 442.42 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.70 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.42 692.10 Td (current ) Tj ET Q q 0 0 0 rg BT 498.24 692.10 Td (year) Tj ET Q q 0 0 0 rg BT 514.89 692.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 668.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.03 668.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 94.35 668.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.01 668.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.77 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.22 668.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 168.10 668.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 199.55 668.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.44 668.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.98 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.43 668.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 263.32 668.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 288.65 668.10 Td (on ) Tj ET Q q 0 0 0 rg BT 300.09 668.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 327.65 668.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 366.30 668.10 Td (during ) Tj ET Q q 0 0 0 rg BT 393.86 668.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.53 668.10 Td (three ) Tj ET Q q 0 0 0 rg BT 428.96 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.85 668.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 463.52 668.10 Td (months ) Tj ET Q q 0 0 0 rg BT 494.41 668.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 519.74 668.10 Td (September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 64.80 656.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.80 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.59 656.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 129.81 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 140.39 656.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.40 656.10 Td (three ) Tj ET Q q 0 0 0 rg BT 178.19 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.42 656.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 215.43 656.10 Td (months ) Tj ET Q q 0 0 0 rg BT 247.68 656.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 274.35 656.10 Td (September ) Tj ET Q q 0 0 0 rg BT 319.91 656.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 335.21 656.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.21 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.01 656.10 Td (were ) Tj ET Q q 0 0 0 rg BT 380.23 656.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 408.58 656.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 448.59 656.10 Td (by ) Tj ET Q q 0 0 0 rg BT 461.38 656.10 Td (better ) Tj ET Q q 0 0 0 rg BT 486.94 656.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 518.07 656.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 554.72 656.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (select ) Tj ET Q q 0 0 0 rg BT 75.89 644.10 Td (locations ) Tj ET Q q 0 0 0 rg BT 115.62 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.68 644.10 Td (submarkets ) Tj ET Q q 0 0 0 rg BT 182.85 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 200.91 644.10 Td (shifts ) Tj ET Q q 0 0 0 rg BT 226.21 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 237.61 644.10 Td (both ) Tj ET Q q 0 0 0 rg BT 259.01 644.10 Td (product ) Tj ET Q q 0 0 0 rg BT 293.19 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.25 644.10 Td (community ) Tj ET Q q 0 0 0 rg BT 360.42 644.10 Td (mix. ) Tj ET Q q 0 0 0 rg BT 382.11 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.47 644.10 Td (W) Tj ET Q q 0 0 0 rg BT 394.11 644.10 Td (e ) Tj ET Q q 0 0 0 rg BT 402.17 644.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 419.68 644.10 Td (a ) Tj ET Q q 0 0 0 rg BT 427.74 644.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 459.13 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.09 644.10 Td (home ) Tj ET Q q 0 0 0 rg BT 496.93 644.10 Td (types ) Tj ET Q q 0 0 0 rg BT 521.66 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 533.06 644.10 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 103.60 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.47 632.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 157.06 632.10 Td (each ) Tj ET Q q 0 0 0 rg BT 177.82 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.58 632.10 Td (which ) Tj ET Q q 0 0 0 rg BT 215.46 632.10 Td (yields ) Tj ET Q q 0 0 0 rg BT 241.78 632.10 Td (a ) Tj ET Q q 0 0 0 rg BT 248.66 632.10 Td (dif) Tj ET Q q 0 0 0 rg BT 259.58 632.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 285.33 632.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 308.88 632.10 Td (mar) Tj ET Q q 0 0 0 rg BT 324.25 632.10 Td (gin. ) Tj ET Q q 0 0 0 rg BT 341.97 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.86 632.10 Td (As ) Tj ET Q q 0 0 0 rg BT 357.41 632.10 Td (a ) Tj ET Q q 0 0 0 rg BT 364.29 632.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 391.44 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 407.21 632.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 441.32 632.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 464.87 632.10 Td (mar) Tj ET Q q 0 0 0 rg BT 480.23 632.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 495.45 632.10 Td (may ) Tj ET Q q 0 0 0 rg BT 515.10 632.10 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 552.52 632.10 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.31 620.10 Td (down ) Tj ET Q q 0 0 0 rg BT 85.01 620.10 Td (from ) Tj ET Q q 0 0 0 rg BT 106.93 620.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 137.72 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.98 620.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 178.78 620.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 222.91 620.10 Td (on ) Tj ET Q q 0 0 0 rg BT 235.39 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.09 620.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 268.12 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.93 620.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 333.07 620.10 Td (delivering ) Tj ET Q q 0 0 0 rg BT 376.09 620.10 Td (homes. ) Tj ET Q q 0 0 0 rg BT 407.18 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.48 620.10 Td (The ) Tj ET Q q 0 0 0 rg BT 427.51 620.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 458.31 620.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 518.00 620.10 Td (were ) Tj ET Q q 0 0 0 rg BT 539.91 620.10 Td (of) Tj ET Q q 0 0 0 rg BT 548.06 620.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.45 608.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 88.94 608.10 Td (average ) Tj ET Q q 0 0 0 rg BT 121.98 608.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 134.48 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.87 608.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 202.25 608.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 224.20 608.10 Td (related ) Tj ET Q q 0 0 0 rg BT 253.35 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.07 608.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 320.57 608.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 355.30 608.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 398.91 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.30 608.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 445.57 608.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 474.19 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.58 608.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 524.18 608.10 Td (dynamics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (which ) Tj ET Q q 0 0 0 rg BT 75.73 596.10 Td (led ) Tj ET Q q 0 0 0 rg BT 89.73 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.29 596.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.30 596.10 Td (decline) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.17 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.96 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.52 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 168.64 596.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 202.10 596.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 225.00 596.10 Td (mar) Tj ET Q q 0 0 0 rg BT 240.36 596.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 254.93 596.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 300.02 596.10 Td (for ) Tj ET Q q 0 0 0 rg BT 313.46 596.10 Td (both ) Tj ET Q q 0 0 0 rg BT 333.03 596.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.03 596.10 Td (third ) Tj ET Q q 0 0 0 rg BT 367.71 596.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.02 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.81 596.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.04 596.10 Td (first ) Tj ET Q q 0 0 0 rg BT 431.93 596.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 450.94 596.10 Td (months ) Tj ET Q q 0 0 0 rg BT 482.17 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.29 596.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.29 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 514.08 596.10 Td (as ) Tj ET Q q 0 0 0 rg BT 524.19 596.10 Td (described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 79.21 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.55 584.10 Td (During ) Tj ET Q q 0 0 0 rg BT 114.22 584.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.77 584.10 Td (three ) Tj ET Q q 0 0 0 rg BT 153.10 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.87 584.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 191.43 584.10 Td (months ) Tj ET Q q 0 0 0 rg BT 224.21 584.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 251.43 584.10 Td (September ) Tj ET Q q 0 0 0 rg BT 297.53 584.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 313.36 584.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 336.70 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.48 584.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.48 584.10 Td (, ) Tj ET Q q 0 0 0 rg BT 380.32 584.10 Td (we ) Tj ET Q q 0 0 0 rg BT 395.31 584.10 Td (were ) Tj ET Q q 0 0 0 rg BT 418.08 584.10 Td (able ) Tj ET Q q 0 0 0 rg BT 438.07 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.19 584.10 Td (pass ) Tj ET Q q 0 0 0 rg BT 469.75 584.10 Td (a ) Tj ET Q q 0 0 0 rg BT 477.52 584.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 509.75 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.41 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.97 584.10 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 101.48 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.47 572.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 131.58 572.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 154.13 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.46 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 180.34 572.10 Td (homebuyers ) Tj ET Q q 0 0 0 rg BT 231.77 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 242.09 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.86 572.10 Td (form ) Tj ET Q q 0 0 0 rg BT 278.85 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.73 572.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 317.83 572.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 339.82 572.10 Td (prices. ) Tj ET Q q 0 0 0 rg BT 368.74 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 371.29 572.10 Td (However) Tj ET Q q 0 0 0 rg BT 407.54 572.10 Td (, ) Tj ET Q q 0 0 0 rg BT 412.59 572.10 Td (we ) Tj ET Q q 0 0 0 rg BT 426.81 572.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 456.01 572.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 489.11 572.10 Td (any ) Tj ET Q q 0 0 0 rg BT 506.10 572.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 547.51 572.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.66 560.10 Td (will ) Tj ET Q q 0 0 0 rg BT 81.72 560.10 Td (be ) Tj ET Q q 0 0 0 rg BT 93.66 560.10 Td (able ) Tj ET Q q 0 0 0 rg BT 112.81 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.09 560.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 160.02 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.30 560.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 191.68 560.10 Td (prices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.10 538.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.02 538.10 Td (three ) Tj ET Q q 0 0 0 rg BT 100.71 538.10 Td (months ) Tj ET Q q 0 0 0 rg BT 131.86 538.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 157.44 538.10 Td (September ) Tj ET Q q 0 0 0 rg BT 201.91 538.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 216.11 538.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.11 538.10 Td (, ) Tj ET Q q 0 0 0 rg BT 240.32 538.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 271.18 538.10 Td (general ) Tj ET Q q 0 0 0 rg BT 302.31 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.46 538.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 377.37 538.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.28 538.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.03 538.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.74 538.10 Td ($8.9 ) Tj ET Q q 0 0 0 rg BT 469.94 538.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.83 538.10 Td (, ) Tj ET Q q 0 0 0 rg BT 503.04 538.10 Td (which ) Tj ET Q q 0 0 0 rg BT 529.18 538.10 Td (partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 526.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 74.72 526.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.56 526.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.32 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.95 526.10 Td (in ) Tj ET Q q 0 0 0 rg BT 135.35 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.31 526.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 175.06 526.10 Td (mar) Tj ET Q q 0 0 0 rg BT 190.42 526.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 205.83 526.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 246.79 526.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 275.80 526.10 Td (but ) Tj ET Q q 0 0 0 rg BT 291.20 526.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 327.71 526.10 Td (as ) Tj ET Q q 0 0 0 rg BT 338.67 526.10 Td (a ) Tj ET Q q 0 0 0 rg BT 345.73 526.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 391.66 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.62 526.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 436.90 526.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.97 526.10 Td (13.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.42 526.10 Td (in ) Tj ET Q q 0 0 0 rg BT 497.83 526.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.68 526.10 Td (third ) Tj ET Q q 0 0 0 rg BT 534.19 526.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 514.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.33 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.82 514.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.10 514.10 Td (12.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.93 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.42 514.10 Td (in ) Tj ET Q q 0 0 0 rg BT 131.70 514.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.41 514.10 Td (third ) Tj ET Q q 0 0 0 rg BT 167.80 514.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 198.61 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.44 514.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.44 514.10 Td (. ) Tj ET Q q 0 0 0 rg BT 234.43 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 236.93 514.10 Td (Selling ) Tj ET Q q 0 0 0 rg BT 267.76 514.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.46 514.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.22 514.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.71 514.10 Td ($3.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.61 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 394.10 514.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.04 514.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 444.23 514.10 Td (third ) Tj ET Q q 0 0 0 rg BT 465.61 514.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.93 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 496.42 514.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.36 514.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.68 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.18 514.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.47 502.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 102.31 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.17 502.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 147.35 502.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.66 502.10 Td (6.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.49 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.02 502.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.33 502.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 219.56 502.10 Td (third ) Tj ET Q q 0 0 0 rg BT 240.98 502.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.30 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 271.83 502.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 313.79 502.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.10 502.10 Td (6.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.93 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.46 502.10 Td (for ) Tj ET Q q 0 0 0 rg BT 361.65 502.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.40 502.10 Td (same ) Tj ET Q q 0 0 0 rg BT 399.48 502.10 Td (period ) Tj ET Q q 0 0 0 rg BT 427.56 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 437.88 502.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.88 502.10 Td (. ) Tj ET Q q 0 0 0 rg BT 462.91 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.26 502.10 Td (V) Tj ET Q q 0 0 0 rg BT 471.37 502.10 Td (ariable ) Tj ET Q q 0 0 0 rg BT 501.11 502.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 530.31 502.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.29 490.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 84.85 490.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 139.20 490.10 Td (contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.87 490.10 Td ($2.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.76 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.89 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.79 490.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.13 490.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.89 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.01 490.10 Td (due ) Tj ET Q q 0 0 0 rg BT 313.58 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.48 490.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.82 490.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.37 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 365.49 490.10 Td (average ) Tj ET Q q 0 0 0 rg BT 398.70 490.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 420.27 490.10 Td (price ) Tj ET Q q 0 0 0 rg BT 442.38 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.83 490.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 481.07 490.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 520.40 490.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.96 490.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (number ) Tj ET Q q 0 0 0 rg BT 82.02 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.32 478.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 120.40 478.10 Td (delivered. ) Tj ET Q q 0 0 0 rg BT 162.08 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.91 478.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.43 478.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.18 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.15 478.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.91 478.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 254.54 478.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 288.72 478.10 Td (was ) Tj ET Q q 0 0 0 rg BT 306.25 478.10 Td (also ) Tj ET Q q 0 0 0 rg BT 324.33 478.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 371.84 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 381.59 478.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 478.10 Td ($1.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.89 478.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.86 478.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.62 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.59 478.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.34 478.10 Td (non-variable ) Tj ET Q q 0 0 0 rg BT 535.85 478.10 Td (selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 84.97 466.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 125.44 466.10 Td (related ) Tj ET Q q 0 0 0 rg BT 155.90 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.94 466.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 190.20 466.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 234.56 466.10 Td (with ) Tj ET Q q 0 0 0 rg BT 255.60 466.10 Td (our ) Tj ET Q q 0 0 0 rg BT 272.19 466.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 294.89 466.10 Td (of) Tj ET Q q 0 0 0 rg BT 303.04 466.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 325.17 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.87 466.10 Td (models ) Tj ET Q q 0 0 0 rg BT 375.02 466.10 Td (as ) Tj ET Q q 0 0 0 rg BT 386.61 466.10 Td (a ) Tj ET Q q 0 0 0 rg BT 394.31 466.10 Td (result ) Tj ET Q q 0 0 0 rg BT 419.79 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.38 466.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.97 466.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.72 466.10 Td (d ) Tj ET Q q 0 0 0 rg BT 488.98 466.10 Td (community ) Tj ET Q q 0 0 0 rg BT 537.80 466.10 Td (count. ) Tj ET Q q 0 0 0 rg BT 565.01 466.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (General ) Tj ET Q q 0 0 0 rg BT 84.73 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.75 454.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 163.55 454.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.34 454.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.09 454.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.68 454.10 Td ($5.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.57 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 293.16 454.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 336.17 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 347.53 454.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.33 454.10 Td (third ) Tj ET Q q 0 0 0 rg BT 385.80 454.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 417.70 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.62 454.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.62 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 453.21 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.23 454.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 512.57 454.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 546.16 454.10 Td (as ) Tj ET Q q 0 0 0 rg BT 558.07 454.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 95.57 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.67 442.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 141.08 442.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.63 442.10 Td (6.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.46 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 175.22 442.10 Td (in ) Tj ET Q q 0 0 0 rg BT 185.77 442.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.75 442.10 Td (third ) Tj ET Q q 0 0 0 rg BT 222.41 442.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 253.49 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.59 442.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.59 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.36 442.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 329.55 442.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.09 442.10 Td (6.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.92 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.69 442.10 Td (for ) Tj ET Q q 0 0 0 rg BT 378.12 442.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.10 442.10 Td (same ) Tj ET Q q 0 0 0 rg BT 416.42 442.10 Td (period ) Tj ET Q q 0 0 0 rg BT 444.73 442.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.28 442.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.28 442.10 Td (. ) Tj ET Q q 0 0 0 rg BT 480.54 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.11 442.10 Td (This ) Tj ET Q q 0 0 0 rg BT 503.66 442.10 Td (dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.75 442.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (was ) Tj ET Q q 0 0 0 rg BT 68.24 430.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 108.64 430.10 Td (due ) Tj ET Q q 0 0 0 rg BT 126.26 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.22 430.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.85 430.10 Td ($3.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.74 430.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.93 430.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.68 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 232.87 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 243.83 430.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 302.56 430.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 337.95 430.10 Td (due ) Tj ET Q q 0 0 0 rg BT 355.58 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 366.54 430.10 Td (an ) Tj ET Q q 0 0 0 rg BT 379.17 430.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 415.11 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 426.07 430.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 468.13 430.10 Td (count ) Tj ET Q q 0 0 0 rg BT 493.53 430.10 Td (as ) Tj ET Q q 0 0 0 rg BT 505.05 430.10 Td (well ) Tj ET Q q 0 0 0 rg BT 525.45 430.10 Td (as ) Tj ET Q q 0 0 0 rg BT 536.97 430.10 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 88.15 418.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 145.68 418.10 Td (due ) Tj ET Q q 0 0 0 rg BT 162.12 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 171.89 418.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 212.21 418.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 251.97 418.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 282.58 418.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.01 418.10 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 308.51 418.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.40 418.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.40 418.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 374.15 418.10 Td (related ) Tj ET Q q 0 0 0 rg BT 403.35 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.12 418.10 Td (start-up ) Tj ET Q q 0 0 0 rg BT 445.66 418.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 467.66 418.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 510.75 418.10 Td (with ) Tj ET Q q 0 0 0 rg BT 530.52 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 545.85 418.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 115.72 406.10 Td (Paul ) Tj ET Q q 0 0 0 rg BT 136.11 406.10 Td (division, ) Tj ET Q q 0 0 0 rg BT 173.44 406.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.49 406.10 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.38 406.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.99 406.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.74 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.35 406.10 Td (in ) Tj ET Q q 0 0 0 rg BT 277.73 406.10 Td (land ) Tj ET Q q 0 0 0 rg BT 297.56 406.10 Td (related ) Tj ET Q q 0 0 0 rg BT 327.37 406.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 366.07 406.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 405.89 406.10 Td (due ) Tj ET Q q 0 0 0 rg BT 422.94 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 433.32 406.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.26 406.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.01 406.10 Td (d ) Tj ET Q q 0 0 0 rg BT 489.62 406.10 Td (community ) Tj ET Q q 0 0 0 rg BT 537.78 406.10 Td (count, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.04 394.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.93 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.04 394.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.79 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.89 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.78 394.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 203.30 394.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 240.11 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.65 394.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.19 394.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 282.80 394.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.69 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.79 394.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.55 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.65 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.53 394.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 380.63 394.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 423.83 394.10 Td (with ) Tj ET Q q 0 0 0 rg BT 443.71 394.10 Td (new ) Tj ET Q q 0 0 0 rg BT 462.48 394.10 Td (information ) Tj ET Q q 0 0 0 rg BT 511.79 394.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 548.07 394.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.04 382.10 Td ($0.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.94 382.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.04 382.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.79 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.90 382.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.78 382.10 Td (other ) Tj ET Q q 0 0 0 rg BT 179.44 382.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 239.19 382.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 280.90 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.00 382.10 Td (For ) Tj ET Q q 0 0 0 rg BT 301.00 382.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.32 382.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 336.64 382.10 Td (months ) Tj ET Q q 0 0 0 rg BT 369.20 382.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 396.18 382.10 Td (September ) Tj ET Q q 0 0 0 rg BT 442.05 382.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 457.65 382.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 382.10 Td (, ) Tj ET Q q 0 0 0 rg BT 483.26 382.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 515.53 382.10 Td (general ) Tj ET Q q 0 0 0 rg BT 548.06 382.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 108.11 370.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.71 370.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.47 370.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.87 370.10 Td ($24.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.76 370.10 Td (, ) Tj ET Q q 0 0 0 rg BT 238.66 370.10 Td (which ) Tj ET Q q 0 0 0 rg BT 264.50 370.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 299.22 370.10 Td (of) Tj ET Q q 0 0 0 rg BT 307.37 370.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 323.21 370.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.83 370.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.58 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 370.98 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.16 370.10 Td (our ) Tj ET Q q 0 0 0 rg BT 394.89 370.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 417.40 370.10 Td (mar) Tj ET Q q 0 0 0 rg BT 432.77 370.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 446.95 370.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 486.68 370.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 514.46 370.10 Td (but ) Tj ET Q q 0 0 0 rg BT 528.63 370.10 Td (declined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (as ) Tj ET Q q 0 0 0 rg BT 59.80 358.10 Td (a ) Tj ET Q q 0 0 0 rg BT 66.20 358.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 111.47 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.76 358.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 155.37 358.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.78 358.10 Td (13.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.61 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.57 358.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.31 358.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 241.97 358.10 Td (first ) Tj ET Q q 0 0 0 rg BT 260.05 358.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 279.23 358.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.68 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 310.64 358.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.39 358.10 Td (13.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.22 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.18 358.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.93 358.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.11 358.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 391.29 358.10 Td (months ) Tj ET Q q 0 0 0 rg BT 422.70 358.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 448.55 358.10 Td (September ) Tj ET Q q 0 0 0 rg BT 493.27 358.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 507.74 358.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.74 358.10 Td (. ) Tj ET Q q 0 0 0 rg BT 532.21 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 534.17 358.10 Td (Selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.77 346.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.52 346.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.58 346.10 Td ($10.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.48 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 182.54 346.10 Td (from ) Tj ET Q q 0 0 0 rg BT 205.04 346.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.32 346.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 240.59 346.10 Td (months ) Tj ET Q q 0 0 0 rg BT 273.10 346.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 300.04 346.10 Td (September ) Tj ET Q q 0 0 0 rg BT 345.87 346.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 361.43 346.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.43 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.49 346.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.99 346.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.32 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 443.38 346.10 Td (as ) Tj ET Q q 0 0 0 rg BT 454.77 346.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.27 346.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 508.63 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.02 346.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 554.73 346.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (6.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.33 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.82 334.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.09 334.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 111.28 334.10 Td (first ) Tj ET Q q 0 0 0 rg BT 129.88 334.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 149.59 334.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.03 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.53 334.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 223.44 334.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.71 334.10 Td (6.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.54 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.03 334.10 Td (for ) Tj ET Q q 0 0 0 rg BT 271.18 334.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.89 334.10 Td (same ) Tj ET Q q 0 0 0 rg BT 308.93 334.10 Td (period ) Tj ET Q q 0 0 0 rg BT 336.97 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 347.24 334.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.24 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 372.23 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 374.54 334.10 Td (V) Tj ET Q q 0 0 0 rg BT 380.66 334.10 Td (ariable ) Tj ET Q q 0 0 0 rg BT 410.35 334.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 439.51 334.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 474.21 334.10 Td (for ) Tj ET Q q 0 0 0 rg BT 488.36 334.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 510.29 334.10 Td (commissions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.13 322.10 Td ($7.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.02 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 150.12 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 160.98 322.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.29 322.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.05 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.14 322.10 Td (due ) Tj ET Q q 0 0 0 rg BT 229.67 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.54 322.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.84 322.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.39 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.48 322.10 Td (average ) Tj ET Q q 0 0 0 rg BT 318.66 322.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 341.18 322.10 Td (price ) Tj ET Q q 0 0 0 rg BT 364.26 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.68 322.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 404.88 322.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 445.17 322.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.70 322.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.25 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 491.34 322.10 Td (number ) Tj ET Q q 0 0 0 rg BT 524.98 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 536.40 322.10 Td (homes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (delivered. ) Tj ET Q q 0 0 0 rg BT 91.04 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 92.74 310.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.12 310.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.88 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.71 310.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.32 310.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 182.82 310.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 216.87 310.10 Td (was ) Tj ET Q q 0 0 0 rg BT 234.25 310.10 Td (also ) Tj ET Q q 0 0 0 rg BT 252.20 310.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 299.57 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 309.18 310.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.45 310.10 Td ($2.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.35 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.18 310.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.93 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 400.77 310.10 Td (in ) Tj ET Q q 0 0 0 rg BT 410.38 310.10 Td (non-variable ) Tj ET Q q 0 0 0 rg BT 462.75 310.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 491.25 310.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 525.29 310.10 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (related ) Tj ET Q q 0 0 0 rg BT 78.04 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.15 298.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 108.49 298.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 150.92 298.10 Td (with ) Tj ET Q q 0 0 0 rg BT 170.04 298.10 Td (our ) Tj ET Q q 0 0 0 rg BT 184.70 298.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 205.48 298.10 Td (of) Tj ET Q q 0 0 0 rg BT 213.63 298.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 233.84 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.62 298.10 Td (models ) Tj ET Q q 0 0 0 rg BT 279.84 298.10 Td (as ) Tj ET Q q 0 0 0 rg BT 289.51 298.10 Td (a ) Tj ET Q q 0 0 0 rg BT 295.28 298.10 Td (result ) Tj ET Q q 0 0 0 rg BT 318.84 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.50 298.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.17 298.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.93 298.10 Td (d ) Tj ET Q q 0 0 0 rg BT 382.26 298.10 Td (community ) Tj ET Q q 0 0 0 rg BT 429.15 298.10 Td (count. ) Tj ET Q q 0 0 0 rg BT 455.21 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 456.54 298.10 Td (General ) Tj ET Q q 0 0 0 rg BT 489.52 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 505.30 298.10 Td (administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.75 286.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.55 286.10 Td ($13.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.44 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.48 286.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 220.95 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.77 286.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.03 286.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 264.29 286.10 Td (months ) Tj ET Q q 0 0 0 rg BT 295.78 286.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 321.70 286.10 Td (September ) Tj ET Q q 0 0 0 rg BT 366.51 286.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 381.06 286.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.06 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.10 286.10 Td (but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.92 286.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.25 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 458.29 286.10 Td (as ) Tj ET Q q 0 0 0 rg BT 468.66 286.10 Td (a ) Tj ET Q q 0 0 0 rg BT 475.14 286.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 520.49 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.86 286.10 Td (revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.35 274.10 Td (6.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.18 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.60 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.79 274.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.43 274.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 139.06 274.10 Td (months ) Tj ET Q q 0 0 0 rg BT 170.92 274.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 197.22 274.10 Td (September ) Tj ET Q q 0 0 0 rg BT 242.40 274.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 257.31 274.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.31 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.73 274.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.92 274.10 Td (6.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.75 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 313.17 274.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.36 274.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 351.47 274.10 Td (first ) Tj ET Q q 0 0 0 rg BT 370.00 274.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 389.63 274.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.08 274.10 Td (. ) Tj ET Q q 0 0 0 rg BT 424.00 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 426.24 274.10 Td (This ) Tj ET Q q 0 0 0 rg BT 446.43 274.10 Td (dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.17 274.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.93 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.34 274.10 Td (was ) Tj ET Q q 0 0 0 rg BT 525.31 274.10 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (due ) Tj ET Q q 0 0 0 rg BT 68.14 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.12 262.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.76 262.10 Td ($7.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.65 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.85 262.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.61 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.81 262.10 Td (in ) Tj ET Q q 0 0 0 rg BT 190.79 262.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 250.53 262.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 286.94 262.10 Td (due ) Tj ET Q q 0 0 0 rg BT 305.58 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.56 262.10 Td (an ) Tj ET Q q 0 0 0 rg BT 331.20 262.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 368.15 262.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.13 262.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 423.20 262.10 Td (count ) Tj ET Q q 0 0 0 rg BT 449.62 262.10 Td (as ) Tj ET Q q 0 0 0 rg BT 462.15 262.10 Td (well ) Tj ET Q q 0 0 0 rg BT 483.57 262.10 Td (as ) Tj ET Q q 0 0 0 rg BT 496.10 262.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 525.85 262.10 Td (incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.73 250.10 Td (due ) Tj ET Q q 0 0 0 rg BT 124.85 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.32 250.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 176.33 250.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 216.78 250.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 248.07 250.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.19 250.10 Td ($1.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.08 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.77 250.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.52 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.21 250.10 Td (in ) Tj ET Q q 0 0 0 rg BT 352.67 250.10 Td (land ) Tj ET Q q 0 0 0 rg BT 372.58 250.10 Td (related ) Tj ET Q q 0 0 0 rg BT 402.46 250.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 441.25 250.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 481.15 250.10 Td (due ) Tj ET Q q 0 0 0 rg BT 498.27 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 508.73 250.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.75 250.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.50 250.10 Td (d ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (community ) Tj ET Q q 0 0 0 rg BT 98.91 238.10 Td (count, ) Tj ET Q q 0 0 0 rg BT 127.48 238.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.78 238.10 Td ($1.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.67 238.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.52 238.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.28 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.13 238.10 Td (related ) Tj ET Q q 0 0 0 rg BT 256.19 238.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.83 238.10 Td (start-up ) Tj ET Q q 0 0 0 rg BT 302.23 238.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 326.09 238.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 371.04 238.10 Td (with ) Tj ET Q q 0 0 0 rg BT 392.67 238.10 Td (our ) Tj ET Q q 0 0 0 rg BT 409.86 238.10 Td (new ) Tj ET Q q 0 0 0 rg BT 430.38 238.10 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 497.85 238.10 Td (Paul ) Tj ET Q q 0 0 0 rg BT 519.48 238.10 Td (division, ) Tj ET Q q 0 0 0 rg BT 558.06 238.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td ($0.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 226.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.67 226.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.43 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.71 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.77 226.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 205.47 226.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 244.46 226.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.18 226.10 Td ($0.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.07 226.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.36 226.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.11 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.39 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.45 226.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 379.73 226.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 425.11 226.10 Td (with ) Tj ET Q q 0 0 0 rg BT 447.17 226.10 Td (new ) Tj ET Q q 0 0 0 rg BT 468.11 226.10 Td (information ) Tj ET Q q 0 0 0 rg BT 519.61 226.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 558.06 226.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 214.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.16 214.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.91 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.68 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.23 214.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 198.87 214.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 220.24 214.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.44 214.10 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.33 214.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.10 214.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.86 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 314.62 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 325.17 214.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 343.48 214.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 380.96 214.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.17 214.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.06 214.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.82 214.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.58 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 475.35 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 485.89 214.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 524.76 214.10 Td (related ) Tj ET Q q 0 0 0 rg BT 554.73 214.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 89.76 202.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 113.37 202.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 135.04 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.98 202.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.92 202.10 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 178.92 202.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.81 202.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.31 202.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.06 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.56 202.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.84 202.10 Td (other ) Tj ET Q q 0 0 0 rg BT 278.89 202.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 338.04 202.10 Td (expenses.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 178.53505859375002 m 84.509765625 178.53505859375002 l s q 0 0 0 rg BT 49.50 180.10 Td (Outlook) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 158.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.82 158.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 95.93 158.10 Td (that ) Tj ET Q q 0 0 0 rg BT 113.16 158.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 133.19 158.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 167.10 158.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 200.99 158.10 Td (will ) Tj ET Q q 0 0 0 rg BT 218.79 158.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 255.46 158.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.48 158.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 311.02 158.10 Td (modest ) Tj ET Q q 0 0 0 rg BT 342.15 158.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 397.71 158.10 Td (in ) Tj ET Q q 0 0 0 rg BT 407.73 158.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 441.63 158.10 Td (during ) Tj ET Q q 0 0 0 rg BT 469.97 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.43 158.10 Td (remainder ) Tj ET Q q 0 0 0 rg BT 527.20 158.10 Td (of ) Tj ET Q q 0 0 0 rg BT 537.77 158.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.01 158.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 158.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td (as ) Tj ET Q q 0 0 0 rg BT 59.62 146.10 Td (a ) Tj ET Q q 0 0 0 rg BT 65.84 146.10 Td (result ) Tj ET Q q 0 0 0 rg BT 89.85 146.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.96 146.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 141.18 146.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 174.64 146.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 200.86 146.10 Td (in ) Tj ET Q q 0 0 0 rg BT 210.43 146.10 Td (unemployment, ) Tj ET Q q 0 0 0 rg BT 274.71 146.10 Td (modest ) Tj ET Q q 0 0 0 rg BT 305.38 146.10 Td (wage ) Tj ET Q q 0 0 0 rg BT 328.26 146.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 358.38 146.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.61 146.10 Td (low ) Tj ET Q q 0 0 0 rg BT 391.39 146.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 422.62 146.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 443.28 146.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 484.50 146.10 Td (with ) Tj ET Q q 0 0 0 rg BT 504.07 146.10 Td (tight ) Tj ET Q q 0 0 0 rg BT 524.19 146.10 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.10 Td (levels. ) Tj ET Q q 0 0 0 rg BT 78.35 134.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.99 134.10 Td (e ) Tj ET Q q 0 0 0 rg BT 94.69 134.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 125.71 134.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 160.07 134.10 Td (on ) Tj ET Q q 0 0 0 rg BT 173.34 134.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 217.69 134.10 Td (our ) Tj ET Q q 0 0 0 rg BT 234.28 134.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 285.31 134.10 Td (by ) Tj ET Q q 0 0 0 rg BT 298.58 134.10 Td (generating ) Tj ET Q q 0 0 0 rg BT 344.04 134.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 387.29 134.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 422.20 134.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.90 134.10 Td (improving ) Tj ET Q q 0 0 0 rg BT 484.83 134.10 Td (overhead ) Tj ET Q q 0 0 0 rg BT 524.73 134.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.10 Td (leverage, ) Tj ET Q q 0 0 0 rg BT 88.36 122.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 133.64 122.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.91 122.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 175.29 122.10 Td (our ) Tj ET Q q 0 0 0 rg BT 191.12 122.10 Td (market ) Tj ET Q q 0 0 0 rg BT 221.38 122.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 247.48 122.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.42 122.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 303.59 122.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.87 122.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 353.56 122.10 Td (land ) Tj ET Q q 0 0 0 rg BT 373.28 122.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 401.33 122.10 Td (new ) Tj ET Q q 0 0 0 rg BT 420.49 122.10 Td (market ) Tj ET Q q 0 0 0 rg BT 450.75 122.10 Td (opportunities.) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 740.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.08 740.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 93.67 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 103.95 740.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 140.88 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.16 740.10 Td (emphasize ) Tj ET Q q 0 0 0 rg BT 195.86 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.58 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 251.97 740.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 288.34 740.10 Td (business ) Tj ET Q q 0 0 0 rg BT 324.73 740.10 Td (objectives ) Tj ET Q q 0 0 0 rg BT 367.77 740.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 414.16 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.88 740.10 Td (remainder ) Tj ET Q q 0 0 0 rg BT 471.91 740.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.74 740.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.74 740.10 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 718.10 Td (profitably ) Tj ET Q q 0 0 0 rg BT 127.43 718.10 Td (growing ) Tj ET Q q 0 0 0 rg BT 163.26 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 179.09 718.10 Td (presence ) Tj ET Q q 0 0 0 rg BT 216.57 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.85 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 242.68 718.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 276.84 718.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 313.50 718.10 Td (including ) Tj ET Q q 0 0 0 rg BT 353.77 718.10 Td (opening ) Tj ET Q q 0 0 0 rg BT 388.49 718.10 Td (new ) Tj ET Q q 0 0 0 rg BT 407.65 718.10 Td (communities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 706.10 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 127.99 706.10 Td (new ) Tj ET Q q 0 0 0 rg BT 147.15 706.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 181.30 706.10 Td (for ) Tj ET Q q 0 0 0 rg BT 195.46 706.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 241.84 706.10 Td (opportunities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 694.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 135.77 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 142.71 694.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 170.21 694.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 203.24 694.10 Td (sheet; ) Tj ET Q q 0 0 0 rg BT 229.06 694.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 682.10 Td (emphasizing ) Tj ET Q q 0 0 0 rg BT 138.54 682.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 177.70 682.10 Td (service, ) Tj ET Q q 0 0 0 rg BT 211.01 682.10 Td (product ) Tj ET Q q 0 0 0 rg BT 244.06 682.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 274.33 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.27 682.10 Td (design, ) Tj ET Q q 0 0 0 rg BT 322.38 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.32 682.10 Td (premier ) Tj ET Q q 0 0 0 rg BT 372.91 682.10 Td (locations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 94.96 660.10 Td (with ) Tj ET Q q 0 0 0 rg BT 115.97 660.10 Td (these ) Tj ET Q q 0 0 0 rg BT 139.75 660.10 Td (objectives, ) Tj ET Q q 0 0 0 rg BT 186.03 660.10 Td (we ) Tj ET Q q 0 0 0 rg BT 200.92 660.10 Td (took ) Tj ET Q q 0 0 0 rg BT 221.94 660.10 Td (a ) Tj ET Q q 0 0 0 rg BT 229.61 660.10 Td (number ) Tj ET Q q 0 0 0 rg BT 263.39 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.95 660.10 Td (steps ) Tj ET Q q 0 0 0 rg BT 298.19 660.10 Td (during ) Tj ET Q q 0 0 0 rg BT 327.53 660.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.98 660.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 363.43 660.10 Td (months ) Tj ET Q q 0 0 0 rg BT 396.11 660.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 423.22 660.10 Td (September ) Tj ET Q q 0 0 0 rg BT 469.22 660.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 484.95 660.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.95 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 508.19 660.10 Td (for ) Tj ET Q q 0 0 0 rg BT 523.08 660.10 Td (continued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 104.82 648.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.59 648.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.59 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.59 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.03 648.10 Td (beyond, ) Tj ET Q q 0 0 0 rg BT 186.96 648.10 Td (including ) Tj ET Q q 0 0 0 rg BT 226.73 648.10 Td (investing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.39 648.10 Td ($147.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.29 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.28 648.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.06 648.10 Td (land ) Tj ET Q q 0 0 0 rg BT 355.27 648.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 405.04 648.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.48 648.10 Td ($121.8 ) Tj ET Q q 0 0 0 rg BT 450.97 648.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.87 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 481.86 648.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.64 648.10 Td (land ) Tj ET Q q 0 0 0 rg BT 510.85 648.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.83 636.10 Td (help ) Tj ET Q q 0 0 0 rg BT 81.60 636.10 Td (grow ) Tj ET Q q 0 0 0 rg BT 105.71 636.10 Td (our ) Tj ET Q q 0 0 0 rg BT 122.59 636.10 Td (presence ) Tj ET Q q 0 0 0 rg BT 161.12 636.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.45 636.10 Td (our ) Tj ET Q q 0 0 0 rg BT 189.34 636.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 224.56 636.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 262.26 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.56 636.10 Td (W) Tj ET Q q 0 0 0 rg BT 274.20 636.10 Td (e ) Tj ET Q q 0 0 0 rg BT 282.19 636.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 321.84 636.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 358.71 636.10 Td (that ) Tj ET Q q 0 0 0 rg BT 377.26 636.10 Td (we ) Tj ET Q q 0 0 0 rg BT 392.48 636.10 Td (will ) Tj ET Q q 0 0 0 rg BT 411.59 636.10 Td (spend ) Tj ET Q q 0 0 0 rg BT 438.47 636.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.78 636.10 Td ($425million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.17 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.73 636.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td ($450million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.89 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.86 624.10 Td (on ) Tj ET Q q 0 0 0 rg BT 116.82 624.10 Td (land ) Tj ET Q q 0 0 0 rg BT 137.00 624.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 179.39 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 196.79 624.10 Td (land ) Tj ET Q q 0 0 0 rg BT 216.98 624.10 Td (development ) Tj ET Q q 0 0 0 rg BT 271.59 624.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.33 624.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.33 624.10 Td (. ) Tj ET Q q 0 0 0 rg BT 307.80 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 310.76 624.10 Td (However) Tj ET Q q 0 0 0 rg BT 347.01 624.10 Td (, ) Tj ET Q q 0 0 0 rg BT 352.47 624.10 Td (land ) Tj ET Q q 0 0 0 rg BT 372.65 624.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 423.38 624.10 Td (are ) Tj ET Q q 0 0 0 rg BT 438.55 624.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 469.84 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 480.58 624.10 Td (a ) Tj ET Q q 0 0 0 rg BT 487.99 624.10 Td (number ) Tj ET Q q 0 0 0 rg BT 521.50 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 532.79 624.10 Td (factors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.35 612.10 Td (our ) Tj ET Q q 0 0 0 rg BT 104.76 612.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 141.82 612.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 181.68 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 198.20 612.10 Td (market ) Tj ET Q q 0 0 0 rg BT 228.04 612.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 274.29 612.10 Td (as ) Tj ET Q q 0 0 0 rg BT 284.70 612.10 Td (well ) Tj ET Q q 0 0 0 rg BT 303.99 612.10 Td (as ) Tj ET Q q 0 0 0 rg BT 314.40 612.10 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 362.02 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.43 612.10 Td (various ) Tj ET Q q 0 0 0 rg BT 403.95 612.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 447.70 612.10 Td (related ) Tj ET Q q 0 0 0 rg BT 476.98 612.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.84 612.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 520.01 612.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 565.00 612.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 600.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.57 600.10 Td (will ) Tj ET Q q 0 0 0 rg BT 84.12 600.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 121.54 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.31 600.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 166.97 600.10 Td (market ) Tj ET Q q 0 0 0 rg BT 197.73 600.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 242.38 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.81 600.10 Td (our ) Tj ET Q q 0 0 0 rg BT 276.14 600.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 311.91 600.10 Td (pace ) Tj ET Q q 0 0 0 rg BT 333.21 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.54 600.10 Td (home ) Tj ET Q q 0 0 0 rg BT 369.75 600.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 392.18 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.61 600.10 Td (deliveries ) Tj ET Q q 0 0 0 rg BT 451.47 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.90 600.10 Td (we ) Tj ET Q q 0 0 0 rg BT 483.55 600.10 Td (will ) Tj ET Q q 0 0 0 rg BT 502.10 600.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 528.98 600.10 Td (our ) Tj ET Q q 0 0 0 rg BT 545.30 600.10 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (spending ) Tj ET Q q 0 0 0 rg BT 88.64 588.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 135.19 588.10 Td (. ) Tj ET Q q 0 0 0 rg BT 140.72 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.53 588.10 Td (W) Tj ET Q q 0 0 0 rg BT 152.17 588.10 Td (e ) Tj ET Q q 0 0 0 rg BT 159.63 588.10 Td (opened ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.54 588.10 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.54 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.57 588.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 259.26 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.72 588.10 Td (closed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.30 588.10 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.30 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.33 588.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 373.02 588.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.82 588.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.07 588.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 419.32 588.10 Td (months ) Tj ET Q q 0 0 0 rg BT 451.79 588.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 478.70 588.10 Td (September ) Tj ET Q q 0 0 0 rg BT 524.49 588.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 540.02 588.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.02 588.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.22 576.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 107.41 576.10 Td (first ) Tj ET Q q 0 0 0 rg BT 126.02 576.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 145.74 576.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.18 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 177.68 576.10 Td (with ) Tj ET Q q 0 0 0 rg BT 197.96 576.10 Td (a ) Tj ET Q q 0 0 0 rg BT 204.90 576.10 Td (total ) Tj ET Q q 0 0 0 rg BT 225.17 576.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.00 576.10 Td (174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.00 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.50 576.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 307.66 576.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 349.59 576.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.87 576.10 Td (166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.87 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.37 576.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 431.53 576.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.24 576.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 501.51 576.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.51 576.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.10 Td (Going ) Tj ET Q q 0 0 0 rg BT 77.06 554.10 Td (forward, ) Tj ET Q q 0 0 0 rg BT 113.76 554.10 Td (we ) Tj ET Q q 0 0 0 rg BT 127.98 554.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 159.41 554.10 Td (our ) Tj ET Q q 0 0 0 rg BT 175.29 554.10 Td (abilities ) Tj ET Q q 0 0 0 rg BT 209.51 554.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.84 554.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 256.26 554.10 Td (our ) Tj ET Q q 0 0 0 rg BT 272.15 554.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 295.25 554.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 320.31 554.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 347.86 554.10 Td (land ) Tj ET Q q 0 0 0 rg BT 367.63 554.10 Td (at ) Tj ET Q q 0 0 0 rg BT 377.41 554.10 Td (desired ) Tj ET Q q 0 0 0 rg BT 408.84 554.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 430.27 554.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.16 554.10 Td (return, ) Tj ET Q q 0 0 0 rg BT 470.09 554.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.09 554.10 Td (open ) Tj ET Q q 0 0 0 rg BT 509.08 554.10 Td (and ) Tj ET Q q 0 0 0 rg BT 526.07 554.10 Td (grow ) Tj ET Q q 0 0 0 rg BT 549.18 554.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.10 Td (active ) Tj ET Q q 0 0 0 rg BT 76.01 542.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 130.30 542.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 163.48 542.10 Td (our ) Tj ET Q q 0 0 0 rg BT 179.45 542.10 Td (best ) Tj ET Q q 0 0 0 rg BT 198.19 542.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 253.60 542.10 Td (for ) Tj ET Q q 0 0 0 rg BT 267.89 542.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 313.30 542.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.71 542.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 359.67 542.10 Td (our ) Tj ET Q q 0 0 0 rg BT 375.64 542.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 413.25 542.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 444.49 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 447.13 542.10 Td (However) Tj ET Q q 0 0 0 rg BT 483.38 542.10 Td (, ) Tj ET Q q 0 0 0 rg BT 488.51 542.10 Td (we ) Tj ET Q q 0 0 0 rg BT 502.81 542.10 Td (can ) Tj ET Q q 0 0 0 rg BT 519.32 542.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 552.50 542.10 Td (no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 90.87 530.10 Td (that ) Tj ET Q q 0 0 0 rg BT 108.36 530.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.08 530.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 157.24 530.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 184.18 530.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 221.65 530.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.93 530.10 Td (our ) Tj ET Q q 0 0 0 rg BT 247.76 530.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 285.24 530.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.18 530.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 342.44 530.10 Td (metrics ) Tj ET Q q 0 0 0 rg BT 374.38 530.10 Td (will ) Tj ET Q q 0 0 0 rg BT 392.43 530.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 429.37 530.10 Td (in ) Tj ET Q q 0 0 0 rg BT 439.65 530.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.36 530.10 Td (future. ) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.16 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 110.15 740.10 Td (table ) Tj ET Q q 0 0 0 rg BT 132.70 740.10 Td (shows, ) Tj ET Q q 0 0 0 rg BT 163.31 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 176.42 740.10 Td (segment: ) Tj ET Q q 0 0 0 rg BT 215.64 740.10 Td (revenue; ) Tj ET Q q 0 0 0 rg BT 253.17 740.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 277.40 740.10 Td (mar) Tj ET Q q 0 0 0 rg BT 292.76 740.10 Td (gin; ) Tj ET Q q 0 0 0 rg BT 311.43 740.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 343.70 740.10 Td (general ) Tj ET Q q 0 0 0 rg BT 376.24 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.79 740.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 454.10 740.10 Td (expense; ) Tj ET Q q 0 0 0 rg BT 492.20 740.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 533.07 740.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (\(loss\); ) Tj ET Q q 0 0 0 rg BT 77.00 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.94 728.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 125.87 728.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 160.58 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 174.74 728.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.46 728.10 Td (three ) Tj ET Q q 0 0 0 rg BT 211.94 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.88 728.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 248.60 728.10 Td (months ) Tj ET Q q 0 0 0 rg BT 280.54 728.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 306.92 728.10 Td (September ) Tj ET Q q 0 0 0 rg BT 352.19 728.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 367.19 728.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 389.69 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.62 728.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.62 728.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 696.6 m 379 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 696.6 m 386 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 696.6 m 439 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 696.6 m 449 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 696.6 m 502 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 696.6 m 509 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 696.6 m 562 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 696.6 m 502 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 684.6 m 502 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 696.6 m 509 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 684.6 m 509 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 696.6 m 562 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 684.6 m 562 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 684.6 m 326 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 684.6 m 379 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 684.6 m 386 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 684.6 m 439 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 684.6 m 449 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 684.6 m 502 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 684.6 m 509 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 684.6 m 562 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 624.6 m 386 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 624.6 m 439 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 624.6 m 509 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 624.6 m 562 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 624.6 m 326 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 612.6 m 326 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 624.6 m 379 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 612.6 m 379 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 624.6 m 386 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 612.6 m 386 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 624.6 m 439 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 612.6 m 439 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 624.6 m 449 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 612.6 m 449 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 624.6 m 502 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 612.6 m 502 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 624.6 m 509 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 612.6 m 509 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 624.6 m 562 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 612.6 m 562 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 612.6 m 326 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 612.6 m 379 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 612.6 m 386 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 612.6 m 439 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 612.6 m 449 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 612.6 m 502 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 612.6 m 509 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 612.6 m 562 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 547.6 m 326 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 547.6 m 379 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 547.6 m 386 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 547.6 m 439 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 547.6 m 502 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 547.6 m 509 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 547.6 m 562 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 547.6 m 326 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 535.6 m 326 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 547.6 m 379 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 535.6 m 379 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 547.6 m 386 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 535.6 m 386 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 547.6 m 439 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 535.6 m 439 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 547.6 m 449 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 535.6 m 449 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 547.6 m 502 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 535.6 m 502 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 547.6 m 509 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 535.6 m 509 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 547.6 m 562 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 535.6 m 562 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 458.6 m 326 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 446.6 m 326 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 458.6 m 379 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 446.6 m 379 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 458.6 m 386 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 446.6 m 386 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 458.6 m 439 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 446.6 m 439 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 458.6 m 449 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 446.6 m 449 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 458.6 m 502 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 446.6 m 502 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 458.6 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0 j 3 M 326 369.6 m 379 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 357.6 m 379 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 369.6 m 386 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 357.6 m 386 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 369.6 m 439 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 357.6 m 439 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 369.6 m 449 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 357.6 m 449 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 369.6 m 502 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 357.6 m 502 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 369.6 m 509 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 357.6 m 509 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 369.6 m 562 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 357.6 m 562 357.6 l s 0 0 0 RG /GS0 gs 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280.6 m 502 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 292.6 m 509 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 280.6 m 509 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 292.6 m 562 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 280.6 m 562 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 280.6 m 326 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 280.6 m 379 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 280.6 m 386 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 280.6 m 439 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 280.6 m 449 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 280.6 m 502 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 280.6 m 509 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 280.6 m 562 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 263.6 m 326 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 263.6 m 379 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 263.6 m 386 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 263.6 m 439 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 263.6 m 449 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 263.6 m 502 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 263.6 m 509 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 263.6 m 562 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 244.60000000000002 m 326 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 244.60000000000002 m 379 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 244.60000000000002 m 386 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 244.60000000000002 m 439 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 244.60000000000002 m 449 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 244.60000000000002 m 502 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 244.60000000000002 m 509 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 244.60000000000002 m 562 244.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 708.83 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 700.83 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 708.83 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 700.83 Td (September 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 688.55 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 688.55 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.00 688.68 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 688.55 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.00 688.68 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 688.55 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 676.68 Td (Revenue:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 664.55 Td (Midwest homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 664.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 664.68 Td (166,928) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 664.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 664.55 Td (128,121) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 664.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 664.68 Td (438,016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 664.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 664.55 Td (331,479) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 652.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 652.68 Td (143,315) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 652.55 Td (137,185) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 652.68 Td (414,974) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 652.55 Td (341,139) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 640.55 Td (Mid-Atlantic homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 640.68 Td (121,659) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 640.55 Td (88,875) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 640.68 Td (284,527) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 640.55 Td (250,546) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 628.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.04 632.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 628.68 Td (10,562) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 628.55 Td (9,276) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 628.68 Td (30,564) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 628.55 Td (26,308) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 616.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 616.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 616.55 Td (revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 616.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 616.68 Td (442,464) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 616.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 616.55 Td (363,457) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 616.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.75 616.68 Td (1,168,081) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 616.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 616.55 Td (949,472) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 599.68 Td (Gr) Tj ET Q q 0 0 0 rg BT 61.20 599.68 Td (oss ) Tj ET Q q 0 0 0 rg BT 73.36 599.68 Td (margin:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 587.55 Td (Midwest homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 587.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 587.68 Td (35,437) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 587.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 587.55 Td (25,170) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 587.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 587.68 Td (88,104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 587.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 587.55 Td (64,728) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 575.55 Td (Southern homebuilding) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 132.83 579.18 Td ( \(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 575.68 Td (11,525) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 575.55 Td (28,025) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 575.68 Td (55,489) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 575.55 Td (68,716) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 563.55 Td (Mid-Atlantic homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 563.68 Td (21,305) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 563.55 Td (15,570) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 563.68 Td (50,409) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 563.55 Td (45,526) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 551.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.04 555.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 551.68 Td (10,562) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 551.55 Td (9,276) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 551.68 Td (30,564) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 551.55 Td (26,308) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 539.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 539.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 539.55 Td (gross ) Tj ET Q q 0 0 0 rg BT 88.71 539.55 Td (mar) Tj ET Q q 0 0 0 rg BT 101.08 539.55 Td (gin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 539.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 539.68 Td (78,829) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 539.55 Td (78,041) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 539.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 539.68 Td (224,566) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 539.55 Td (205,278) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 522.68 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 78.62 522.68 Td (general ) Tj ET Q q 0 0 0 rg BT 105.94 522.68 Td (and ) Tj ET Q q 0 0 0 rg BT 120.84 522.68 Td (administrative ) Tj ET Q q 0 0 0 rg BT 172.61 522.68 Td (expense:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 510.55 Td (Midwest homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 510.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 510.68 Td (14,809) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 510.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 510.55 Td (11,659) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 510.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 510.68 Td (39,161) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 510.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 510.55 Td (31,202) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 498.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 498.68 Td (16,774) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 498.55 Td (14,165) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 498.68 Td (47,109) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 498.55 Td (38,295) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 486.55 Td (Mid-Atlantic homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 486.68 Td (9,946) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 486.55 Td (9,220) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 486.68 Td (27,582) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 486.55 Td (26,150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 474.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.04 478.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 474.68 Td (4,618) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 474.55 Td (4,420) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 474.68 Td (12,983) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 474.55 Td (10,883) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 462.55 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 462.68 Td (10,676) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 462.55 Td (8,457) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 462.68 Td (26,876) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 462.55 Td (23,051) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 450.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 450.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 450.55 Td (selling, ) Tj ET Q q 0 0 0 rg BT 95.16 450.55 Td (general ) Tj ET Q q 0 0 0 rg BT 120.70 450.55 Td (and ) Tj ET Q q 0 0 0 rg BT 134.25 450.55 Td (administrative ) Tj ET Q q 0 0 0 rg BT 182.01 450.55 Td (expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 450.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 450.68 Td (56,823) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 450.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 450.55 Td (47,921) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 450.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 450.68 Td (153,711) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 450.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 450.55 Td (129,581) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 433.68 Td (Operating ) Tj ET Q q 0 0 0 rg BT 88.61 433.68 Td (income ) Tj ET Q q 0 0 0 rg BT 115.05 433.68 Td (\(loss\):) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 421.55 Td (Midwest homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 421.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 421.68 Td (20,628) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 421.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 421.55 Td (13,511) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 421.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 421.68 Td (48,943) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 421.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 421.55 Td (33,526) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 409.55 Td (Southern homebuilding) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 132.83 413.18 Td ( \(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.10 409.68 Td (\(5,249) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 409.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 409.55 Td (13,860) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 409.68 Td (8,380) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 409.55 Td (30,421) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 397.55 Td (Mid-Atlantic homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 397.68 Td (11,359) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 397.55 Td (6,350) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 397.68 Td (22,827) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 397.55 Td (19,376) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 385.55 Td (Financial services) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 115.04 389.18 Td 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Td (operating ) Tj ET Q q 0 0 0 rg BT 102.04 361.55 Td (income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 361.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 361.68 Td (22,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 361.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 361.55 Td (30,120) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 361.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 361.68 Td (70,855) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 361.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 361.55 Td (75,697) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 344.68 Td (Inter) Tj ET Q q 0 0 0 rg BT 68.68 344.68 Td (est ) Tj ET Q q 0 0 0 rg BT 80.01 344.68 Td (expense:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 332.55 Td (Midwest homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 332.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 332.68 Td (647) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 332.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 332.55 Td (649) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 332.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 332.68 Td (2,539) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 332.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 332.55 Td (2,536) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 320.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 320.68 Td (1,788) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 320.55 Td (1,649) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 320.68 Td (6,118) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 320.55 Td (5,185) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 308.55 Td (Mid-Atlantic homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 308.68 Td (601) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 308.55 Td (948) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 308.68 Td (3,058) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 308.55 Td (3,011) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 296.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.04 300.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 296.68 Td (551) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 296.55 Td (412) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 296.68 Td (1,445) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 296.55 Td (1,138) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 284.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 284.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 284.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 95.37 284.55 Td (expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 284.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 284.68 Td (3,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 284.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 284.55 Td (3,658) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 284.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 284.68 Td (13,160) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 284.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 284.55 Td (11,870) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 267.55 Td (Equity in income of unconsolidated joint ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.10 267.68 Td (\(24) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 267.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.10 267.55 Td (\(36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 267.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.10 267.68 Td (\(413) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.80 267.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 267.55 Td (\(248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 267.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 248.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 77.49 248.55 Td (before ) Tj ET Q q 0 0 0 rg BT 99.92 248.55 Td (income ) Tj ET Q q 0 0 0 rg BT 125.46 248.55 Td (taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 248.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 248.68 Td (18,443) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 248.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 248.55 Td (26,498) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 248.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 248.68 Td (58,108) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 248.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 248.55 Td (64,075) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 229.50 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 229.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 81.89 229.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 111.82 229.50 Td (services ) Tj ET Q q 0 0 0 rg BT 139.53 229.50 Td (operational ) Tj ET Q q 0 0 0 rg BT 177.46 229.50 Td (results ) Tj ET Q q 0 0 0 rg BT 200.30 229.50 Td (should ) Tj ET Q q 0 0 0 rg BT 223.58 229.50 Td (be ) Tj ET Q q 0 0 0 rg BT 233.08 229.50 Td (viewed ) Tj ET Q q 0 0 0 rg BT 258.13 229.50 Td (in ) Tj ET Q q 0 0 0 rg BT 266.30 229.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 303.34 229.50 Td (with ) Tj ET Q q 0 0 0 rg BT 319.51 229.50 Td (our ) Tj ET Q q 0 0 0 rg BT 332.13 229.50 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 378.51 229.50 Td (business ) Tj ET Q q 0 0 0 rg BT 407.57 229.50 Td (as ) Tj ET Q q 0 0 0 rg BT 416.19 229.50 Td (its ) Tj ET Q q 0 0 0 rg BT 425.69 229.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 460.96 229.50 Td (originate ) Tj ET Q q 0 0 0 rg BT 491.34 229.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 510.18 229.50 Td (and ) Tj ET Q q 0 0 0 rg BT 523.68 229.50 Td (provide ) Tj ET Q q 0 0 0 rg BT 550.06 229.50 Td (title ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 219.90 Td (services ) Tj ET Q q 0 0 0 rg BT 95.27 219.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 127.04 219.90 Td (for ) Tj ET Q q 0 0 0 rg BT 138.36 219.90 Td (our ) Tj ET Q q 0 0 0 rg BT 151.03 219.90 Td (homebuying ) Tj ET Q q 0 0 0 rg BT 193.02 219.90 Td (customers, ) Tj ET Q q 0 0 0 rg BT 229.46 219.90 Td (with ) Tj ET Q q 0 0 0 rg BT 245.68 219.90 Td (the ) Tj ET Q q 0 0 0 rg BT 257.46 219.90 Td (exception ) Tj ET Q q 0 0 0 rg BT 290.55 219.90 Td (of ) Tj ET Q q 0 0 0 rg BT 299.22 219.90 Td (a ) Tj ET Q q 0 0 0 rg BT 304.77 219.90 Td (small ) Tj ET Q q 0 0 0 rg BT 324.10 219.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 350.10 219.90 Td (of ) Tj ET Q q 0 0 0 rg BT 358.76 219.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 390.97 219.90 Td (refinancing.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 204.30 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 204.30 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.41 204.30 Td (a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 101.77 204.30 Td ($14.5million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.88 204.30 Td ( ) Tj ET Q q 0 0 0 rg BT 146.69 204.30 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 160.05 204.30 Td ($19.4million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.16 204.30 Td ( ) Tj ET Q q 0 0 0 rg BT 204.97 204.30 Td (char) Tj ET Q q 0 0 0 rg BT 218.59 204.30 Td (ge ) Tj ET Q q 0 0 0 rg BT 227.95 204.30 Td (for ) Tj ET Q q 0 0 0 rg BT 239.08 204.30 Td (known ) Tj ET Q q 0 0 0 rg BT 262.67 204.30 Td (and ) Tj ET Q q 0 0 0 rg BT 276.03 204.30 Td (estimated ) Tj ET Q q 0 0 0 rg BT 308.49 204.30 Td (future ) Tj ET Q q 0 0 0 rg BT 329.40 204.30 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 376.07 204.30 Td (repair ) Tj ET Q q 0 0 0 rg BT 396.53 204.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 414.34 204.30 Td (in ) Tj ET Q q 0 0 0 rg BT 422.37 204.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 445.94 204.30 Td (of ) Tj ET Q q 0 0 0 rg BT 454.41 204.30 Td (our ) Tj ET Q q 0 0 0 rg BT 466.88 204.30 Td (Florida ) Tj ET Q q 0 0 0 rg BT 491.80 204.30 Td (communities ) Tj ET Q q 0 0 0 rg BT 534.93 204.30 Td (\(as ) Tj ET Q q 0 0 0 rg BT 546.07 204.30 Td (more ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 194.70 Td (fully ) Tj ET Q q 0 0 0 rg BT 84.61 194.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 117.27 194.70 Td (in ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 125.50 194.70 Td (Note ) Tj ET Q q 0 0 0 rg BT 143.05 194.70 Td (6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.05 194.70 Td (\) ) Tj ET Q q 0 0 0 rg BT 151.71 194.70 Td (taken ) Tj ET Q q 0 0 0 rg BT 171.04 194.70 Td (during ) Tj ET Q q 0 0 0 rg BT 193.92 194.70 Td (the ) Tj ET Q q 0 0 0 rg BT 205.70 194.70 Td (three ) Tj ET Q q 0 0 0 rg BT 223.68 194.70 Td (and ) Tj ET Q q 0 0 0 rg BT 237.23 194.70 Td (nine ) Tj ET Q q 0 0 0 rg BT 253.01 194.70 Td (months ) Tj ET Q q 0 0 0 rg BT 278.57 194.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 299.67 194.70 Td (September ) Tj ET Q q 0 0 0 rg BT 335.88 194.70 Td (30, ) Tj ET Q q 0 0 0 rg BT 347.88 194.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 367.88 194.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 406.01 194.70 Td (.) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 740.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 134.76 740.10 Td (show ) Tj ET Q q 0 0 0 rg BT 158.37 740.10 Td (total ) Tj ET Q q 0 0 0 rg BT 178.65 740.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 204.48 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 216.98 740.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 252.80 740.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.52 740.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 322.78 740.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.78 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 345.28 740.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.22 740.10 Td (December ) Tj ET Q q 0 0 0 rg BT 405.80 740.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 420.80 740.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 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J 0 j 3 M 436 630.6 m 506 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 642.6 m 517 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 630.6 m 517 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 642.6 m 562 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 630.6 m 562 630.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.90 720.83 Td (At September 30, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 694.85 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 694.85 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 275.30 694.83 Td (Midwest) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.20 694.83 Td (Southern) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.55 702.83 Td (Mid-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.20 694.83 Td (Atlantic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.70 708.68 Td (Corporate,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.50 700.68 Td (Financial Services) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.60 692.73 Td (and 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ET q 0 0 0 rg BT 519.50 682.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 682.68 Td (32,994) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 670.55 Td (Inventory ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 84.60 674.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.75 670.68 Td (406,832) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.75 670.68 Td (472,255) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.75 670.68 Td (313,072) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.80 670.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 670.68 Td (1,192,159) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 658.55 Td (Investments ) Tj ET Q q 0 0 0 rg BT 92.16 658.55 Td (in ) Tj ET Q q 0 0 0 rg BT 100.38 658.55 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 150.82 658.55 Td (joint ) Tj ET Q q 0 0 0 rg BT 167.48 658.55 Td (ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.75 658.68 Td (8,468) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.75 658.68 Td (18,060) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.80 658.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.80 658.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 658.68 Td (26,528) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 646.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 71.71 646.55 Td (assets ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 92.38 650.18 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.75 646.68 Td (13,144) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.75 646.68 Td (22,348) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.75 646.68 Td (19,995) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.80 646.68 Td (190,069) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 646.68 Td (245,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 634.55 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 634.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 634.55 Td (assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 270.50 634.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.75 634.68 Td (432,264) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 634.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.75 634.68 Td (537,441) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.50 634.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.75 634.68 Td (337,463) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.50 634.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.80 634.68 Td (190,069) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.50 634.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 634.68 Td (1,497,237) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268 607.6 m 313 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 607.6 m 324 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 607.6 m 369 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 607.6 m 380 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 607.6 m 425 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 607.6 m 436 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 607.6 m 506 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 607.6 m 517 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 607.6 m 562 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 580.6 m 268 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268 580.6 m 313 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 580.6 m 324 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 580.6 m 369 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 580.6 m 380 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 580.6 m 425 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 580.6 m 436 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 580.6 m 506 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 580.6 m 517 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 580.6 m 562 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 580.6 m 268 580.6 l s 0 0 0 RG /GS0 gs 1.00 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0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 531.6 m 425 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 531.6 m 436 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 531.6 m 506 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 531.6 m 517 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 531.6 m 562 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 531.6 m 268 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 519.6 m 268 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268 531.6 m 313 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268 519.6 m 313 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 531.6 m 324 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 519.6 m 324 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 531.6 m 369 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 519.6 m 369 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 531.6 m 380 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 519.6 m 380 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 531.6 m 425 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 519.6 m 425 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 531.6 m 436 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 519.6 m 436 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 531.6 m 506 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 519.6 m 506 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 531.6 m 517 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 519.6 m 517 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 531.6 m 562 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 519.6 m 562 519.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.05 611.85 Td (At December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 584.85 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 584.85 Td (thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.00 584.85 Td (Midwest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.55 584.85 Td (Southern) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.00 592.85 Td (Mid-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.10 584.85 Td (Atlantic) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.50 599.55 Td (Corporate,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.05 591.55 Td (Financial Services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.40 583.55 Td (and Unallocated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.80 584.85 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 571.85 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 81.50 571.85 Td (on ) Tj ET Q q 0 0 0 rg BT 91.50 571.85 Td (real ) Tj ET Q q 0 0 0 rg BT 105.49 571.85 Td (estate ) Tj ET Q q 0 0 0 rg BT 125.70 571.85 Td (under ) Tj ET Q q 0 0 0 rg BT 145.91 571.85 Td (option ) Tj ET Q q 0 0 0 rg BT 168.36 571.85 Td (or ) Tj ET Q q 0 0 0 rg BT 177.02 571.85 Td (contract) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.50 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.75 571.85 Td (3,379) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.50 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.75 571.85 Td (16,128) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.50 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.75 571.85 Td (4,203) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.80 571.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 571.85 Td (23,710) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 559.55 Td (Inventory ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 84.60 563.18 Td (\(a\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.75 559.55 Td (368,748) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.75 559.55 Td (416,443) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.75 559.55 Td (303,141) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.80 559.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 559.55 Td (1,088,332) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 547.55 Td (Investments ) Tj ET Q q 0 0 0 rg BT 92.16 547.55 Td (in ) Tj ET Q q 0 0 0 rg BT 100.38 547.55 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 150.82 547.55 Td (joint ) Tj ET Q q 0 0 0 rg BT 167.48 547.55 Td (ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.75 547.55 Td (5,976) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.75 547.55 Td (30,991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.80 547.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.80 547.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 547.55 Td (36,967) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 535.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 71.71 535.55 Td (assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.75 535.55 Td (10,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.75 535.55 Td (23,704) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.75 535.55 Td (7,253) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 535.55 Td (225,570) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 535.55 Td (266,545) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 523.55 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 523.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 523.55 Td (assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.50 523.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.75 523.55 Td (388,121) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.50 523.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.75 523.55 Td (487,266) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.50 523.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.75 523.55 Td (314,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 523.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 523.55 Td (225,570) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 523.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 523.55 Td (1,415,554) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 504.50 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 504.50 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 99.73 504.50 Td (includes ) Tj ET Q q 0 0 0 rg BT 127.53 504.50 Td (single-family ) Tj ET Q q 0 0 0 rg BT 171.32 504.50 Td (lots; ) Tj ET Q q 0 0 0 rg BT 186.23 504.50 Td (land ) Tj ET Q q 0 0 0 rg BT 201.14 504.50 Td (and ) Tj ET Q q 0 0 0 rg BT 213.82 504.50 Td (land ) Tj ET Q q 0 0 0 rg BT 228.73 504.50 Td (development ) Tj ET Q q 0 0 0 rg BT 271.18 504.50 Td (costs; ) Tj ET Q q 0 0 0 rg BT 290.54 504.50 Td (land ) Tj ET Q q 0 0 0 rg BT 305.44 504.50 Td (held ) Tj ET Q q 0 0 0 rg BT 320.35 504.50 Td (for ) Tj ET Q q 0 0 0 rg BT 330.81 504.50 Td (sale; ) Tj ET Q q 0 0 0 rg BT 346.60 504.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 368.62 504.50 Td (under ) Tj ET Q q 0 0 0 rg BT 387.97 504.50 Td (construction; ) Tj ET Q q 0 0 0 rg BT 430.87 504.50 Td (model ) Tj ET Q q 0 0 0 rg BT 452.00 504.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 474.02 504.50 Td (and ) Tj ET Q q 0 0 0 rg BT 486.70 504.50 Td (furnishings; ) Tj ET Q q 0 0 0 rg BT 526.06 504.50 Td (community ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 494.90 Td (development ) Tj ET Q q 0 0 0 rg BT 110.82 494.90 Td (district ) Tj ET Q q 0 0 0 rg BT 135.04 494.90 Td (infrastructure; ) Tj ET Q q 0 0 0 rg BT 182.35 494.90 Td (and ) Tj ET Q q 0 0 0 rg BT 195.90 494.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 238.34 494.90 Td (inventory ) Tj ET Q q 0 0 0 rg BT 271.00 494.90 Td (not ) Tj ET Q q 0 0 0 rg BT 283.22 494.90 Td (owned.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 479.30 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 479.30 Td (During ) Tj ET Q q 0 0 0 rg BT 91.63 479.30 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 102.87 479.30 Td (nine ) Tj ET Q q 0 0 0 rg BT 118.11 479.30 Td (months ) Tj ET Q q 0 0 0 rg BT 143.14 479.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 163.71 479.30 Td (September ) Tj ET Q q 0 0 0 rg BT 199.39 479.30 Td (30, ) Tj ET Q q 0 0 0 rg BT 210.86 479.30 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.86 479.30 Td (, ) Tj ET Q q 0 0 0 rg BT 230.32 479.30 Td (the ) Tj ET Q q 0 0 0 rg BT 241.57 479.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 274.14 479.30 Td (purchased ) Tj ET Q q 0 0 0 rg BT 308.04 479.30 Td (an ) Tj ET Q q 0 0 0 rg BT 317.06 479.30 Td (airplane ) Tj ET Q q 0 0 0 rg BT 344.29 479.30 Td (for ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.08 479.30 Td ($9.9million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.20 479.30 Td (. ) Tj ET Q q 0 0 0 rg BT 397.56 479.30 Td (The ) Tj ET Q q 0 0 0 rg BT 411.46 479.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 428.48 479.30 Td (is ) Tj ET Q q 0 0 0 rg BT 435.29 479.30 Td (included ) Tj ET Q q 0 0 0 rg BT 464.30 479.30 Td (in ) Tj ET Q q 0 0 0 rg BT 471.99 479.30 Td (the ) Tj ET Q q 0 0 0 rg BT 483.23 479.30 Td (table ) Tj ET Q q 0 0 0 rg BT 500.25 479.30 Td (above ) Tj ET Q q 0 0 0 rg BT 520.82 479.30 Td (in ) Tj ET Q q 0 0 0 rg BT 528.51 479.30 Td (Corporate, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 469.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 99.27 469.70 Td (Services, ) Tj ET Q q 0 0 0 rg BT 130.37 469.70 Td (and ) Tj ET Q q 0 0 0 rg BT 143.92 469.70 Td (Unallocated ) Tj ET Q q 0 0 0 rg BT 184.57 469.70 Td (Other ) Tj ET Q q 0 0 0 rg BT 204.34 469.70 Td (Assets, ) Tj ET Q q 0 0 0 rg BT 229.23 469.70 Td (and ) Tj ET Q q 0 0 0 rg BT 242.79 469.70 Td (within ) Tj ET Q q 0 0 0 rg BT 265.23 469.70 Td (Property ) Tj ET Q q 0 0 0 rg BT 294.78 469.70 Td (and ) Tj ET Q q 0 0 0 rg BT 308.33 469.70 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 345.44 469.70 Td (- ) Tj ET Q q 0 0 0 rg BT 350.10 469.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 363.65 469.70 Td (in ) Tj ET Q q 0 0 0 rg BT 371.88 469.70 Td (our ) Tj ET Q q 0 0 0 rg BT 384.54 469.70 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 419.86 469.70 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 457.41 469.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 501.63 469.70 Td (Balance ) Tj ET Q q 0 0 0 rg BT 529.39 469.70 Td (Sheets.) Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Reportable ) Tj ET Q q 0 0 0 rg BT 99.77 740.25 Td (Segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (The following table presents, by reportable segment, selected operating and financial information as of and for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.07 718.25 Td (three and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (nine months ended September 30, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.24 706.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 674.75 m 379 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 674.75 m 386 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 674.75 m 439 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 674.75 m 449 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 674.75 m 502 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 674.75 m 509 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 674.75 m 562 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 663.75 m 326 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 663.75 m 379 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 663.75 m 386 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 663.75 m 439 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 663.75 m 449 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 674.75 m 502 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 663.75 m 502 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 674.75 m 509 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 663.75 m 509 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 674.75 m 562 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 663.75 m 562 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 663.75 m 326 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 663.75 m 379 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 663.75 m 386 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 663.75 m 439 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 663.75 m 449 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 663.75 m 502 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 663.75 m 509 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 663.75 m 562 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 518.75 m 326 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 518.75 m 379 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 518.75 m 386 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 518.75 m 439 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 518.75 m 449 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 518.75 m 502 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 518.75 m 509 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 518.75 m 562 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 518.75 m 326 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 518.75 m 379 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 518.75 m 386 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 518.75 m 439 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 518.75 m 449 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 518.75 m 502 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 518.75 m 509 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 518.75 m 562 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 375.75 m 326 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 375.75 m 379 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 375.75 m 386 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 375.75 m 439 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 375.75 m 449 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 375.75 m 502 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 375.75 m 509 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 375.75 m 562 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 375.75 m 326 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 375.75 m 379 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 375.75 m 386 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 375.75 m 439 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 375.75 m 449 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 375.75 m 502 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 375.75 m 509 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 375.75 m 562 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 232.75 m 326 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 232.75 m 379 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 232.75 m 386 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 232.75 m 439 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 232.75 m 449 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 232.75 m 502 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 232.75 m 509 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 232.75 m 562 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 232.75 m 326 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 232.75 m 379 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 232.75 m 386 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 232.75 m 439 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 232.75 m 449 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 232.75 m 502 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 232.75 m 509 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 232.75 m 562 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 89.75 m 326 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 89.75 m 379 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 89.75 m 386 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 89.75 m 439 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 89.75 m 449 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 89.75 m 502 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 89.75 m 509 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 89.75 m 562 89.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 686.98 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 678.98 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 686.98 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 678.98 Td (September 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 666.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.00 666.83 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 666.70 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.00 666.83 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 666.70 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 655.83 Td (Midwest Region) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 644.70 Td (Homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 644.83 Td (443) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 644.70 Td (363) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 644.83 Td (1,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 644.70 Td (962) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 633.70 Td (New contracts, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 633.83 Td (407) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 633.70 Td (341) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 633.83 Td (1,409) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 633.70 Td (1,158) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 622.70 Td (Backlog at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 622.83 Td (918) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 622.70 Td (701) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 622.83 Td (918) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 622.70 Td (701) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 611.70 Td (Average sales price of homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 611.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 611.83 Td (374) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 611.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 611.70 Td (350) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 611.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 611.83 Td (375) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 611.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 611.70 Td (341) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 600.70 Td (Average sales price of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 600.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 600.83 Td (388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 600.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 600.70 Td (378) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 600.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 600.83 Td (388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 600.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 600.70 Td (378) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 589.70 Td (Aggregate sales value of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 589.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 589.83 Td (355,797) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 589.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 589.70 Td (265,078) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 589.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 589.83 Td (355,797) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 589.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 589.70 Td (265,078) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 578.70 Td (Revenue homes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 578.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 578.83 Td (165,894) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 578.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 578.70 Td (127,172) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 578.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 578.83 Td (435,717) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 578.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 578.70 Td (328,506) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 567.70 Td (Revenue third party land sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 567.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 567.83 Td (1,034) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 567.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 567.70 Td (949) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 567.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 567.83 Td (2,299) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 567.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 567.70 Td (2,973) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 556.70 Td (Operating income homes ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 145.92 560.33 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 556.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 556.83 Td (19,936) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 556.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 556.70 Td (13,307) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 556.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 556.83 Td (47,938) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 556.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 556.70 Td (32,798) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 545.70 Td (Operating income land) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 545.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 545.83 Td (692) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 545.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 545.70 Td (204) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 545.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 545.83 Td (1,005) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 545.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 545.70 Td (728) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 534.00 Td (Number of average active communities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.80 533.98 Td (62) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 534.00 Td (65) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.80 533.98 Td (67) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 534.00 Td (64) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 521.70 Td (Number of active communities, end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.80 521.83 Td (60) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 521.70 Td (67) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.80 521.83 Td (60) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 521.70 Td (67) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 510.83 Td (Southern Region) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 499.70 Td (Homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 499.83 Td (410) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 499.70 Td (377) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 499.83 Td (1,158) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 499.70 Td (964) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 488.70 Td (New contracts, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 488.83 Td (437) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 488.70 Td (399) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 488.83 Td (1,444) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 488.70 Td (1,220) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 477.70 Td (Backlog at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 477.83 Td (846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 477.70 Td (706) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 477.83 Td (846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 477.70 Td (706) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 466.70 Td (Average sales price of homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 466.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 466.83 Td (345) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 466.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 466.70 Td (348) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 466.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 466.83 Td (344) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 466.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 466.70 Td (333) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 455.70 Td (Average sales price of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 455.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 455.83 Td (350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 455.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 455.70 Td (363) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 455.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 455.83 Td (350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 455.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 455.70 Td (363) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 444.70 Td (Aggregate sales value of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 444.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 444.83 Td (296,145) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 444.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 444.70 Td (255,995) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 444.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 444.83 Td (296,145) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 444.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 444.70 Td (255,995) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 433.70 Td (Revenue homes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 433.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 433.83 Td (141,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 433.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 433.70 Td (131,265) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 433.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 433.83 Td (398,249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 433.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 433.70 Td (321,085) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 422.70 Td (Revenue third party land sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 422.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 422.83 Td (1,933) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 422.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 422.70 Td (5,920) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 422.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 422.83 Td (16,725) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 422.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 422.70 Td (20,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 411.70 Td (Operating income homes ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 145.92 415.33 Td (\(a\) \(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 411.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.10 411.83 Td (\(5,650) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 411.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 411.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 411.70 Td (13,157) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 411.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 411.83 Td (6,458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 411.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 411.70 Td (26,613) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 400.70 Td (Operating income land) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 400.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 400.83 Td (401) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 400.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 400.70 Td (703) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 400.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 400.83 Td (1,922) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 400.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 400.70 Td (3,808) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 389.70 Td (Number of average active communities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.80 389.83 Td (72) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 389.70 Td (61) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.80 389.83 Td (70) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 389.70 Td (56) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 378.70 Td (Number of active communities, end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.80 378.83 Td (74) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 378.70 Td (62) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.80 378.83 Td (74) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 378.70 Td (62) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 367.83 Td (Mid-Atlantic Region) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 356.70 Td (Homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 356.83 Td (295) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 356.70 Td (254) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 356.83 Td (745) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 356.70 Td (704) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 345.70 Td (New contracts, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 345.83 Td (244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 345.70 Td (248) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 345.83 Td (903) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 345.70 Td (818) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 334.70 Td (Backlog at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 334.83 Td (457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 334.70 Td (381) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 334.83 Td (457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 334.70 Td (381) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 323.70 Td (Average sales price of homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 323.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 323.83 Td (380) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 323.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 323.70 Td (347) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 323.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 323.83 Td (365) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 323.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 323.70 Td (344) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 312.70 Td (Average sales price of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 312.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 312.83 Td (371) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 312.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 312.70 Td (357) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 312.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 312.83 Td (371) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 312.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 312.70 Td (357) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 301.70 Td (Aggregate sales value of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 301.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 301.83 Td (169,552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 301.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 301.70 Td (135,843) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 301.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 301.83 Td (169,552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 301.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 301.70 Td (135,843) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 290.70 Td (Revenue homes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 290.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 290.83 Td (111,952) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 290.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 290.70 Td (88,125) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 290.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 290.83 Td (271,735) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 290.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 290.70 Td (242,083) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 279.70 Td (Revenue third party land sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 279.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 279.83 Td (9,707) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 279.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 279.70 Td (750) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 279.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 279.83 Td (12,792) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 279.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 279.70 Td (8,463) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 268.70 Td (Operating income homes ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 145.92 272.33 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 268.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 268.83 Td (11,388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 268.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 268.70 Td (6,352) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 268.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 268.83 Td (22,658) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 268.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 268.70 Td (17,548) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 257.70 Td (Operating income land) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 257.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.10 257.83 Td (\(29) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 257.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 257.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.10 257.70 Td (\(2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 257.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 257.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 257.83 Td (169) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 257.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 257.70 Td (1,828) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 246.70 Td (Number of average active communities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.80 246.83 Td (40) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 246.70 Td (35) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.80 246.83 Td (39) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 246.70 Td (35) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 235.70 Td (Number of active communities, end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.80 235.83 Td (40) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 235.70 Td (37) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.80 235.83 Td (40) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 235.70 Td (37) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 224.83 Td (Total Homebuilding Regions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 213.70 Td (Homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 213.83 Td (1,148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 213.70 Td (994) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 213.83 Td (3,066) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 213.70 Td (2,630) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 202.70 Td (New contracts, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 202.83 Td (1,088) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 202.70 Td (988) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 202.83 Td (3,756) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 202.70 Td (3,196) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 191.70 Td (Backlog at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 191.83 Td (2,221) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 191.70 Td (1,788) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 191.83 Td (2,221) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 191.70 Td (1,788) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 180.70 Td (Average sales price of homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 180.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 180.83 Td (365) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 180.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 180.70 Td (349) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 180.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 180.83 Td (361) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 180.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 180.70 Td (339) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 169.70 Td (Average sales price of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 169.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 169.83 Td (370) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 169.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 169.70 Td (367) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 169.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 169.83 Td (370) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 169.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 169.70 Td (367) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 158.70 Td (Aggregate sales value of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 158.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 158.83 Td (821,494) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 158.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 158.70 Td (656,917) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 158.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 158.83 Td (821,494) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 158.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 158.70 Td (656,917) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 147.70 Td (Revenue homes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 147.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 147.83 Td (419,228) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 147.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 147.70 Td (346,562) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 147.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.75 147.83 Td (1,105,701) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 147.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 147.70 Td (891,674) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 136.70 Td (Revenue third party land sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 136.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 136.83 Td (12,674) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 136.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 136.70 Td (7,619) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 136.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 136.83 Td (31,816) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 136.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 136.70 Td (31,490) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 125.70 Td (Operating income homes ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 145.92 129.33 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 125.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 125.83 Td (25,674) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 125.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 125.70 Td (32,816) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 125.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 125.83 Td (77,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 125.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 125.70 Td (76,959) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 114.70 Td (Operating income land) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 114.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 114.83 Td (1,064) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 114.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 114.70 Td (905) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 114.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 114.83 Td (3,096) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 114.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 114.70 Td (6,364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 103.70 Td (Number of average active communities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 103.83 Td (174) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 103.70 Td (161) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 103.83 Td (176) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 103.70 Td (155) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 92.70 Td (Number of active communities, end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 92.83 Td (174) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 92.70 Td (166) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 92.83 Td (174) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 92.70 Td (166) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 77.65 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 77.65 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.64 77.65 Td (the ) Tj ET Q q 0 0 0 rg BT 108.45 77.65 Td (ef) Tj ET Q q 0 0 0 rg BT 114.52 77.65 Td (fect ) Tj ET Q q 0 0 0 rg BT 128.54 77.65 Td (of ) Tj ET Q q 0 0 0 rg BT 137.24 77.65 Td (total ) Tj ET Q q 0 0 0 rg BT 153.49 77.65 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 199.97 77.65 Td (selling, ) Tj ET Q q 0 0 0 rg BT 225.34 77.65 Td (general ) Tj ET Q q 0 0 0 rg BT 250.91 77.65 Td (and ) Tj ET Q q 0 0 0 rg BT 264.50 77.65 Td (administrative ) Tj ET Q q 0 0 0 rg BT 312.30 77.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 340.10 77.65 Td (for ) Tj ET Q q 0 0 0 rg BT 351.46 77.65 Td (the ) Tj ET Q q 0 0 0 rg BT 363.27 77.65 Td (region ) Tj ET Q q 0 0 0 rg BT 385.74 77.65 Td (as ) Tj ET Q q 0 0 0 rg BT 394.44 77.65 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 426.25 77.65 Td (in ) Tj ET Q q 0 0 0 rg BT 434.51 77.65 Td (the ) Tj ET Q q 0 0 0 rg BT 446.32 77.65 Td (first ) Tj ET Q q 0 0 0 rg BT 461.24 77.65 Td (table ) Tj ET Q q 0 0 0 rg BT 478.82 77.65 Td (set ) Tj ET Q q 0 0 0 rg BT 489.74 77.65 Td (forth ) Tj ET Q q 0 0 0 rg BT 507.33 77.65 Td (in ) Tj ET Q q 0 0 0 rg BT 515.59 77.65 Td (this ) Tj ET Q q 0 0 0 rg BT 529.18 77.65 Td (Outlook ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 68.05 Td (section.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 56.45 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 56.45 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.41 56.45 Td (a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 101.77 56.45 Td ($14.5million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.88 56.45 Td ( ) Tj ET Q q 0 0 0 rg BT 146.69 56.45 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 160.05 56.45 Td ($19.4million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.16 56.45 Td ( ) Tj ET Q q 0 0 0 rg BT 204.97 56.45 Td (char) Tj ET Q q 0 0 0 rg BT 218.59 56.45 Td (ge ) Tj ET Q q 0 0 0 rg BT 227.95 56.45 Td (for ) Tj ET Q q 0 0 0 rg BT 239.08 56.45 Td (known ) Tj ET Q q 0 0 0 rg BT 262.67 56.45 Td (and ) Tj ET Q q 0 0 0 rg BT 276.03 56.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 308.49 56.45 Td (future ) Tj ET Q q 0 0 0 rg BT 329.40 56.45 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 376.07 56.45 Td (repair ) Tj ET Q q 0 0 0 rg BT 396.53 56.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 414.34 56.45 Td (in ) Tj ET Q q 0 0 0 rg BT 422.37 56.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 445.94 56.45 Td (of ) Tj ET Q q 0 0 0 rg BT 454.41 56.45 Td (our ) Tj ET Q q 0 0 0 rg BT 466.88 56.45 Td (Florida ) Tj ET Q q 0 0 0 rg BT 491.80 56.45 Td (communities ) Tj ET Q q 0 0 0 rg BT 534.93 56.45 Td (\(as ) Tj ET Q q 0 0 0 rg BT 546.07 56.45 Td (more ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 46.85 Td (fully ) Tj ET Q q 0 0 0 rg BT 84.61 46.85 Td (discussed ) Tj ET Q q 0 0 0 rg BT 117.27 46.85 Td (in ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 125.50 46.85 Td (Note ) Tj ET Q q 0 0 0 rg BT 143.05 46.85 Td (6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.05 46.85 Td (\) ) Tj ET Q q 0 0 0 rg BT 151.71 46.85 Td (taken ) Tj ET Q q 0 0 0 rg BT 171.04 46.85 Td (during ) Tj ET Q q 0 0 0 rg BT 193.92 46.85 Td (the ) Tj ET Q q 0 0 0 rg BT 205.70 46.85 Td (three ) Tj ET Q q 0 0 0 rg BT 223.68 46.85 Td (and ) Tj ET Q q 0 0 0 rg BT 237.23 46.85 Td (nine ) Tj ET Q q 0 0 0 rg BT 253.01 46.85 Td (months ) Tj ET Q q 0 0 0 rg BT 278.57 46.85 Td (ended ) Tj ET Q q 0 0 0 rg BT 299.67 46.85 Td (September ) Tj ET Q q 0 0 0 rg BT 335.88 46.85 Td (30, ) Tj ET Q q 0 0 0 rg BT 347.88 46.85 Td (2016, ) Tj ET Q q 0 0 0 rg BT 367.88 46.85 Td (respectively) Tj ET Q q 0 0 0 rg BT 406.01 46.85 Td (.) 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714.5 m 562 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 644.5 m 326 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 644.5 m 379 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 644.5 m 386 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 644.5 m 439 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 644.5 m 449 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 644.5 m 502 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 644.5 m 509 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 644.5 m 562 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 644.5 m 326 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 629.5 m 326 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 629.5 m 379 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 629.5 m 386 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 629.5 m 439 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 629.5 m 449 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 629.5 m 502 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 629.5 m 509 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 629.5 m 562 629.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 737.73 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 729.73 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 737.73 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 729.73 Td (September 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 717.45 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.00 717.58 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 717.45 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.00 717.58 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 717.45 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 706.58 Td (Financial Services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 695.45 Td (Number of loans originated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 695.58 Td (848) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 695.45 Td (713) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 695.58 Td (2,213) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 695.45 Td (1,947) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 684.45 Td (Value of loans originated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 684.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.75 684.58 Td (250,306) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 684.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 684.45 Td (203,700) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 684.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 684.58 Td (654,905) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 684.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 684.45 Td (537,385) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 669.45 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 669.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.75 669.58 Td (10,562) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 669.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 669.45 Td (9,276) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 669.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 669.58 Td (30,564) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 669.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 669.45 Td (26,308) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 658.45 Td (Less: Selling, general and administrative expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 658.58 Td (4,618) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 658.45 Td (4,420) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 658.58 Td (12,983) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 658.45 Td (10,883) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 87.50 647.45 Td (Interest expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 647.58 Td (551) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 647.45 Td (412) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 647.58 Td (1,445) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 647.45 Td (1,138) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 632.45 Td (Income before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 632.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 632.58 Td (5,393) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 632.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 632.45 Td (4,444) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 632.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 632.58 Td (16,136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 632.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 632.45 Td (14,287) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 606.00 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 606.00 Td ( ) Tj ET Q q 0 0 0 rg BT 59.10 606.00 Td (home ) Tj ET Q q 0 0 0 rg BT 84.25 606.00 Td (is ) Tj ET Q q 0 0 0 rg BT 93.85 606.00 Td (included ) Tj ET Q q 0 0 0 rg BT 131.21 606.00 Td (in ) Tj ET Q q 0 0 0 rg BT 141.92 606.00 Td (new ) Tj ET Q q 0 0 0 rg BT 165.95 606.00 Td (contracts ) Tj ET Q q 0 0 0 rg BT 209.42 606.00 Td (when ) Tj ET Q q 0 0 0 rg BT 234.01 606.00 Td (our ) Tj ET Q q 0 0 0 rg BT 250.27 606.00 Td (standard ) Tj ET Q q 0 0 0 rg BT 287.08 606.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 309.45 606.00 Td (contract ) Tj ET Q q 0 0 0 rg BT 344.58 606.00 Td (is ) Tj ET Q q 0 0 0 rg BT 354.18 606.00 Td (executed. ) Tj ET Q q 0 0 0 rg BT 395.15 606.00 Td ( ) Tj ET Q q 0 0 0 rg BT 398.08 606.00 Td (Homes ) Tj ET Q q 0 0 0 rg BT 433.78 606.00 Td (delivered ) Tj ET Q q 0 0 0 rg BT 478.35 606.00 Td (represents ) Tj ET Q q 0 0 0 rg BT 521.82 606.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 550.86 606.00 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 594.00 Td (which ) Tj ET Q q 0 0 0 rg BT 76.32 594.00 Td (the ) Tj ET Q q 0 0 0 rg BT 90.92 594.00 Td (closing ) Tj ET Q q 0 0 0 rg BT 122.19 594.00 Td (of ) Tj ET Q q 0 0 0 rg BT 132.90 594.00 Td (the ) Tj ET Q q 0 0 0 rg BT 147.50 594.00 Td (sale ) Tj ET Q q 0 0 0 rg BT 165.43 594.00 Td (has ) Tj ET Q q 0 0 0 rg BT 181.15 594.00 Td (occurred. ) Tj ET Q q 0 0 0 rg BT 221.00 594.00 Td ( ) Tj ET Q q 0 0 0 rg BT 223.39 594.00 Td (Backlog ) Tj ET Q q 0 0 0 rg BT 267.97 594.00 Td (represents ) Tj ET Q q 0 0 0 rg BT 310.89 594.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 339.38 594.00 Td (for ) Tj ET Q q 0 0 0 rg BT 353.43 594.00 Td (which ) Tj ET Q q 0 0 0 rg BT 380.25 594.00 Td (the ) Tj ET Q q 0 0 0 rg BT 394.85 594.00 Td (standard ) Tj ET Q q 0 0 0 rg BT 431.11 594.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 452.93 594.00 Td (contract ) Tj ET Q q 0 0 0 rg BT 487.51 594.00 Td (has ) Tj ET Q q 0 0 0 rg BT 503.23 594.00 Td (been ) Tj ET Q q 0 0 0 rg BT 524.49 594.00 Td (executed, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 582.00 Td (but ) Tj ET Q q 0 0 0 rg BT 64.64 582.00 Td (which ) Tj ET Q q 0 0 0 rg BT 91.44 582.00 Td (are ) Tj ET Q q 0 0 0 rg BT 106.01 582.00 Td (not ) Tj ET Q q 0 0 0 rg BT 121.15 582.00 Td (included ) Tj ET Q q 0 0 0 rg BT 157.94 582.00 Td (in ) Tj ET Q q 0 0 0 rg BT 168.08 582.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 196.55 582.00 Td (delivered ) Tj ET Q q 0 0 0 rg BT 236.11 582.00 Td (because ) Tj ET Q q 0 0 0 rg BT 270.12 582.00 Td (closings ) Tj ET Q q 0 0 0 rg BT 305.26 582.00 Td (for ) Tj ET Q q 0 0 0 rg BT 319.28 582.00 Td (these ) Tj ET Q q 0 0 0 rg BT 342.19 582.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 370.65 582.00 Td (have ) Tj ET Q q 0 0 0 rg BT 391.89 582.00 Td (not ) Tj ET Q q 0 0 0 rg BT 407.03 582.00 Td (yet ) Tj ET Q q 0 0 0 rg BT 421.61 582.00 Td (occurred ) Tj ET Q q 0 0 0 rg BT 458.95 582.00 Td (as ) Tj ET Q q 0 0 0 rg BT 469.64 582.00 Td (of ) Tj ET Q q 0 0 0 rg BT 480.33 582.00 Td (the ) Tj ET Q q 0 0 0 rg BT 494.91 582.00 Td (end ) Tj ET Q q 0 0 0 rg BT 511.70 582.00 Td (of ) Tj ET Q q 0 0 0 rg BT 522.40 582.00 Td (the ) Tj ET Q q 0 0 0 rg BT 536.97 582.00 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 570.00 Td (specified.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.00 Td (The ) Tj ET Q q 0 0 0 rg BT 67.29 548.00 Td (composition ) Tj ET Q q 0 0 0 rg BT 118.97 548.00 Td (of ) Tj ET Q q 0 0 0 rg BT 129.54 548.00 Td (our ) Tj ET Q q 0 0 0 rg BT 145.11 548.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 173.46 548.00 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 215.40 548.00 Td (new ) Tj ET Q q 0 0 0 rg BT 234.30 548.00 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 275.14 548.00 Td (net ) Tj ET Q q 0 0 0 rg BT 289.59 548.00 Td (and ) Tj ET Q q 0 0 0 rg BT 306.27 548.00 Td (backlog ) Tj ET Q q 0 0 0 rg BT 340.17 548.00 Td (is ) Tj ET Q q 0 0 0 rg BT 349.08 548.00 Td (constantly ) Tj ET Q q 0 0 0 rg BT 392.42 548.00 Td (changing ) Tj ET Q q 0 0 0 rg BT 431.32 548.00 Td (and ) Tj ET Q q 0 0 0 rg BT 448.00 548.00 Td (may ) Tj ET Q q 0 0 0 rg BT 467.45 548.00 Td (be ) Tj ET Q q 0 0 0 rg BT 479.13 548.00 Td (based ) Tj ET Q q 0 0 0 rg BT 504.14 548.00 Td (on ) Tj ET Q q 0 0 0 rg BT 516.38 548.00 Td (a ) Tj ET Q q 0 0 0 rg BT 523.06 548.00 Td (dissimilar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.00 Td (mix ) Tj ET Q q 0 0 0 rg BT 67.66 536.00 Td (of ) Tj ET Q q 0 0 0 rg BT 78.59 536.00 Td (communities ) Tj ET Q q 0 0 0 rg BT 132.85 536.00 Td (between ) Tj ET Q q 0 0 0 rg BT 168.77 536.00 Td (periods ) Tj ET Q q 0 0 0 rg BT 200.81 536.00 Td (as ) Tj ET Q q 0 0 0 rg BT 211.74 536.00 Td (new ) Tj ET Q q 0 0 0 rg BT 231.00 536.00 Td (communities ) Tj ET Q q 0 0 0 rg BT 285.26 536.00 Td (open ) Tj ET Q q 0 0 0 rg BT 307.30 536.00 Td (and ) Tj ET Q q 0 0 0 rg BT 324.34 536.00 Td (existing ) Tj ET Q q 0 0 0 rg BT 358.61 536.00 Td (communities ) Tj ET Q q 0 0 0 rg BT 412.87 536.00 Td (wind ) Tj ET Q q 0 0 0 rg BT 435.47 536.00 Td (down. ) Tj ET Q q 0 0 0 rg BT 462.80 536.00 Td ( ) Tj ET Q q 0 0 0 rg BT 465.40 536.00 Td (Further) Tj ET Q q 0 0 0 rg BT 494.44 536.00 Td (, ) Tj ET Q q 0 0 0 rg BT 499.54 536.00 Td (home ) Tj ET Q q 0 0 0 rg BT 524.36 536.00 Td (types ) Tj ET Q q 0 0 0 rg BT 548.07 536.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.00 Td (individual ) Tj ET Q q 0 0 0 rg BT 92.49 524.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 121.04 524.00 Td (within ) Tj ET Q q 0 0 0 rg BT 149.03 524.00 Td (a ) Tj ET Q q 0 0 0 rg BT 155.91 524.00 Td (community ) Tj ET Q q 0 0 0 rg BT 203.90 524.00 Td (can ) Tj ET Q q 0 0 0 rg BT 220.21 524.00 Td (range ) Tj ET Q q 0 0 0 rg BT 244.86 524.00 Td (significantly ) Tj ET Q q 0 0 0 rg BT 297.29 524.00 Td (in ) Tj ET Q q 0 0 0 rg BT 307.50 524.00 Td (price ) Tj ET Q q 0 0 0 rg BT 329.92 524.00 Td (due ) Tj ET Q q 0 0 0 rg BT 346.80 524.00 Td (to ) Tj ET Q q 0 0 0 rg BT 357.02 524.00 Td (dif) Tj ET Q q 0 0 0 rg BT 367.95 524.00 Td (fering ) Tj ET Q q 0 0 0 rg BT 394.26 524.00 Td (square ) Tj ET Q q 0 0 0 rg BT 422.80 524.00 Td (footage, ) Tj ET Q q 0 0 0 rg BT 457.72 524.00 Td (option ) Tj ET Q q 0 0 0 rg BT 485.71 524.00 Td (selections, ) Tj ET Q q 0 0 0 rg BT 530.09 524.00 Td (lot ) Tj ET Q q 0 0 0 rg BT 543.08 524.00 Td (sizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.00 Td (and ) Tj ET Q q 0 0 0 rg BT 66.05 512.00 Td (quality ) Tj ET Q q 0 0 0 rg BT 95.93 512.00 Td (and ) Tj ET Q q 0 0 0 rg BT 112.48 512.00 Td (location ) Tj ET Q q 0 0 0 rg BT 146.81 512.00 Td (of ) Tj ET Q q 0 0 0 rg BT 157.25 512.00 Td (lots. ) Tj ET Q q 0 0 0 rg BT 176.31 512.00 Td ( ) Tj ET Q q 0 0 0 rg BT 178.26 512.00 Td (These ) Tj ET Q q 0 0 0 rg BT 204.25 512.00 Td (variations ) Tj ET Q q 0 0 0 rg BT 245.80 512.00 Td (may ) Tj ET Q q 0 0 0 rg BT 265.12 512.00 Td (result ) Tj ET Q q 0 0 0 rg BT 289.45 512.00 Td (in ) Tj ET Q q 0 0 0 rg BT 299.34 512.00 Td (a ) Tj ET Q q 0 0 0 rg BT 305.89 512.00 Td (lack ) Tj ET Q q 0 0 0 rg BT 324.66 512.00 Td (of ) Tj ET Q q 0 0 0 rg BT 335.10 512.00 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 382.75 512.00 Td (comparability ) Tj ET Q q 0 0 0 rg BT 440.40 512.00 Td (between ) Tj ET Q q 0 0 0 rg BT 475.82 512.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 504.04 512.00 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 545.86 512.00 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.00 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 90.59 500.00 Td (net ) Tj ET Q q 0 0 0 rg BT 105.31 500.00 Td (and ) Tj ET Q q 0 0 0 rg BT 122.25 500.00 Td (backlog ) Tj ET Q q 0 0 0 rg BT 156.40 500.00 Td (due ) Tj ET Q q 0 0 0 rg BT 173.34 500.00 Td (to ) Tj ET Q q 0 0 0 rg BT 183.62 500.00 Td (the ) Tj ET Q q 0 0 0 rg BT 198.34 500.00 Td (changing ) Tj ET Q q 0 0 0 rg BT 237.49 500.00 Td (mix ) Tj ET Q q 0 0 0 rg BT 255.55 500.00 Td (between ) Tj ET Q q 0 0 0 rg BT 291.37 500.00 Td (periods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 478.00 Td (Cancellation ) Tj ET Q q 0 0 0 rg BT 105.89 478.00 Td (Rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.00 Td (The ) Tj ET Q q 0 0 0 rg BT 67.65 456.00 Td (following ) Tj ET Q q 0 0 0 rg BT 109.14 456.00 Td (table ) Tj ET Q q 0 0 0 rg BT 131.17 456.00 Td (sets ) Tj ET Q q 0 0 0 rg BT 148.78 456.00 Td (forth ) Tj ET Q q 0 0 0 rg BT 170.82 456.00 Td (the ) Tj ET Q q 0 0 0 rg BT 185.64 456.00 Td (cancellation ) Tj ET Q q 0 0 0 rg BT 236.55 456.00 Td (rates ) Tj ET Q q 0 0 0 rg BT 258.03 456.00 Td (for ) Tj ET Q q 0 0 0 rg BT 272.29 456.00 Td (each ) Tj ET Q q 0 0 0 rg BT 293.21 456.00 Td (of ) Tj ET Q q 0 0 0 rg BT 304.14 456.00 Td (our ) Tj ET Q q 0 0 0 rg BT 320.07 456.00 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 378.23 456.00 Td (segments ) Tj ET Q q 0 0 0 rg BT 418.04 456.00 Td (for ) Tj ET Q q 0 0 0 rg BT 432.31 456.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.13 456.00 Td (three ) Tj ET Q q 0 0 0 rg BT 469.71 456.00 Td (and ) Tj ET Q q 0 0 0 rg BT 486.76 456.00 Td (nine ) Tj ET Q q 0 0 0 rg BT 506.58 456.00 Td (months ) Tj ET Q q 0 0 0 rg BT 538.63 456.00 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.00 Td (September ) Tj ET Q q 0 0 0 rg BT 94.76 444.00 Td (30, ) Tj ET Q q 0 0 0 rg BT 109.76 444.00 Td (2016 ) Tj ET Q q 0 0 0 rg BT 132.26 444.00 Td (and ) Tj ET Q q 0 0 0 rg BT 149.20 444.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.20 444.00 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 412.5 m 379 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 412.5 m 386 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 412.5 m 439 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 412.5 m 449 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 412.5 m 502 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 412.5 m 509 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 412.5 m 562 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 400.5 m 326 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 400.5 m 379 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 400.5 m 386 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 400.5 m 439 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 400.5 m 449 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 400.5 m 502 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 400.5 m 509 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 400.5 m 562 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 400.5 m 326 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 400.5 m 379 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 400.5 m 386 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 400.5 m 439 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 400.5 m 449 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 400.5 m 502 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 400.5 m 509 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 400.5 m 562 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 364.5 m 326 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 364.5 m 379 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 364.5 m 386 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 364.5 m 439 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 364.5 m 449 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 364.5 m 502 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 364.5 m 509 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 364.5 m 562 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 348.5 m 326 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 348.5 m 379 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 348.5 m 386 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 348.5 m 439 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 348.5 m 449 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 348.5 m 502 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 348.5 m 509 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 348.5 m 562 348.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 424.73 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 416.73 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 424.73 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 416.73 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.00 404.58 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 404.45 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.00 404.58 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 404.45 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 392.45 Td (Midwest) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.15 392.58 Td (14.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.45 392.58 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.15 392.45 Td (17.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.75 392.45 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.15 392.58 Td (12.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.45 392.58 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.15 392.45 Td (15.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 392.45 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 380.45 Td (Southern) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.15 380.58 Td (16.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.45 380.58 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.15 380.45 Td (17.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.75 380.45 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.15 380.58 Td (16.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.45 380.58 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.15 380.45 Td (15.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 380.45 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 368.45 Td (Mid-Atlantic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.15 368.58 Td (13.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.45 368.58 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.15 368.45 Td (12.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.75 368.45 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.15 368.58 Td (10.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.45 368.58 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.15 368.45 Td (11.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 368.45 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 352.45 Td (Total cancellation rate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.15 352.58 Td (15.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.45 352.58 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.15 352.45 Td (16.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.75 352.45 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.15 352.58 Td (13.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.45 352.58 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.15 352.45 Td (14.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 352.45 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 325.00 Td (Seasonality) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.00 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 303.00 Td (ypically) Tj ET Q q 0 0 0 rg BT 86.47 303.00 Td (, ) Tj ET Q q 0 0 0 rg BT 92.91 303.00 Td (our ) Tj ET Q q 0 0 0 rg BT 110.18 303.00 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 169.67 303.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 215.26 303.00 Td (experience ) Tj ET Q q 0 0 0 rg BT 262.50 303.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 308.64 303.00 Td (seasonality ) Tj ET Q q 0 0 0 rg BT 357.02 303.00 Td (and ) Tj ET Q q 0 0 0 rg BT 375.39 303.00 Td (quarter) Tj ET Q q 0 0 0 rg BT 403.51 303.00 Td (-to-quarter ) Tj ET Q q 0 0 0 rg BT 450.20 303.00 Td (variability ) Tj ET Q q 0 0 0 rg BT 495.23 303.00 Td (in ) Tj ET Q q 0 0 0 rg BT 506.95 303.00 Td (homebuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.00 Td (activity ) Tj ET Q q 0 0 0 rg BT 82.11 291.00 Td (levels. ) Tj ET Q q 0 0 0 rg BT 110.55 291.00 Td ( ) Tj ET Q q 0 0 0 rg BT 113.17 291.00 Td (In ) Tj ET Q q 0 0 0 rg BT 124.12 291.00 Td (general, ) Tj ET Q q 0 0 0 rg BT 158.67 291.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 187.40 291.00 Td (delivered ) Tj ET Q q 0 0 0 rg BT 227.22 291.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 262.59 291.00 Td (substantially ) Tj ET Q q 0 0 0 rg BT 315.76 291.00 Td (in ) Tj ET Q q 0 0 0 rg BT 326.16 291.00 Td (the ) Tj ET Q q 0 0 0 rg BT 341.00 291.00 Td (second ) Tj ET Q q 0 0 0 rg BT 371.38 291.00 Td (half ) Tj ET Q q 0 0 0 rg BT 389.55 291.00 Td (of ) Tj ET Q q 0 0 0 rg BT 400.50 291.00 Td (the ) Tj ET Q q 0 0 0 rg BT 415.34 291.00 Td (year ) Tj ET Q q 0 0 0 rg BT 435.16 291.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 477.21 291.00 Td (to ) Tj ET Q q 0 0 0 rg BT 487.61 291.00 Td (the ) Tj ET Q q 0 0 0 rg BT 502.44 291.00 Td (first ) Tj ET Q q 0 0 0 rg BT 521.17 291.00 Td (half ) Tj ET Q q 0 0 0 rg BT 539.34 291.00 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 291.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.00 Td (year) Tj ET Q q 0 0 0 rg BT 66.16 279.00 Td (. ) Tj ET Q q 0 0 0 rg BT 71.20 279.00 Td ( ) Tj ET Q q 0 0 0 rg BT 73.56 279.00 Td (W) Tj ET Q q 0 0 0 rg BT 82.20 279.00 Td (e ) Tj ET Q q 0 0 0 rg BT 89.18 279.00 Td (believe ) Tj ET Q q 0 0 0 rg BT 120.60 279.00 Td (that ) Tj ET Q q 0 0 0 rg BT 138.14 279.00 Td (this ) Tj ET Q q 0 0 0 rg BT 155.14 279.00 Td (seasonality ) Tj ET Q q 0 0 0 rg BT 202.11 279.00 Td (reflects ) Tj ET Q q 0 0 0 rg BT 234.08 279.00 Td (the ) Tj ET Q q 0 0 0 rg BT 248.85 279.00 Td (tendency ) Tj ET Q q 0 0 0 rg BT 287.48 279.00 Td (of ) Tj ET Q q 0 0 0 rg BT 298.36 279.00 Td (homebuyers ) Tj ET Q q 0 0 0 rg BT 349.78 279.00 Td (to ) Tj ET Q q 0 0 0 rg BT 360.11 279.00 Td (shop ) Tj ET Q q 0 0 0 rg BT 381.54 279.00 Td (for ) Tj ET Q q 0 0 0 rg BT 395.75 279.00 Td (a ) Tj ET Q q 0 0 0 rg BT 402.73 279.00 Td (new ) Tj ET Q q 0 0 0 rg BT 421.94 279.00 Td (home ) Tj ET Q q 0 0 0 rg BT 446.70 279.00 Td (in ) Tj ET Q q 0 0 0 rg BT 457.02 279.00 Td (the ) Tj ET Q q 0 0 0 rg BT 471.79 279.00 Td (spring ) Tj ET Q q 0 0 0 rg BT 499.33 279.00 Td (with ) Tj ET Q q 0 0 0 rg BT 519.66 279.00 Td (the ) Tj ET Q q 0 0 0 rg BT 534.42 279.00 Td (goal ) Tj ET Q q 0 0 0 rg BT 554.18 279.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.00 Td (closing ) Tj ET Q q 0 0 0 rg BT 80.59 267.00 Td (in ) Tj ET Q q 0 0 0 rg BT 90.58 267.00 Td (the ) Tj ET Q q 0 0 0 rg BT 105.00 267.00 Td (fall ) Tj ET Q q 0 0 0 rg BT 120.53 267.00 Td (or ) Tj ET Q q 0 0 0 rg BT 131.07 267.00 Td (winter) Tj ET Q q 0 0 0 rg BT 156.21 267.00 Td (, ) Tj ET Q q 0 0 0 rg BT 160.92 267.00 Td (as ) Tj ET Q q 0 0 0 rg BT 171.46 267.00 Td (well ) Tj ET Q q 0 0 0 rg BT 190.88 267.00 Td (as ) Tj ET Q q 0 0 0 rg BT 201.42 267.00 Td (the ) Tj ET Q q 0 0 0 rg BT 215.84 267.00 Td (scheduling ) Tj ET Q q 0 0 0 rg BT 261.37 267.00 Td (of ) Tj ET Q q 0 0 0 rg BT 271.91 267.00 Td (construction ) Tj ET Q q 0 0 0 rg BT 323.54 267.00 Td (to ) Tj ET Q q 0 0 0 rg BT 333.53 267.00 Td (accommodate ) Tj ET Q q 0 0 0 rg BT 391.26 267.00 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 427.35 267.00 Td (weather ) Tj ET Q q 0 0 0 rg BT 461.20 267.00 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 507.57 267.00 Td ( ) Tj ET Q q 0 0 0 rg BT 509.77 267.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 527.53 267.00 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.00 Td (services ) Tj ET Q q 0 0 0 rg BT 82.98 255.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 125.91 255.00 Td (also ) Tj ET Q q 0 0 0 rg BT 143.29 255.00 Td (experience ) Tj ET Q q 0 0 0 rg BT 187.87 255.00 Td (seasonality ) Tj ET Q q 0 0 0 rg BT 233.57 255.00 Td (because ) Tj ET Q q 0 0 0 rg BT 266.49 255.00 Td (loan ) Tj ET Q q 0 0 0 rg BT 284.98 255.00 Td (originations ) Tj ET Q q 0 0 0 rg BT 334.03 255.00 Td (correspond ) Tj ET Q q 0 0 0 rg BT 379.73 255.00 Td (with ) Tj ET Q q 0 0 0 rg BT 398.78 255.00 Td (the ) Tj ET Q q 0 0 0 rg BT 412.27 255.00 Td (delivery ) Tj ET Q q 0 0 0 rg BT 446.31 255.00 Td (of ) Tj ET Q q 0 0 0 rg BT 455.91 255.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 483.29 255.00 Td (in ) Tj ET Q q 0 0 0 rg BT 492.35 255.00 Td (our ) Tj ET Q q 0 0 0 rg BT 506.95 255.00 Td (homebuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 243.00 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 221.00 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 98.39 221.00 Td ( Financial Measur) Tj ET Q q 0 0 0 rg BT 175.98 221.00 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.00 Td (This ) Tj ET Q q 0 0 0 rg BT 69.21 199.00 Td (report ) Tj ET Q q 0 0 0 rg BT 95.01 199.00 Td (contains ) Tj ET Q q 0 0 0 rg BT 130.27 199.00 Td (information ) Tj ET Q q 0 0 0 rg BT 179.41 199.00 Td (about ) Tj ET Q q 0 0 0 rg BT 203.55 199.00 Td (our ) Tj ET Q q 0 0 0 rg BT 218.81 199.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 254.07 199.00 Td (housing ) Tj ET Q q 0 0 0 rg BT 287.66 199.00 Td (gross ) Tj ET Q q 0 0 0 rg BT 310.71 199.00 Td (mar) Tj ET Q q 0 0 0 rg BT 326.07 199.00 Td (gin ) Tj ET Q q 0 0 0 rg BT 340.78 199.00 Td (and ) Tj ET Q q 0 0 0 rg BT 357.15 199.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 392.40 199.00 Td (income ) Tj ET Q q 0 0 0 rg BT 423.76 199.00 Td (before ) Tj ET Q q 0 0 0 rg BT 451.23 199.00 Td (income ) Tj ET Q q 0 0 0 rg BT 482.59 199.00 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 507.57 199.00 Td (each ) Tj ET Q q 0 0 0 rg BT 527.81 199.00 Td (of ) Tj ET Q q 0 0 0 rg BT 538.07 199.00 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.00 Td (constitutes ) Tj ET Q q 0 0 0 rg BT 94.47 187.00 Td (a ) Tj ET Q q 0 0 0 rg BT 101.10 187.00 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 146.29 187.00 Td ( ) Tj ET Q q 0 0 0 rg BT 148.48 187.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 185.66 187.00 Td (measure. ) Tj ET Q q 0 0 0 rg BT 223.67 187.00 Td ( ) Tj ET Q q 0 0 0 rg BT 225.86 187.00 Td (Because ) Tj ET Q q 0 0 0 rg BT 261.37 187.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 296.89 187.00 Td (housing ) Tj ET Q q 0 0 0 rg BT 330.76 187.00 Td (gross ) Tj ET Q q 0 0 0 rg BT 354.07 187.00 Td (mar) Tj ET Q q 0 0 0 rg BT 369.43 187.00 Td (gin ) Tj ET Q q 0 0 0 rg BT 384.40 187.00 Td (and ) Tj ET Q q 0 0 0 rg BT 401.04 187.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 436.56 187.00 Td (income ) Tj ET Q q 0 0 0 rg BT 468.19 187.00 Td (before ) Tj ET Q q 0 0 0 rg BT 495.92 187.00 Td (income ) Tj ET Q q 0 0 0 rg BT 527.55 187.00 Td (taxes ) Tj ET Q q 0 0 0 rg BT 550.29 187.00 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.00 Td (not ) Tj ET Q q 0 0 0 rg BT 64.34 175.00 Td (calculated ) Tj ET Q q 0 0 0 rg BT 106.92 175.00 Td (in ) Tj ET Q q 0 0 0 rg BT 116.76 175.00 Td (accordance ) Tj ET Q q 0 0 0 rg BT 163.77 175.00 Td (with ) Tj ET Q q 0 0 0 rg BT 183.61 175.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 209.73 175.00 Td (, ) Tj ET Q q 0 0 0 rg BT 214.28 175.00 Td (these ) Tj ET Q q 0 0 0 rg BT 236.89 175.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 273.93 175.00 Td (measures ) Tj ET Q q 0 0 0 rg BT 313.19 175.00 Td (may ) Tj ET Q q 0 0 0 rg BT 332.46 175.00 Td (not ) Tj ET Q q 0 0 0 rg BT 347.30 175.00 Td (be ) Tj ET Q q 0 0 0 rg BT 358.79 175.00 Td (completely ) Tj ET Q q 0 0 0 rg BT 405.28 175.00 Td (comparable ) Tj ET Q q 0 0 0 rg BT 453.98 175.00 Td (to ) Tj ET Q q 0 0 0 rg BT 463.81 175.00 Td (similarly-titled ) Tj ET Q q 0 0 0 rg BT 525.30 175.00 Td (measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.00 Td (used ) Tj ET Q q 0 0 0 rg BT 70.18 163.00 Td (by ) Tj ET Q q 0 0 0 rg BT 82.53 163.00 Td (other ) Tj ET Q q 0 0 0 rg BT 105.43 163.00 Td (companies ) Tj ET Q q 0 0 0 rg BT 150.54 163.00 Td (in ) Tj ET Q q 0 0 0 rg BT 160.67 163.00 Td (the ) Tj ET Q q 0 0 0 rg BT 175.24 163.00 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 233.15 163.00 Td (industry ) Tj ET Q q 0 0 0 rg BT 268.27 163.00 Td (and, ) Tj ET Q q 0 0 0 rg BT 287.56 163.00 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 328.50 163.00 Td (should ) Tj ET Q q 0 0 0 rg BT 357.52 163.00 Td (not ) Tj ET Q q 0 0 0 rg BT 372.65 163.00 Td (be ) Tj ET Q q 0 0 0 rg BT 384.44 163.00 Td (considered ) Tj ET Q q 0 0 0 rg BT 430.11 163.00 Td (in ) Tj ET Q q 0 0 0 rg BT 440.23 163.00 Td (isolation ) Tj ET Q q 0 0 0 rg BT 477.03 163.00 Td (or ) Tj ET Q q 0 0 0 rg BT 487.71 163.00 Td (as ) Tj ET Q q 0 0 0 rg BT 498.39 163.00 Td (an ) Tj ET Q q 0 0 0 rg BT 510.18 163.00 Td (alternative ) Tj ET Q q 0 0 0 rg BT 554.73 163.00 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.19 151.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 143.65 151.00 Td (and/or ) Tj ET Q q 0 0 0 rg BT 172.12 151.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 210.03 151.00 Td (measures ) Tj ET Q q 0 0 0 rg BT 250.17 151.00 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 294.74 151.00 Td (by ) Tj ET Q q 0 0 0 rg BT 307.67 151.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 333.79 151.00 Td (. ) Tj ET Q q 0 0 0 rg BT 339.22 151.00 Td ( ) Tj ET Q q 0 0 0 rg BT 342.15 151.00 Td (Rather) Tj ET Q q 0 0 0 rg BT 368.41 151.00 Td (, ) Tj ET Q q 0 0 0 rg BT 373.84 151.00 Td (these ) Tj ET Q q 0 0 0 rg BT 397.31 151.00 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 442.50 151.00 Td ( ) Tj ET Q q 0 0 0 rg BT 445.43 151.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 483.34 151.00 Td (measures ) Tj ET Q q 0 0 0 rg BT 523.47 151.00 Td (should ) Tj ET Q q 0 0 0 rg BT 553.07 151.00 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.00 Td (used ) Tj ET Q q 0 0 0 rg BT 69.78 139.00 Td (to ) Tj ET Q q 0 0 0 rg BT 79.51 139.00 Td (supplement ) Tj ET Q q 0 0 0 rg BT 127.56 139.00 Td (our ) Tj ET Q q 0 0 0 rg BT 142.84 139.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 169.70 139.00 Td ( ) Tj ET Q q 0 0 0 rg BT 171.65 139.00 Td (results ) Tj ET Q q 0 0 0 rg BT 199.70 139.00 Td (in ) Tj ET Q q 0 0 0 rg BT 209.43 139.00 Td (order ) Tj ET Q q 0 0 0 rg BT 232.48 139.00 Td (to ) Tj ET Q q 0 0 0 rg BT 242.21 139.00 Td (provide ) Tj ET Q q 0 0 0 rg BT 274.71 139.00 Td (a ) Tj ET Q q 0 0 0 rg BT 281.09 139.00 Td (greater ) Tj ET Q q 0 0 0 rg BT 310.80 139.00 Td (understanding ) Tj ET Q q 0 0 0 rg BT 369.40 139.00 Td (of ) Tj ET Q q 0 0 0 rg BT 379.68 139.00 Td (the ) Tj ET Q q 0 0 0 rg BT 393.85 139.00 Td (factors ) Tj ET Q q 0 0 0 rg BT 423.00 139.00 Td (and ) Tj ET Q q 0 0 0 rg BT 439.39 139.00 Td (trends ) Tj ET Q q 0 0 0 rg BT 465.78 139.00 Td (af) Tj ET Q q 0 0 0 rg BT 473.37 139.00 Td (fecting ) Tj ET Q q 0 0 0 rg BT 503.08 139.00 Td (our ) Tj ET Q q 0 0 0 rg BT 518.36 139.00 Td (operations.) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (38) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 89.06 740.25 Td (Housing ) Tj ET Q q 0 0 0 rg BT 128.07 740.25 Td (Gross ) Tj ET Q q 0 0 0 rg BT 155.41 740.25 Td (Margin ) Tj ET Q q 0 0 0 rg BT 189.98 740.25 Td (and ) Tj ET Q q 0 0 0 rg BT 208.47 740.25 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 248.03 740.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 282.58 740.25 Td (Before ) Tj ET Q q 0 0 0 rg BT 313.79 740.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 348.34 740.25 Td (T) Tj ET Q q 0 0 0 rg BT 353.54 740.25 Td (axes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.37 740.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.81 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 380.49 740.25 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 420.04 740.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 455.15 740.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 479.71 740.25 Td (mar) Tj ET Q q 0 0 0 rg BT 495.08 740.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 511.30 740.25 Td (and ) Tj ET Q q 0 0 0 rg BT 529.18 740.25 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.25 Td (income ) Tj ET Q q 0 0 0 rg BT 81.43 728.25 Td (before ) Tj ET Q q 0 0 0 rg BT 109.47 728.25 Td (income ) Tj ET Q q 0 0 0 rg BT 141.40 728.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 164.45 728.25 Td (are ) Tj ET Q q 0 0 0 rg BT 179.16 728.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 222.19 728.25 Td (as ) Tj ET Q q 0 0 0 rg BT 233.02 728.25 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 696.75 m 379 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 696.75 m 386 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 696.75 m 439 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 696.75 m 449 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 696.75 m 502 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 696.75 m 509 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 696.75 m 562 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 684.75 m 326 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 684.75 m 379 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 684.75 m 386 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 684.75 m 439 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 684.75 m 449 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 684.75 m 502 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 684.75 m 509 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 684.75 m 562 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 684.75 m 326 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 684.75 m 379 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 684.75 m 386 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 684.75 m 439 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 684.75 m 449 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 684.75 m 502 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 684.75 m 509 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 684.75 m 562 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 660.75 m 326 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 660.75 m 379 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 660.75 m 386 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 660.75 m 439 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 660.75 m 449 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 660.75 m 502 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 660.75 m 509 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 660.75 m 562 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 632.75 m 326 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 632.75 m 379 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 632.75 m 386 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 632.75 m 439 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 632.75 m 449 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 632.75 m 502 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 632.75 m 509 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 632.75 m 562 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 540.75 m 326 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 540.75 m 379 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 540.75 m 386 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 540.75 m 439 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 540.75 m 449 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 540.75 m 502 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 540.75 m 509 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 540.75 m 562 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 540.75 m 439 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 520.75 m 326 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 520.75 m 379 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 520.75 m 386 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 520.75 m 439 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 520.75 m 449 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 520.75 m 502 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 520.75 m 509 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 520.75 m 562 520.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 708.98 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 700.98 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 708.98 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 700.98 Td (September 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 688.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.00 688.83 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 688.70 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.00 688.83 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 688.70 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 676.70 Td (Housing revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 676.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.50 676.83 Td (419,228) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 676.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.75 676.70 Td (346,562) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 676.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.50 676.83 Td (1,105,701) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 676.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 676.70 Td (891,674) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 664.70 Td (Housing cost of sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.50 664.83 Td (352,025) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.75 664.70 Td (278,702) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.50 664.83 Td (914,795) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 664.70 Td (719,068) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 648.70 Td (Housing gross margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.50 648.83 Td (67,203) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 648.70 Td (67,860) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.50 648.83 Td (190,906) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 648.70 Td (172,606) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 636.70 Td (Add: Stucco-related char) Tj ET Q q 0 0 0 rg BT 137.32 636.70 Td (ges ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 149.98 640.33 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.50 636.83 Td (14,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 636.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.50 636.83 Td (19,409) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 636.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 620.70 Td (Adjusted housing gross margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 620.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.50 620.83 Td (81,703) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 620.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 620.70 Td (67,860) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 620.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.50 620.83 Td (210,315) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 620.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 620.70 Td (172,606) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 604.70 Td (Housing gross margin percentage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.50 604.83 Td (16.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.50 604.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 604.70 Td (19.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.80 604.70 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.50 604.83 Td (17.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.50 604.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 604.70 Td (19.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 604.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 592.70 Td (Adjusted housing gross margin percentage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.50 592.83 Td (19.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.50 592.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 592.70 Td (19.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.80 592.70 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.50 592.83 Td (19.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.50 592.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 592.70 Td (19.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 592.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 568.70 Td (Income before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 568.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.50 568.83 Td (18,443) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 568.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 568.70 Td (26,498) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 568.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.50 568.83 Td (58,108) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 568.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 568.70 Td (64,075) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 556.70 Td (Add: Stucco-related char) Tj ET Q q 0 0 0 rg BT 137.32 556.70 Td (ges ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 149.98 560.33 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.50 556.83 Td (14,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 556.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.50 556.83 Td (19,409) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 556.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 544.70 Td (Subtract: Land sale gross profit ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 159.92 548.33 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.80 544.83 Td (\(1,063) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.50 544.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.10 544.70 Td (\(905) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.80 544.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.80 544.83 Td (\(3,095) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.50 544.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 544.70 Td (\(6,364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 544.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 528.70 Td (Adjusted income before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 528.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.50 528.83 Td (31,880) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 528.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 528.70 Td (25,593) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 528.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.50 528.83 Td (74,422) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 528.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 528.70 Td (57,711) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 505.65 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 505.65 Td (Represents ) Tj ET Q q 0 0 0 rg BT 104.88 505.65 Td (warranty ) Tj ET Q q 0 0 0 rg BT 135.58 505.65 Td (char) Tj ET Q q 0 0 0 rg BT 149.20 505.65 Td (ges ) Tj ET Q q 0 0 0 rg BT 162.14 505.65 Td (for ) Tj ET Q q 0 0 0 rg BT 173.74 505.65 Td (known ) Tj ET Q q 0 0 0 rg BT 197.79 505.65 Td (and ) Tj ET Q q 0 0 0 rg BT 211.61 505.65 Td (estimated ) Tj ET Q q 0 0 0 rg BT 244.54 505.65 Td (future ) Tj ET Q q 0 0 0 rg BT 265.92 505.65 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 313.05 505.65 Td (repair ) Tj ET Q q 0 0 0 rg BT 333.98 505.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 352.25 505.65 Td (in ) Tj ET Q q 0 0 0 rg BT 360.75 505.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 384.79 505.65 Td (of ) Tj ET Q q 0 0 0 rg BT 393.72 505.65 Td (our ) Tj ET Q q 0 0 0 rg BT 406.66 505.65 Td (Florida ) Tj ET Q q 0 0 0 rg BT 432.04 505.65 Td (communities ) Tj ET Q q 0 0 0 rg BT 475.64 505.65 Td (\(as ) Tj ET Q q 0 0 0 rg BT 487.25 505.65 Td (more ) Tj ET Q q 0 0 0 rg BT 505.96 505.65 Td (fully ) Tj ET Q q 0 0 0 rg BT 523.34 505.65 Td (discussed ) Tj ET Q q 0 0 0 rg BT 556.28 505.65 Td (in ) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 67.5 494.98359375 m 89.05078125 494.98359375 l s q 0 0 1 rg BT 67.50 496.05 Td (Note ) Tj ET Q q 0 0 1 rg BT 85.05 496.05 Td (6) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 89.05 496.05 Td (\).) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 480.45 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 480.45 Td (Represents ) Tj ET Q q 0 0 0 rg BT 104.60 480.45 Td (our ) Tj ET Q q 0 0 0 rg BT 117.27 480.45 Td (profit ) Tj ET Q q 0 0 0 rg BT 137.04 480.45 Td (mar) Tj ET Q q 0 0 0 rg BT 149.33 480.45 Td (gin ) Tj ET Q q 0 0 0 rg BT 161.55 480.45 Td (on ) Tj ET Q q 0 0 0 rg BT 171.55 480.45 Td (third-party ) Tj ET Q q 0 0 0 rg BT 207.77 480.45 Td (land ) Tj ET Q q 0 0 0 rg BT 223.54 480.45 Td (sales ) Tj ET Q q 0 0 0 rg BT 241.09 480.45 Td (which ) Tj ET Q q 0 0 0 rg BT 262.64 480.45 Td (can ) Tj ET Q q 0 0 0 rg BT 275.74 480.45 Td (vary ) Tj ET Q q 0 0 0 rg BT 291.96 480.45 Td (significantly ) Tj ET Q q 0 0 0 rg BT 333.95 480.45 Td (from ) Tj ET Q q 0 0 0 rg BT 351.50 480.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 376.15 480.45 Td (to ) Tj ET Q q 0 0 0 rg BT 384.38 480.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 409.03 480.45 Td (based ) Tj ET Q q 0 0 0 rg BT 429.24 480.45 Td (on ) Tj ET Q q 0 0 0 rg BT 439.24 480.45 Td (the ) Tj ET Q q 0 0 0 rg BT 451.02 480.45 Td (timing ) Tj ET Q q 0 0 0 rg BT 473.91 480.45 Td (of ) Tj ET Q q 0 0 0 rg BT 482.57 480.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 506.33 480.45 Td (land ) Tj ET Q q 0 0 0 rg BT 522.11 480.45 Td (transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.45 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 456.45 Td (e ) Tj ET Q q 0 0 0 rg BT 64.29 456.45 Td (believe ) Tj ET Q q 0 0 0 rg BT 94.87 456.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 129.91 456.45 Td (housing ) Tj ET Q q 0 0 0 rg BT 163.29 456.45 Td (gross ) Tj ET Q q 0 0 0 rg BT 186.12 456.45 Td (mar) Tj ET Q q 0 0 0 rg BT 201.49 456.45 Td (gin ) Tj ET Q q 0 0 0 rg BT 215.98 456.45 Td (and ) Tj ET Q q 0 0 0 rg BT 232.13 456.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 267.17 456.45 Td (income ) Tj ET Q q 0 0 0 rg BT 298.31 456.45 Td (before ) Tj ET Q q 0 0 0 rg BT 325.56 456.45 Td (income ) Tj ET Q q 0 0 0 rg BT 356.71 456.45 Td (taxes ) Tj ET Q q 0 0 0 rg BT 378.97 456.45 Td (are ) Tj ET Q q 0 0 0 rg BT 392.89 456.45 Td (both ) Tj ET Q q 0 0 0 rg BT 412.38 456.45 Td (relevant ) Tj ET Q q 0 0 0 rg BT 446.30 456.45 Td (and ) Tj ET Q q 0 0 0 rg BT 462.45 456.45 Td (useful ) Tj ET Q q 0 0 0 rg BT 488.60 456.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.29 456.45 Td (measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.45 Td (to ) Tj ET Q q 0 0 0 rg BT 59.05 444.45 Td (investors ) Tj ET Q q 0 0 0 rg BT 96.94 444.45 Td (in ) Tj ET Q q 0 0 0 rg BT 106.49 444.45 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 149.92 444.45 Td (our ) Tj ET Q q 0 0 0 rg BT 165.03 444.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 204.57 444.45 Td (performance ) Tj ET Q q 0 0 0 rg BT 256.87 444.45 Td (as ) Tj ET Q q 0 0 0 rg BT 266.97 444.45 Td (they ) Tj ET Q q 0 0 0 rg BT 285.97 444.45 Td (measure ) Tj ET Q q 0 0 0 rg BT 321.06 444.45 Td (the ) Tj ET Q q 0 0 0 rg BT 335.05 444.45 Td (gross ) Tj ET Q q 0 0 0 rg BT 357.94 444.45 Td (profit ) Tj ET Q q 0 0 0 rg BT 381.93 444.45 Td (and ) Tj ET Q q 0 0 0 rg BT 398.15 444.45 Td (income ) Tj ET Q q 0 0 0 rg BT 429.36 444.45 Td (before ) Tj ET Q q 0 0 0 rg BT 456.67 444.45 Td (income ) Tj ET Q q 0 0 0 rg BT 487.88 444.45 Td (taxes ) Tj ET Q q 0 0 0 rg BT 510.21 444.45 Td (we ) Tj ET Q q 0 0 0 rg BT 523.64 444.45 Td (generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.45 Td (specifically ) Tj ET Q q 0 0 0 rg BT 98.84 432.45 Td (on ) Tj ET Q q 0 0 0 rg BT 112.09 432.45 Td (our ) Tj ET Q q 0 0 0 rg BT 128.67 432.45 Td (operations ) Tj ET Q q 0 0 0 rg BT 173.57 432.45 Td (during ) Tj ET Q q 0 0 0 rg BT 202.93 432.45 Td (a ) Tj ET Q q 0 0 0 rg BT 210.62 432.45 Td (given ) Tj ET Q q 0 0 0 rg BT 236.08 432.45 Td (period. ) Tj ET Q q 0 0 0 rg BT 267.38 432.45 Td ( ) Tj ET Q q 0 0 0 rg BT 270.40 432.45 Td (These ) Tj ET Q q 0 0 0 rg BT 297.52 432.45 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 342.71 432.45 Td ( ) Tj ET Q q 0 0 0 rg BT 345.96 432.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 384.19 432.45 Td (measures ) Tj ET Q q 0 0 0 rg BT 424.64 432.45 Td (isolate ) Tj ET Q q 0 0 0 rg BT 454.00 432.45 Td (the ) Tj ET Q q 0 0 0 rg BT 469.46 432.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 499.92 432.45 Td (that ) Tj ET Q q 0 0 0 rg BT 518.17 432.45 Td (the ) Tj ET Q q 0 0 0 rg BT 533.64 432.45 Td (stucco-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.45 Td (related ) Tj ET Q q 0 0 0 rg BT 79.00 420.45 Td (char) Tj ET Q q 0 0 0 rg BT 96.03 420.45 Td (ges ) Tj ET Q q 0 0 0 rg BT 111.66 420.45 Td (have ) Tj ET Q q 0 0 0 rg BT 132.84 420.45 Td (on ) Tj ET Q q 0 0 0 rg BT 145.14 420.45 Td (housing ) Tj ET Q q 0 0 0 rg BT 179.11 420.45 Td (gross ) Tj ET Q q 0 0 0 rg BT 202.53 420.45 Td (mar) Tj ET Q q 0 0 0 rg BT 217.89 420.45 Td (gins ) Tj ET Q q 0 0 0 rg BT 236.86 420.45 Td (and ) Tj ET Q q 0 0 0 rg BT 253.60 420.45 Td (that ) Tj ET Q q 0 0 0 rg BT 270.90 420.45 Td (the ) Tj ET Q q 0 0 0 rg BT 285.42 420.45 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 343.80 420.45 Td (char) Tj ET Q q 0 0 0 rg BT 360.82 420.45 Td (ges ) Tj ET Q q 0 0 0 rg BT 376.46 420.45 Td (and ) Tj ET Q q 0 0 0 rg BT 393.20 420.45 Td (gross ) Tj ET Q q 0 0 0 rg BT 416.61 420.45 Td (profits ) Tj ET Q q 0 0 0 rg BT 445.02 420.45 Td (on ) Tj ET Q q 0 0 0 rg BT 457.32 420.45 Td (third-party ) Tj ET Q q 0 0 0 rg BT 502.39 420.45 Td (land ) Tj ET Q q 0 0 0 rg BT 521.90 420.45 Td (sales ) Tj ET Q q 0 0 0 rg BT 543.64 420.45 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.45 Td (on ) Tj ET Q q 0 0 0 rg BT 61.77 408.45 Td (income ) Tj ET Q q 0 0 0 rg BT 93.46 408.45 Td (before ) Tj ET Q q 0 0 0 rg BT 121.27 408.45 Td (income ) Tj ET Q q 0 0 0 rg BT 152.97 408.45 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 178.28 408.45 Td (and ) Tj ET Q q 0 0 0 rg BT 194.98 408.45 Td (allow ) Tj ET Q q 0 0 0 rg BT 219.47 408.45 Td (investors ) Tj ET Q q 0 0 0 rg BT 257.84 408.45 Td (to ) Tj ET Q q 0 0 0 rg BT 267.88 408.45 Td (make ) Tj ET Q q 0 0 0 rg BT 291.80 408.45 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 344.62 408.45 Td (with ) Tj ET Q q 0 0 0 rg BT 364.66 408.45 Td (our ) Tj ET Q q 0 0 0 rg BT 380.26 408.45 Td (competitors ) Tj ET Q q 0 0 0 rg BT 429.73 408.45 Td (that ) Tj ET Q q 0 0 0 rg BT 447.00 408.45 Td (adjust ) Tj ET Q q 0 0 0 rg BT 473.15 408.45 Td (housing ) Tj ET Q q 0 0 0 rg BT 507.08 408.45 Td (gross ) Tj ET Q q 0 0 0 rg BT 530.46 408.45 Td (mar) Tj ET Q q 0 0 0 rg BT 545.83 408.45 Td (gins ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.45 Td (and ) Tj ET Q q 0 0 0 rg BT 67.31 396.45 Td (income ) Tj ET Q q 0 0 0 rg BT 100.11 396.45 Td (before ) Tj ET Q q 0 0 0 rg BT 129.02 396.45 Td (income ) Tj ET Q q 0 0 0 rg BT 161.83 396.45 Td (taxes ) Tj ET Q q 0 0 0 rg BT 185.74 396.45 Td (in ) Tj ET Q q 0 0 0 rg BT 196.89 396.45 Td (a ) Tj ET Q q 0 0 0 rg BT 204.70 396.45 Td (similar ) Tj ET Q q 0 0 0 rg BT 235.84 396.45 Td (manner) Tj ET Q q 0 0 0 rg BT 265.28 396.45 Td (. ) Tj ET Q q 0 0 0 rg BT 271.15 396.45 Td ( ) Tj ET Q q 0 0 0 rg BT 274.28 396.45 Td (W) Tj ET Q q 0 0 0 rg BT 282.91 396.45 Td (e ) Tj ET Q q 0 0 0 rg BT 290.72 396.45 Td (also ) Tj ET Q q 0 0 0 rg BT 310.20 396.45 Td (believe ) Tj ET Q q 0 0 0 rg BT 342.44 396.45 Td (investors ) Tj ET Q q 0 0 0 rg BT 381.92 396.45 Td (will ) Tj ET Q q 0 0 0 rg BT 400.85 396.45 Td (find ) Tj ET Q q 0 0 0 rg BT 420.33 396.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 457.03 396.45 Td (housing ) Tj ET Q q 0 0 0 rg BT 492.07 396.45 Td (gross ) Tj ET Q q 0 0 0 rg BT 516.55 396.45 Td (mar) Tj ET Q q 0 0 0 rg BT 531.92 396.45 Td (gin ) Tj ET Q q 0 0 0 rg BT 548.06 396.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 85.26 384.45 Td (income ) Tj ET Q q 0 0 0 rg BT 117.12 384.45 Td (before ) Tj ET Q q 0 0 0 rg BT 145.09 384.45 Td (income ) Tj ET Q q 0 0 0 rg BT 176.96 384.45 Td (taxes ) Tj ET Q q 0 0 0 rg BT 199.93 384.45 Td (relevant ) Tj ET Q q 0 0 0 rg BT 234.57 384.45 Td (and ) Tj ET Q q 0 0 0 rg BT 251.44 384.45 Td (useful ) Tj ET Q q 0 0 0 rg BT 278.31 384.45 Td (because ) Tj ET Q q 0 0 0 rg BT 312.39 384.45 Td (they ) Tj ET Q q 0 0 0 rg BT 332.03 384.45 Td (represent ) Tj ET Q q 0 0 0 rg BT 371.11 384.45 Td (a ) Tj ET Q q 0 0 0 rg BT 377.98 384.45 Td (profitability ) Tj ET Q q 0 0 0 rg BT 428.18 384.45 Td (measure ) Tj ET Q q 0 0 0 rg BT 463.93 384.45 Td (that ) Tj ET Q q 0 0 0 rg BT 481.36 384.45 Td (may ) Tj ET Q q 0 0 0 rg BT 501.00 384.45 Td (be ) Tj ET Q q 0 0 0 rg BT 512.87 384.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.73 384.45 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.45 Td (a ) Tj ET Q q 0 0 0 rg BT 55.85 372.45 Td (prior ) Tj ET Q q 0 0 0 rg BT 77.21 372.45 Td (period ) Tj ET Q q 0 0 0 rg BT 104.67 372.45 Td (without ) Tj ET Q q 0 0 0 rg BT 137.14 372.45 Td (regard ) Tj ET Q q 0 0 0 rg BT 164.60 372.45 Td (to ) Tj ET Q q 0 0 0 rg BT 174.29 372.45 Td (variability ) Tj ET Q q 0 0 0 rg BT 217.30 372.45 Td (of ) Tj ET Q q 0 0 0 rg BT 227.55 372.45 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 285.54 372.45 Td (char) Tj ET Q q 0 0 0 rg BT 302.57 372.45 Td (ges ) Tj ET Q q 0 0 0 rg BT 317.82 372.45 Td (and ) Tj ET Q q 0 0 0 rg BT 334.17 372.45 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 383.30 372.45 Td (in ) Tj ET Q q 0 0 0 rg BT 392.99 372.45 Td (third-party ) Tj ET Q q 0 0 0 rg BT 437.67 372.45 Td (land ) Tj ET Q q 0 0 0 rg BT 456.80 372.45 Td (sales ) Tj ET Q q 0 0 0 rg BT 478.16 372.45 Td (which ) Tj ET Q q 0 0 0 rg BT 504.51 372.45 Td (vary ) Tj ET Q q 0 0 0 rg BT 524.19 372.45 Td (in ) Tj ET Q q 0 0 0 rg BT 533.89 372.45 Td (timing. ) Tj ET Q q 0 0 0 rg BT 565.00 372.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.45 Td (These ) Tj ET Q q 0 0 0 rg BT 75.85 360.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 113.30 360.45 Td (measures ) Tj ET Q q 0 0 0 rg BT 152.98 360.45 Td (assist ) Tj ET Q q 0 0 0 rg BT 177.12 360.45 Td (us ) Tj ET Q q 0 0 0 rg BT 188.48 360.45 Td (in ) Tj ET Q q 0 0 0 rg BT 198.73 360.45 Td (making ) Tj ET Q q 0 0 0 rg BT 231.19 360.45 Td (strategic ) Tj ET Q q 0 0 0 rg BT 267.54 360.45 Td (decisions ) Tj ET Q q 0 0 0 rg BT 307.22 360.45 Td (regarding ) Tj ET Q q 0 0 0 rg BT 348.01 360.45 Td (community ) Tj ET Q q 0 0 0 rg BT 396.03 360.45 Td (location ) Tj ET Q q 0 0 0 rg BT 430.72 360.45 Td (and ) Tj ET Q q 0 0 0 rg BT 447.63 360.45 Td (product ) Tj ET Q q 0 0 0 rg BT 480.64 360.45 Td (mix, ) Tj ET Q q 0 0 0 rg BT 501.17 360.45 Td (product ) Tj ET Q q 0 0 0 rg BT 534.19 360.45 Td (pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.45 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 348.45 Td (construction ) Tj ET Q q 0 0 0 rg BT 118.37 348.45 Td (pace.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 322.88505859375 m 170.505859375 322.88505859375 l s q 0 0 0 rg BT 49.50 324.45 Td (Y) Tj ET Q q 0 0 0 rg BT 55.61 324.45 Td (ear) Tj ET Q q 0 0 0 rg BT 69.31 324.45 Td ( Over) Tj ET Q q 0 0 0 rg BT 93.28 324.45 Td ( ) Tj ET Q q 0 0 0 rg BT 95.41 324.45 Td (Y) Tj ET Q q 0 0 0 rg BT 101.53 324.45 Td (ear) Tj ET Q q 0 0 0 rg BT 115.22 324.45 Td ( Comparison) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 302.45 Td (Thr) Tj ET Q q 0 0 0 rg BT 65.99 302.45 Td (ee Months Ended September) Tj ET Q q 0 0 0 rg BT 188.86 302.45 Td ( 30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.36 302.45 Td ( Compar) Tj ET Q q 0 0 0 rg BT 264.23 302.45 Td (ed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.38 302.45 Td (Thr) Tj ET Q q 0 0 0 rg BT 303.87 302.45 Td (ee Months Ended September) Tj ET Q q 0 0 0 rg BT 426.74 302.45 Td ( 30, 2015) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 280.45 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 86.97 280.45 Td (Region. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.94 280.45 Td (During ) Tj ET Q q 0 0 0 rg BT 153.30 280.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.54 280.45 Td (three ) Tj ET Q q 0 0 0 rg BT 191.55 280.45 Td (months ) Tj ET Q q 0 0 0 rg BT 224.02 280.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 250.92 280.45 Td (September ) Tj ET Q q 0 0 0 rg BT 296.71 280.45 Td (30, ) Tj ET Q q 0 0 0 rg BT 312.23 280.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.23 280.45 Td (, ) Tj ET Q q 0 0 0 rg BT 337.76 280.45 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 396.33 280.45 Td (revenue ) Tj ET Q q 0 0 0 rg BT 431.00 280.45 Td (in ) Tj ET Q q 0 0 0 rg BT 441.80 280.45 Td (our ) Tj ET Q q 0 0 0 rg BT 458.16 280.45 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 496.18 280.45 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.75 280.45 Td (increased) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.45 Td ($38.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 268.45 Td (, ) Tj ET Q q 0 0 0 rg BT 108.36 268.45 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.27 268.45 Td ($128.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.16 268.45 Td ( ) Tj ET Q q 0 0 0 rg BT 191.63 268.45 Td (in ) Tj ET Q q 0 0 0 rg BT 201.88 268.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.57 268.45 Td (third ) Tj ET Q q 0 0 0 rg BT 237.93 268.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 268.71 268.45 Td (of ) Tj ET Q q 0 0 0 rg BT 279.51 268.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.51 268.45 Td ( ) Tj ET Q q 0 0 0 rg BT 301.99 268.45 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.23 268.45 Td ($166.9 ) Tj ET Q q 0 0 0 rg BT 342.21 268.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.10 268.45 Td ( ) Tj ET Q q 0 0 0 rg BT 373.57 268.45 Td (in ) Tj ET Q q 0 0 0 rg BT 383.82 268.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.50 268.45 Td (third ) Tj ET Q q 0 0 0 rg BT 419.86 268.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 450.65 268.45 Td (of ) Tj ET Q q 0 0 0 rg BT 461.45 268.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.45 268.45 Td (. ) Tj ET Q q 0 0 0 rg BT 486.42 268.45 Td ( ) Tj ET Q q 0 0 0 rg BT 488.71 268.45 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.96 268.45 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.29 268.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.76 268.45 Td (increase) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.45 Td (in ) Tj ET Q q 0 0 0 rg BT 59.93 256.45 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 118.13 256.45 Td (revenue ) Tj ET Q q 0 0 0 rg BT 152.43 256.45 Td (was ) Tj ET Q q 0 0 0 rg BT 170.63 256.45 Td (the ) Tj ET Q q 0 0 0 rg BT 185.50 256.45 Td (result ) Tj ET Q q 0 0 0 rg BT 210.36 256.45 Td (of ) Tj ET Q q 0 0 0 rg BT 221.34 256.45 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.43 256.45 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.76 256.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.41 256.45 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.17 256.45 Td ( ) Tj ET Q q 0 0 0 rg BT 284.82 256.45 Td (in ) Tj ET Q q 0 0 0 rg BT 295.25 256.45 Td (the ) Tj ET Q q 0 0 0 rg BT 310.11 256.45 Td (number ) Tj ET Q q 0 0 0 rg BT 343.31 256.45 Td (of ) Tj ET Q q 0 0 0 rg BT 354.29 256.45 Td (homes ) Tj ET Q q 0 0 0 rg BT 383.05 256.45 Td (delivered ) Tj ET Q q 0 0 0 rg BT 422.90 256.45 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.23 256.45 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.23 256.45 Td ( ) Tj ET Q q 0 0 0 rg BT 438.88 256.45 Td (units\) ) Tj ET Q q 0 0 0 rg BT 464.31 256.45 Td (and ) Tj ET Q q 0 0 0 rg BT 481.40 256.45 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.49 256.45 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.82 256.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.47 256.45 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.22 256.45 Td ( ) Tj ET Q q 0 0 0 rg BT 539.87 256.45 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 256.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.45 Td (average ) Tj ET Q q 0 0 0 rg BT 84.59 244.45 Td (sales ) Tj ET Q q 0 0 0 rg BT 108.04 244.45 Td (price ) Tj ET Q q 0 0 0 rg BT 132.04 244.45 Td (of ) Tj ET Q q 0 0 0 rg BT 144.38 244.45 Td (homes ) Tj ET Q q 0 0 0 rg BT 174.50 244.45 Td (delivered ) Tj ET Q q 0 0 0 rg BT 215.71 244.45 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.04 244.45 Td ($24,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.54 244.45 Td ( ) Tj ET Q q 0 0 0 rg BT 255.55 244.45 Td (per ) Tj ET Q q 0 0 0 rg BT 272.33 244.45 Td (home ) Tj ET Q q 0 0 0 rg BT 298.56 244.45 Td (delivered\). ) Tj ET Q q 0 0 0 rg BT 345.60 244.45 Td ( ) Tj ET Q q 0 0 0 rg BT 349.61 244.45 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.60 244.45 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.04 244.45 Td ( ) Tj ET Q q 0 0 0 rg BT 427.05 244.45 Td (in ) Tj ET Q q 0 0 0 rg BT 438.84 244.45 Td (our ) Tj ET Q q 0 0 0 rg BT 456.18 244.45 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 495.19 244.45 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.74 244.45 Td (increased) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.45 Td ($7.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 232.45 Td (, ) Tj ET Q q 0 0 0 rg BT 103.58 232.45 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.70 232.45 Td ($13.5 ) Tj ET Q q 0 0 0 rg BT 150.89 232.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.78 232.45 Td ( ) Tj ET Q q 0 0 0 rg BT 182.47 232.45 Td (during ) Tj ET Q q 0 0 0 rg BT 211.27 232.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.17 232.45 Td (third ) Tj ET Q q 0 0 0 rg BT 247.74 232.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 278.75 232.45 Td (of ) Tj ET Q q 0 0 0 rg BT 289.76 232.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.76 232.45 Td ( ) Tj ET Q q 0 0 0 rg BT 312.45 232.45 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.91 232.45 Td ($20.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.81 232.45 Td ( ) Tj ET Q q 0 0 0 rg BT 379.49 232.45 Td (during ) Tj ET Q q 0 0 0 rg BT 408.29 232.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.19 232.45 Td (three ) Tj ET Q q 0 0 0 rg BT 445.86 232.45 Td (months ) Tj ET Q q 0 0 0 rg BT 478.00 232.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 504.56 232.45 Td (September ) Tj ET Q q 0 0 0 rg BT 550.01 232.45 Td (30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 220.45 Td (. ) Tj ET Q q 0 0 0 rg BT 74.48 220.45 Td ( ) Tj ET Q q 0 0 0 rg BT 76.77 220.45 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.80 220.45 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.55 220.45 Td ( ) Tj ET Q q 0 0 0 rg BT 130.03 220.45 Td (in ) Tj ET Q q 0 0 0 rg BT 140.29 220.45 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.53 220.45 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.96 220.45 Td ( ) Tj ET Q q 0 0 0 rg BT 212.44 220.45 Td (was ) Tj ET Q q 0 0 0 rg BT 230.47 220.45 Td (primarily ) Tj ET Q q 0 0 0 rg BT 270.15 220.45 Td (the ) Tj ET Q q 0 0 0 rg BT 284.85 220.45 Td (result ) Tj ET Q q 0 0 0 rg BT 309.54 220.45 Td (of ) Tj ET Q q 0 0 0 rg BT 320.35 220.45 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.26 220.45 Td ($10.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.16 220.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.63 220.45 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.39 220.45 Td ( ) Tj ET Q q 0 0 0 rg BT 423.86 220.45 Td (in ) Tj ET Q q 0 0 0 rg BT 434.12 220.45 Td (our ) Tj ET Q q 0 0 0 rg BT 449.93 220.45 Td (gross ) Tj ET Q q 0 0 0 rg BT 473.52 220.45 Td (mar) Tj ET Q q 0 0 0 rg BT 488.88 220.45 Td (gin, ) Tj ET Q q 0 0 0 rg BT 506.64 220.45 Td (of) Tj ET Q q 0 0 0 rg BT 514.79 220.45 Td (fset, ) Tj ET Q q 0 0 0 rg BT 534.20 220.45 Td (in ) Tj ET Q q 0 0 0 rg BT 544.46 220.45 Td (part, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.45 Td (by ) Tj ET Q q 0 0 0 rg BT 62.54 208.45 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.02 208.45 Td ($3.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.91 208.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.96 208.45 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.71 208.45 Td ( ) Tj ET Q q 0 0 0 rg BT 157.75 208.45 Td (in ) Tj ET Q q 0 0 0 rg BT 168.57 208.45 Td (selling, ) Tj ET Q q 0 0 0 rg BT 200.78 208.45 Td (general ) Tj ET Q q 0 0 0 rg BT 233.25 208.45 Td (and ) Tj ET Q q 0 0 0 rg BT 250.73 208.45 Td (administrative ) Tj ET Q q 0 0 0 rg BT 310.97 208.45 Td (expense. ) Tj ET Q q 0 0 0 rg BT 348.72 208.45 Td ( ) Tj ET Q q 0 0 0 rg BT 351.55 208.45 Td (W) Tj ET Q q 0 0 0 rg BT 360.58 208.45 Td (ith ) Tj ET Q q 0 0 0 rg BT 374.18 208.45 Td (respect ) Tj ET Q q 0 0 0 rg BT 405.54 208.45 Td (to ) Tj ET Q q 0 0 0 rg BT 416.36 208.45 Td (our ) Tj ET Q q 0 0 0 rg BT 432.73 208.45 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 491.33 208.45 Td (gross ) Tj ET Q q 0 0 0 rg BT 515.48 208.45 Td (mar) Tj ET Q q 0 0 0 rg BT 530.85 208.45 Td (gin, ) Tj ET Q q 0 0 0 rg BT 549.17 208.45 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.45 Td (gross ) Tj ET Q q 0 0 0 rg BT 73.26 196.45 Td (mar) Tj ET Q q 0 0 0 rg BT 88.63 196.45 Td (gin ) Tj ET Q q 0 0 0 rg BT 104.06 196.45 Td (on ) Tj ET Q q 0 0 0 rg BT 116.71 196.45 Td (homes ) Tj ET Q q 0 0 0 rg BT 145.47 196.45 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.33 196.45 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.65 196.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.30 196.45 Td ($9.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 196.45 Td (, ) Tj ET Q q 0 0 0 rg BT 280.34 196.45 Td (due ) Tj ET Q q 0 0 0 rg BT 297.43 196.45 Td (to ) Tj ET Q q 0 0 0 rg BT 307.86 196.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.73 196.45 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.06 196.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.71 196.45 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.47 196.45 Td ( ) Tj ET Q q 0 0 0 rg BT 379.12 196.45 Td (in ) Tj ET Q q 0 0 0 rg BT 389.55 196.45 Td (the ) Tj ET Q q 0 0 0 rg BT 404.42 196.45 Td (number ) Tj ET Q q 0 0 0 rg BT 437.62 196.45 Td (of ) Tj ET Q q 0 0 0 rg BT 448.60 196.45 Td (homes ) Tj ET Q q 0 0 0 rg BT 477.36 196.45 Td (delivered ) Tj ET Q q 0 0 0 rg BT 517.21 196.45 Td (and ) Tj ET Q q 0 0 0 rg BT 534.30 196.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.17 196.45 Td (7%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.45 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 184.45 Td ( ) Tj ET Q q 0 0 0 rg BT 84.30 184.45 Td (in ) Tj ET Q q 0 0 0 rg BT 94.12 184.45 Td (the ) Tj ET Q q 0 0 0 rg BT 108.38 184.45 Td (average ) Tj ET Q q 0 0 0 rg BT 141.51 184.45 Td (sales ) Tj ET Q q 0 0 0 rg BT 162.99 184.45 Td (price ) Tj ET Q q 0 0 0 rg BT 185.02 184.45 Td (of ) Tj ET Q q 0 0 0 rg BT 195.39 184.45 Td (homes ) Tj ET Q q 0 0 0 rg BT 223.54 184.45 Td (delivered ) Tj ET Q q 0 0 0 rg BT 262.79 184.45 Td (noted ) Tj ET Q q 0 0 0 rg BT 287.05 184.45 Td (above ) Tj ET Q q 0 0 0 rg BT 312.97 184.45 Td (as ) Tj ET Q q 0 0 0 rg BT 323.34 184.45 Td (well ) Tj ET Q q 0 0 0 rg BT 342.60 184.45 Td (as ) Tj ET Q q 0 0 0 rg BT 352.98 184.45 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.46 184.45 Td (improvement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.78 184.45 Td ( ) Tj ET Q q 0 0 0 rg BT 419.82 184.45 Td (in ) Tj ET Q q 0 0 0 rg BT 429.64 184.45 Td (housing ) Tj ET Q q 0 0 0 rg BT 463.36 184.45 Td (gross ) Tj ET Q q 0 0 0 rg BT 486.51 184.45 Td (mar) Tj ET Q q 0 0 0 rg BT 501.88 184.45 Td (gin ) Tj ET Q q 0 0 0 rg BT 516.70 184.45 Td (percentage. ) Tj ET Q q 0 0 0 rg BT 565.00 184.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.45 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.59 172.45 Td (housing ) Tj ET Q q 0 0 0 rg BT 101.80 172.45 Td (gross ) Tj ET Q q 0 0 0 rg BT 125.45 172.45 Td (mar) Tj ET Q q 0 0 0 rg BT 140.82 172.45 Td (gin ) Tj ET Q q 0 0 0 rg BT 156.13 172.45 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.97 172.45 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.30 172.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.83 172.45 Td (130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.83 172.45 Td ( ) Tj ET Q q 0 0 0 rg BT 260.37 172.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 282.91 172.45 Td (points ) Tj ET Q q 0 0 0 rg BT 309.90 172.45 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.21 172.45 Td (20.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.04 172.45 Td ( ) Tj ET Q q 0 0 0 rg BT 348.58 172.45 Td (in ) Tj ET Q q 0 0 0 rg BT 358.90 172.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.65 172.45 Td (third ) Tj ET Q q 0 0 0 rg BT 395.08 172.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 425.93 172.45 Td (of ) Tj ET Q q 0 0 0 rg BT 436.80 172.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 172.45 Td ( ) Tj ET Q q 0 0 0 rg BT 459.34 172.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 501.30 172.45 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.62 172.45 Td (19.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.45 172.45 Td ( ) Tj ET Q q 0 0 0 rg BT 539.98 172.45 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 172.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.45 Td (prior ) Tj ET Q q 0 0 0 rg BT 71.03 160.45 Td (year) Tj ET Q q 0 0 0 rg BT 88.61 160.45 Td () Tj ET Q q 0 0 0 rg BT 91.39 160.45 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.37 160.45 Td (third ) Tj ET Q q 0 0 0 rg BT 118.35 160.45 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.11 160.45 Td (. ) Tj ET Q q 0 0 0 rg BT 150.70 160.45 Td ( ) Tj ET Q q 0 0 0 rg BT 152.79 160.45 Td (Our ) Tj ET Q q 0 0 0 rg BT 170.44 160.45 Td (gross ) Tj ET Q q 0 0 0 rg BT 193.64 160.45 Td (mar) Tj ET Q q 0 0 0 rg BT 209.01 160.45 Td (gin ) Tj ET Q q 0 0 0 rg BT 223.88 160.45 Td (on ) Tj ET Q q 0 0 0 rg BT 235.97 160.45 Td (land ) Tj ET Q q 0 0 0 rg BT 255.28 160.45 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.81 160.45 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.13 160.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.22 160.45 Td ($0.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.11 160.45 Td ( ) Tj ET Q q 0 0 0 rg BT 368.21 160.45 Td (as ) Tj ET Q q 0 0 0 rg BT 378.63 160.45 Td (a ) Tj ET Q q 0 0 0 rg BT 385.16 160.45 Td (result ) Tj ET Q q 0 0 0 rg BT 409.46 160.45 Td (of ) Tj ET Q q 0 0 0 rg BT 419.89 160.45 Td (increased ) Tj ET Q q 0 0 0 rg BT 459.73 160.45 Td (profits ) Tj ET Q q 0 0 0 rg BT 487.93 160.45 Td (on ) Tj ET Q q 0 0 0 rg BT 500.02 160.45 Td (land ) Tj ET Q q 0 0 0 rg BT 519.33 160.45 Td (sales ) Tj ET Q q 0 0 0 rg BT 540.86 160.45 Td (made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.45 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 148.45 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 148.45 Td (current ) Tj ET Q q 0 0 0 rg BT 105.31 148.45 Td (year ) Tj ET Q q 0 0 0 rg BT 125.02 148.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 166.94 148.45 Td (to ) Tj ET Q q 0 0 0 rg BT 177.22 148.45 Td (the ) Tj ET Q q 0 0 0 rg BT 191.94 148.45 Td (prior ) Tj ET Q q 0 0 0 rg BT 213.88 148.45 Td (year) Tj ET Q q 0 0 0 rg BT 230.53 148.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.45 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 82.72 126.45 Td (general ) Tj ET Q q 0 0 0 rg BT 114.52 126.45 Td (and ) Tj ET Q q 0 0 0 rg BT 131.34 126.45 Td (administrative ) Tj ET Q q 0 0 0 rg BT 190.93 126.45 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.51 126.45 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.27 126.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.65 126.45 Td ($3.1 ) Tj ET Q q 0 0 0 rg BT 285.53 126.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.42 126.45 Td (, ) Tj ET Q q 0 0 0 rg BT 319.30 126.45 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.12 126.45 Td ($1) Tj ET Q q 0 0 0 rg BT 350.75 126.45 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 365.63 126.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.52 126.45 Td ( ) Tj ET Q q 0 0 0 rg BT 396.90 126.45 Td (for ) Tj ET Q q 0 0 0 rg BT 410.94 126.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.54 126.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 456.23 126.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 482.49 126.45 Td (September ) Tj ET Q q 0 0 0 rg BT 527.63 126.45 Td (30, ) Tj ET Q q 0 0 0 rg BT 542.52 126.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.45 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.49 114.45 Td ($14.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.38 114.45 Td ( ) Tj ET Q q 0 0 0 rg BT 115.60 114.45 Td (for ) Tj ET Q q 0 0 0 rg BT 129.47 114.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.90 114.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 174.43 114.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 200.53 114.45 Td (September ) Tj ET Q q 0 0 0 rg BT 245.50 114.45 Td (30, ) Tj ET Q q 0 0 0 rg BT 260.22 114.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.22 114.45 Td (, ) Tj ET Q q 0 0 0 rg BT 284.93 114.45 Td (but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.92 114.45 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 114.45 Td ( ) Tj ET Q q 0 0 0 rg BT 336.01 114.45 Td (as ) Tj ET Q q 0 0 0 rg BT 346.56 114.45 Td (a ) Tj ET Q q 0 0 0 rg BT 353.21 114.45 Td (percentage ) Tj ET Q q 0 0 0 rg BT 398.72 114.45 Td (of ) Tj ET Q q 0 0 0 rg BT 409.27 114.45 Td (revenue ) Tj ET Q q 0 0 0 rg BT 443.13 114.45 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.12 114.45 Td (8.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.95 114.45 Td ( ) Tj ET Q q 0 0 0 rg BT 476.17 114.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 517.80 114.45 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 114.45 Td (9.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.63 114.45 Td ( ) Tj ET Q q 0 0 0 rg BT 550.84 114.45 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.48 102.45 Td (same ) Tj ET Q q 0 0 0 rg BT 87.79 102.45 Td (period ) Tj ET Q q 0 0 0 rg BT 116.11 102.45 Td (in ) Tj ET Q q 0 0 0 rg BT 126.65 102.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.65 102.45 Td (. ) Tj ET Q q 0 0 0 rg BT 151.91 102.45 Td ( ) Tj ET Q q 0 0 0 rg BT 154.48 102.45 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.79 102.45 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.55 102.45 Td ( ) Tj ET Q q 0 0 0 rg BT 208.31 102.45 Td (in ) Tj ET Q q 0 0 0 rg BT 218.85 102.45 Td (selling, ) Tj ET Q q 0 0 0 rg BT 250.78 102.45 Td (general ) Tj ET Q q 0 0 0 rg BT 282.97 102.45 Td (and ) Tj ET Q q 0 0 0 rg BT 300.18 102.45 Td (administrative ) Tj ET Q q 0 0 0 rg BT 360.15 102.45 Td (expense ) Tj ET Q q 0 0 0 rg BT 395.12 102.45 Td (was ) Tj ET Q q 0 0 0 rg BT 413.44 102.45 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 464.24 102.45 Td (in ) Tj ET Q q 0 0 0 rg BT 474.78 102.45 Td (part, ) Tj ET Q q 0 0 0 rg BT 495.60 102.45 Td (to ) Tj ET Q q 0 0 0 rg BT 506.14 102.45 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.34 102.45 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 533.61 102.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.45 Td (increase ) Tj ET Q q 0 0 0 rg BT 86.29 90.45 Td (in ) Tj ET Q q 0 0 0 rg BT 98.10 90.45 Td (selling ) Tj ET Q q 0 0 0 rg BT 128.80 90.45 Td (expense ) Tj ET Q q 0 0 0 rg BT 165.04 90.45 Td (due ) Tj ET Q q 0 0 0 rg BT 183.51 90.45 Td (to ) Tj ET Q q 0 0 0 rg BT 195.32 90.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 211.01 90.45 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.49 90.45 Td ($1.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.38 90.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.41 90.45 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.16 90.45 Td ( ) Tj ET Q q 0 0 0 rg BT 309.20 90.45 Td (in ) Tj ET Q q 0 0 0 rg BT 321.01 90.45 Td (variable ) Tj ET Q q 0 0 0 rg BT 357.24 90.45 Td (selling ) Tj ET Q q 0 0 0 rg BT 387.94 90.45 Td (expenses ) Tj ET Q q 0 0 0 rg BT 428.07 90.45 Td (resulting ) Tj ET Q q 0 0 0 rg BT 467.10 90.45 Td (from ) Tj ET Q q 0 0 0 rg BT 490.57 90.45 Td (increases ) Tj ET Q q 0 0 0 rg BT 531.25 90.45 Td (in ) Tj ET Q q 0 0 0 rg BT 543.06 90.45 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.45 Td (commissions ) Tj ET Q q 0 0 0 rg BT 104.08 78.45 Td (produced ) Tj ET Q q 0 0 0 rg BT 143.65 78.45 Td (by ) Tj ET Q q 0 0 0 rg BT 156.01 78.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.58 78.45 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.13 78.45 Td ( ) Tj ET Q q 0 0 0 rg BT 198.49 78.45 Td (average ) Tj ET Q q 0 0 0 rg BT 231.93 78.45 Td (sales ) Tj ET Q q 0 0 0 rg BT 253.73 78.45 Td (price ) Tj ET Q q 0 0 0 rg BT 276.07 78.45 Td (of ) Tj ET Q q 0 0 0 rg BT 286.76 78.45 Td (homes ) Tj ET Q q 0 0 0 rg BT 315.23 78.45 Td (delivered ) Tj ET Q q 0 0 0 rg BT 354.79 78.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.58 78.45 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.13 78.45 Td ( ) Tj ET Q q 0 0 0 rg BT 399.49 78.45 Td (number ) Tj ET Q q 0 0 0 rg BT 432.40 78.45 Td (of ) Tj ET Q q 0 0 0 rg BT 443.08 78.45 Td (homes ) Tj ET Q q 0 0 0 rg BT 471.55 78.45 Td (delivered, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.61 78.45 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.45 Td (of ) Tj ET Q q 0 0 0 rg BT 59.35 66.45 Td (which ) Tj ET Q q 0 0 0 rg BT 85.32 66.45 Td (was ) Tj ET Q q 0 0 0 rg BT 102.39 66.45 Td (associated ) Tj ET Q q 0 0 0 rg BT 145.01 66.45 Td (with ) Tj ET Q q 0 0 0 rg BT 164.31 66.45 Td (our ) Tj ET Q q 0 0 0 rg BT 179.16 66.45 Td (new ) Tj ET Q q 0 0 0 rg BT 197.35 66.45 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 262.48 66.45 Td (Paul ) Tj ET Q q 0 0 0 rg BT 281.79 66.45 Td (division, ) Tj ET Q q 0 0 0 rg BT 318.04 66.45 Td (and ) Tj ET Q q 0 0 0 rg BT 334.00 66.45 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 347.18 66.45 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.14 66.45 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 372.17 66.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.06 66.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.58 66.45 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.33 66.45 Td ( ) Tj ET Q q 0 0 0 rg BT 436.86 66.45 Td (in ) Tj ET Q q 0 0 0 rg BT 446.16 66.45 Td (non-variable ) Tj ET Q q 0 0 0 rg BT 498.22 66.45 Td (selling ) Tj ET Q q 0 0 0 rg BT 526.40 66.45 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 54.45 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.16 54.45 Td (related ) Tj ET Q q 0 0 0 rg BT 118.82 54.45 Td (to ) Tj ET Q q 0 0 0 rg BT 129.05 54.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 151.50 54.45 Td (associated ) Tj ET Q q 0 0 0 rg BT 195.04 54.45 Td (with ) Tj ET Q q 0 0 0 rg BT 215.27 54.45 Td (our ) Tj ET Q q 0 0 0 rg BT 231.05 54.45 Td (sales ) Tj ET Q q 0 0 0 rg BT 252.94 54.45 Td (of) Tj ET Q q 0 0 0 rg BT 261.09 54.45 Td (fices ) Tj ET Q q 0 0 0 rg BT 282.42 54.45 Td (and ) Tj ET Q q 0 0 0 rg BT 299.31 54.45 Td (models ) Tj ET Q q 0 0 0 rg BT 330.65 54.45 Td (in ) Tj ET Q q 0 0 0 rg BT 340.88 54.45 Td (our ) Tj ET Q q 0 0 0 rg BT 356.66 54.45 Td (new ) Tj ET Q q 0 0 0 rg BT 375.77 54.45 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 441.83 54.45 Td (Paul ) Tj ET Q q 0 0 0 rg BT 462.06 54.45 Td (division. ) Tj ET Q q 0 0 0 rg BT 499.24 54.45 Td ( ) Tj ET Q q 0 0 0 rg BT 501.52 54.45 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.51 54.45 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.27 54.45 Td ( ) Tj ET Q q 0 0 0 rg BT 554.72 54.45 Td (in ) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 80.91 740.10 Td (general ) Tj ET Q q 0 0 0 rg BT 112.58 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.27 740.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 188.72 740.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 223.18 740.10 Td (was ) Tj ET Q q 0 0 0 rg BT 240.98 740.10 Td (also ) Tj ET Q q 0 0 0 rg BT 259.33 740.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 307.12 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.15 740.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.83 740.10 Td ($1.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.72 740.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.97 740.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.72 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.97 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 420.00 740.10 Td (general ) Tj ET Q q 0 0 0 rg BT 451.67 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.35 740.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 527.81 740.10 Td (expense, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.59 728.10 Td (was ) Tj ET Q q 0 0 0 rg BT 94.80 728.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 134.66 728.10 Td (related ) Tj ET Q q 0 0 0 rg BT 164.52 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.95 728.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.04 728.10 Td ($0.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.93 728.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.58 728.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.34 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 268.99 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 279.42 728.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 337.62 728.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 374.98 728.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.07 728.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.96 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 433.61 728.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 469.02 728.10 Td (related ) Tj ET Q q 0 0 0 rg BT 498.87 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 509.30 728.10 Td (start-up ) Tj ET Q q 0 0 0 rg BT 542.50 728.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 93.09 716.10 Td (with ) Tj ET Q q 0 0 0 rg BT 113.37 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 129.20 716.10 Td (new ) Tj ET Q q 0 0 0 rg BT 148.36 716.10 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 214.48 716.10 Td (Paul ) Tj ET Q q 0 0 0 rg BT 234.75 716.10 Td (division, ) Tj ET Q q 0 0 0 rg BT 271.98 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 288.92 716.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.86 716.10 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 315.86 716.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.75 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.25 716.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 382.50 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 392.78 716.10 Td (land ) Tj ET Q q 0 0 0 rg BT 412.50 716.10 Td (related ) Tj ET Q q 0 0 0 rg BT 442.20 716.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (During ) Tj ET Q q 0 0 0 rg BT 79.92 694.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.22 694.10 Td (three ) Tj ET Q q 0 0 0 rg BT 116.30 694.10 Td (months ) Tj ET Q q 0 0 0 rg BT 147.84 694.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 173.80 694.10 Td (September ) Tj ET Q q 0 0 0 rg BT 218.65 694.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 233.24 694.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.24 694.10 Td (, ) Tj ET Q q 0 0 0 rg BT 257.83 694.10 Td (we ) Tj ET Q q 0 0 0 rg BT 271.58 694.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 321.97 694.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.50 694.10 Td (19%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.83 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.92 694.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.67 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 383.76 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.63 694.10 Td (new ) Tj ET Q q 0 0 0 rg BT 412.38 694.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 450.56 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 460.43 694.10 Td (our ) Tj ET Q q 0 0 0 rg BT 475.84 694.10 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 512.93 694.10 Td (region, ) Tj ET Q q 0 0 0 rg BT 543.07 694.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 66.37 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 76.02 682.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.11 682.10 Td (third ) Tj ET Q q 0 0 0 rg BT 110.86 682.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 141.05 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.25 682.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.25 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.12 682.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.77 682.10 Td (407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.77 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.64 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.29 682.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.37 682.10 Td (third ) Tj ET Q q 0 0 0 rg BT 244.13 682.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 274.31 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.51 682.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.51 682.10 Td (, ) Tj ET Q q 0 0 0 rg BT 308.88 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.19 682.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.50 682.10 Td (31%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.83 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 682.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.46 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 386.33 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.97 682.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 429.50 682.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.81 682.10 Td (701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.81 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 467.68 682.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 495.66 682.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.74 682.10 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.99 670.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 670.10 Td (918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.25 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.74 670.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 128.33 670.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.04 670.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 198.29 670.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.29 670.10 Td (. ) Tj ET Q q 0 0 0 rg BT 223.27 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.58 670.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.62 670.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.37 670.10 Td (s ) Tj ET Q q 0 0 0 rg BT 282.75 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 293.01 670.10 Td (new ) Tj ET Q q 0 0 0 rg BT 312.16 670.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 350.74 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.67 670.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 401.81 670.10 Td (were ) Tj ET Q q 0 0 0 rg BT 423.72 670.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 459.53 670.10 Td (due ) Tj ET Q q 0 0 0 rg BT 476.46 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.72 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.42 670.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 536.68 670.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.50 670.10 Td (102) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 77.85 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 87.87 658.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 121.77 658.10 Td (from ) Tj ET Q q 0 0 0 rg BT 143.45 658.10 Td (our ) Tj ET Q q 0 0 0 rg BT 159.02 658.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 185.69 658.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 231.81 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 241.84 658.10 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 307.69 658.10 Td (Paul, ) Tj ET Q q 0 0 0 rg BT 330.21 658.10 Td (Minnesota ) Tj ET Q q 0 0 0 rg BT 374.67 658.10 Td (together ) Tj ET Q q 0 0 0 rg BT 409.68 658.10 Td (with ) Tj ET Q q 0 0 0 rg BT 429.70 658.10 Td (improving ) Tj ET Q q 0 0 0 rg BT 473.61 658.10 Td (sub-market ) Tj ET Q q 0 0 0 rg BT 520.84 658.10 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (within ) Tj ET Q q 0 0 0 rg BT 79.54 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.25 646.10 Td (region. ) Tj ET Q q 0 0 0 rg BT 127.79 646.10 Td (A) Tj ET Q q 0 0 0 rg BT 134.27 646.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 165.40 646.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 189.32 646.10 Td (price ) Tj ET Q q 0 0 0 rg BT 213.79 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.06 646.10 Td (backlog ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.20 646.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.95 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.44 646.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.70 646.10 Td ($388,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.20 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.69 646.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.39 646.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 432.64 646.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.64 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 457.13 646.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 501.04 646.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.30 646.10 Td ($378,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 555.29 646.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 110.47 634.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.47 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.67 634.10 Td (which ) Tj ET Q q 0 0 0 rg BT 161.32 634.10 Td (was ) Tj ET Q q 0 0 0 rg BT 180.07 634.10 Td (due ) Tj ET Q q 0 0 0 rg BT 197.72 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.70 634.10 Td (higher) Tj ET Q q 0 0 0 rg BT 234.04 634.10 Td (-end ) Tj ET Q q 0 0 0 rg BT 255.02 634.10 Td (product ) Tj ET Q q 0 0 0 rg BT 288.77 634.10 Td (of) Tj ET Q q 0 0 0 rg BT 296.92 634.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 330.39 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 333.60 634.10 Td (During ) Tj ET Q q 0 0 0 rg BT 365.13 634.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.55 634.10 Td (three ) Tj ET Q q 0 0 0 rg BT 403.74 634.10 Td (months ) Tj ET Q q 0 0 0 rg BT 436.40 634.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 463.48 634.10 Td (September ) Tj ET Q q 0 0 0 rg BT 509.45 634.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 525.15 634.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 634.10 Td (, ) Tj ET Q q 0 0 0 rg BT 550.85 634.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (opened ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.65 622.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.65 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.92 622.10 Td (new ) Tj ET Q q 0 0 0 rg BT 116.86 622.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 170.79 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 180.84 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 196.44 622.10 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 233.72 622.10 Td (region ) Tj ET Q q 0 0 0 rg BT 261.54 622.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 303.23 622.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.28 622.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.95 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 327.23 622.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.61 622.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 383.57 622.10 Td (third ) Tj ET Q q 0 0 0 rg BT 404.73 622.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.50 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 437.27 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.54 622.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 457.37 622.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 492.98 622.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 537.47 622.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 554.72 622.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.62 610.10 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 103.42 610.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.76 610.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.51 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 172.31 610.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.88 610.10 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.38 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.18 610.10 Td (per ) Tj ET Q q 0 0 0 rg BT 213.74 610.10 Td (community ) Tj ET Q q 0 0 0 rg BT 262.08 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 272.66 610.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.67 610.10 Td (third ) Tj ET Q q 0 0 0 rg BT 309.35 610.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 340.46 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.58 610.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.58 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 374.38 610.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.61 610.10 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.11 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 411.91 610.10 Td (per ) Tj ET Q q 0 0 0 rg BT 427.47 610.10 Td (community ) Tj ET Q q 0 0 0 rg BT 475.82 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 486.39 610.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.40 610.10 Td (third ) Tj ET Q q 0 0 0 rg BT 523.08 610.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 554.19 610.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 598.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 90.41 576.10 Td (Region.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.35 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.91 576.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.46 576.10 Td (During ) Tj ET Q q 0 0 0 rg BT 158.34 576.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.11 576.10 Td (three ) Tj ET Q q 0 0 0 rg BT 195.64 576.10 Td (months ) Tj ET Q q 0 0 0 rg BT 227.64 576.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 254.07 576.10 Td (September ) Tj ET Q q 0 0 0 rg BT 299.39 576.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 314.44 576.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.44 576.10 Td (, ) Tj ET Q q 0 0 0 rg BT 339.49 576.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 397.59 576.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 431.79 576.10 Td (in ) Tj ET Q q 0 0 0 rg BT 442.12 576.10 Td (our ) Tj ET Q q 0 0 0 rg BT 458.00 576.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 496.66 576.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.76 576.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td ($6.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 564.10 Td (, ) Tj ET Q q 0 0 0 rg BT 103.35 564.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.25 564.10 Td ($137.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.14 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.60 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.83 564.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.51 564.10 Td (third ) Tj ET Q q 0 0 0 rg BT 232.85 564.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 263.63 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.42 564.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.42 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.88 564.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.11 564.10 Td ($143.3 ) Tj ET Q q 0 0 0 rg BT 337.07 564.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.96 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 368.42 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 378.66 564.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.33 564.10 Td (third ) Tj ET Q q 0 0 0 rg BT 414.68 564.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 445.45 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.24 564.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.24 564.10 Td (. ) Tj ET Q q 0 0 0 rg BT 481.20 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.48 564.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.72 564.10 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.05 564.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.51 564.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.26 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.72 564.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 106.78 552.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 140.16 552.10 Td (was ) Tj ET Q q 0 0 0 rg BT 157.44 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.39 552.10 Td (result ) Tj ET Q q 0 0 0 rg BT 195.34 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.40 552.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.57 552.10 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.90 552.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.63 552.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.38 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.11 552.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.62 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.57 552.10 Td (number ) Tj ET Q q 0 0 0 rg BT 316.85 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.91 552.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 354.75 552.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 393.68 552.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.01 552.10 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.01 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.74 552.10 Td (units\), ) Tj ET Q q 0 0 0 rg BT 435.75 552.10 Td (of) Tj ET Q q 0 0 0 rg BT 443.90 552.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 460.07 552.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 495.12 552.10 Td (by ) Tj ET Q q 0 0 0 rg BT 506.85 552.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.02 552.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.35 552.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.08 552.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.84 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.62 540.10 Td (average ) Tj ET Q q 0 0 0 rg BT 111.26 540.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 134.26 540.10 Td (price ) Tj ET Q q 0 0 0 rg BT 157.81 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.70 540.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 199.37 540.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 240.13 540.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.46 540.10 Td ($3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.96 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 274.52 540.10 Td (per ) Tj ET Q q 0 0 0 rg BT 290.85 540.10 Td (home ) Tj ET Q q 0 0 0 rg BT 316.63 540.10 Td (delivered\) ) Tj ET Q q 0 0 0 rg BT 360.72 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.72 540.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.72 540.10 Td ($4.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.61 540.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.18 540.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.59 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 477.15 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 488.49 540.10 Td (land ) Tj ET Q q 0 0 0 rg BT 509.27 540.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 528.38 540.10 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 565.02 540.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 91.92 528.10 Td (income ) Tj ET Q q 0 0 0 rg BT 123.78 528.10 Td (in ) Tj ET Q q 0 0 0 rg BT 133.99 528.10 Td (our ) Tj ET Q q 0 0 0 rg BT 149.75 528.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 188.29 528.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.27 528.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.68 528.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.11 528.10 Td ($19.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 314.43 528.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.30 528.10 Td ($13.9 ) Tj ET Q q 0 0 0 rg BT 361.23 528.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.13 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.56 528.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.76 528.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.41 528.10 Td (third ) Tj ET Q q 0 0 0 rg BT 438.73 528.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 469.48 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.24 528.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.24 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.67 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 512.88 528.10 Td (an ) Tj ET Q q 0 0 0 rg BT 524.75 528.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.06 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.33 516.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.94 516.10 Td ($5.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.83 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 129.10 516.10 Td (during ) Tj ET Q q 0 0 0 rg BT 157.48 516.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.97 516.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 202.56 516.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 228.70 516.10 Td (September ) Tj ET Q q 0 0 0 rg BT 273.74 516.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 288.51 516.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.51 516.10 Td (. ) Tj ET Q q 0 0 0 rg BT 313.28 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.39 516.10 Td (This ) Tj ET Q q 0 0 0 rg BT 335.44 516.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 375.48 516.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 393.31 516.10 Td (was ) Tj ET Q q 0 0 0 rg BT 411.13 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.62 516.10 Td (result ) Tj ET Q q 0 0 0 rg BT 450.11 516.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.71 516.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.42 516.10 Td ($16.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.32 516.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.59 516.10 Td (decline) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.46 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.73 516.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (our ) Tj ET Q q 0 0 0 rg BT 66.62 504.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 91.53 504.10 Td (mar) Tj ET Q q 0 0 0 rg BT 106.89 504.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 123.46 504.10 Td (in ) Tj ET Q q 0 0 0 rg BT 135.03 504.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 171.59 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.16 504.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.39 504.10 Td ($2.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.29 504.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.08 504.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.83 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.62 504.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.19 504.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 325.15 504.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 360.86 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.09 504.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 440.09 504.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 478.59 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 482.10 504.10 Td (W) Tj ET Q q 0 0 0 rg BT 491.14 504.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 505.49 504.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 537.60 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.17 504.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 107.26 492.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 130.58 492.10 Td (mar) Tj ET Q q 0 0 0 rg BT 145.95 492.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 163.43 492.10 Td (our ) Tj ET Q q 0 0 0 rg BT 178.97 492.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 202.29 492.10 Td (mar) Tj ET Q q 0 0 0 rg BT 217.65 492.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 232.64 492.10 Td (on ) Tj ET Q q 0 0 0 rg BT 244.85 492.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 273.16 492.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.57 492.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.44 492.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 492.10 Td ($16.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.54 492.10 Td (, ) Tj ET Q q 0 0 0 rg BT 407.25 492.10 Td (due ) Tj ET Q q 0 0 0 rg BT 423.89 492.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 463.31 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 473.30 492.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.94 492.10 Td ($14.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.84 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 536.04 492.10 Td (char) Tj ET Q q 0 0 0 rg BT 553.07 492.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.64 480.10 Td (known ) Tj ET Q q 0 0 0 rg BT 93.34 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.25 480.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 151.05 480.10 Td (future ) Tj ET Q q 0 0 0 rg BT 177.40 480.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 235.96 480.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 261.75 480.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 284.23 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 294.48 480.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 324.16 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 334.97 480.10 Td (our ) Tj ET Q q 0 0 0 rg BT 350.78 480.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 382.14 480.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 436.28 480.10 Td (during ) Tj ET Q q 0 0 0 rg BT 464.86 480.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.56 480.10 Td (third ) Tj ET Q q 0 0 0 rg BT 500.92 480.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 531.71 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 542.52 480.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 63.13 468.10 Td (more ) Tj ET Q q 0 0 0 rg BT 85.65 468.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 106.50 468.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 146.80 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.55 468.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 177.96 468.10 Td (6\), ) Tj ET Q q 0 0 0 rg BT 190.76 468.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 226.04 468.10 Td (of) Tj ET Q q 0 0 0 rg BT 234.19 468.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 250.60 468.10 Td (by ) Tj ET Q q 0 0 0 rg BT 262.57 468.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.76 468.10 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.09 468.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.06 468.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.81 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.78 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.53 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.71 468.10 Td (number ) Tj ET Q q 0 0 0 rg BT 383.23 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.53 468.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 421.61 468.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 460.78 468.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 484.96 468.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 513.31 468.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 530.83 468.10 Td (housing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 73.16 456.10 Td (mar) Tj ET Q q 0 0 0 rg BT 88.53 456.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 103.85 456.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.70 456.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.57 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.12 456.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.10 456.10 Td (20.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.93 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 236.48 456.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.80 456.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 268.79 456.10 Td (year) Tj ET Q q 0 0 0 rg BT 286.37 456.10 Td () Tj ET Q q 0 0 0 rg BT 289.14 456.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.58 456.10 Td (third ) Tj ET Q q 0 0 0 rg BT 317.01 456.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.33 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.88 456.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.20 456.10 Td (7.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.03 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.58 456.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.90 456.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.67 456.10 Td (third ) Tj ET Q q 0 0 0 rg BT 428.10 456.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 458.96 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.84 456.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.84 456.10 Td (. ) Tj ET Q q 0 0 0 rg BT 494.88 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.43 456.10 Td (Exclusive ) Tj ET Q q 0 0 0 rg BT 539.41 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 456.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 108.30 444.10 Td (char) Tj ET Q q 0 0 0 rg BT 125.33 444.10 Td (ge, ) Tj ET Q q 0 0 0 rg BT 139.99 444.10 Td (however) Tj ET Q q 0 0 0 rg BT 174.02 444.10 Td (, ) Tj ET Q q 0 0 0 rg BT 179.24 444.10 Td (our ) Tj ET Q q 0 0 0 rg BT 195.29 444.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 229.68 444.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 253.52 444.10 Td (mar) Tj ET Q q 0 0 0 rg BT 268.88 444.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 284.39 444.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.41 444.10 Td (decline) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.28 444.10 Td (d ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 444.10 Td (270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.72 444.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 407.45 444.10 Td (points ) Tj ET Q q 0 0 0 rg BT 434.62 444.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.12 444.10 Td (18.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.95 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.67 444.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.17 444.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 512.59 444.10 Td (third ) Tj ET Q q 0 0 0 rg BT 534.19 444.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (lar) Tj ET Q q 0 0 0 rg BT 59.87 432.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 79.05 432.10 Td (due ) Tj ET Q q 0 0 0 rg BT 95.45 432.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.19 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.37 432.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 136.90 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.19 432.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 200.81 432.10 Td (delivering ) Tj ET Q q 0 0 0 rg BT 243.32 432.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 271.39 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.80 432.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 315.31 432.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 366.71 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.11 432.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 395.63 432.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 420.09 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 421.92 432.10 Td (The ) Tj ET Q q 0 0 0 rg BT 439.43 432.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 485.26 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.55 432.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 530.84 432.10 Td (housing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 72.40 420.10 Td (mar) Tj ET Q q 0 0 0 rg BT 87.77 420.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 104.83 420.10 Td (which ) Tj ET Q q 0 0 0 rg BT 131.05 420.10 Td (we ) Tj ET Q q 0 0 0 rg BT 144.50 420.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 175.16 420.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 211.38 420.10 Td (a ) Tj ET Q q 0 0 0 rg BT 217.61 420.10 Td (clearer ) Tj ET Q q 0 0 0 rg BT 246.59 420.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 281.69 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.80 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.81 420.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 340.37 420.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 392.68 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.80 420.10 Td (our ) Tj ET Q q 0 0 0 rg BT 417.91 420.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 456.09 420.10 Td (is ) Tj ET Q q 0 0 0 rg BT 464.55 420.10 Td (described ) Tj ET Q q 0 0 0 rg BT 504.65 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.87 420.10 Td (reconciled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.49 408.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 95.37 408.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 119.69 408.10 Td (mar) Tj ET Q q 0 0 0 rg BT 135.06 408.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 153.55 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.98 408.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 207.17 408.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 243.69 408.10 Td (that ) Tj ET Q q 0 0 0 rg BT 261.90 408.10 Td (is ) Tj ET Q q 0 0 0 rg BT 271.78 408.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 315.52 408.10 Td (using ) Tj ET Q q 0 0 0 rg BT 340.40 408.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.94 408.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 383.79 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.00 408.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 418.82 408.10 Td (below ) Tj ET Q q 0 0 0 rg BT 446.47 408.10 Td (under ) Tj ET Q q 0 0 0 rg BT 472.45 408.10 Td (Segment ) Tj ET Q q 0 0 0 rg BT 515.09 408.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 562.50 408.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.75 396.10 Td (Measures. ) Tj ET Q q 0 0 0 rg BT 138.05 396.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 156.65 396.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 180.80 396.10 Td (mar) Tj ET Q q 0 0 0 rg BT 196.17 396.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 211.99 396.10 Td (on ) Tj ET Q q 0 0 0 rg BT 225.03 396.10 Td (land ) Tj ET Q q 0 0 0 rg BT 245.28 396.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.76 396.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.64 396.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.68 396.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.57 396.10 Td ( ) Tj ET Q q 0 0 0 rg BT 356.61 396.10 Td (as ) Tj ET Q q 0 0 0 rg BT 367.98 396.10 Td (a ) Tj ET Q q 0 0 0 rg BT 375.46 396.10 Td (result ) Tj ET Q q 0 0 0 rg BT 400.72 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.09 396.10 Td (fewer ) Tj ET Q q 0 0 0 rg BT 437.89 396.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 474.80 396.10 Td (land ) Tj ET Q q 0 0 0 rg BT 495.06 396.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 517.54 396.10 Td (in ) Tj ET Q q 0 0 0 rg BT 528.36 396.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.62 396.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.32 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.15 384.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.15 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.65 384.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 155.57 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.85 384.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.56 384.10 Td (same ) Tj ET Q q 0 0 0 rg BT 203.61 384.10 Td (period ) Tj ET Q q 0 0 0 rg BT 231.66 384.10 Td (in ) Tj ET Q q 0 0 0 rg BT 241.94 384.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.94 384.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 82.35 362.10 Td (general ) Tj ET Q q 0 0 0 rg BT 113.79 362.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.24 362.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 189.46 362.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.68 362.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.43 362.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.44 362.10 Td ($2.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.34 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 314.35 362.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.80 362.10 Td ($14.2 ) Tj ET Q q 0 0 0 rg BT 360.31 362.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.21 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.22 362.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.01 362.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.24 362.10 Td (third ) Tj ET Q q 0 0 0 rg BT 436.14 362.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 466.47 362.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.81 362.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.81 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.83 362.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.62 362.10 Td ($16.8million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.93 350.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.81 350.10 Td (third ) Tj ET Q q 0 0 0 rg BT 96.35 350.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 127.32 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.30 350.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.30 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.96 350.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.05 350.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.81 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 218.46 350.10 Td (as ) Tj ET Q q 0 0 0 rg BT 229.45 350.10 Td (a ) Tj ET Q q 0 0 0 rg BT 236.54 350.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 282.50 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.48 350.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 327.78 350.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.22 350.10 Td (1) Tj ET Q q 0 0 0 rg BT 342.85 350.10 Td (1.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.68 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.33 350.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 408.41 350.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.84 350.10 Td (10.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.67 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 447.33 350.10 Td (for ) Tj ET Q q 0 0 0 rg BT 461.64 350.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.52 350.10 Td (third ) Tj ET Q q 0 0 0 rg BT 498.06 350.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 529.03 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 540.01 350.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 350.10 Td (. ) Tj ET Q q 0 0 0 rg BT 565.01 350.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.52 338.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.28 338.10 Td ( ) Tj ET Q q 0 0 0 rg BT 102.75 338.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.01 338.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 144.65 338.10 Td (general ) Tj ET Q q 0 0 0 rg BT 176.55 338.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.46 338.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 253.14 338.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 287.83 338.10 Td (was ) Tj ET Q q 0 0 0 rg BT 305.85 338.10 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 356.37 338.10 Td (in ) Tj ET Q q 0 0 0 rg BT 366.62 338.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 387.14 338.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.40 338.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.31 338.10 Td ($1.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.20 338.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.68 338.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.43 338.10 Td ( ) Tj ET Q q 0 0 0 rg BT 490.91 338.10 Td (in ) Tj ET Q q 0 0 0 rg BT 501.16 338.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 530.30 338.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 88.61 326.10 Td (due ) Tj ET Q q 0 0 0 rg BT 104.95 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.63 326.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.97 326.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.73 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.63 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.31 326.10 Td (non-variable ) Tj ET Q q 0 0 0 rg BT 222.74 326.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 251.31 326.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 289.31 326.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 328.43 326.10 Td (related ) Tj ET Q q 0 0 0 rg BT 357.53 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 367.21 326.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 389.11 326.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 432.11 326.10 Td (with ) Tj ET Q q 0 0 0 rg BT 451.79 326.10 Td (our ) Tj ET Q q 0 0 0 rg BT 467.02 326.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 488.36 326.10 Td (of) Tj ET Q q 0 0 0 rg BT 496.51 326.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 517.29 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.63 326.10 Td (models ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.08 314.10 Td (a ) Tj ET Q q 0 0 0 rg BT 66.77 314.10 Td (result ) Tj ET Q q 0 0 0 rg BT 91.24 314.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.82 314.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.40 314.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.15 314.10 Td (d ) Tj ET Q q 0 0 0 rg BT 157.40 314.10 Td (community ) Tj ET Q q 0 0 0 rg BT 205.20 314.10 Td (count. ) Tj ET Q q 0 0 0 rg BT 232.17 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.26 314.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.05 314.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.81 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.06 314.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.08 314.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 328.50 314.10 Td (general ) Tj ET Q q 0 0 0 rg BT 360.17 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.86 314.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 436.32 314.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 470.78 314.10 Td (was ) Tj ET Q q 0 0 0 rg BT 488.58 314.10 Td (also ) Tj ET Q q 0 0 0 rg BT 506.94 314.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 554.72 314.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.29 302.10 Td ($1.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.18 302.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.53 302.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.28 302.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.63 302.10 Td (in ) Tj ET Q q 0 0 0 rg BT 148.76 302.10 Td (general ) Tj ET Q q 0 0 0 rg BT 179.53 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.32 302.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 253.88 302.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 289.93 302.10 Td (which ) Tj ET Q q 0 0 0 rg BT 315.72 302.10 Td (was ) Tj ET Q q 0 0 0 rg BT 332.62 302.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 371.18 302.10 Td (related ) Tj ET Q q 0 0 0 rg BT 399.73 302.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.86 302.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 302.10 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 433.50 302.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.39 302.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.74 302.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.49 302.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.84 302.10 Td (in ) Tj ET Q q 0 0 0 rg BT 506.97 302.10 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 86.71 290.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.65 290.10 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 113.65 290.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.54 290.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.04 290.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.79 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.29 290.10 Td (in ) Tj ET Q q 0 0 0 rg BT 190.57 290.10 Td (land ) Tj ET Q q 0 0 0 rg BT 210.29 290.10 Td (related ) Tj ET Q q 0 0 0 rg BT 239.99 290.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 281.09 290.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.03 290.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 318.03 290.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.92 290.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.42 290.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.17 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.67 290.10 Td (in ) Tj ET Q q 0 0 0 rg BT 394.95 290.10 Td (other ) Tj ET Q q 0 0 0 rg BT 418.00 290.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 477.15 290.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (During ) Tj ET Q q 0 0 0 rg BT 79.86 268.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.11 268.10 Td (three ) Tj ET Q q 0 0 0 rg BT 116.13 268.10 Td (months ) Tj ET Q q 0 0 0 rg BT 147.62 268.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 173.53 268.10 Td (September ) Tj ET Q q 0 0 0 rg BT 218.32 268.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 232.86 268.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.86 268.10 Td (, ) Tj ET Q q 0 0 0 rg BT 257.39 268.10 Td (we ) Tj ET Q q 0 0 0 rg BT 271.08 268.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 321.42 268.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.89 268.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.22 268.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.25 268.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.01 268.10 Td ( ) Tj ET Q q 0 0 0 rg BT 383.04 268.10 Td (in ) Tj ET Q q 0 0 0 rg BT 392.85 268.10 Td (new ) Tj ET Q q 0 0 0 rg BT 411.55 268.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 449.68 268.10 Td (in ) Tj ET Q q 0 0 0 rg BT 459.49 268.10 Td (our ) Tj ET Q q 0 0 0 rg BT 474.85 268.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 512.99 268.10 Td (region, ) Tj ET Q q 0 0 0 rg BT 543.07 268.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 66.22 256.10 Td (in ) Tj ET Q q 0 0 0 rg BT 75.71 256.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.64 256.10 Td (third ) Tj ET Q q 0 0 0 rg BT 110.24 256.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 140.27 256.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.32 256.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.32 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 172.03 256.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.53 256.10 Td (437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.53 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.24 256.10 Td (for ) Tj ET Q q 0 0 0 rg BT 211.62 256.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.55 256.10 Td (third ) Tj ET Q q 0 0 0 rg BT 246.15 256.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 276.18 256.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.23 256.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.23 256.10 Td (, ) Tj ET Q q 0 0 0 rg BT 310.44 256.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.60 256.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.75 256.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.08 256.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.80 256.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.55 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.27 256.10 Td (in ) Tj ET Q q 0 0 0 rg BT 396.76 256.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 430.13 256.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.29 256.10 Td (706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.29 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 468.00 256.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 495.82 256.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.76 256.10 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.96 244.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.20 244.10 Td (846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.20 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.65 244.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 128.22 244.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.90 244.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 198.12 244.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.12 244.10 Td (. ) Tj ET Q q 0 0 0 rg BT 223.08 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.36 244.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.36 244.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.12 244.10 Td (s ) Tj ET Q q 0 0 0 rg BT 282.47 244.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.70 244.10 Td (new ) Tj ET Q q 0 0 0 rg BT 311.82 244.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 350.37 244.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.27 244.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 401.39 244.10 Td (were ) Tj ET Q q 0 0 0 rg BT 423.27 244.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 462.94 244.10 Td (due ) Tj ET Q q 0 0 0 rg BT 479.84 244.10 Td (to ) Tj ET Q q 0 0 0 rg BT 490.08 244.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 530.86 244.10 Td (demand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.51 232.10 Td (our ) Tj ET Q q 0 0 0 rg BT 77.06 232.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 109.18 232.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 144.06 232.10 Td (as ) Tj ET Q q 0 0 0 rg BT 155.62 232.10 Td (well ) Tj ET Q q 0 0 0 rg BT 176.06 232.10 Td (as ) Tj ET Q q 0 0 0 rg BT 187.62 232.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 230.28 232.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 261.84 232.10 Td (in ) Tj ET Q q 0 0 0 rg BT 272.84 232.10 Td (many ) Tj ET Q q 0 0 0 rg BT 298.29 232.10 Td (of ) Tj ET Q q 0 0 0 rg BT 309.85 232.10 Td (our ) Tj ET Q q 0 0 0 rg BT 326.17 232.10 Td (T) Tj ET Q q 0 0 0 rg BT 331.58 232.10 Td (exas ) Tj ET Q q 0 0 0 rg BT 352.58 232.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 389.96 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.48 232.10 Td (A) Tj ET Q q 0 0 0 rg BT 398.95 232.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 428.83 232.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 451.49 232.10 Td (price ) Tj ET Q q 0 0 0 rg BT 474.71 232.10 Td (in ) Tj ET Q q 0 0 0 rg BT 485.71 232.10 Td (backlog ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.60 232.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 232.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (however) Tj ET Q q 0 0 0 rg BT 83.53 220.10 Td (, ) Tj ET Q q 0 0 0 rg BT 88.74 220.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.24 220.10 Td ($350,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.74 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.45 220.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.38 220.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 209.86 220.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.86 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 232.58 220.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.73 220.10 Td ($363,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.23 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.94 220.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.88 220.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 365.35 220.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.35 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.07 220.10 Td (due ) Tj ET Q q 0 0 0 rg BT 405.22 220.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.72 220.10 Td (a ) Tj ET Q q 0 0 0 rg BT 422.87 220.10 Td (change ) Tj ET Q q 0 0 0 rg BT 453.90 220.10 Td (in ) Tj ET Q q 0 0 0 rg BT 464.39 220.10 Td (product ) Tj ET Q q 0 0 0 rg BT 497.65 220.10 Td (type ) Tj ET Q q 0 0 0 rg BT 517.59 220.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.74 220.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (mix. ) Tj ET Q q 0 0 0 rg BT 70.16 208.10 Td (During ) Tj ET Q q 0 0 0 rg BT 101.10 208.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.92 208.10 Td (three ) Tj ET Q q 0 0 0 rg BT 138.51 208.10 Td (months ) Tj ET Q q 0 0 0 rg BT 170.57 208.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 197.05 208.10 Td (September ) Tj ET Q q 0 0 0 rg BT 242.42 208.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 257.53 208.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.53 208.10 Td (, ) Tj ET Q q 0 0 0 rg BT 282.64 208.10 Td (we ) Tj ET Q q 0 0 0 rg BT 296.90 208.10 Td (opened ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.39 208.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.06 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.66 208.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 396.93 208.10 Td (in ) Tj ET Q q 0 0 0 rg BT 407.31 208.10 Td (our ) Tj ET Q q 0 0 0 rg BT 423.25 208.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 461.96 208.10 Td (region ) Tj ET Q q 0 0 0 rg BT 490.12 208.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 532.15 208.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.53 208.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.68 196.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 105.45 196.10 Td (third ) Tj ET Q q 0 0 0 rg BT 126.41 196.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.17 196.10 Td (. ) Tj ET Q q 0 0 0 rg BT 158.74 196.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.82 196.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 178.44 196.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 213.85 196.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 258.14 196.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 275.20 196.10 Td (in ) Tj ET Q q 0 0 0 rg BT 285.05 196.10 Td (our ) Tj ET Q q 0 0 0 rg BT 300.45 196.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 338.63 196.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 196.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.12 196.10 Td ( ) Tj ET Q q 0 0 0 rg BT 402.20 196.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.05 196.10 Td (2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.55 196.10 Td ( ) Tj ET Q q 0 0 0 rg BT 426.62 196.10 Td (per ) Tj ET Q q 0 0 0 rg BT 441.46 196.10 Td (community ) Tj ET Q q 0 0 0 rg BT 489.08 196.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.94 196.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.23 196.10 Td (third ) Tj ET Q q 0 0 0 rg BT 534.19 196.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 184.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.33 184.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.83 184.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.77 184.10 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.27 184.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.77 184.10 Td (per ) Tj ET Q q 0 0 0 rg BT 135.04 184.10 Td (community ) Tj ET Q q 0 0 0 rg BT 183.09 184.10 Td (in ) Tj ET Q q 0 0 0 rg BT 193.37 184.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.08 184.10 Td (third ) Tj ET Q q 0 0 0 rg BT 229.47 184.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 260.29 184.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.12 184.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.12 184.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 162.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 103.98 162.10 Td (Region. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.63 162.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.34 162.10 Td (During ) Tj ET Q q 0 0 0 rg BT 169.37 162.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.29 162.10 Td (three ) Tj ET Q q 0 0 0 rg BT 204.97 162.10 Td (month ) Tj ET Q q 0 0 0 rg BT 232.23 162.10 Td (period ) Tj ET Q q 0 0 0 rg BT 259.48 162.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 285.06 162.10 Td (September ) Tj ET Q q 0 0 0 rg BT 329.52 162.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 343.73 162.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.73 162.10 Td (, ) Tj ET Q q 0 0 0 rg BT 367.93 162.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 425.18 162.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 458.53 162.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.01 162.10 Td (our ) Tj ET Q q 0 0 0 rg BT 483.04 162.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 536.95 162.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.25 150.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.84 150.10 Td ($32.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.73 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.32 150.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.34 150.10 Td ($88.9 ) Tj ET Q q 0 0 0 rg BT 193.43 150.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.32 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 224.90 150.10 Td (in ) Tj ET Q q 0 0 0 rg BT 235.27 150.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.07 150.10 Td (third ) Tj ET Q q 0 0 0 rg BT 271.54 150.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 302.44 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.36 150.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.36 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.94 150.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.31 150.10 Td ($121.7 ) Tj ET Q q 0 0 0 rg BT 376.39 150.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.28 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 407.87 150.10 Td (in ) Tj ET Q q 0 0 0 rg BT 418.23 150.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.04 150.10 Td (third ) Tj ET Q q 0 0 0 rg BT 454.51 150.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 485.41 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.32 150.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.32 150.10 Td (. ) Tj ET Q q 0 0 0 rg BT 521.41 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.81 150.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.17 150.10 Td (37%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.88 138.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.28 138.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 153.46 138.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 187.73 138.10 Td (was ) Tj ET Q q 0 0 0 rg BT 205.90 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.75 138.10 Td (result ) Tj ET Q q 0 0 0 rg BT 245.59 138.10 Td (of ) Tj ET Q q 0 0 0 rg BT 256.54 138.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.60 138.10 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.93 138.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.56 138.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.31 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 319.94 138.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.34 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.18 138.10 Td (number ) Tj ET Q q 0 0 0 rg BT 378.35 138.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.31 138.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 418.04 138.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 457.87 138.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.20 138.10 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.20 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.82 138.10 Td (units\), ) Tj ET Q q 0 0 0 rg BT 501.72 138.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.79 138.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.12 138.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.74 138.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.66 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.27 126.10 Td (average ) Tj ET Q q 0 0 0 rg BT 110.73 126.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 133.56 126.10 Td (price ) Tj ET Q q 0 0 0 rg BT 156.93 126.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.64 126.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 198.14 126.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 238.73 126.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.06 126.10 Td ($33,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.56 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 277.94 126.10 Td (per ) Tj ET Q q 0 0 0 rg BT 294.09 126.10 Td (home ) Tj ET Q q 0 0 0 rg BT 319.70 126.10 Td (delivered\), ) Tj ET Q q 0 0 0 rg BT 366.11 126.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.94 126.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.76 126.10 Td ($9.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 126.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.04 126.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.79 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.18 126.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.34 126.10 Td (land ) Tj ET Q q 0 0 0 rg BT 511.94 126.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 530.88 126.10 Td (revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 91.79 114.10 Td (to ) Tj ET Q q 0 0 0 rg BT 102.44 114.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 124.74 114.10 Td (year ) Tj ET Q q 0 0 0 rg BT 144.82 114.10 Td (due ) Tj ET Q q 0 0 0 rg BT 162.12 114.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.77 114.10 Td (an ) Tj ET Q q 0 0 0 rg BT 185.08 114.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 220.70 114.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.34 114.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 268.08 114.10 Td (land ) Tj ET Q q 0 0 0 rg BT 288.17 114.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 310.47 114.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 357.23 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.31 114.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 400.08 114.10 Td (. ) Tj ET Q q 0 0 0 rg BT 405.44 114.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.31 114.10 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.17 114.10 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.60 114.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.47 114.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.11 114.10 Td (our ) Tj ET Q q 0 0 0 rg BT 510.31 114.10 Td (Mid-Atlantic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.39 102.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.15 102.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.49 102.10 Td ($5.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.38 102.10 Td (, ) Tj ET Q q 0 0 0 rg BT 171.23 102.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.02 102.10 Td ($6.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.91 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 244.25 102.10 Td (in ) Tj ET Q q 0 0 0 rg BT 254.38 102.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.94 102.10 Td (third ) Tj ET Q q 0 0 0 rg BT 290.17 102.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 320.84 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.51 102.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.51 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 353.86 102.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.98 102.10 Td ($1) Tj ET Q q 0 0 0 rg BT 373.61 102.10 Td (1.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 419.85 102.10 Td (during ) Tj ET Q q 0 0 0 rg BT 448.30 102.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.87 102.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 493.53 102.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 519.75 102.10 Td (September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 64.24 90.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.24 90.10 Td (. ) Tj ET Q q 0 0 0 rg BT 88.81 90.10 Td (This ) Tj ET Q q 0 0 0 rg BT 108.83 90.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 164.39 90.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.40 90.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 214.41 90.10 Td (income ) Tj ET Q q 0 0 0 rg BT 246.08 90.10 Td (was ) Tj ET Q q 0 0 0 rg BT 263.87 90.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 303.32 90.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.77 90.10 Td (result ) Tj ET Q q 0 0 0 rg BT 342.23 90.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.79 90.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.47 90.10 Td ($5.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.36 90.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.60 90.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.35 90.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.59 90.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.61 90.10 Td (our ) Tj ET Q q 0 0 0 rg BT 471.17 90.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 494.53 90.10 Td (mar) Tj ET Q q 0 0 0 rg BT 509.89 90.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 527.41 90.10 Td (of) Tj ET Q q 0 0 0 rg BT 535.56 90.10 Td (fset, ) Tj ET Q q 0 0 0 rg BT 554.73 90.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 70.33 78.10 Td (by ) Tj ET Q q 0 0 0 rg BT 83.11 78.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.32 78.10 Td ($0.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.22 78.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.00 78.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 177.53 78.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.09 78.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 220.03 78.10 Td (general ) Tj ET Q q 0 0 0 rg BT 252.24 78.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.45 78.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 329.44 78.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 366.93 78.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.51 78.10 Td (W) Tj ET Q q 0 0 0 rg BT 378.54 78.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 391.88 78.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 422.98 78.10 Td (to ) Tj ET Q q 0 0 0 rg BT 433.53 78.10 Td (our ) Tj ET Q q 0 0 0 rg BT 449.64 78.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 507.98 78.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 531.87 78.10 Td (mar) Tj ET Q q 0 0 0 rg BT 547.24 78.10 Td (gin, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.48 66.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 89.25 66.10 Td (mar) Tj ET Q q 0 0 0 rg BT 104.61 66.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 120.04 66.10 Td (on ) Tj ET Q q 0 0 0 rg BT 132.69 66.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 161.45 66.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.31 66.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.63 66.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.28 66.10 Td ($5.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.17 66.10 Td (, ) Tj ET Q q 0 0 0 rg BT 296.33 66.10 Td (due ) Tj ET Q q 0 0 0 rg BT 313.42 66.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.85 66.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.71 66.10 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.04 66.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.70 66.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.45 66.10 Td ( ) Tj ET Q q 0 0 0 rg BT 395.10 66.10 Td (in ) Tj ET Q q 0 0 0 rg BT 405.53 66.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.40 66.10 Td (number ) Tj ET Q q 0 0 0 rg BT 453.60 66.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.58 66.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 493.34 66.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 533.19 66.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.28 66.10 Td (the ) Tj ET Q q 0 0 0 rg BT 565.00 66.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 54.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.83 54.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.52 54.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.28 54.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.97 54.10 Td (in ) Tj ET Q q 0 0 0 rg BT 116.45 54.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.36 54.10 Td (average ) Tj ET Q q 0 0 0 rg BT 165.13 54.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 187.27 54.10 Td (price ) Tj ET Q q 0 0 0 rg BT 209.95 54.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.97 54.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 249.77 54.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 289.67 54.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 314.58 54.10 Td (above ) Tj ET Q q 0 0 0 rg BT 341.15 54.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.63 54.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 387.09 54.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.57 54.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.70 54.10 Td (improvement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.02 54.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.71 54.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.19 54.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 510.55 54.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 534.36 54.10 Td (mar) Tj ET Q q 0 0 0 rg BT 549.72 54.10 Td (gin ) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (percentage. ) Tj ET Q q 0 0 0 rg BT 97.81 740.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 115.87 740.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 150.05 740.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 173.67 740.10 Td (mar) Tj ET Q q 0 0 0 rg BT 189.04 740.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 204.32 740.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.13 740.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.46 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 290.97 740.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.48 740.10 Td (140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.48 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.99 740.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 343.49 740.10 Td (points ) Tj ET Q q 0 0 0 rg BT 370.45 740.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.40 740.10 Td (17.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.23 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 420.74 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 431.02 740.10 Td (last ) Tj ET Q q 0 0 0 rg BT 447.42 740.10 Td (year) Tj ET Q q 0 0 0 rg BT 465.00 740.10 Td () Tj ET Q q 0 0 0 rg BT 467.78 740.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.18 740.10 Td (third ) Tj ET Q q 0 0 0 rg BT 495.57 740.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.89 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 526.40 740.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.68 740.10 Td (19.1%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.66 728.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.26 728.10 Td (third ) Tj ET Q q 0 0 0 rg BT 95.53 728.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 126.23 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.94 728.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.94 728.10 Td (. ) Tj ET Q q 0 0 0 rg BT 161.82 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.21 728.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 182.14 728.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 205.64 728.10 Td (mar) Tj ET Q q 0 0 0 rg BT 221.00 728.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 236.17 728.10 Td (on ) Tj ET Q q 0 0 0 rg BT 248.55 728.10 Td (land ) Tj ET Q q 0 0 0 rg BT 268.15 728.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 289.97 728.10 Td (was ) Tj ET Q q 0 0 0 rg BT 307.90 728.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 323.61 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 337.65 728.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.25 728.10 Td (third ) Tj ET Q q 0 0 0 rg BT 373.52 728.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 404.22 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.93 728.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.93 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.32 728.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 479.12 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 489.29 728.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.88 728.10 Td (same ) Tj ET Q q 0 0 0 rg BT 526.81 728.10 Td (period ) Tj ET Q q 0 0 0 rg BT 554.74 728.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 716.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 82.94 694.10 Td (general ) Tj ET Q q 0 0 0 rg BT 114.97 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.02 694.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 191.83 694.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.65 694.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.40 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.01 694.10 Td ($0.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.90 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.51 694.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.55 694.10 Td ($9.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.45 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.05 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.44 694.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.26 694.10 Td (third ) Tj ET Q q 0 0 0 rg BT 438.76 694.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 469.68 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.62 694.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.62 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 503.23 694.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.61 694.10 Td ($9.9million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.51 682.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.96 682.10 Td (third ) Tj ET Q q 0 0 0 rg BT 95.08 682.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 125.63 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.20 682.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.20 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 158.43 682.10 Td (but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.44 682.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.31 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 209.55 682.10 Td (as ) Tj ET Q q 0 0 0 rg BT 220.11 682.10 Td (a ) Tj ET Q q 0 0 0 rg BT 226.79 682.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 272.32 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.88 682.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 316.76 682.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 682.10 Td (8.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.61 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 349.84 682.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 391.50 682.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.51 682.10 Td (10.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.34 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 429.57 682.10 Td (for ) Tj ET Q q 0 0 0 rg BT 443.47 682.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.92 682.10 Td (third ) Tj ET Q q 0 0 0 rg BT 479.04 682.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 509.59 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.15 682.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 544.89 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.96 682.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.62 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 94.77 670.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 126.30 670.10 Td (general ) Tj ET Q q 0 0 0 rg BT 158.09 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.90 670.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 234.48 670.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 269.05 670.10 Td (was ) Tj ET Q q 0 0 0 rg BT 286.97 670.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 326.55 670.10 Td (due ) Tj ET Q q 0 0 0 rg BT 343.36 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.50 670.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.31 670.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 380.18 670.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.07 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.44 670.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.19 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.56 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 456.71 670.10 Td (general ) Tj ET Q q 0 0 0 rg BT 488.50 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 505.31 670.10 Td (administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 86.19 658.10 Td (which ) Tj ET Q q 0 0 0 rg BT 112.62 658.10 Td (was ) Tj ET Q q 0 0 0 rg BT 130.15 658.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 169.35 658.10 Td (related ) Tj ET Q q 0 0 0 rg BT 198.54 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.30 658.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.72 658.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.48 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.46 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 264.22 658.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 302.86 658.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 360.39 658.10 Td (related ) Tj ET Q q 0 0 0 rg BT 389.57 658.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 427.66 658.10 Td (due ) Tj ET Q q 0 0 0 rg BT 444.08 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 453.84 658.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 494.15 658.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 533.90 658.10 Td (results, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.82 646.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 95.14 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.47 646.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.45 646.10 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 132.50 646.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.39 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.94 646.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.69 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.24 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.56 646.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 238.77 646.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 279.92 646.10 Td (which ) Tj ET Q q 0 0 0 rg BT 306.90 646.10 Td (was ) Tj ET Q q 0 0 0 rg BT 325.00 646.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 364.76 646.10 Td (related ) Tj ET Q q 0 0 0 rg BT 394.51 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 404.83 646.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.82 646.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.57 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.12 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 462.44 646.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 497.19 646.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 526.40 646.10 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 86.99 634.10 Td (from ) Tj ET Q q 0 0 0 rg BT 108.91 634.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 148.05 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.32 634.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 180.25 634.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 234.96 634.10 Td (produced ) Tj ET Q q 0 0 0 rg BT 274.66 634.10 Td (by ) Tj ET Q q 0 0 0 rg BT 287.15 634.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.86 634.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.41 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 329.90 634.10 Td (average ) Tj ET Q q 0 0 0 rg BT 363.47 634.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 385.40 634.10 Td (price ) Tj ET Q q 0 0 0 rg BT 407.87 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 418.69 634.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 447.29 634.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 486.99 634.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.91 634.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.46 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 531.95 634.10 Td (number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 622.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 88.94 622.10 Td (delivered.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.07 600.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.53 600.10 Td (three ) Tj ET Q q 0 0 0 rg BT 116.75 600.10 Td (months ) Tj ET Q q 0 0 0 rg BT 148.44 600.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 174.56 600.10 Td (September ) Tj ET Q q 0 0 0 rg BT 219.56 600.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 234.30 600.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.30 600.10 Td (, ) Tj ET Q q 0 0 0 rg BT 259.04 600.10 Td (we ) Tj ET Q q 0 0 0 rg BT 272.94 600.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 323.48 600.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.16 600.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.49 600.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.73 600.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.49 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.73 600.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.75 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.20 600.10 Td (number ) Tj ET Q q 0 0 0 rg BT 442.99 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.56 600.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 481.91 600.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.93 600.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 525.82 600.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.50 600.10 Td (381) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 77.93 588.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.46 588.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 147.54 588.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.54 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.86 588.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.95 588.10 Td (457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.95 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.27 588.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 225.69 588.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.23 588.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 295.31 588.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.31 588.10 Td (. ) Tj ET Q q 0 0 0 rg BT 320.13 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.93 588.10 Td (A) Tj ET Q q 0 0 0 rg BT 328.41 588.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 357.37 588.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 379.13 588.10 Td (price ) Tj ET Q q 0 0 0 rg BT 401.43 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.08 588.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 440.50 588.10 Td (in ) Tj ET Q q 0 0 0 rg BT 450.60 588.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 484.57 588.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 588.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.75 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 543.07 588.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td ($357,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.33 576.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.87 576.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 161.96 576.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.96 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.29 576.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.40 576.10 Td ($371,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.90 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.22 576.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.77 576.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 308.86 576.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.86 576.10 Td (. ) Tj ET Q q 0 0 0 rg BT 334.69 576.10 Td (New ) Tj ET Q q 0 0 0 rg BT 356.90 576.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 398.82 576.10 Td (however) Tj ET Q q 0 0 0 rg BT 432.85 576.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.67 576.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.09 576.10 Td (d ) Tj ET Q q 0 0 0 rg BT 481.42 576.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 514.75 576.10 Td (in ) Tj ET Q q 0 0 0 rg BT 525.85 576.10 Td (our ) Tj ET Q q 0 0 0 rg BT 542.51 576.10 Td (Mid-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (Atlantic ) Tj ET Q q 0 0 0 rg BT 84.56 564.10 Td (region, ) Tj ET Q q 0 0 0 rg BT 115.45 564.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.73 564.10 Td (248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.73 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.57 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.20 564.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.26 564.10 Td (third ) Tj ET Q q 0 0 0 rg BT 202.99 564.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 234.15 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.32 564.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.32 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 268.17 564.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.79 564.10 Td (244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.79 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.63 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.26 564.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.32 564.10 Td (third ) Tj ET Q q 0 0 0 rg BT 344.05 564.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 375.21 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.38 564.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.38 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.23 564.10 Td (as ) Tj ET Q q 0 0 0 rg BT 420.40 564.10 Td (a ) Tj ET Q q 0 0 0 rg BT 427.68 564.10 Td (result ) Tj ET Q q 0 0 0 rg BT 452.74 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.92 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.98 564.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 507.94 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.11 564.10 Td (opening ) Tj ET Q q 0 0 0 rg BT 554.17 564.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (new ) Tj ET Q q 0 0 0 rg BT 68.55 552.10 Td (communities, ) Tj ET Q q 0 0 0 rg BT 125.11 552.10 Td (product ) Tj ET Q q 0 0 0 rg BT 158.04 552.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 175.99 552.10 Td (in ) Tj ET Q q 0 0 0 rg BT 186.17 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.77 552.10 Td (region, ) Tj ET Q q 0 0 0 rg BT 231.21 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.04 552.10 Td (a ) Tj ET Q q 0 0 0 rg BT 254.88 552.10 Td (slower ) Tj ET Q q 0 0 0 rg BT 283.93 552.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 328.54 552.10 Td (pace. ) Tj ET Q q 0 0 0 rg BT 351.75 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.14 552.10 Td (During ) Tj ET Q q 0 0 0 rg BT 384.86 552.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.47 552.10 Td (three ) Tj ET Q q 0 0 0 rg BT 421.85 552.10 Td (months ) Tj ET Q q 0 0 0 rg BT 453.69 552.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 479.96 552.10 Td (September ) Tj ET Q q 0 0 0 rg BT 525.12 552.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 540.01 552.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 552.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.25 540.10 Td (opened ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.21 540.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.20 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 116.28 540.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 170.03 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 179.90 540.10 Td (our ) Tj ET Q q 0 0 0 rg BT 195.32 540.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 249.61 540.10 Td (region ) Tj ET Q q 0 0 0 rg BT 277.25 540.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 318.76 540.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.63 540.10 Td (opening ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.93 540.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.48 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.56 540.10 Td (during ) Tj ET Q q 0 0 0 rg BT 408.76 540.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.06 540.10 Td (third ) Tj ET Q q 0 0 0 rg BT 444.04 540.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 474.44 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.86 540.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.86 540.10 Td (. ) Tj ET Q q 0 0 0 rg BT 509.45 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 511.53 540.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 529.17 540.10 Td (monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 94.14 528.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 111.55 528.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.75 528.10 Td (our ) Tj ET Q q 0 0 0 rg BT 137.51 528.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 192.14 528.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.12 528.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.99 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.41 528.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.61 528.10 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.11 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.54 528.10 Td (per ) Tj ET Q q 0 0 0 rg BT 296.73 528.10 Td (community ) Tj ET Q q 0 0 0 rg BT 344.71 528.10 Td (in ) Tj ET Q q 0 0 0 rg BT 354.91 528.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.55 528.10 Td (third ) Tj ET Q q 0 0 0 rg BT 390.86 528.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 421.60 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.36 528.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.36 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 454.78 528.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.64 528.10 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.14 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 491.57 528.10 Td (per ) Tj ET Q q 0 0 0 rg BT 506.76 528.10 Td (community ) Tj ET Q q 0 0 0 rg BT 554.74 528.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.22 516.10 Td (third ) Tj ET Q q 0 0 0 rg BT 85.60 516.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 116.42 516.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.25 516.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.25 516.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 494.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 92.57 494.10 Td (Services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.95 494.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.45 494.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 168.94 494.10 Td (from ) Tj ET Q q 0 0 0 rg BT 190.88 494.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.71 494.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 246.98 494.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.92 494.10 Td (title ) Tj ET Q q 0 0 0 rg BT 281.97 494.10 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.13 494.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.88 494.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.38 494.10 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 386.39 494.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.28 494.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.78 494.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.11 494.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.44 494.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 445.27 494.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.21 494.10 Td ($9.3 ) Tj ET Q q 0 0 0 rg BT 487.22 494.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.11 494.10 Td ( ) Tj ET Q q 0 0 0 rg BT 518.61 494.10 Td (in ) Tj ET Q q 0 0 0 rg BT 528.89 494.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.61 494.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 482.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.10 482.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.71 482.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.71 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.99 482.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.05 482.10 Td ($10.6 ) Tj ET Q q 0 0 0 rg BT 147.83 482.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.72 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.01 482.10 Td (in ) Tj ET Q q 0 0 0 rg BT 189.07 482.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.56 482.10 Td (third ) Tj ET Q q 0 0 0 rg BT 224.73 482.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 255.33 482.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.94 482.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.94 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.22 482.10 Td (as ) Tj ET Q q 0 0 0 rg BT 298.84 482.10 Td (a ) Tj ET Q q 0 0 0 rg BT 305.56 482.10 Td (result ) Tj ET Q q 0 0 0 rg BT 330.05 482.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.67 482.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.39 482.10 Td (19%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.72 482.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.00 482.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.75 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.03 482.10 Td (in ) Tj ET Q q 0 0 0 rg BT 413.09 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.59 482.10 Td (number ) Tj ET Q q 0 0 0 rg BT 460.42 482.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.03 482.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 490.53 482.10 Td (originations, ) Tj ET Q q 0 0 0 rg BT 543.09 482.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.10 Td (713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 66.86 470.10 Td (in ) Tj ET Q q 0 0 0 rg BT 77.00 470.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.57 470.10 Td (third ) Tj ET Q q 0 0 0 rg BT 112.82 470.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 143.50 470.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.19 470.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.19 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.55 470.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.68 470.10 Td (848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.68 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.04 470.10 Td (in ) Tj ET Q q 0 0 0 rg BT 214.18 470.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.76 470.10 Td (third ) Tj ET Q q 0 0 0 rg BT 250.01 470.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 280.68 470.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.37 470.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.37 470.10 Td (, ) Tj ET Q q 0 0 0 rg BT 316.23 470.10 Td (and ) Tj ET Q q 0 0 0 rg BT 333.03 470.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.83 470.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.16 470.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.52 470.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.27 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.63 470.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.77 470.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.35 470.10 Td (average ) Tj ET Q q 0 0 0 rg BT 448.79 470.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 468.37 470.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 503.22 470.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.02 470.10 Td ($286,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (in ) Tj ET Q q 0 0 0 rg BT 58.96 458.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.86 458.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 102.86 458.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.43 458.10 Td (September ) Tj ET Q q 0 0 0 rg BT 172.87 458.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 187.06 458.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.06 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.74 458.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.21 458.10 Td ($295,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.71 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.39 458.10 Td (in ) Tj ET Q q 0 0 0 rg BT 266.85 458.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.75 458.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 310.75 458.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 336.32 458.10 Td (September ) Tj ET Q q 0 0 0 rg BT 380.76 458.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 394.95 458.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.95 458.10 Td (. ) Tj ET Q q 0 0 0 rg BT 419.13 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 420.70 458.10 Td (W) Tj ET Q q 0 0 0 rg BT 429.33 458.10 Td (e ) Tj ET Q q 0 0 0 rg BT 435.46 458.10 Td (also ) Tj ET Q q 0 0 0 rg BT 453.25 458.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 503.24 458.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 530.47 458.10 Td (mar) Tj ET Q q 0 0 0 rg BT 545.83 458.10 Td (gins ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 446.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 100.33 446.10 Td (sold.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 424.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.88 424.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 91.07 424.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.71 424.10 Td (third ) Tj ET Q q 0 0 0 rg BT 127.90 424.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 158.53 424.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.17 424.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.17 424.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.48 424.10 Td (with ) Tj ET Q q 0 0 0 rg BT 211.56 424.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.31 424.10 Td ($1.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.20 424.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.51 424.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.26 424.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.57 424.10 Td (in ) Tj ET Q q 0 0 0 rg BT 314.66 424.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 354.73 424.10 Td (income ) Tj ET Q q 0 0 0 rg BT 386.47 424.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 428.21 424.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.29 424.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 466.29 424.10 Td (third ) Tj ET Q q 0 0 0 rg BT 487.49 424.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.41 424.10 Td (, ) Tj ET Q q 0 0 0 rg BT 520.21 424.10 Td (which ) Tj ET Q q 0 0 0 rg BT 546.96 424.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.88 412.10 Td (due ) Tj ET Q q 0 0 0 rg BT 107.49 412.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.43 412.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.82 412.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.57 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.74 412.10 Td (in ) Tj ET Q q 0 0 0 rg BT 180.69 412.10 Td (our ) Tj ET Q q 0 0 0 rg BT 197.18 412.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 232.00 412.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 273.50 412.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 303.04 412.10 Td (of) Tj ET Q q 0 0 0 rg BT 311.19 412.10 Td (fset, ) Tj ET Q q 0 0 0 rg BT 331.30 412.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.24 412.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 363.46 412.10 Td (by ) Tj ET Q q 0 0 0 rg BT 376.63 412.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.23 412.10 Td ($0.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.12 412.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.29 412.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.04 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 472.21 412.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.16 412.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 515.49 412.10 Td (general ) Tj ET Q q 0 0 0 rg BT 548.08 412.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 109.66 400.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 144.81 400.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 187.18 400.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.91 400.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.07 400.10 Td (third ) Tj ET Q q 0 0 0 rg BT 234.91 400.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 266.17 400.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.45 400.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.45 400.10 Td (, ) Tj ET Q q 0 0 0 rg BT 302.90 400.10 Td (which ) Tj ET Q q 0 0 0 rg BT 330.29 400.10 Td (was ) Tj ET Q q 0 0 0 rg BT 348.79 400.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 397.27 400.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 437.43 400.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.16 400.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.54 400.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.30 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 496.25 400.10 Td (in ) Tj ET Q q 0 0 0 rg BT 506.97 400.10 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.05 366.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 120.37 366.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.37 366.10 Td (, ) Tj ET Q q 0 0 0 rg BT 144.42 366.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 160.97 366.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 199.73 366.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 236.83 366.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 276.15 366.10 Td (services ) Tj ET Q q 0 0 0 rg BT 309.91 366.10 Td (in ) Tj ET Q q 0 0 0 rg BT 319.24 366.10 Td (all ) Tj ET Q q 0 0 0 rg BT 330.78 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.67 366.10 Td (our ) Tj ET Q q 0 0 0 rg BT 355.55 366.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 390.91 366.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.01 366.10 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.34 366.10 Td ( ) Tj ET Q q 0 0 0 rg BT 472.89 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.77 366.10 Td (our ) Tj ET Q q 0 0 0 rg BT 497.65 366.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 525.31 366.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.10 Td (during ) Tj ET Q q 0 0 0 rg BT 77.92 354.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.46 354.10 Td (third ) Tj ET Q q 0 0 0 rg BT 113.66 354.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 144.29 354.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.94 354.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.94 354.10 Td ( ) Tj ET Q q 0 0 0 rg BT 177.25 354.10 Td (were ) Tj ET Q q 0 0 0 rg BT 199.00 354.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 235.74 354.10 Td (through ) Tj ET Q q 0 0 0 rg BT 269.16 354.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 286.48 354.10 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 328.51 354.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 370.25 354.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.34 354.10 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.67 354.10 Td ( ) Tj ET Q q 0 0 0 rg BT 400.99 354.10 Td (in ) Tj ET Q q 0 0 0 rg BT 411.08 354.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.61 354.10 Td (same ) Tj ET Q q 0 0 0 rg BT 448.48 354.10 Td (period ) Tj ET Q q 0 0 0 rg BT 476.34 354.10 Td (in ) Tj ET Q q 0 0 0 rg BT 486.43 354.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.43 354.10 Td (. ) Tj ET Q q 0 0 0 rg BT 511.25 354.10 Td ( ) Tj ET Q q 0 0 0 rg BT 513.56 354.10 Td (Capture ) Tj ET Q q 0 0 0 rg BT 547.54 354.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.67 342.10 Td (influenced ) Tj ET Q q 0 0 0 rg BT 103.37 342.10 Td (by ) Tj ET Q q 0 0 0 rg BT 115.87 342.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 156.14 342.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 203.62 342.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.56 342.10 Td (can ) Tj ET Q q 0 0 0 rg BT 236.94 342.10 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 274.42 342.10 Td (from ) Tj ET Q q 0 0 0 rg BT 296.36 342.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 327.17 342.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.45 342.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 365.21 342.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 95.28 320.10 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 130.78 320.10 Td (General ) Tj ET Q q 0 0 0 rg BT 168.22 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.28 320.10 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 251.95 320.10 Td (Expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.45 320.10 Td ( ) Tj ET Q q 0 0 0 rg BT 293.56 320.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.67 320.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 341.76 320.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 375.04 320.10 Td (general ) Tj ET Q q 0 0 0 rg BT 408.57 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.11 320.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 488.43 320.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.75 320.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td ($2.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 308.10 Td (, ) Tj ET Q q 0 0 0 rg BT 104.35 308.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.25 308.10 Td ($8.5 ) Tj ET Q q 0 0 0 rg BT 148.21 308.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.10 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.56 308.10 Td (for ) Tj ET Q q 0 0 0 rg BT 195.68 308.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.36 308.10 Td (third ) Tj ET Q q 0 0 0 rg BT 233.70 308.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 265.48 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.27 308.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.27 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 300.73 308.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.96 308.10 Td ($10.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.85 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.31 308.10 Td (for ) Tj ET Q q 0 0 0 rg BT 384.43 308.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.11 308.10 Td (third ) Tj ET Q q 0 0 0 rg BT 422.46 308.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 454.23 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.02 308.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.02 308.10 Td (. ) Tj ET Q q 0 0 0 rg BT 491.73 308.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.74 308.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.49 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.95 308.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 88.42 296.10 Td (due ) Tj ET Q q 0 0 0 rg BT 104.58 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.07 296.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.22 296.10 Td ($1.5 ) Tj ET Q q 0 0 0 rg BT 139.43 296.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.32 296.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.04 296.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.79 296.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.50 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 213.99 296.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 271.25 296.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 305.17 296.10 Td (related ) Tj ET Q q 0 0 0 rg BT 334.08 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.58 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 358.62 296.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 398.66 296.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 438.13 296.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 468.45 296.10 Td (as ) Tj ET Q q 0 0 0 rg BT 478.50 296.10 Td (well ) Tj ET Q q 0 0 0 rg BT 497.43 296.10 Td (as ) Tj ET Q q 0 0 0 rg BT 507.47 296.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.62 296.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.33 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.18 284.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 148.68 284.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 186.46 284.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.98 284.10 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 214.55 284.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.45 284.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.52 284.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.28 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.35 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 293.21 284.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 316.28 284.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 360.45 284.10 Td (with ) Tj ET Q q 0 0 0 rg BT 381.31 284.10 Td (new ) Tj ET Q q 0 0 0 rg BT 401.04 284.10 Td (information ) Tj ET Q q 0 0 0 rg BT 451.33 284.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 488.58 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.09 284.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.61 284.10 Td ($0.2million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.75 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.03 272.10 Td (other ) Tj ET Q q 0 0 0 rg BT 118.08 272.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 177.23 272.10 Td (expenses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 83.85 250.10 Td (Expense ) Tj ET Q q 0 0 0 rg BT 121.54 250.10 Td (- ) Tj ET Q q 0 0 0 rg BT 127.55 250.10 Td (Net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.49 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.17 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.85 250.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 182.52 250.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 217.41 250.10 Td (for ) Tj ET Q q 0 0 0 rg BT 231.76 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.66 250.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.23 250.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.64 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.32 250.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 350.51 250.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.40 250.10 Td (, ) Tj ET Q q 0 0 0 rg BT 384.58 250.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.70 250.10 Td ($3.7 ) Tj ET Q q 0 0 0 rg BT 426.89 250.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.78 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 458.46 250.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.92 250.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.82 250.10 Td (three ) Tj ET Q q 0 0 0 rg BT 506.49 250.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.62 250.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (September ) Tj ET Q q 0 0 0 rg BT 95.03 238.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 110.29 238.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.29 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.05 238.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.60 238.10 Td ($3.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.49 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.25 238.10 Td (in ) Tj ET Q q 0 0 0 rg BT 205.79 238.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.77 238.10 Td (three ) Tj ET Q q 0 0 0 rg BT 243.52 238.10 Td (months ) Tj ET Q q 0 0 0 rg BT 275.74 238.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 302.38 238.10 Td (September ) Tj ET Q q 0 0 0 rg BT 347.90 238.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 363.17 238.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.17 238.10 Td (. ) Tj ET Q q 0 0 0 rg BT 388.43 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.99 238.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.54 238.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.95 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 448.71 238.10 Td (was ) Tj ET Q q 0 0 0 rg BT 467.03 238.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 507.01 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.99 238.10 Td (result ) Tj ET Q q 0 0 0 rg BT 546.97 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 558.06 238.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (decline) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.37 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.76 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 90.93 226.10 Td (our ) Tj ET Q q 0 0 0 rg BT 106.66 226.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 145.70 226.10 Td (average ) Tj ET Q q 0 0 0 rg BT 179.18 226.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 223.23 226.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 240.61 226.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.44 226.10 Td (6.03%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.27 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 290.66 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 300.83 226.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.44 226.10 Td (third ) Tj ET Q q 0 0 0 rg BT 336.71 226.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 367.42 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.14 226.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.14 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 400.54 226.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.71 226.10 Td (5.80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.54 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.93 226.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.98 226.10 Td (third ) Tj ET Q q 0 0 0 rg BT 474.26 226.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 504.96 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 515.69 226.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.69 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.08 226.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (was ) Tj ET Q q 0 0 0 rg BT 66.49 214.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 105.14 214.10 Td (due ) Tj ET Q q 0 0 0 rg BT 121.02 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 130.24 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.90 214.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 168.11 214.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 198.98 214.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 215.41 214.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 247.94 214.10 Td (on ) Tj ET Q q 0 0 0 rg BT 259.38 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 274.15 214.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 300.03 214.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 322.58 214.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 370.69 214.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.34 214.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 438.55 214.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.55 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.99 214.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.32 214.10 Td ($300.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.21 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.65 214.10 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 88.29 202.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 121.54 202.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.12 202.10 Td (6.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.95 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.20 202.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 191.56 202.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 218.14 202.10 Td (due ) Tj ET Q q 0 0 0 rg BT 235.83 202.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 259.08 202.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 277.88 202.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 305.57 202.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 334.93 202.10 Td (Notes\)\) ) Tj ET Q q 0 0 0 rg BT 372.61 202.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 415.28 202.10 Td (with ) Tj ET Q q 0 0 0 rg BT 436.31 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.78 202.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 484.46 202.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 502.70 202.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 537.05 202.10 Td (on ) Tj ET Q q 0 0 0 rg BT 550.30 202.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td ($230.0 ) Tj ET Q q 0 0 0 rg BT 79.18 190.10 Td (million ) Tj ET Q q 0 0 0 rg BT 110.25 190.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 151.28 190.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 189.00 190.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 221.17 190.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.68 190.10 Td (8.625%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.51 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 264.69 190.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 292.97 190.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 318.48 190.10 Td (due ) Tj ET Q q 0 0 0 rg BT 335.10 190.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 357.27 190.10 Td (\(2018 ) Tj ET Q q 0 0 0 rg BT 387.22 190.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 415.50 190.10 Td (Notes\) ) Tj ET Q q 0 0 0 rg BT 448.78 190.10 Td (that ) Tj ET Q q 0 0 0 rg BT 465.95 190.10 Td (were ) Tj ET Q q 0 0 0 rg BT 487.56 190.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 536.40 190.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.37 178.10 Td (third ) Tj ET Q q 0 0 0 rg BT 83.91 178.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 113.88 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.86 178.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.86 178.10 Td (. ) Tj ET Q q 0 0 0 rg BT 148.01 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.67 178.10 Td (Partially ) Tj ET Q q 0 0 0 rg BT 185.20 178.10 Td (of) Tj ET Q q 0 0 0 rg BT 193.35 178.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 225.00 178.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.10 178.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.51 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 277.17 178.10 Td (was ) Tj ET Q q 0 0 0 rg BT 294.37 178.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.46 178.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.22 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.87 178.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.30 178.10 Td (our ) Tj ET Q q 0 0 0 rg BT 364.28 178.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 402.59 178.10 Td (average ) Tj ET Q q 0 0 0 rg BT 435.33 178.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 482.53 178.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.62 178.10 Td ($570.0million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.18 166.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 86.77 166.10 Td (third ) Tj ET Q q 0 0 0 rg BT 107.55 166.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.87 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.77 166.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.44 166.10 Td ($607.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.34 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.23 166.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.91 166.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 245.50 166.10 Td (third ) Tj ET Q q 0 0 0 rg BT 266.29 166.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.05 166.10 Td (. ) Tj ET Q q 0 0 0 rg BT 298.45 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 300.21 166.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.66 166.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.41 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.31 166.10 Td (in ) Tj ET Q q 0 0 0 rg BT 361.99 166.10 Td (our ) Tj ET Q q 0 0 0 rg BT 377.21 166.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 415.77 166.10 Td (average ) Tj ET Q q 0 0 0 rg BT 448.75 166.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 496.20 166.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 535.31 166.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.70 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.33 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.75 154.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 111.93 154.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.12 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.76 154.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 174.72 154.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 207.14 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.89 154.10 Td (our ) Tj ET Q q 0 0 0 rg BT 233.64 154.10 Td ($300.0 ) Tj ET Q q 0 0 0 rg BT 263.56 154.10 Td (million ) Tj ET Q q 0 0 0 rg BT 294.87 154.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 317.29 154.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 345.81 154.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 371.56 154.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 420.65 154.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.28 154.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 490.47 154.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.47 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 512.89 154.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.73 154.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td ($230.0 ) Tj ET Q q 0 0 0 rg BT 79.50 142.10 Td (million ) Tj ET Q q 0 0 0 rg BT 110.89 142.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 133.39 142.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 162.00 142.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 187.83 142.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 237.00 142.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.71 142.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 306.98 142.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.98 142.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 91.00 120.10 Td (from ) Tj ET Q q 0 0 0 rg BT 114.15 120.10 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 181.74 120.10 Td (Joint ) Tj ET Q q 0 0 0 rg BT 206.01 120.10 Td (V) Tj ET Q q 0 0 0 rg BT 211.57 120.10 Td (entures. ) Tj ET Q q 0 0 0 rg BT 247.78 120.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.93 120.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 289.62 120.10 Td (from ) Tj ET Q q 0 0 0 rg BT 312.21 120.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 375.89 120.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 397.38 120.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 434.40 120.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 474.19 120.10 Td (our ) Tj ET Q q 0 0 0 rg BT 490.67 120.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 522.70 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 534.18 120.10 Td (pre-tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 85.88 108.10 Td (from ) Tj ET Q q 0 0 0 rg BT 107.83 108.10 Td (our ) Tj ET Q q 0 0 0 rg BT 123.66 108.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 144.50 108.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 188.67 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.61 108.10 Td (development ) Tj ET Q q 0 0 0 rg BT 259.76 108.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 310.30 108.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 331.14 108.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 367.52 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 384.47 108.10 Td (other ) Tj ET Q q 0 0 0 rg BT 407.52 108.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 437.80 108.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 496.66 108.10 Td ( ) Tj ET Q q 0 0 0 rg BT 499.17 108.10 Td (During ) Tj ET Q q 0 0 0 rg BT 530.00 108.10 Td (both ) Tj ET Q q 0 0 0 rg BT 550.29 108.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (three ) Tj ET Q q 0 0 0 rg BT 73.79 96.10 Td (months ) Tj ET Q q 0 0 0 rg BT 107.53 96.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 135.71 96.10 Td (September ) Tj ET Q q 0 0 0 rg BT 182.78 96.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 199.58 96.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.58 96.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.88 96.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.61 96.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.61 96.10 Td (, ) Tj ET Q q 0 0 0 rg BT 269.42 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.93 96.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 329.12 96.10 Td (earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.06 96.10 Td (less ) Tj ET Q q 0 0 0 rg BT 379.37 96.10 Td (than ) Tj ET Q q 0 0 0 rg BT 400.88 96.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 422.68 96.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.57 96.10 Td ( ) Tj ET Q q 0 0 0 rg BT 455.87 96.10 Td (in ) Tj ET Q q 0 0 0 rg BT 467.95 96.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 497.25 96.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.33 96.10 Td (income ) Tj ET Q q 0 0 0 rg BT 543.06 96.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 112.54 84.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 133.38 84.10 Td (ventures.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 62.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 82.97 62.10 Td (T) Tj ET Q q 0 0 0 rg BT 88.16 62.10 Td (axes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.99 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.36 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.73 62.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 131.64 62.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 161.77 62.10 Td (ef) Tj ET Q q 0 0 0 rg BT 169.36 62.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 198.93 62.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 213.51 62.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 230.86 62.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.78 62.10 Td (40.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.61 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 276.98 62.10 Td (for ) Tj ET Q q 0 0 0 rg BT 291.00 62.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.58 62.10 Td (three ) Tj ET Q q 0 0 0 rg BT 327.94 62.10 Td (months ) Tj ET Q q 0 0 0 rg BT 359.75 62.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 385.99 62.10 Td (September ) Tj ET Q q 0 0 0 rg BT 431.12 62.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 445.99 62.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.99 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 468.35 62.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.16 62.10 Td (41.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.99 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 513.35 62.10 Td (for ) Tj ET Q q 0 0 0 rg BT 527.38 62.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.96 62.10 Td (same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 50.10 Td (period ) Tj ET Q q 0 0 0 rg BT 77.20 50.10 Td (in ) Tj ET Q q 0 0 0 rg BT 87.13 50.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.13 50.10 Td (. ) Tj ET Q q 0 0 0 rg BT 111.79 50.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.79 50.10 Td (The ) Tj ET Q q 0 0 0 rg BT 131.49 50.10 Td (ef) Tj ET Q q 0 0 0 rg BT 139.08 50.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 168.44 50.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 185.58 50.10 Td (for ) Tj ET Q q 0 0 0 rg BT 199.39 50.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.76 50.10 Td (three ) Tj ET Q q 0 0 0 rg BT 235.90 50.10 Td (months ) Tj ET Q q 0 0 0 rg BT 267.50 50.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 293.54 50.10 Td (September ) Tj ET Q q 0 0 0 rg BT 338.46 50.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 353.11 50.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.11 50.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.26 50.10 Td (was ) Tj ET Q q 0 0 0 rg BT 392.97 50.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 432.34 50.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 480.03 50.10 Td (to ) Tj ET Q q 0 0 0 rg BT 489.96 50.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.33 50.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 533.70 50.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.19 50.10 Td (state ) Tj ET Q endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 63.80 740.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 80.88 740.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 115.17 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.69 740.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 156.55 740.10 Td (income ) Tj ET Q q 0 0 0 rg BT 188.07 740.10 Td (before ) Tj ET Q q 0 0 0 rg BT 215.69 740.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 238.33 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 248.74 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 255.27 740.10 Td (result ) Tj ET Q q 0 0 0 rg BT 279.57 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.99 740.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.29 740.10 Td ($14.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.18 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.27 740.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 418.43 740.10 Td (char) Tj ET Q q 0 0 0 rg BT 435.46 740.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 446.98 740.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 470.73 740.10 Td (during ) Tj ET Q q 0 0 0 rg BT 498.92 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.22 740.10 Td (third ) Tj ET Q q 0 0 0 rg BT 534.20 740.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.17 728.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 82.50 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 109.28 728.10 Td (lowered ) Tj ET Q q 0 0 0 rg BT 143.82 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.37 728.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 199.03 728.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 228.58 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.25 728.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 268.24 728.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 282.79 728.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 316.78 728.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 354.65 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 368.65 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.20 728.10 Td (domestic ) Tj ET Q q 0 0 0 rg BT 421.64 728.10 Td (production ) Tj ET Q q 0 0 0 rg BT 467.30 728.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 505.74 728.10 Td (deduction ) Tj ET Q q 0 0 0 rg BT 547.51 728.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (were ) Tj ET Q q 0 0 0 rg BT 71.43 716.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 105.57 716.10 Td (during ) Tj ET Q q 0 0 0 rg BT 134.18 716.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.89 716.10 Td (third ) Tj ET Q q 0 0 0 rg BT 170.28 716.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 201.10 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.93 716.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.93 716.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (Nine Months Ended September) Tj ET Q q 0 0 0 rg BT 183.49 692.10 Td ( 30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.99 692.10 Td ( Compar) Tj ET Q q 0 0 0 rg BT 258.87 692.10 Td (ed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.20 692.10 Td (Nine Months Ended September) Tj ET Q q 0 0 0 rg BT 416.19 692.10 Td ( 30, 2015) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 86.96 668.10 Td (Region. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.92 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.92 668.10 Td (During ) Tj ET Q q 0 0 0 rg BT 156.26 668.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.49 668.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 191.72 668.10 Td (months ) Tj ET Q q 0 0 0 rg BT 224.17 668.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 251.06 668.10 Td (September ) Tj ET Q q 0 0 0 rg BT 296.83 668.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 312.34 668.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.34 668.10 Td (, ) Tj ET Q q 0 0 0 rg BT 337.85 668.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 396.41 668.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 431.07 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.85 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 458.19 668.10 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 496.20 668.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.76 668.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td ($106.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 656.10 Td (, ) Tj ET Q q 0 0 0 rg BT 113.85 656.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.25 656.10 Td ($331.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.14 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.10 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.83 656.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.01 656.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 244.18 656.10 Td (months ) Tj ET Q q 0 0 0 rg BT 276.59 656.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 303.42 656.10 Td (September ) Tj ET Q q 0 0 0 rg BT 349.14 656.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 364.60 656.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.60 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.56 656.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 656.10 Td ($438.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.19 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 460.15 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.88 656.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.06 656.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 506.23 656.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.64 656.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (September ) Tj ET Q q 0 0 0 rg BT 93.88 644.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 107.99 644.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.99 644.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.10 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.60 644.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.99 644.10 Td (32%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.32 644.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.94 644.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.69 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.31 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 216.70 644.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 273.86 644.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 307.12 644.10 Td (was ) Tj ET Q q 0 0 0 rg BT 324.29 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.12 644.10 Td (result ) Tj ET Q q 0 0 0 rg BT 361.95 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.89 644.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.95 644.10 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.28 644.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.89 644.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.64 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 432.26 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.65 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.48 644.10 Td (number ) Tj ET Q q 0 0 0 rg BT 487.64 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.58 644.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 525.31 644.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.83 632.10 Td (201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.83 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.48 632.10 Td (units\) ) Tj ET Q q 0 0 0 rg BT 95.90 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.99 632.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.08 632.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.41 632.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.06 632.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.81 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.46 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 186.88 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.75 632.10 Td (average ) Tj ET Q q 0 0 0 rg BT 235.48 632.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 257.57 632.10 Td (price ) Tj ET Q q 0 0 0 rg BT 280.20 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.18 632.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 319.93 632.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 359.78 632.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.11 632.10 Td ($34,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.61 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.26 632.10 Td (per ) Tj ET Q q 0 0 0 rg BT 413.68 632.10 Td (home ) Tj ET Q q 0 0 0 rg BT 438.54 632.10 Td (delivered\), ) Tj ET Q q 0 0 0 rg BT 484.22 632.10 Td (of) Tj ET Q q 0 0 0 rg BT 492.37 632.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 509.46 632.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 545.43 632.10 Td (by ) Tj ET Q q 0 0 0 rg BT 558.08 632.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td ($0.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 620.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.67 620.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.08 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.36 620.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.42 620.10 Td (land ) Tj ET Q q 0 0 0 rg BT 166.92 620.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 184.74 620.10 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 221.17 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.45 620.10 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.71 620.10 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.43 620.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.48 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 323.09 620.10 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 360.37 620.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.20 620.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.95 620.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.23 620.10 Td ($15.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.12 620.10 Td (, ) Tj ET Q q 0 0 0 rg BT 486.90 620.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.62 620.10 Td ($33.5million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (during ) Tj ET Q q 0 0 0 rg BT 77.23 608.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.07 608.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 109.90 608.10 Td (months ) Tj ET Q q 0 0 0 rg BT 140.97 608.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 166.47 608.10 Td (September ) Tj ET Q q 0 0 0 rg BT 210.85 608.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 224.97 608.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.97 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 246.59 608.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.99 608.10 Td ($48.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.88 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 311.50 608.10 Td (during ) Tj ET Q q 0 0 0 rg BT 339.23 608.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.07 608.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 371.90 608.10 Td (months ) Tj ET Q q 0 0 0 rg BT 402.97 608.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 428.47 608.10 Td (September ) Tj ET Q q 0 0 0 rg BT 472.85 608.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 486.97 608.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.97 608.10 Td (. ) Tj ET Q q 0 0 0 rg BT 511.09 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 512.60 608.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.76 608.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.49 596.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.47 596.10 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.91 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.12 596.10 Td (was ) Tj ET Q q 0 0 0 rg BT 152.89 596.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 193.32 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.75 596.10 Td (result ) Tj ET Q q 0 0 0 rg BT 234.18 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.73 596.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.38 596.10 Td ($23.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.27 596.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.49 596.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.24 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 346.46 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.45 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 373.99 596.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 398.32 596.10 Td (mar) Tj ET Q q 0 0 0 rg BT 413.69 596.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 432.18 596.10 Td (of) Tj ET Q q 0 0 0 rg BT 440.33 596.10 Td (fset, ) Tj ET Q q 0 0 0 rg BT 460.49 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.48 596.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 492.74 596.10 Td (by ) Tj ET Q q 0 0 0 rg BT 505.96 596.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.61 596.10 Td ($8.0million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.38 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.29 584.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 128.59 584.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 163.64 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.21 584.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 241.55 584.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 279.38 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.29 584.10 Td (W) Tj ET Q q 0 0 0 rg BT 291.32 584.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 305.01 584.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 336.46 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 347.36 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 363.82 584.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 422.51 584.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 446.75 584.10 Td (mar) Tj ET Q q 0 0 0 rg BT 462.12 584.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 480.52 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 496.98 584.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 521.23 584.10 Td (mar) Tj ET Q q 0 0 0 rg BT 536.59 584.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 552.50 584.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 78.09 572.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.76 572.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.09 572.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.57 572.10 Td ($23.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.46 572.10 Td (, ) Tj ET Q q 0 0 0 rg BT 217.44 572.10 Td (due ) Tj ET Q q 0 0 0 rg BT 234.35 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.61 572.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.30 572.10 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.63 572.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.11 572.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.86 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.34 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 325.59 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.29 572.10 Td (number ) Tj ET Q q 0 0 0 rg BT 373.31 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.12 572.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 412.70 572.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 452.38 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.30 572.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.99 572.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.32 572.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.80 572.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.55 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 540.03 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 572.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (average ) Tj ET Q q 0 0 0 rg BT 82.92 560.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 104.70 560.10 Td (price ) Tj ET Q q 0 0 0 rg BT 127.02 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.69 560.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 166.14 560.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 205.68 560.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 230.24 560.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 258.95 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.29 560.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 279.18 560.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 313.19 560.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 336.64 560.10 Td (mar) Tj ET Q q 0 0 0 rg BT 352.01 560.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 367.13 560.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.77 560.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.09 560.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.43 560.10 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.43 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.77 560.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 488.11 560.10 Td (points ) Tj ET Q q 0 0 0 rg BT 514.90 560.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.67 560.10 Td (19.5%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.97 548.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 82.10 548.10 Td (year's ) Tj ET Q q 0 0 0 rg BT 107.69 548.10 Td (first ) Tj ET Q q 0 0 0 rg BT 126.48 548.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 146.39 548.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.84 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.53 548.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 548.10 Td (20.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.83 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.51 548.10 Td (for ) Tj ET Q q 0 0 0 rg BT 231.86 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.77 548.10 Td (same ) Tj ET Q q 0 0 0 rg BT 270.01 548.10 Td (period ) Tj ET Q q 0 0 0 rg BT 298.24 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 308.71 548.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 333.90 548.10 Td (but ) Tj ET Q q 0 0 0 rg BT 349.37 548.10 Td (was ) Tj ET Q q 0 0 0 rg BT 367.61 548.10 Td (unfavorably ) Tj ET Q q 0 0 0 rg BT 418.61 548.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 457.95 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.42 548.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.33 548.10 Td (first ) Tj ET Q q 0 0 0 rg BT 502.13 548.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 522.03 548.10 Td (months ) Tj ET Q q 0 0 0 rg BT 554.17 548.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 536.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 536.10 Td (by ) Tj ET Q q 0 0 0 rg BT 84.50 536.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.43 536.10 Td ($1.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.32 536.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.82 536.10 Td (char) Tj ET Q q 0 0 0 rg BT 159.85 536.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 171.78 536.10 Td (for ) Tj ET Q q 0 0 0 rg BT 185.94 536.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 223.98 536.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 270.34 536.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 320.62 536.10 Td (from ) Tj ET Q q 0 0 0 rg BT 342.55 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 358.38 536.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 385.30 536.10 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 451.41 536.10 Td (Paul ) Tj ET Q q 0 0 0 rg BT 471.69 536.10 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 520.57 536.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.06 536.10 Td (Exclusive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.06 524.10 Td (this ) Tj ET Q q 0 0 0 rg BT 76.74 524.10 Td (char) Tj ET Q q 0 0 0 rg BT 93.76 524.10 Td (ge, ) Tj ET Q q 0 0 0 rg BT 107.93 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 123.49 524.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 157.39 524.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 180.73 524.10 Td (mar) Tj ET Q q 0 0 0 rg BT 196.10 524.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 211.10 524.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.63 524.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.96 524.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.19 524.10 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.19 524.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.42 524.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 331.65 524.10 Td (points ) Tj ET Q q 0 0 0 rg BT 358.32 524.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.33 524.10 Td (20.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.16 524.10 Td ( ) Tj ET Q q 0 0 0 rg BT 396.39 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 406.40 524.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.84 524.10 Td (first ) Tj ET Q q 0 0 0 rg BT 439.18 524.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 458.63 524.10 Td (months ) Tj ET Q q 0 0 0 rg BT 490.30 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.86 524.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.86 524.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.09 524.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.80 512.10 Td (19.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.63 512.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.14 512.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.44 512.10 Td (last ) Tj ET Q q 0 0 0 rg BT 114.84 512.10 Td (year) Tj ET Q q 0 0 0 rg BT 132.42 512.10 Td () Tj ET Q q 0 0 0 rg BT 135.20 512.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.61 512.10 Td (first ) Tj ET Q q 0 0 0 rg BT 160.23 512.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 179.97 512.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.41 512.10 Td (. ) Tj ET Q q 0 0 0 rg BT 214.43 512.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.77 512.10 Td (The ) Tj ET Q q 0 0 0 rg BT 234.83 512.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 281.21 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.06 512.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 327.90 512.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 362.09 512.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 385.72 512.10 Td (mar) Tj ET Q q 0 0 0 rg BT 401.09 512.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 418.88 512.10 Td (which ) Tj ET Q q 0 0 0 rg BT 445.84 512.10 Td (we ) Tj ET Q q 0 0 0 rg BT 460.02 512.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 491.41 512.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 528.36 512.10 Td (a ) Tj ET Q q 0 0 0 rg BT 535.32 512.10 Td (clearer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 85.32 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.15 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.86 500.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 146.14 500.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 199.16 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.99 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 225.82 500.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 264.71 500.10 Td (is ) Tj ET Q q 0 0 0 rg BT 273.88 500.10 Td (described ) Tj ET Q q 0 0 0 rg BT 314.70 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.64 500.10 Td (reconciled ) Tj ET Q q 0 0 0 rg BT 375.78 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 386.06 500.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 420.23 500.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 443.84 500.10 Td (mar) Tj ET Q q 0 0 0 rg BT 459.21 500.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 476.99 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.70 500.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 529.18 500.10 Td (measure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.54 488.10 Td (is ) Tj ET Q q 0 0 0 rg BT 77.26 488.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 120.83 488.10 Td (using ) Tj ET Q q 0 0 0 rg BT 145.55 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 161.93 488.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 188.78 488.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.83 488.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 223.48 488.10 Td (below ) Tj ET Q q 0 0 0 rg BT 250.97 488.10 Td (under ) Tj ET Q q 0 0 0 rg BT 276.79 488.10 Td (Segment ) Tj ET Q q 0 0 0 rg BT 319.27 488.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 366.67 488.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.72 488.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 409.98 488.10 Td (Measures. ) Tj ET Q q 0 0 0 rg BT 458.28 488.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 476.88 488.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 501.04 488.10 Td (mar) Tj ET Q q 0 0 0 rg BT 516.41 488.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 532.23 488.10 Td (on ) Tj ET Q q 0 0 0 rg BT 545.28 488.10 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.96 476.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.28 476.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.30 476.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 133.82 476.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.72 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.74 476.10 Td (in ) Tj ET Q q 0 0 0 rg BT 176.53 476.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.77 476.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 212.01 476.10 Td (months ) Tj ET Q q 0 0 0 rg BT 244.48 476.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 271.37 476.10 Td (September ) Tj ET Q q 0 0 0 rg BT 317.16 476.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 332.68 476.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.68 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 355.70 476.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 398.14 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.94 476.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.18 476.10 Td (same ) Tj ET Q q 0 0 0 rg BT 447.74 476.10 Td (period ) Tj ET Q q 0 0 0 rg BT 476.31 476.10 Td (in ) Tj ET Q q 0 0 0 rg BT 487.11 476.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.11 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.13 476.10 Td (as ) Tj ET Q q 0 0 0 rg BT 521.48 476.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.94 476.10 Td (result ) Tj ET Q q 0 0 0 rg BT 554.17 476.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 89.75 464.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 118.36 464.10 Td (on ) Tj ET Q q 0 0 0 rg BT 130.86 464.10 Td (land ) Tj ET Q q 0 0 0 rg BT 150.58 464.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 172.52 464.10 Td (made ) Tj ET Q q 0 0 0 rg BT 196.67 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.95 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.67 464.10 Td (current ) Tj ET Q q 0 0 0 rg BT 252.48 464.10 Td (year ) Tj ET Q q 0 0 0 rg BT 272.19 464.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 314.11 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.39 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.11 464.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 361.05 464.10 Td (year) Tj ET Q q 0 0 0 rg BT 377.70 464.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 82.78 440.10 Td (general ) Tj ET Q q 0 0 0 rg BT 114.66 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.54 440.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 191.20 440.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.85 440.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.61 440.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.06 440.10 Td ($8.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.95 440.10 Td (, ) Tj ET Q q 0 0 0 rg BT 319.90 440.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.79 440.10 Td ($31.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.68 440.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.13 440.10 Td (for ) Tj ET Q q 0 0 0 rg BT 412.23 440.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.90 440.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 446.57 440.10 Td (months ) Tj ET Q q 0 0 0 rg BT 478.46 440.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 504.79 440.10 Td (September ) Tj ET Q q 0 0 0 rg BT 550.00 440.10 Td (30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 428.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.92 428.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.12 428.10 Td ($39.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.01 428.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.44 428.10 Td (for ) Tj ET Q q 0 0 0 rg BT 152.52 428.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.16 428.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 186.79 428.10 Td (months ) Tj ET Q q 0 0 0 rg BT 218.67 428.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 244.96 428.10 Td (September ) Tj ET Q q 0 0 0 rg BT 290.15 428.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 305.07 428.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.07 428.10 Td (, ) Tj ET Q q 0 0 0 rg BT 329.99 428.10 Td (but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.19 428.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.07 428.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.49 428.10 Td (as ) Tj ET Q q 0 0 0 rg BT 392.24 428.10 Td (a ) Tj ET Q q 0 0 0 rg BT 399.10 428.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 444.82 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.57 428.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 489.64 428.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.84 428.10 Td (8.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.67 428.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.09 428.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.20 416.10 Td (9.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.03 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.95 416.10 Td (for ) Tj ET Q q 0 0 0 rg BT 98.53 416.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.66 416.10 Td (same ) Tj ET Q q 0 0 0 rg BT 137.13 416.10 Td (period ) Tj ET Q q 0 0 0 rg BT 165.59 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 176.29 416.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.29 416.10 Td (. ) Tj ET Q q 0 0 0 rg BT 201.71 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.42 416.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.88 416.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.64 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 258.56 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.25 416.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 301.34 416.10 Td (general ) Tj ET Q q 0 0 0 rg BT 333.68 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 351.04 416.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 411.16 416.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 446.29 416.10 Td (was ) Tj ET Q q 0 0 0 rg BT 464.76 416.10 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 515.72 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 526.41 416.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 547.38 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 558.08 416.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td ($4.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 404.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.79 404.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.54 404.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.94 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.12 404.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 175.18 404.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 209.78 404.10 Td (due ) Tj ET Q q 0 0 0 rg BT 226.62 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.79 404.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 250.85 404.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.69 404.10 Td ($3.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.58 404.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.98 404.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.73 404.10 Td ( ) Tj ET Q q 0 0 0 rg BT 344.13 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 354.30 404.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 388.90 404.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 417.97 404.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 456.46 404.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 493.86 404.10 Td (from ) Tj ET Q q 0 0 0 rg BT 515.69 404.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 554.73 404.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 73.03 392.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 129.35 392.10 Td (produced ) Tj ET Q q 0 0 0 rg BT 170.64 392.10 Td (by ) Tj ET Q q 0 0 0 rg BT 184.74 392.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.04 392.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.59 392.10 Td ( ) Tj ET Q q 0 0 0 rg BT 230.68 392.10 Td (average ) Tj ET Q q 0 0 0 rg BT 265.86 392.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 289.38 392.10 Td (price ) Tj ET Q q 0 0 0 rg BT 313.46 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.88 392.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 356.08 392.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 397.37 392.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.90 392.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.45 392.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.54 392.10 Td (number ) Tj ET Q q 0 0 0 rg BT 480.18 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.60 392.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 522.80 392.10 Td (delivered, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td ($1.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 380.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.76 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.47 380.10 Td (which ) Tj ET Q q 0 0 0 rg BT 138.28 380.10 Td (was ) Tj ET Q q 0 0 0 rg BT 156.20 380.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 199.67 380.10 Td (with ) Tj ET Q q 0 0 0 rg BT 219.82 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 235.52 380.10 Td (new ) Tj ET Q q 0 0 0 rg BT 254.55 380.10 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 320.54 380.10 Td (Paul ) Tj ET Q q 0 0 0 rg BT 340.69 380.10 Td (division, ) Tj ET Q q 0 0 0 rg BT 377.79 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 394.60 380.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 408.63 380.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.44 380.10 Td ($1.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.33 380.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.70 380.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.46 380.10 Td ( ) Tj ET Q q 0 0 0 rg BT 501.83 380.10 Td (in ) Tj ET Q q 0 0 0 rg BT 511.98 380.10 Td (non-variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 79.56 368.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 119.06 368.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 163.55 368.10 Td (with ) Tj ET Q q 0 0 0 rg BT 184.72 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 201.45 368.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 224.28 368.10 Td (of) Tj ET Q q 0 0 0 rg BT 232.43 368.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 254.70 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.54 368.10 Td (models, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.32 368.10 Td ($0.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.21 368.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.61 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.33 368.10 Td (which ) Tj ET Q q 0 0 0 rg BT 399.17 368.10 Td (related ) Tj ET Q q 0 0 0 rg BT 429.77 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 440.94 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 457.67 368.10 Td (new ) Tj ET Q q 0 0 0 rg BT 477.72 368.10 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 544.73 368.10 Td (Paul ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (division. ) Tj ET Q q 0 0 0 rg BT 87.10 356.10 Td ( ) Tj ET Q q 0 0 0 rg BT 89.76 356.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.18 356.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.94 356.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.81 356.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.46 356.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 186.50 356.10 Td (general ) Tj ET Q q 0 0 0 rg BT 218.79 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.11 356.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 296.19 356.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 331.26 356.10 Td (was ) Tj ET Q q 0 0 0 rg BT 349.69 356.10 Td (also ) Tj ET Q q 0 0 0 rg BT 368.67 356.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 417.08 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.73 356.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.04 356.10 Td ($3.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.93 356.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.81 356.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.56 356.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.43 356.10 Td (in ) Tj ET Q q 0 0 0 rg BT 533.08 356.10 Td (general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.77 344.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 124.82 344.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 161.36 344.10 Td (which ) Tj ET Q q 0 0 0 rg BT 187.63 344.10 Td (was ) Tj ET Q q 0 0 0 rg BT 205.02 344.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 244.06 344.10 Td (related ) Tj ET Q q 0 0 0 rg BT 273.10 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.71 344.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.99 344.10 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 308.32 344.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.21 344.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.05 344.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.80 344.10 Td ( ) Tj ET Q q 0 0 0 rg BT 373.64 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.25 344.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 440.63 344.10 Td (expense, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.17 344.10 Td ($0.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.06 344.10 Td ( ) Tj ET Q q 0 0 0 rg BT 527.90 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.06 344.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (related ) Tj ET Q q 0 0 0 rg BT 79.20 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.48 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 105.31 332.10 Td (new ) Tj ET Q q 0 0 0 rg BT 124.47 332.10 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 190.58 332.10 Td (Paul ) Tj ET Q q 0 0 0 rg BT 210.86 332.10 Td (division, ) Tj ET Q q 0 0 0 rg BT 248.09 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.03 332.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.97 332.10 Td ($0.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.86 332.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.36 332.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.11 332.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.61 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 368.89 332.10 Td (land-related ) Tj ET Q q 0 0 0 rg BT 419.14 332.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.06 310.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 310.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 113.95 310.10 Td (months ) Tj ET Q q 0 0 0 rg BT 145.62 310.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 171.73 310.10 Td (September ) Tj ET Q q 0 0 0 rg BT 216.72 310.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 231.45 310.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.45 310.10 Td (, ) Tj ET Q q 0 0 0 rg BT 256.18 310.10 Td (we ) Tj ET Q q 0 0 0 rg BT 270.06 310.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 320.59 310.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.26 310.10 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.59 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.82 310.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.57 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.80 310.10 Td (in ) Tj ET Q q 0 0 0 rg BT 392.81 310.10 Td (new ) Tj ET Q q 0 0 0 rg BT 411.69 310.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 450.02 310.10 Td (in ) Tj ET Q q 0 0 0 rg BT 460.02 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 475.58 310.10 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 512.81 310.10 Td (region, ) Tj ET Q q 0 0 0 rg BT 543.08 310.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (1,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.17 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 84.11 298.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 298.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 117.88 298.10 Td (months ) Tj ET Q q 0 0 0 rg BT 149.50 298.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 175.54 298.10 Td (September ) Tj ET Q q 0 0 0 rg BT 220.47 298.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 235.14 298.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.14 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.30 298.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.25 298.10 Td (1,409) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.75 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 291.92 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 301.86 298.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.25 298.10 Td (first ) Tj ET Q q 0 0 0 rg BT 334.52 298.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 353.90 298.10 Td (months ) Tj ET Q q 0 0 0 rg BT 385.52 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.02 298.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.02 298.10 Td (, ) Tj ET Q q 0 0 0 rg BT 420.68 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.29 298.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.89 298.10 Td (31%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.22 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.39 298.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 499.31 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.26 298.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 543.08 298.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 66.46 286.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 94.52 286.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.70 286.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 163.42 286.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.42 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.37 286.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.11 286.10 Td (918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.11 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.07 286.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 240.13 286.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.31 286.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 309.03 286.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.03 286.10 Td (. ) Tj ET Q q 0 0 0 rg BT 333.48 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.30 286.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.80 286.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.56 286.10 Td (s ) Tj ET Q q 0 0 0 rg BT 391.41 286.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.14 286.10 Td (new ) Tj ET Q q 0 0 0 rg BT 419.76 286.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 457.81 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.20 286.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 507.82 286.10 Td (were ) Tj ET Q q 0 0 0 rg BT 529.20 286.10 Td (partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (due ) Tj ET Q q 0 0 0 rg BT 65.50 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 74.85 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 88.63 274.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 122.97 274.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.87 274.10 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.87 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.44 274.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 177.11 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 186.46 274.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 219.68 274.10 Td (from ) Tj ET Q q 0 0 0 rg BT 240.68 274.10 Td (our ) Tj ET Q q 0 0 0 rg BT 255.58 274.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 281.57 274.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 327.02 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.36 274.10 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 401.54 274.10 Td (Paul, ) Tj ET Q q 0 0 0 rg BT 423.39 274.10 Td (Minnesota ) Tj ET Q q 0 0 0 rg BT 467.17 274.10 Td (together ) Tj ET Q q 0 0 0 rg BT 501.50 274.10 Td (with ) Tj ET Q q 0 0 0 rg BT 520.84 274.10 Td (improving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (sub-market ) Tj ET Q q 0 0 0 rg BT 96.94 262.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 141.05 262.10 Td (within ) Tj ET Q q 0 0 0 rg BT 169.06 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.72 262.10 Td (region. ) Tj ET Q q 0 0 0 rg BT 214.22 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.13 262.10 Td (A) Tj ET Q q 0 0 0 rg BT 222.61 262.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 251.71 262.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 273.59 262.10 Td (price ) Tj ET Q q 0 0 0 rg BT 296.03 262.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.26 262.10 Td (backlog ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.36 262.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.12 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.57 262.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.80 262.10 Td ($388,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.30 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.75 262.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.41 262.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 500.63 262.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.63 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.08 262.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.62 250.10 Td ($378,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.12 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.46 250.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.02 250.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 173.13 250.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.13 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.47 250.10 Td (which ) Tj ET Q q 0 0 0 rg BT 224.25 250.10 Td (was ) Tj ET Q q 0 0 0 rg BT 243.15 250.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 283.70 250.10 Td (due ) Tj ET Q q 0 0 0 rg BT 301.48 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.60 250.10 Td (higher) Tj ET Q q 0 0 0 rg BT 337.95 250.10 Td (-end ) Tj ET Q q 0 0 0 rg BT 359.06 250.10 Td (product ) Tj ET Q q 0 0 0 rg BT 392.95 250.10 Td (of) Tj ET Q q 0 0 0 rg BT 401.10 250.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 434.71 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.05 250.10 Td (During ) Tj ET Q q 0 0 0 rg BT 469.72 250.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.28 250.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 505.84 250.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.63 250.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (September ) Tj ET Q q 0 0 0 rg BT 94.32 238.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 108.88 238.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.88 238.10 Td (, ) Tj ET Q q 0 0 0 rg BT 133.44 238.10 Td (we ) Tj ET Q q 0 0 0 rg BT 147.16 238.10 Td (opened ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.09 238.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.76 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.82 238.10 Td (new ) Tj ET Q q 0 0 0 rg BT 210.54 238.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 264.26 238.10 Td (in ) Tj ET Q q 0 0 0 rg BT 274.09 238.10 Td (our ) Tj ET Q q 0 0 0 rg BT 289.48 238.10 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 326.54 238.10 Td (region ) Tj ET Q q 0 0 0 rg BT 354.14 238.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 395.63 238.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.46 238.10 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.46 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.52 238.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.69 238.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 473.44 238.10 Td (first ) Tj ET Q q 0 0 0 rg BT 491.60 238.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 510.88 238.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.33 238.10 Td (. ) Tj ET Q q 0 0 0 rg BT 544.89 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.94 238.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 86.10 226.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 131.59 226.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 149.84 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.89 226.10 Td (our ) Tj ET Q q 0 0 0 rg BT 177.49 226.10 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 215.76 226.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.58 226.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.33 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 285.60 226.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 226.10 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 312.42 226.10 Td (per ) Tj ET Q q 0 0 0 rg BT 328.45 226.10 Td (community ) Tj ET Q q 0 0 0 rg BT 377.27 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 388.32 226.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.81 226.10 Td (first ) Tj ET Q q 0 0 0 rg BT 423.18 226.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 443.67 226.10 Td (months ) Tj ET Q q 0 0 0 rg BT 476.39 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.99 226.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.99 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 511.26 226.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.96 226.10 Td (2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.46 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 549.73 226.10 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (community ) Tj ET Q q 0 0 0 rg BT 97.55 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 107.83 214.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.55 214.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 142.26 214.10 Td (months ) Tj ET Q q 0 0 0 rg BT 174.21 214.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 200.59 214.10 Td (September ) Tj ET Q q 0 0 0 rg BT 245.85 214.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 260.85 214.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.85 214.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 90.57 192.10 Td (Region.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.52 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 125.23 192.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.94 192.10 Td (During ) Tj ET Q q 0 0 0 rg BT 158.99 192.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.92 192.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 193.85 192.10 Td (months ) Tj ET Q q 0 0 0 rg BT 226.01 192.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 252.60 192.10 Td (September ) Tj ET Q q 0 0 0 rg BT 298.08 192.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 313.29 192.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.29 192.10 Td (, ) Tj ET Q q 0 0 0 rg BT 338.51 192.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 396.77 192.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 431.13 192.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.63 192.10 Td (our ) Tj ET Q q 0 0 0 rg BT 457.67 192.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 496.49 192.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.75 192.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td ($73.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 180.10 Td (, ) Tj ET Q q 0 0 0 rg BT 109.14 180.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.83 180.10 Td ($341.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.73 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.98 180.10 Td (in ) Tj ET Q q 0 0 0 rg BT 205.01 180.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.48 180.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 240.95 180.10 Td (months ) Tj ET Q q 0 0 0 rg BT 273.65 180.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 300.77 180.10 Td (September ) Tj ET Q q 0 0 0 rg BT 346.79 180.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 362.54 180.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.54 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.79 180.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.82 180.10 Td ($415.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.72 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 458.97 180.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.00 180.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.47 180.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 505.94 180.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.64 180.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (September ) Tj ET Q q 0 0 0 rg BT 93.88 168.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 107.99 168.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.99 168.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.10 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.60 168.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.99 168.10 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.32 168.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.94 168.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.69 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.31 168.10 Td (in ) Tj ET Q q 0 0 0 rg BT 216.70 168.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 273.86 168.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 307.12 168.10 Td (was ) Tj ET Q q 0 0 0 rg BT 324.29 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.12 168.10 Td (result ) Tj ET Q q 0 0 0 rg BT 361.95 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.89 168.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.95 168.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.28 168.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.89 168.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.64 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 432.26 168.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.65 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.48 168.10 Td (number ) Tj ET Q q 0 0 0 rg BT 487.64 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.58 168.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 525.31 168.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.83 156.10 Td (194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.83 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.73 156.10 Td (units\) ) Tj ET Q q 0 0 0 rg BT 96.41 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 113.76 156.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.10 156.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.43 156.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.33 156.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.08 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 172.99 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.67 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.79 156.10 Td (average ) Tj ET Q q 0 0 0 rg BT 232.77 156.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 255.12 156.10 Td (price ) Tj ET Q q 0 0 0 rg BT 278.00 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.24 156.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 318.25 156.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 358.35 156.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.68 156.10 Td ($1) Tj ET Q q 0 0 0 rg BT 371.31 156.10 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.81 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 396.71 156.10 Td (per ) Tj ET Q q 0 0 0 rg BT 412.39 156.10 Td (home ) Tj ET Q q 0 0 0 rg BT 437.51 156.10 Td (delivered\), ) Tj ET Q q 0 0 0 rg BT 483.44 156.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 519.66 156.10 Td (of) Tj ET Q q 0 0 0 rg BT 527.81 156.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 545.15 156.10 Td (by ) Tj ET Q q 0 0 0 rg BT 558.06 156.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td ($3.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 144.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.65 144.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.07 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.33 144.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.37 144.10 Td (land ) Tj ET Q q 0 0 0 rg BT 166.85 144.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 184.66 144.10 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 221.07 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.33 144.10 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.58 144.10 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.01 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.27 144.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.31 144.10 Td (our ) Tj ET Q q 0 0 0 rg BT 322.90 144.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 361.28 144.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.08 144.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 144.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.76 144.10 Td ($22.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 486.91 144.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.62 144.10 Td ($30.4million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.87 132.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.69 132.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 94.50 132.10 Td (months ) Tj ET Q q 0 0 0 rg BT 126.54 132.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 153.01 132.10 Td (September ) Tj ET Q q 0 0 0 rg BT 198.37 132.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 213.47 132.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.47 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 236.06 132.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.44 132.10 Td ($8.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.33 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.92 132.10 Td (during ) Tj ET Q q 0 0 0 rg BT 326.63 132.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.44 132.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 361.25 132.10 Td (months ) Tj ET Q q 0 0 0 rg BT 393.29 132.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 419.77 132.10 Td (September ) Tj ET Q q 0 0 0 rg BT 465.13 132.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 480.22 132.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.22 132.10 Td (. ) Tj ET Q q 0 0 0 rg BT 505.32 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.72 132.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.10 132.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.46 120.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 99.40 120.10 Td (income ) Tj ET Q q 0 0 0 rg BT 131.02 120.10 Td (was ) Tj ET Q q 0 0 0 rg BT 148.75 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.15 120.10 Td (result ) Tj ET Q q 0 0 0 rg BT 187.54 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.05 120.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.67 120.10 Td ($13.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.56 120.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.74 120.10 Td (decline) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.61 120.10 Td ( ) Tj ET Q q 0 0 0 rg BT 291.79 120.10 Td (in ) Tj ET Q q 0 0 0 rg BT 301.75 120.10 Td (our ) Tj ET Q q 0 0 0 rg BT 317.26 120.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 340.56 120.10 Td (mar) Tj ET Q q 0 0 0 rg BT 355.92 120.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 370.88 120.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.84 120.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 415.79 120.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.75 120.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.37 120.10 Td ($8.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.26 120.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.44 120.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.20 120.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.38 120.10 Td (in ) Tj ET Q q 0 0 0 rg BT 533.34 120.10 Td (selling, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 83.12 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.25 108.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 158.15 108.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 194.42 108.10 Td (W) Tj ET Q q 0 0 0 rg BT 203.46 108.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 215.71 108.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 245.72 108.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.19 108.10 Td (our ) Tj ET Q q 0 0 0 rg BT 270.21 108.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 327.45 108.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 350.26 108.10 Td (mar) Tj ET Q q 0 0 0 rg BT 365.62 108.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 382.59 108.10 Td (our ) Tj ET Q q 0 0 0 rg BT 397.62 108.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 420.42 108.10 Td (mar) Tj ET Q q 0 0 0 rg BT 435.79 108.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 450.26 108.10 Td (on ) Tj ET Q q 0 0 0 rg BT 461.95 108.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 489.75 108.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.64 108.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td ($1) Tj ET Q q 0 0 0 rg BT 59.13 96.10 Td (1.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.02 96.10 Td (, ) Tj ET Q q 0 0 0 rg BT 108.27 96.10 Td (due ) Tj ET Q q 0 0 0 rg BT 125.46 96.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.99 96.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.18 96.10 Td ($19.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.07 96.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.82 96.10 Td (char) Tj ET Q q 0 0 0 rg BT 216.85 96.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 229.04 96.10 Td (for ) Tj ET Q q 0 0 0 rg BT 243.45 96.10 Td (known ) Tj ET Q q 0 0 0 rg BT 273.43 96.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.62 96.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 331.69 96.10 Td (future ) Tj ET Q q 0 0 0 rg BT 358.32 96.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 417.15 96.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 443.21 96.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 465.96 96.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.49 96.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 506.45 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.53 96.10 Td (our ) Tj ET Q q 0 0 0 rg BT 533.61 96.10 Td (Florida ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 103.04 84.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.04 84.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 158.61 84.10 Td (first ) Tj ET Q q 0 0 0 rg BT 176.61 84.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 195.71 84.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.15 84.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.04 84.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 240.58 84.10 Td (more ) Tj ET Q q 0 0 0 rg BT 263.01 84.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 283.78 84.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 324.00 84.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 333.6591796875 82.76699218750002 m 359.9814453125 82.76699218750002 l s q 0 0 1 rg BT 333.66 84.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 354.98 84.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 359.98 84.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 367.70 84.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 402.90 84.10 Td (of) Tj ET Q q 0 0 0 rg BT 411.05 84.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 427.37 84.10 Td (by ) Tj ET Q q 0 0 0 rg BT 439.25 84.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.36 84.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.69 84.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.57 84.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.32 84.10 Td ( ) Tj ET Q q 0 0 0 rg BT 508.21 84.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.87 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.97 84.10 Td (number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.75 72.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 89.79 72.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 129.92 72.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.28 72.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.42 72.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.75 72.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.67 72.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.43 72.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.35 72.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.06 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.20 72.10 Td (average ) Tj ET Q q 0 0 0 rg BT 274.21 72.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 296.57 72.10 Td (price ) Tj ET Q q 0 0 0 rg BT 319.48 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.74 72.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 359.77 72.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 399.90 72.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 425.04 72.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 454.34 72.10 Td ( ) Tj ET Q q 0 0 0 rg BT 457.26 72.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 475.74 72.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 510.33 72.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 534.37 72.10 Td (mar) Tj ET Q q 0 0 0 rg BT 549.74 72.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.30 60.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.17 60.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.67 60.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.61 60.10 Td (20.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.44 60.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.94 60.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.21 60.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 214.15 60.10 Td (year's ) Tj ET Q q 0 0 0 rg BT 239.55 60.10 Td (first ) Tj ET Q q 0 0 0 rg BT 258.16 60.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 277.88 60.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.32 60.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.82 60.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.10 60.10 Td (13.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.93 60.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.43 60.10 Td (for ) Tj ET Q q 0 0 0 rg BT 362.59 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.30 60.10 Td (same ) Tj ET Q q 0 0 0 rg BT 400.35 60.10 Td (period ) Tj ET Q q 0 0 0 rg BT 428.40 60.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.67 60.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 463.67 60.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.17 60.10 Td (Exclusive ) Tj ET Q q 0 0 0 rg BT 508.10 60.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.93 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.65 60.10 Td (stucco-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.10 Td (related ) Tj ET Q q 0 0 0 rg BT 80.33 48.10 Td (char) Tj ET Q q 0 0 0 rg BT 97.36 48.10 Td (ge, ) Tj ET Q q 0 0 0 rg BT 112.92 48.10 Td (however) Tj ET Q q 0 0 0 rg BT 146.95 48.10 Td (, ) Tj ET Q q 0 0 0 rg BT 153.08 48.10 Td (our ) Tj ET Q q 0 0 0 rg BT 170.03 48.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 205.33 48.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 230.07 48.10 Td (mar) Tj ET Q q 0 0 0 rg BT 245.44 48.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 261.84 48.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 308.77 48.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 346.27 48.10 Td (190 ) Tj ET Q q 0 0 0 rg BT 364.90 48.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 388.52 48.10 Td (points ) Tj ET Q q 0 0 0 rg BT 416.60 48.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.00 48.10 Td (18.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.83 48.10 Td ( ) Tj ET Q q 0 0 0 rg BT 457.46 48.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.87 48.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.71 48.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 505.55 48.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.63 48.10 Td (ended ) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (September ) Tj ET Q q 0 0 0 rg BT 94.13 742.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 108.50 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 130.36 742.10 Td (lar) Tj ET Q q 0 0 0 rg BT 140.73 742.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 159.81 742.10 Td (due ) Tj ET Q q 0 0 0 rg BT 176.12 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.76 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.85 742.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 217.27 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.47 742.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 280.99 742.10 Td (delivering ) Tj ET Q q 0 0 0 rg BT 323.40 742.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 351.38 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.68 742.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 395.10 742.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 446.40 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.70 742.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 475.13 742.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 499.49 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 501.22 742.10 Td (The ) Tj ET Q q 0 0 0 rg BT 518.64 742.10 Td (calculation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.72 730.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 96.94 730.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 131.51 730.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 155.52 730.10 Td (mar) Tj ET Q q 0 0 0 rg BT 170.88 730.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 189.06 730.10 Td (which ) Tj ET Q q 0 0 0 rg BT 216.39 730.10 Td (we ) Tj ET Q q 0 0 0 rg BT 230.94 730.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 262.71 730.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 300.04 730.10 Td (a ) Tj ET Q q 0 0 0 rg BT 307.38 730.10 Td (clearer ) Tj ET Q q 0 0 0 rg BT 337.46 730.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 373.67 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.90 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.01 730.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 435.68 730.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 489.10 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.32 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 516.55 730.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 555.83 730.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (described ) Tj ET Q q 0 0 0 rg BT 90.43 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.48 718.10 Td (reconciled ) Tj ET Q q 0 0 0 rg BT 151.73 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 162.12 718.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 196.40 718.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 220.13 718.10 Td (mar) Tj ET Q q 0 0 0 rg BT 235.50 718.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 253.39 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.22 718.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 305.81 718.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 341.74 718.10 Td (that ) Tj ET Q q 0 0 0 rg BT 359.34 718.10 Td (is ) Tj ET Q q 0 0 0 rg BT 368.63 718.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 411.77 718.10 Td (using ) Tj ET Q q 0 0 0 rg BT 436.05 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 451.99 718.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 478.85 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 481.46 718.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 512.68 718.10 Td (below ) Tj ET Q q 0 0 0 rg BT 539.73 718.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (Segment ) Tj ET Q q 0 0 0 rg BT 91.85 706.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 139.25 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.17 706.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 182.29 706.10 Td (Measures. ) Tj ET Q q 0 0 0 rg BT 230.46 706.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 248.93 706.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 272.95 706.10 Td (mar) Tj ET Q q 0 0 0 rg BT 288.32 706.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 304.01 706.10 Td (on ) Tj ET Q q 0 0 0 rg BT 316.92 706.10 Td (land ) Tj ET Q q 0 0 0 rg BT 337.05 706.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.40 706.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.27 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.19 706.10 Td ($1.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.08 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 447.99 706.10 Td (as ) Tj ET Q q 0 0 0 rg BT 459.23 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 466.58 706.10 Td (result ) Tj ET Q q 0 0 0 rg BT 491.71 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.96 706.10 Td (fewer ) Tj ET Q q 0 0 0 rg BT 528.63 706.10 Td (strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (land ) Tj ET Q q 0 0 0 rg BT 69.22 694.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 91.16 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 101.43 694.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.15 694.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 135.87 694.10 Td (months ) Tj ET Q q 0 0 0 rg BT 167.82 694.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 194.19 694.10 Td (September ) Tj ET Q q 0 0 0 rg BT 239.46 694.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 254.46 694.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.46 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 276.96 694.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 318.88 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 329.16 694.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.88 694.10 Td (same ) Tj ET Q q 0 0 0 rg BT 366.92 694.10 Td (period ) Tj ET Q q 0 0 0 rg BT 394.97 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 405.25 694.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.25 694.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 83.21 672.10 Td (general ) Tj ET Q q 0 0 0 rg BT 115.51 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.82 672.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 192.90 672.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.99 672.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.74 672.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.62 672.10 Td ($8.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.51 672.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.38 672.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.70 672.10 Td ($38.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.59 672.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.46 672.10 Td (in ) Tj ET Q q 0 0 0 rg BT 410.12 672.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.21 672.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 445.30 672.10 Td (months ) Tj ET Q q 0 0 0 rg BT 477.62 672.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 504.37 672.10 Td (September ) Tj ET Q q 0 0 0 rg BT 550.01 672.10 Td (30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.73 660.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.74 660.10 Td ($47.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.63 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.86 660.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.87 660.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.32 660.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 181.77 660.10 Td (months ) Tj ET Q q 0 0 0 rg BT 213.45 660.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 239.56 660.10 Td (September ) Tj ET Q q 0 0 0 rg BT 284.55 660.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 299.29 660.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.29 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.52 660.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.19 660.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.94 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.17 660.10 Td (as ) Tj ET Q q 0 0 0 rg BT 388.73 660.10 Td (a ) Tj ET Q q 0 0 0 rg BT 395.40 660.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 440.94 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.50 660.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 485.37 660.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.38 660.10 Td (1) Tj ET Q q 0 0 0 rg BT 500.01 660.10 Td (1.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.84 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.07 660.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.56 648.10 Td (1) Tj ET Q q 0 0 0 rg BT 63.19 648.10 Td (1.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.02 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.29 648.10 Td (for ) Tj ET Q q 0 0 0 rg BT 98.23 648.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.73 648.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 130.22 648.10 Td (months ) Tj ET Q q 0 0 0 rg BT 160.95 648.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 186.10 648.10 Td (September ) Tj ET Q q 0 0 0 rg BT 230.15 648.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 243.92 648.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.92 648.10 Td (. ) Tj ET Q q 0 0 0 rg BT 267.70 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 268.89 648.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.71 648.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.47 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 319.75 648.10 Td (in ) Tj ET Q q 0 0 0 rg BT 328.80 648.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 359.25 648.10 Td (general ) Tj ET Q q 0 0 0 rg BT 389.95 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.67 648.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 464.15 648.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 497.64 648.10 Td (was ) Tj ET Q q 0 0 0 rg BT 514.47 648.10 Td (attributable, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.76 636.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 80.28 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.53 636.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.45 636.10 Td ($5.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.34 636.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.82 636.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.57 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.05 636.10 Td (in ) Tj ET Q q 0 0 0 rg BT 194.31 636.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 223.45 636.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 258.13 636.10 Td (due ) Tj ET Q q 0 0 0 rg BT 275.05 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.30 636.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 299.44 636.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.35 636.10 Td ($3.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.25 636.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.72 636.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.48 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.95 636.10 Td (in ) Tj ET Q q 0 0 0 rg BT 403.21 636.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 437.89 636.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 467.03 636.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 505.61 636.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 543.08 636.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 89.08 624.10 Td (in ) Tj ET Q q 0 0 0 rg BT 99.80 624.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 122.18 624.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 177.34 624.10 Td (from ) Tj ET Q q 0 0 0 rg BT 199.72 624.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.88 624.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.42 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.36 624.10 Td (average ) Tj ET Q q 0 0 0 rg BT 277.38 624.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 299.76 624.10 Td (price ) Tj ET Q q 0 0 0 rg BT 322.68 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.95 624.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 363.00 624.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 403.14 624.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.52 624.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.06 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.00 624.10 Td (number ) Tj ET Q q 0 0 0 rg BT 482.49 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.76 624.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 522.80 624.10 Td (delivered, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.96 612.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 81.65 612.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.11 612.10 Td ($1.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.00 612.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.03 612.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.78 612.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.81 612.10 Td (in ) Tj ET Q q 0 0 0 rg BT 187.61 612.10 Td (non-variable ) Tj ET Q q 0 0 0 rg BT 241.17 612.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 270.86 612.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 309.98 612.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 350.22 612.10 Td (related ) Tj ET Q q 0 0 0 rg BT 380.44 612.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.25 612.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 414.27 612.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 458.39 612.10 Td (with ) Tj ET Q q 0 0 0 rg BT 479.19 612.10 Td (our ) Tj ET Q q 0 0 0 rg BT 495.55 612.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 518.01 612.10 Td (of) Tj ET Q q 0 0 0 rg BT 526.16 612.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 548.06 612.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (models ) Tj ET Q q 0 0 0 rg BT 82.05 600.10 Td (as ) Tj ET Q q 0 0 0 rg BT 94.04 600.10 Td (a ) Tj ET Q q 0 0 0 rg BT 102.13 600.10 Td (result ) Tj ET Q q 0 0 0 rg BT 128.01 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.00 600.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.99 600.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.74 600.10 Td (d ) Tj ET Q q 0 0 0 rg BT 198.40 600.10 Td (community ) Tj ET Q q 0 0 0 rg BT 247.62 600.10 Td (count. ) Tj ET Q q 0 0 0 rg BT 275.99 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.39 600.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.59 600.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.35 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.01 600.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.44 600.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 379.27 600.10 Td (general ) Tj ET Q q 0 0 0 rg BT 412.35 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.45 600.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 491.32 600.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 527.18 600.10 Td (was ) Tj ET Q q 0 0 0 rg BT 546.40 600.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 96.84 588.10 Td (to ) Tj ET Q q 0 0 0 rg BT 106.42 588.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.67 588.10 Td ($3.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.56 588.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.36 588.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.12 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.92 588.10 Td (in ) Tj ET Q q 0 0 0 rg BT 207.50 588.10 Td (general ) Tj ET Q q 0 0 0 rg BT 238.73 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 254.97 588.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 313.98 588.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 350.50 588.10 Td (which ) Tj ET Q q 0 0 0 rg BT 376.74 588.10 Td (was ) Tj ET Q q 0 0 0 rg BT 394.09 588.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 433.11 588.10 Td (related ) Tj ET Q q 0 0 0 rg BT 462.12 588.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.70 588.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.94 588.10 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 497.25 588.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.14 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 527.94 588.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.75 588.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.18 576.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 116.63 576.10 Td (related ) Tj ET Q q 0 0 0 rg BT 145.73 576.10 Td (expense, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.34 576.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.23 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 233.14 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.37 576.10 Td (which ) Tj ET Q q 0 0 0 rg BT 269.71 576.10 Td (related ) Tj ET Q q 0 0 0 rg BT 298.82 576.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.50 576.10 Td (our ) Tj ET Q q 0 0 0 rg BT 323.73 576.10 Td (new ) Tj ET Q q 0 0 0 rg BT 342.30 576.10 Td (Sarasota ) Tj ET Q q 0 0 0 rg BT 378.08 576.10 Td (division, ) Tj ET Q q 0 0 0 rg BT 414.71 576.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.05 576.10 Td ($0.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.94 576.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.84 576.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.60 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 506.50 576.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.18 576.10 Td (land ) Tj ET Q q 0 0 0 rg BT 535.30 576.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 90.60 564.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.54 564.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.43 564.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.93 564.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.68 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.18 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 194.46 564.10 Td (architectural ) Tj ET Q q 0 0 0 rg BT 246.93 564.10 Td (related ) Tj ET Q q 0 0 0 rg BT 276.63 564.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 317.73 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.67 564.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.60 564.10 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 564.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.00 564.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.75 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 428.25 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.53 564.10 Td (other ) Tj ET Q q 0 0 0 rg BT 461.58 564.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 520.73 564.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.88 542.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.14 542.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 116.40 542.10 Td (months ) Tj ET Q q 0 0 0 rg BT 148.90 542.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 175.82 542.10 Td (September ) Tj ET Q q 0 0 0 rg BT 221.63 542.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 237.17 542.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.17 542.10 Td (, ) Tj ET Q q 0 0 0 rg BT 262.72 542.10 Td (we ) Tj ET Q q 0 0 0 rg BT 277.43 542.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 328.77 542.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.26 542.10 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.59 542.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.63 542.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.39 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.43 542.10 Td (in ) Tj ET Q q 0 0 0 rg BT 409.26 542.10 Td (new ) Tj ET Q q 0 0 0 rg BT 428.96 542.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 468.10 542.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.93 542.10 Td (our ) Tj ET Q q 0 0 0 rg BT 495.30 542.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 534.46 542.10 Td (region, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.92 530.10 Td (1,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.42 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.40 530.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.16 530.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.36 530.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 143.56 530.10 Td (months ) Tj ET Q q 0 0 0 rg BT 175.99 530.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 202.85 530.10 Td (September ) Tj ET Q q 0 0 0 rg BT 248.60 530.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 264.08 530.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.08 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.06 530.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.82 530.10 Td (1,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.32 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 323.31 530.10 Td (for ) Tj ET Q q 0 0 0 rg BT 337.95 530.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 530.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 373.35 530.10 Td (months ) Tj ET Q q 0 0 0 rg BT 405.78 530.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 432.64 530.10 Td (September ) Tj ET Q q 0 0 0 rg BT 478.38 530.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 493.87 530.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.87 530.10 Td (, ) Tj ET Q q 0 0 0 rg BT 519.35 530.10 Td (and ) Tj ET Q q 0 0 0 rg BT 536.77 530.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.19 530.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.57 518.10 Td (in ) Tj ET Q q 0 0 0 rg BT 94.67 518.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 128.64 518.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.40 518.10 Td (706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.40 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 167.72 518.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 196.14 518.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.68 518.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 265.76 518.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.76 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.08 518.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.18 518.10 Td (846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.18 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.50 518.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 343.92 518.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.46 518.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 413.54 518.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.54 518.10 Td (. ) Tj ET Q q 0 0 0 rg BT 438.36 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 440.51 518.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.37 518.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.13 518.10 Td (s ) Tj ET Q q 0 0 0 rg BT 497.34 518.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.43 518.10 Td (new ) Tj ET Q q 0 0 0 rg BT 526.41 518.10 Td (contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.80 506.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 101.32 506.10 Td (were ) Tj ET Q q 0 0 0 rg BT 123.62 506.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 163.70 506.10 Td (due ) Tj ET Q q 0 0 0 rg BT 181.00 506.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.64 506.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 232.83 506.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 267.35 506.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.00 506.10 Td (our ) Tj ET Q q 0 0 0 rg BT 294.19 506.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 325.94 506.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 360.46 506.10 Td (as ) Tj ET Q q 0 0 0 rg BT 371.66 506.10 Td (well ) Tj ET Q q 0 0 0 rg BT 391.74 506.10 Td (as ) Tj ET Q q 0 0 0 rg BT 402.94 506.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 445.24 506.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 476.43 506.10 Td (in ) Tj ET Q q 0 0 0 rg BT 487.08 506.10 Td (many ) Tj ET Q q 0 0 0 rg BT 512.16 506.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.35 506.10 Td (our ) Tj ET Q q 0 0 0 rg BT 539.34 506.10 Td (T) Tj ET Q q 0 0 0 rg BT 544.75 506.10 Td (exas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 85.82 494.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.50 494.10 Td (A) Tj ET Q q 0 0 0 rg BT 93.98 494.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 122.79 494.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 144.38 494.10 Td (price ) Tj ET Q q 0 0 0 rg BT 166.53 494.10 Td (in ) Tj ET Q q 0 0 0 rg BT 176.47 494.10 Td (backlog ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.29 494.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.70 494.10 Td (, ) Tj ET Q q 0 0 0 rg BT 254.36 494.10 Td (however) Tj ET Q q 0 0 0 rg BT 288.39 494.10 Td (, ) Tj ET Q q 0 0 0 rg BT 293.05 494.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.99 494.10 Td ($350,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.49 494.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.65 494.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.03 494.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 411.95 494.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.95 494.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.11 494.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.71 494.10 Td ($363,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.21 494.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.37 494.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.75 494.10 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 482.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.86 482.10 Td (due ) Tj ET Q q 0 0 0 rg BT 86.65 482.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.79 482.10 Td (a ) Tj ET Q q 0 0 0 rg BT 101.58 482.10 Td (change ) Tj ET Q q 0 0 0 rg BT 131.25 482.10 Td (in ) Tj ET Q q 0 0 0 rg BT 140.39 482.10 Td (product ) Tj ET Q q 0 0 0 rg BT 172.29 482.10 Td (type ) Tj ET Q q 0 0 0 rg BT 190.86 482.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.66 482.10 Td (market ) Tj ET Q q 0 0 0 rg BT 235.78 482.10 Td (mix. ) Tj ET Q q 0 0 0 rg BT 255.19 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.55 482.10 Td (During ) Tj ET Q q 0 0 0 rg BT 286.24 482.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.81 482.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 318.38 482.10 Td (months ) Tj ET Q q 0 0 0 rg BT 349.19 482.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 374.42 482.10 Td (September ) Tj ET Q q 0 0 0 rg BT 418.54 482.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 432.40 482.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.40 482.10 Td (, ) Tj ET Q q 0 0 0 rg BT 456.25 482.10 Td (we ) Tj ET Q q 0 0 0 rg BT 469.27 482.10 Td (opened ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 482.10 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.50 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.86 482.10 Td (communities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.63 470.10 Td (our ) Tj ET Q q 0 0 0 rg BT 77.32 470.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 116.78 470.10 Td (region ) Tj ET Q q 0 0 0 rg BT 145.69 470.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 188.47 470.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.60 470.10 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.60 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.96 470.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.42 470.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 271.47 470.10 Td (first ) Tj ET Q q 0 0 0 rg BT 290.94 470.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 311.51 470.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.96 470.10 Td (. ) Tj ET Q q 0 0 0 rg BT 346.81 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.17 470.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 369.08 470.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 405.77 470.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 451.34 470.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 469.68 470.10 Td (in ) Tj ET Q q 0 0 0 rg BT 480.82 470.10 Td (our ) Tj ET Q q 0 0 0 rg BT 497.50 470.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 536.97 470.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.37 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.65 458.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 117.93 458.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.99 458.10 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.49 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.76 458.10 Td (per ) Tj ET Q q 0 0 0 rg BT 157.81 458.10 Td (community ) Tj ET Q q 0 0 0 rg BT 205.64 458.10 Td (in ) Tj ET Q q 0 0 0 rg BT 215.69 458.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.19 458.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 249.68 458.10 Td (months ) Tj ET Q q 0 0 0 rg BT 281.40 458.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 307.56 458.10 Td (September ) Tj ET Q q 0 0 0 rg BT 352.60 458.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 367.38 458.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.38 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 389.65 458.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.37 458.10 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.87 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 426.14 458.10 Td (per ) Tj ET Q q 0 0 0 rg BT 441.19 458.10 Td (community ) Tj ET Q q 0 0 0 rg BT 489.02 458.10 Td (in ) Tj ET Q q 0 0 0 rg BT 499.07 458.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.57 458.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 533.06 458.10 Td (months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 75.88 446.10 Td (September ) Tj ET Q q 0 0 0 rg BT 121.14 446.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 136.14 446.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.14 446.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 105.62 424.10 Td (Region. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.90 424.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.24 424.10 Td (During ) Tj ET Q q 0 0 0 rg BT 175.90 424.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.45 424.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 212.00 424.10 Td (months ) Tj ET Q q 0 0 0 rg BT 244.79 424.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 272.00 424.10 Td (September ) Tj ET Q q 0 0 0 rg BT 318.10 424.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 333.93 424.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.93 424.10 Td (, ) Tj ET Q q 0 0 0 rg BT 359.77 424.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 418.66 424.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 453.64 424.10 Td (in ) Tj ET Q q 0 0 0 rg BT 464.75 424.10 Td (our ) Tj ET Q q 0 0 0 rg BT 481.41 424.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 536.96 424.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.25 412.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.83 412.10 Td ($34.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.72 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.29 412.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.31 412.10 Td ($250.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.20 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 229.77 412.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.13 412.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.92 412.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 274.71 412.10 Td (months ) Tj ET Q q 0 0 0 rg BT 306.73 412.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 333.19 412.10 Td (September ) Tj ET Q q 0 0 0 rg BT 378.52 412.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 393.60 412.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.60 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.17 412.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.53 412.10 Td ($284.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.42 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.99 412.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.35 412.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 526.61 412.10 Td (first ) Tj ET Q q 0 0 0 rg BT 545.30 412.10 Td (nine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.95 400.10 Td (. ) Tj ET Q q 0 0 0 rg BT 83.56 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.51 400.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.40 400.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.73 400.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.84 400.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.59 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.70 400.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.59 400.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 228.25 400.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 262.00 400.10 Td (was ) Tj ET Q q 0 0 0 rg BT 279.66 400.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.99 400.10 Td (result ) Tj ET Q q 0 0 0 rg BT 318.31 400.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.75 400.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.30 400.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.63 400.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.73 400.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.49 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.60 400.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.48 400.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.81 400.10 Td (average ) Tj ET Q q 0 0 0 rg BT 443.00 400.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 464.55 400.10 Td (price ) Tj ET Q q 0 0 0 rg BT 486.64 400.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.08 400.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 525.30 400.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.83 388.10 Td ($21,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.33 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.56 388.10 Td (per ) Tj ET Q q 0 0 0 rg BT 102.55 388.10 Td (home ) Tj ET Q q 0 0 0 rg BT 127.00 388.10 Td (delivered\), ) Tj ET Q q 0 0 0 rg BT 172.26 388.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.93 388.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.26 388.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.48 388.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.24 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 229.47 388.10 Td (in ) Tj ET Q q 0 0 0 rg BT 239.47 388.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.92 388.10 Td (number ) Tj ET Q q 0 0 0 rg BT 286.69 388.10 Td (of ) Tj ET Q q 0 0 0 rg BT 297.25 388.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 325.59 388.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 365.02 388.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.35 388.10 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.35 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.58 388.10 Td (units\), ) Tj ET Q q 0 0 0 rg BT 408.08 388.10 Td (and ) Tj ET Q q 0 0 0 rg BT 424.75 388.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.41 388.10 Td ($4.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.31 388.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.53 388.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.29 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 517.52 388.10 Td (in ) Tj ET Q q 0 0 0 rg BT 527.52 388.10 Td (land ) Tj ET Q q 0 0 0 rg BT 546.97 388.10 Td (sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 82.99 376.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 124.26 376.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.88 376.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 155.16 376.10 Td (year) Tj ET Q q 0 0 0 rg BT 171.81 376.10 Td (. ) Tj ET Q q 0 0 0 rg BT 176.16 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.00 376.10 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.83 376.10 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.26 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 251.11 376.10 Td (in ) Tj ET Q q 0 0 0 rg BT 260.73 376.10 Td (our ) Tj ET Q q 0 0 0 rg BT 275.90 376.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 329.96 376.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.35 376.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.10 376.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.94 376.10 Td ($3.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.84 376.10 Td (, ) Tj ET Q q 0 0 0 rg BT 450.18 376.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.46 376.10 Td ($19.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.35 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 527.20 376.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.82 376.10 Td (2015's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (first ) Tj ET Q q 0 0 0 rg BT 68.83 364.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 89.26 364.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.71 364.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.92 364.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.92 364.10 Td ($22.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.81 364.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.03 364.10 Td (during ) Tj ET Q q 0 0 0 rg BT 219.35 364.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.79 364.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 255.22 364.10 Td (months ) Tj ET Q q 0 0 0 rg BT 287.88 364.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 314.98 364.10 Td (September ) Tj ET Q q 0 0 0 rg BT 360.96 364.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 376.68 364.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.68 364.10 Td (. ) Tj ET Q q 0 0 0 rg BT 402.39 364.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.38 364.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.37 364.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.13 364.10 Td ( ) Tj ET Q q 0 0 0 rg BT 462.34 364.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.34 364.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 514.32 364.10 Td (income ) Tj ET Q q 0 0 0 rg BT 546.97 364.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.64 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.79 352.10 Td (result ) Tj ET Q q 0 0 0 rg BT 129.94 352.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.20 352.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.57 352.10 Td ($4.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.47 352.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.40 352.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.15 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 236.08 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.79 352.10 Td (our ) Tj ET Q q 0 0 0 rg BT 263.06 352.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 287.10 352.10 Td (mar) Tj ET Q q 0 0 0 rg BT 302.47 352.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 320.68 352.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 356.93 352.10 Td (of) Tj ET Q q 0 0 0 rg BT 365.08 352.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 382.45 352.10 Td (by ) Tj ET Q q 0 0 0 rg BT 395.38 352.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.75 352.10 Td ($1.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 352.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.58 352.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.33 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 490.26 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 500.97 352.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 533.07 352.10 Td (general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.25 340.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 127.77 340.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 165.80 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.87 340.10 Td (W) Tj ET Q q 0 0 0 rg BT 177.91 340.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 191.78 340.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 223.41 340.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.50 340.10 Td (our ) Tj ET Q q 0 0 0 rg BT 251.15 340.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 310.01 340.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 334.44 340.10 Td (mar) Tj ET Q q 0 0 0 rg BT 349.81 340.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 368.40 340.10 Td (our ) Tj ET Q q 0 0 0 rg BT 385.04 340.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 409.47 340.10 Td (mar) Tj ET Q q 0 0 0 rg BT 424.84 340.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 440.93 340.10 Td (on ) Tj ET Q q 0 0 0 rg BT 454.25 340.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 483.67 340.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.19 340.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td ($6.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 328.10 Td (, ) Tj ET Q q 0 0 0 rg BT 103.67 328.10 Td (due ) Tj ET Q q 0 0 0 rg BT 120.90 328.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.46 328.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.46 328.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.79 328.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.57 328.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.33 328.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.11 328.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.67 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.67 328.10 Td (average ) Tj ET Q q 0 0 0 rg BT 257.54 328.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 279.76 328.10 Td (price ) Tj ET Q q 0 0 0 rg BT 302.53 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.64 328.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 342.53 328.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 382.52 328.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.74 328.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.74 328.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.07 328.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.85 328.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.61 328.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.39 328.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.95 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.95 328.10 Td (number ) Tj ET Q q 0 0 0 rg BT 525.28 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 536.39 328.10 Td (homes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 89.50 316.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 114.51 316.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 143.69 316.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 162.04 316.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 196.51 316.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 220.42 316.10 Td (mar) Tj ET Q q 0 0 0 rg BT 235.78 316.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 251.36 316.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.46 316.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.78 316.10 Td ( ) Tj ET Q q 0 0 0 rg BT 338.58 316.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.38 316.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.18 316.10 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.18 316.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.98 316.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 389.77 316.10 Td (points ) Tj ET Q q 0 0 0 rg BT 417.02 316.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.26 316.10 Td (18.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.09 316.10 Td ( ) Tj ET Q q 0 0 0 rg BT 467.88 316.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.46 316.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 500.70 316.10 Td (year's ) Tj ET Q q 0 0 0 rg BT 526.39 316.10 Td (first ) Tj ET Q q 0 0 0 rg BT 545.30 316.10 Td (nine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.95 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.39 304.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.61 304.10 Td (18.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.44 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.89 304.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.11 304.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 158.24 304.10 Td (first ) Tj ET Q q 0 0 0 rg BT 176.79 304.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 196.45 304.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.90 304.10 Td (. ) Tj ET Q q 0 0 0 rg BT 230.84 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 233.29 304.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 251.28 304.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 274.84 304.10 Td (mar) Tj ET Q q 0 0 0 rg BT 290.20 304.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 305.43 304.10 Td (on ) Tj ET Q q 0 0 0 rg BT 317.87 304.10 Td (land ) Tj ET Q q 0 0 0 rg BT 337.53 304.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 361.91 304.10 Td (however) Tj ET Q q 0 0 0 rg BT 395.94 304.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.88 304.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.75 304.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.20 304.10 Td ($1.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.09 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 488.53 304.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.75 304.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.41 304.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 533.07 304.10 Td (months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 76.01 292.10 Td (September ) Tj ET Q q 0 0 0 rg BT 121.40 292.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 136.53 292.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.53 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.16 292.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 201.22 292.10 Td (to ) Tj ET Q q 0 0 0 rg BT 211.63 292.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.48 292.10 Td (same ) Tj ET Q q 0 0 0 rg BT 249.65 292.10 Td (period ) Tj ET Q q 0 0 0 rg BT 277.83 292.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.24 292.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.24 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 310.87 292.10 Td (due ) Tj ET Q q 0 0 0 rg BT 327.94 292.10 Td (to ) Tj ET Q q 0 0 0 rg BT 338.35 292.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 363.75 292.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 392.49 292.10 Td (on ) Tj ET Q q 0 0 0 rg BT 405.12 292.10 Td (land ) Tj ET Q q 0 0 0 rg BT 424.97 292.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 447.04 292.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.45 292.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.29 292.10 Td (current ) Tj ET Q q 0 0 0 rg BT 503.24 292.10 Td (year ) Tj ET Q q 0 0 0 rg BT 523.08 292.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 280.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 280.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 96.43 280.10 Td (year) Tj ET Q q 0 0 0 rg BT 113.09 280.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 83.21 256.10 Td (general ) Tj ET Q q 0 0 0 rg BT 115.51 256.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.82 256.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 192.90 256.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.99 256.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.74 256.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.62 256.10 Td ($1.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.51 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.38 256.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.70 256.10 Td ($26.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.59 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.46 256.10 Td (in ) Tj ET Q q 0 0 0 rg BT 410.12 256.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.21 256.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 445.30 256.10 Td (months ) Tj ET Q q 0 0 0 rg BT 477.62 256.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 504.37 256.10 Td (September ) Tj ET Q q 0 0 0 rg BT 550.01 256.10 Td (30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.04 244.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.36 244.10 Td ($27.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.26 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.80 244.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.12 244.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 177.36 244.10 Td (first ) Tj ET Q q 0 0 0 rg BT 196.01 244.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 215.77 244.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.22 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.76 244.10 Td (but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.08 244.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.95 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 299.50 244.10 Td (as ) Tj ET Q q 0 0 0 rg BT 310.37 244.10 Td (a ) Tj ET Q q 0 0 0 rg BT 317.35 244.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 363.19 244.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.07 244.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 408.25 244.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.58 244.10 Td (9.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.41 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 441.95 244.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 483.92 244.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.24 244.10 Td (10.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.07 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.61 244.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.81 244.10 Td (2015's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (first ) Tj ET Q q 0 0 0 rg BT 68.04 232.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 87.68 232.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.13 232.10 Td (. ) Tj ET Q q 0 0 0 rg BT 122.05 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.31 232.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.28 232.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.03 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 177.46 232.10 Td (in ) Tj ET Q q 0 0 0 rg BT 187.66 232.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 219.26 232.10 Td (general ) Tj ET Q q 0 0 0 rg BT 251.11 232.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.97 232.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 327.61 232.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 362.24 232.10 Td (was ) Tj ET Q q 0 0 0 rg BT 380.22 232.10 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 430.68 232.10 Td (in ) Tj ET Q q 0 0 0 rg BT 440.89 232.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 461.36 232.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.57 232.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.43 232.10 Td ($0.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.32 232.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.75 232.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.18 220.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 87.75 220.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 121.86 220.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 160.98 220.10 Td (due ) Tj ET Q q 0 0 0 rg BT 177.32 220.10 Td (to ) Tj ET Q q 0 0 0 rg BT 187.00 220.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.34 220.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.09 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 233.00 220.10 Td (in ) Tj ET Q q 0 0 0 rg BT 242.68 220.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 276.79 220.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 305.35 220.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 343.36 220.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 380.25 220.10 Td (from ) Tj ET Q q 0 0 0 rg BT 401.60 220.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 440.14 220.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.83 220.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 471.17 220.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 525.30 220.10 Td (produced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.97 208.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.67 208.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.21 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.69 208.10 Td (average ) Tj ET Q q 0 0 0 rg BT 138.25 208.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 160.16 208.10 Td (price ) Tj ET Q q 0 0 0 rg BT 182.62 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.42 208.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 222.01 208.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 261.68 208.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.60 208.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.14 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 306.62 208.10 Td (number ) Tj ET Q q 0 0 0 rg BT 339.64 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.44 208.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 379.03 208.10 Td (delivered. ) Tj ET Q q 0 0 0 rg BT 421.02 208.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.05 208.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.27 208.10 Td (in ) Tj ET Q q 0 0 0 rg BT 484.53 208.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 516.17 208.10 Td (general ) Tj ET Q q 0 0 0 rg BT 548.07 208.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 108.72 196.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 142.95 196.10 Td (was ) Tj ET Q q 0 0 0 rg BT 160.52 196.10 Td (also ) Tj ET Q q 0 0 0 rg BT 178.64 196.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 226.19 196.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.99 196.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.44 196.10 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 261.96 196.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.85 196.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.87 196.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.62 196.10 Td ( ) Tj ET Q q 0 0 0 rg BT 327.64 196.10 Td (in ) Tj ET Q q 0 0 0 rg BT 337.43 196.10 Td (general ) Tj ET Q q 0 0 0 rg BT 368.88 196.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.33 196.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 444.55 196.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 481.28 196.10 Td (which ) Tj ET Q q 0 0 0 rg BT 507.73 196.10 Td (was ) Tj ET Q q 0 0 0 rg BT 525.30 196.10 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (related ) Tj ET Q q 0 0 0 rg BT 79.20 184.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.48 184.10 Td (an ) Tj ET Q q 0 0 0 rg BT 101.42 184.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 136.67 184.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.95 184.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 204.99 184.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.93 184.10 Td (land ) Tj ET Q q 0 0 0 rg BT 241.65 184.10 Td (related ) Tj ET Q q 0 0 0 rg BT 271.35 184.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.63 162.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.64 162.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 115.66 162.10 Td (month ) Tj ET Q q 0 0 0 rg BT 144.01 162.10 Td (period ) Tj ET Q q 0 0 0 rg BT 172.36 162.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 199.03 162.10 Td (September ) Tj ET Q q 0 0 0 rg BT 244.59 162.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 259.89 162.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.89 162.10 Td (, ) Tj ET Q q 0 0 0 rg BT 285.19 162.10 Td (we ) Tj ET Q q 0 0 0 rg BT 299.65 162.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 350.75 162.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.98 162.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.31 162.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.11 162.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.86 162.10 Td ( ) Tj ET Q q 0 0 0 rg BT 414.66 162.10 Td (in ) Tj ET Q q 0 0 0 rg BT 425.24 162.10 Td (new ) Tj ET Q q 0 0 0 rg BT 444.70 162.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 483.59 162.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.16 162.10 Td (our ) Tj ET Q q 0 0 0 rg BT 510.29 162.10 Td (Mid-Atlantic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.10 Td (region, ) Tj ET Q q 0 0 0 rg BT 80.00 150.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.89 150.10 Td (818) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.89 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.35 150.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.58 150.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.25 150.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 163.92 150.10 Td (months ) Tj ET Q q 0 0 0 rg BT 195.82 150.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 222.15 150.10 Td (September ) Tj ET Q q 0 0 0 rg BT 267.37 150.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 282.32 150.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.32 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.78 150.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.01 150.10 Td (903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.01 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 332.46 150.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.69 150.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.36 150.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 377.03 150.10 Td (months ) Tj ET Q q 0 0 0 rg BT 408.94 150.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 435.27 150.10 Td (September ) Tj ET Q q 0 0 0 rg BT 480.48 150.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 495.44 150.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.44 150.10 Td (, ) Tj ET Q q 0 0 0 rg BT 520.39 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 537.28 150.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.18 150.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.22 138.10 Td (in ) Tj ET Q q 0 0 0 rg BT 93.96 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.14 138.10 Td (number ) Tj ET Q q 0 0 0 rg BT 140.65 138.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.95 138.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 179.02 138.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.76 138.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 222.38 138.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.79 138.10 Td (381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.79 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 260.75 138.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 288.82 138.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 138.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 357.73 138.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.73 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 379.70 138.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.44 138.10 Td (457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.44 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 406.40 138.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 434.48 138.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.66 138.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 503.39 138.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.39 138.10 Td (. ) Tj ET Q q 0 0 0 rg BT 527.85 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 529.38 138.10 Td (A) Tj ET Q q 0 0 0 rg BT 535.86 138.10 Td (verage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 71.33 126.10 Td (price ) Tj ET Q q 0 0 0 rg BT 93.71 126.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.44 126.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 132.94 126.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.12 126.10 Td (backlog ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.17 126.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.92 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.31 126.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.15 126.10 Td ($357,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.65 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.04 126.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.66 126.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 348.81 126.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.81 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 371.21 126.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.38 126.10 Td ($371,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.88 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 421.28 126.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.89 126.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 491.05 126.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.05 126.10 Td (. ) Tj ET Q q 0 0 0 rg BT 515.94 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 518.17 126.10 Td (W) Tj ET Q q 0 0 0 rg BT 526.80 126.10 Td (e ) Tj ET Q q 0 0 0 rg BT 533.64 126.10 Td (opened ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.10 Td (nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.72 114.10 Td ( ) Tj ET Q q 0 0 0 rg BT 69.63 114.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 124.21 114.10 Td (in ) Tj ET Q q 0 0 0 rg BT 134.90 114.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.15 114.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 206.28 114.10 Td (region ) Tj ET Q q 0 0 0 rg BT 234.74 114.10 Td (during ) Tj ET Q q 0 0 0 rg BT 263.77 114.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.90 114.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 299.03 114.10 Td (months ) Tj ET Q q 0 0 0 rg BT 331.40 114.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 358.19 114.10 Td (September ) Tj ET Q q 0 0 0 rg BT 403.87 114.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 419.29 114.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.29 114.10 Td ( ) Tj ET Q q 0 0 0 rg BT 442.21 114.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 484.55 114.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.24 114.10 Td (1) Tj ET Q q 0 0 0 rg BT 499.87 114.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.87 114.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.79 114.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.81 114.10 Td (2015's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.10 Td (first ) Tj ET Q q 0 0 0 rg BT 68.90 102.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 89.41 102.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.86 102.10 Td (. ) Tj ET Q q 0 0 0 rg BT 124.65 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.95 102.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 146.79 102.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 183.42 102.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 228.93 102.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 247.21 102.10 Td (in ) Tj ET Q q 0 0 0 rg BT 258.28 102.10 Td (our ) Tj ET Q q 0 0 0 rg BT 274.91 102.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 330.41 102.10 Td (region ) Tj ET Q q 0 0 0 rg BT 359.25 102.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.10 102.10 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.60 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 393.89 102.10 Td (per ) Tj ET Q q 0 0 0 rg BT 409.95 102.10 Td (community ) Tj ET Q q 0 0 0 rg BT 458.80 102.10 Td (in ) Tj ET Q q 0 0 0 rg BT 469.87 102.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.38 102.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 505.89 102.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.63 102.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.10 Td (September ) Tj ET Q q 0 0 0 rg BT 94.76 90.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 109.76 90.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.76 90.10 Td (, ) Tj ET Q q 0 0 0 rg BT 134.76 90.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.48 90.10 Td (same ) Tj ET Q q 0 0 0 rg BT 172.53 90.10 Td (as ) Tj ET Q q 0 0 0 rg BT 183.36 90.10 Td (in ) Tj ET Q q 0 0 0 rg BT 193.64 90.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.35 90.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 228.07 90.10 Td (months ) Tj ET Q q 0 0 0 rg BT 260.02 90.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 286.39 90.10 Td (September ) Tj ET Q q 0 0 0 rg BT 331.66 90.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 346.66 90.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.66 90.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 92.36 68.10 Td (Services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.03 68.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 168.31 68.10 Td (from ) Tj ET Q q 0 0 0 rg BT 190.05 68.10 Td (our ) Tj ET Q q 0 0 0 rg BT 205.67 68.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 245.73 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 262.46 68.10 Td (title ) Tj ET Q q 0 0 0 rg BT 280.31 68.10 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.26 68.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.01 68.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.31 68.10 Td ($4.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.20 68.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.50 68.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.83 68.10 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.16 68.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 442.78 68.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.51 68.10 Td ($26.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.41 68.10 Td ( ) Tj ET Q q 0 0 0 rg BT 520.70 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 530.77 68.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.29 68.10 Td (nine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (months ) Tj ET Q q 0 0 0 rg BT 81.24 56.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 107.40 56.10 Td (September ) Tj ET Q q 0 0 0 rg BT 152.45 56.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 167.24 56.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.24 56.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.53 56.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.59 56.10 Td ($30.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.48 56.10 Td ( ) Tj ET Q q 0 0 0 rg BT 255.77 56.10 Td (in ) Tj ET Q q 0 0 0 rg BT 265.84 56.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.34 56.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 299.85 56.10 Td (months ) Tj ET Q q 0 0 0 rg BT 331.58 56.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 357.75 56.10 Td (September ) Tj ET Q q 0 0 0 rg BT 402.80 56.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 417.59 56.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.59 56.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.87 56.10 Td (as ) Tj ET Q q 0 0 0 rg BT 450.49 56.10 Td (a ) Tj ET Q q 0 0 0 rg BT 457.22 56.10 Td (result ) Tj ET Q q 0 0 0 rg BT 481.72 56.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.34 56.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.07 56.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.40 56.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.68 56.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.44 56.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.72 56.10 Td (in ) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.85 742.10 Td (number ) Tj ET Q q 0 0 0 rg BT 98.54 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.00 742.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 130.36 742.10 Td (originations, ) Tj ET Q q 0 0 0 rg BT 183.77 742.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.34 742.10 Td (1,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.84 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.98 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 242.89 742.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.24 742.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 278.60 742.10 Td (months ) Tj ET Q q 0 0 0 rg BT 311.18 742.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 338.19 742.10 Td (September ) Tj ET Q q 0 0 0 rg BT 384.09 742.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 399.73 742.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.73 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.87 742.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.78 742.10 Td (2,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.28 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.42 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.33 742.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.69 742.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 506.04 742.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.62 742.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (September ) Tj ET Q q 0 0 0 rg BT 94.61 730.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 109.45 730.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.45 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 134.30 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.08 730.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.87 730.10 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.20 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.54 730.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.30 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.64 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 218.76 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.33 730.10 Td (average ) Tj ET Q q 0 0 0 rg BT 266.76 730.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 286.32 730.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 318.66 730.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.44 730.10 Td ($276,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.94 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.29 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.41 730.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.97 730.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 424.53 730.10 Td (months ) Tj ET Q q 0 0 0 rg BT 456.33 730.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 482.55 730.10 Td (September ) Tj ET Q q 0 0 0 rg BT 527.66 730.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 542.50 730.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.47 718.10 Td ($296,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.97 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.17 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 109.14 718.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.55 718.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 142.96 718.10 Td (months ) Tj ET Q q 0 0 0 rg BT 174.61 718.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 200.68 718.10 Td (September ) Tj ET Q q 0 0 0 rg BT 245.64 718.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 260.33 718.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.33 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 285.03 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.22 718.10 Td (In ) Tj ET Q q 0 0 0 rg BT 297.75 718.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 335.22 718.10 Td (we ) Tj ET Q q 0 0 0 rg BT 349.07 718.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 399.57 718.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 427.31 718.10 Td (mar) Tj ET Q q 0 0 0 rg BT 442.67 718.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 461.54 718.10 Td (on ) Tj ET Q q 0 0 0 rg BT 473.73 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 489.26 718.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 512.56 718.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 531.43 718.10 Td (than ) Tj ET Q q 0 0 0 rg BT 550.84 718.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 100.30 706.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.58 706.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 138.77 706.10 Td (first ) Tj ET Q q 0 0 0 rg BT 157.38 706.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 177.10 706.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.55 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 209.05 706.10 Td (due ) Tj ET Q q 0 0 0 rg BT 225.98 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.26 706.10 Td (more ) Tj ET Q q 0 0 0 rg BT 259.31 706.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 299.56 706.10 Td (market ) Tj ET Q q 0 0 0 rg BT 329.83 706.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 373.99 706.10 Td (during ) Tj ET Q q 0 0 0 rg BT 402.60 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.32 706.10 Td (first ) Tj ET Q q 0 0 0 rg BT 435.93 706.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 455.64 706.10 Td (months ) Tj ET Q q 0 0 0 rg BT 487.59 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 498.42 706.10 Td (2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.67 682.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 105.26 682.10 Td (service ) Tj ET Q q 0 0 0 rg BT 136.19 682.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 180.46 682.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 206.95 682.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.78 682.10 Td (first ) Tj ET Q q 0 0 0 rg BT 240.50 682.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 260.33 682.10 Td (months ) Tj ET Q q 0 0 0 rg BT 292.39 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.34 682.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.34 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.95 682.10 Td (with ) Tj ET Q q 0 0 0 rg BT 346.34 682.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.40 682.10 Td ($2.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.29 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.90 682.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.66 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 440.27 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 450.66 682.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 491.04 682.10 Td (income ) Tj ET Q q 0 0 0 rg BT 523.09 682.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.66 670.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.26 670.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 93.85 670.10 Td (months ) Tj ET Q q 0 0 0 rg BT 125.68 670.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 151.94 670.10 Td (September ) Tj ET Q q 0 0 0 rg BT 197.08 670.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 211.96 670.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.96 670.10 Td (, ) Tj ET Q q 0 0 0 rg BT 236.84 670.10 Td (which ) Tj ET Q q 0 0 0 rg BT 263.66 670.10 Td (was ) Tj ET Q q 0 0 0 rg BT 281.59 670.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 321.19 670.10 Td (due ) Tj ET Q q 0 0 0 rg BT 338.01 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 348.16 670.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.76 670.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.52 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.90 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.05 670.10 Td (our ) Tj ET Q q 0 0 0 rg BT 423.77 670.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 457.79 670.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 498.50 670.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 527.26 670.10 Td (of) Tj ET Q q 0 0 0 rg BT 535.41 670.10 Td (fset, ) Tj ET Q q 0 0 0 rg BT 554.73 670.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 70.35 658.10 Td (by ) Tj ET Q q 0 0 0 rg BT 83.16 658.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.40 658.10 Td ($2.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.29 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.10 658.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.85 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 177.66 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.24 658.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 220.21 658.10 Td (general ) Tj ET Q q 0 0 0 rg BT 252.44 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.68 658.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 329.70 658.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 364.71 658.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 406.94 658.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.52 658.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 446.02 658.10 Td (first ) Tj ET Q q 0 0 0 rg BT 464.93 658.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 484.95 658.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.40 658.10 Td (, ) Tj ET Q q 0 0 0 rg BT 519.71 658.10 Td (which ) Tj ET Q q 0 0 0 rg BT 546.95 658.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 88.97 646.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 136.77 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.81 646.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.51 646.10 Td ($1.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.40 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.66 646.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.42 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 239.68 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 249.71 646.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 307.52 646.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 344.49 646.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.18 646.10 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.08 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.34 646.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.09 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.35 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 447.39 646.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 487.42 646.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 509.68 646.10 Td (related ) Tj ET Q q 0 0 0 rg BT 539.14 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.18 646.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.47 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 107.34 634.10 Td (new ) Tj ET Q q 0 0 0 rg BT 127.09 634.10 Td (information ) Tj ET Q q 0 0 0 rg BT 177.40 634.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 214.66 634.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.19 634.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.08 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.17 634.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.92 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 310.01 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 320.88 634.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 360.07 634.10 Td (related ) Tj ET Q q 0 0 0 rg BT 390.36 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 401.23 634.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 442.09 634.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 466.29 634.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 488.55 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.08 634.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.61 634.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.75 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.03 622.10 Td (other ) Tj ET Q q 0 0 0 rg BT 118.08 622.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 177.23 622.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.97 600.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 120.20 600.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.20 600.10 Td (, ) Tj ET Q q 0 0 0 rg BT 144.17 600.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 160.64 600.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 199.32 600.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 236.33 600.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 275.57 600.10 Td (services ) Tj ET Q q 0 0 0 rg BT 309.24 600.10 Td (in ) Tj ET Q q 0 0 0 rg BT 318.49 600.10 Td (all ) Tj ET Q q 0 0 0 rg BT 329.95 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.75 600.10 Td (our ) Tj ET Q q 0 0 0 rg BT 354.55 600.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 390.18 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.32 600.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.33 600.10 Td (84%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.66 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.13 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.93 600.10 Td (our ) Tj ET Q q 0 0 0 rg BT 497.73 600.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 525.30 600.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.10 588.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.81 588.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 112.51 588.10 Td (months ) Tj ET Q q 0 0 0 rg BT 144.45 588.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 170.82 588.10 Td (September ) Tj ET Q q 0 0 0 rg BT 216.07 588.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 231.06 588.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.06 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.55 588.10 Td (were ) Tj ET Q q 0 0 0 rg BT 275.47 588.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 312.39 588.10 Td (through ) Tj ET Q q 0 0 0 rg BT 345.98 588.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 363.47 588.10 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 405.68 588.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 447.59 588.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.86 588.10 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.19 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 478.68 588.10 Td (in ) Tj ET Q q 0 0 0 rg BT 488.95 588.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.66 588.10 Td (same ) Tj ET Q q 0 0 0 rg BT 526.69 588.10 Td (period ) Tj ET Q q 0 0 0 rg BT 554.73 588.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 576.10 Td (. ) Tj ET Q q 0 0 0 rg BT 74.50 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 576.10 Td (Capture ) Tj ET Q q 0 0 0 rg BT 111.16 576.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 128.64 576.10 Td (is ) Tj ET Q q 0 0 0 rg BT 137.81 576.10 Td (influenced ) Tj ET Q q 0 0 0 rg BT 182.51 576.10 Td (by ) Tj ET Q q 0 0 0 rg BT 195.01 576.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 235.28 576.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 282.76 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.70 576.10 Td (can ) Tj ET Q q 0 0 0 rg BT 316.08 576.10 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 353.56 576.10 Td (from ) Tj ET Q q 0 0 0 rg BT 375.50 576.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 406.31 576.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.59 576.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 444.35 576.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 554.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 95.28 554.10 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 130.78 554.10 Td (General ) Tj ET Q q 0 0 0 rg BT 168.22 554.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.28 554.10 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 251.95 554.10 Td (Expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.45 554.10 Td ( ) Tj ET Q q 0 0 0 rg BT 293.56 554.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.67 554.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 341.76 554.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 375.04 554.10 Td (general ) Tj ET Q q 0 0 0 rg BT 408.57 554.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.11 554.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 488.43 554.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.75 554.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.10 Td ($3.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 542.10 Td (, ) Tj ET Q q 0 0 0 rg BT 104.57 542.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.68 542.10 Td ($23.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.58 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.25 542.10 Td (for ) Tj ET Q q 0 0 0 rg BT 200.59 542.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.48 542.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 237.38 542.10 Td (months ) Tj ET Q q 0 0 0 rg BT 270.50 542.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 298.05 542.10 Td (September ) Tj ET Q q 0 0 0 rg BT 344.50 542.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 360.67 542.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.67 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.35 542.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.80 542.10 Td ($26.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.70 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 453.37 542.10 Td (for ) Tj ET Q q 0 0 0 rg BT 468.71 542.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.60 542.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 505.50 542.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.62 542.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.10 Td (September ) Tj ET Q q 0 0 0 rg BT 94.99 530.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 110.22 530.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.22 530.10 Td (. ) Tj ET Q q 0 0 0 rg BT 135.45 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.98 530.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.26 530.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.01 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.74 530.10 Td (was ) Tj ET Q q 0 0 0 rg BT 210.03 530.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 249.97 530.10 Td (due ) Tj ET Q q 0 0 0 rg BT 267.13 530.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.64 530.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.81 530.10 Td ($1.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.70 530.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.43 530.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.19 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 371.92 530.10 Td (in ) Tj ET Q q 0 0 0 rg BT 382.42 530.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 440.69 530.10 Td (expense, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.13 530.10 Td ($0.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.02 530.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.75 530.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.59 518.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 111.33 518.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 148.35 518.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.10 518.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.99 518.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.31 518.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.06 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.38 518.10 Td (related ) Tj ET Q q 0 0 0 rg BT 270.89 518.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.98 518.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 303.30 518.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 346.71 518.10 Td (with ) Tj ET Q q 0 0 0 rg BT 366.80 518.10 Td (new ) Tj ET Q q 0 0 0 rg BT 385.77 518.10 Td (information ) Tj ET Q q 0 0 0 rg BT 435.30 518.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 471.79 518.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.54 518.10 Td ($0.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.43 518.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.74 518.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 506.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 111.16 506.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 132.25 506.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.19 506.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.13 506.10 Td ($0.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.02 506.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.52 506.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.28 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.78 506.10 Td (in ) Tj ET Q q 0 0 0 rg BT 253.05 506.10 Td (other ) Tj ET Q q 0 0 0 rg BT 276.10 506.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 335.25 506.10 Td (expenses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 83.86 484.10 Td (Expense ) Tj ET Q q 0 0 0 rg BT 121.56 484.10 Td (- ) Tj ET Q q 0 0 0 rg BT 127.58 484.10 Td (Net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.52 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.21 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.90 484.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 182.58 484.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 217.48 484.10 Td (for ) Tj ET Q q 0 0 0 rg BT 231.83 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.74 484.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.32 484.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.08 484.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.77 484.10 Td ($1.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.66 484.10 Td (, ) Tj ET Q q 0 0 0 rg BT 382.85 484.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.99 484.10 Td ($1) Tj ET Q q 0 0 0 rg BT 414.61 484.10 Td (1.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.51 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 461.20 484.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.67 484.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.58 484.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 506.49 484.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.63 484.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (September ) Tj ET Q q 0 0 0 rg BT 94.76 472.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 109.76 472.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.76 472.10 Td ( ) Tj ET Q q 0 0 0 rg BT 132.26 472.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.53 472.10 Td ($13.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.42 472.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.92 472.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.20 472.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.91 472.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 243.63 472.10 Td (months ) Tj ET Q q 0 0 0 rg BT 275.57 472.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 301.95 472.10 Td (September ) Tj ET Q q 0 0 0 rg BT 347.21 472.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 362.21 472.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.21 472.10 Td (. ) Tj ET Q q 0 0 0 rg BT 387.20 472.10 Td ( ) Tj ET Q q 0 0 0 rg BT 389.52 472.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 472.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.55 472.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.05 472.10 Td (was ) Tj ET Q q 0 0 0 rg BT 463.10 472.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 502.81 472.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.52 472.10 Td (result ) Tj ET Q q 0 0 0 rg BT 542.23 472.10 Td (of ) Tj ET Q q 0 0 0 rg BT 553.06 472.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 460.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.32 460.10 Td (in ) Tj ET Q q 0 0 0 rg BT 94.16 460.10 Td (our ) Tj ET Q q 0 0 0 rg BT 109.55 460.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 148.27 460.10 Td (average ) Tj ET Q q 0 0 0 rg BT 181.41 460.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 229.03 460.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.53 460.10 Td ($535.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.42 460.10 Td ( ) Tj ET Q q 0 0 0 rg BT 311.48 460.10 Td (in ) Tj ET Q q 0 0 0 rg BT 321.32 460.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.60 460.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 354.88 460.10 Td (months ) Tj ET Q q 0 0 0 rg BT 386.39 460.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 412.33 460.10 Td (September ) Tj ET Q q 0 0 0 rg BT 457.15 460.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 471.71 460.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.71 460.10 Td ( ) Tj ET Q q 0 0 0 rg BT 493.78 460.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.62 460.10 Td ($610.8million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.67 448.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.28 448.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 93.88 448.10 Td (months ) Tj ET Q q 0 0 0 rg BT 125.72 448.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 151.99 448.10 Td (September ) Tj ET Q q 0 0 0 rg BT 197.14 448.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 212.03 448.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.03 448.10 Td (. ) Tj ET Q q 0 0 0 rg BT 236.92 448.10 Td ( ) Tj ET Q q 0 0 0 rg BT 239.14 448.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.08 448.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.83 448.10 Td ( ) Tj ET Q q 0 0 0 rg BT 292.22 448.10 Td (in ) Tj ET Q q 0 0 0 rg BT 302.39 448.10 Td (our ) Tj ET Q q 0 0 0 rg BT 318.11 448.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 357.15 448.10 Td (average ) Tj ET Q q 0 0 0 rg BT 390.63 448.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 438.57 448.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 478.17 448.10 Td (related ) Tj ET Q q 0 0 0 rg BT 507.76 448.10 Td (to ) Tj ET Q q 0 0 0 rg BT 517.93 448.10 Td (an ) Tj ET Q q 0 0 0 rg BT 529.76 448.10 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.90 436.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 108.07 436.10 Td (under ) Tj ET Q q 0 0 0 rg BT 133.45 436.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.29 436.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 175.90 436.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 209.07 436.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.80 436.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 266.11 436.10 Td (first ) Tj ET Q q 0 0 0 rg BT 284.84 436.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 304.68 436.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.12 436.10 Td ( ) Tj ET Q q 0 0 0 rg BT 336.74 436.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 378.79 436.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.18 436.10 Td (2015's ) Tj ET Q q 0 0 0 rg BT 417.49 436.10 Td (first ) Tj ET Q q 0 0 0 rg BT 436.22 436.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 456.06 436.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.50 436.10 Td (, ) Tj ET Q q 0 0 0 rg BT 490.62 436.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 532.68 436.10 Td (with ) Tj ET Q q 0 0 0 rg BT 553.07 436.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 85.09 424.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.71 424.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.76 424.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 149.14 424.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 181.98 424.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.15 424.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 220.42 424.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 244.37 424.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 293.87 424.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.93 424.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 364.53 424.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.53 424.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.37 424.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.70 424.10 Td ($300.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.59 424.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.43 424.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 494.13 424.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 532.51 424.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.25 412.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 82.67 412.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 111.20 412.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 136.95 412.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 186.04 412.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.68 412.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 255.86 412.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.86 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 278.28 412.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 320.13 412.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.33 412.10 Td ($230.0 ) Tj ET Q q 0 0 0 rg BT 360.25 412.10 Td (million ) Tj ET Q q 0 0 0 rg BT 391.56 412.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 432.84 412.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 470.80 412.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 503.22 412.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.97 412.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 536.39 412.10 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 74.98 400.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 123.79 400.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.15 400.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 193.06 400.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.06 400.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 221.03 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.18 400.10 Td (Partially ) Tj ET Q q 0 0 0 rg BT 259.20 400.10 Td (of) Tj ET Q q 0 0 0 rg BT 267.35 400.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 299.49 400.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.09 400.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.84 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.98 400.10 Td (was ) Tj ET Q q 0 0 0 rg BT 368.68 400.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.26 400.10 Td (decline) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.14 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 406.28 400.10 Td (in ) Tj ET Q q 0 0 0 rg BT 416.21 400.10 Td (our ) Tj ET Q q 0 0 0 rg BT 431.68 400.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 470.48 400.10 Td (average ) Tj ET Q q 0 0 0 rg BT 503.71 400.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 547.51 400.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.51 388.10 Td (6.26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.34 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.91 388.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.26 388.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.05 388.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 144.83 388.10 Td (months ) Tj ET Q q 0 0 0 rg BT 176.85 388.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 203.30 388.10 Td (September ) Tj ET Q q 0 0 0 rg BT 248.64 388.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 263.71 388.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.71 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.28 388.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.63 388.10 Td (5.79%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.46 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.03 388.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.26 388.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 367.52 388.10 Td (first ) Tj ET Q q 0 0 0 rg BT 386.20 388.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 405.99 388.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.44 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.01 388.10 Td (which ) Tj ET Q q 0 0 0 rg BT 465.02 388.10 Td (was ) Tj ET Q q 0 0 0 rg BT 483.14 388.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 522.92 388.10 Td (due ) Tj ET Q q 0 0 0 rg BT 539.93 388.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.28 388.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 74.75 376.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 106.66 376.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 124.13 376.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 157.70 376.10 Td (on ) Tj ET Q q 0 0 0 rg BT 170.18 376.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.88 376.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 207.35 376.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 235.94 376.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 261.75 376.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 303.66 376.10 Td (with ) Tj ET Q q 0 0 0 rg BT 323.91 376.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.61 376.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 370.52 376.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 387.99 376.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 421.56 376.10 Td (on ) Tj ET Q q 0 0 0 rg BT 434.04 376.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.74 376.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 471.22 376.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 499.80 376.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 525.61 376.10 Td (that ) Tj ET Q q 0 0 0 rg BT 543.09 376.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 98.67 364.10 Td (during ) Tj ET Q q 0 0 0 rg BT 127.27 364.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.99 364.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 161.71 364.10 Td (months ) Tj ET Q q 0 0 0 rg BT 193.66 364.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 220.03 364.10 Td (September ) Tj ET Q q 0 0 0 rg BT 265.30 364.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 280.30 364.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.30 364.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 342.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 91.00 342.10 Td (from ) Tj ET Q q 0 0 0 rg BT 114.15 342.10 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 181.74 342.10 Td (Joint ) Tj ET Q q 0 0 0 rg BT 206.01 342.10 Td (V) Tj ET Q q 0 0 0 rg BT 211.57 342.10 Td (entures. ) Tj ET Q q 0 0 0 rg BT 247.78 342.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.93 342.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 289.62 342.10 Td (from ) Tj ET Q q 0 0 0 rg BT 312.21 342.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 375.89 342.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 397.38 342.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 434.40 342.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 474.19 342.10 Td (our ) Tj ET Q q 0 0 0 rg BT 490.67 342.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 522.70 342.10 Td (of ) Tj ET Q q 0 0 0 rg BT 534.18 342.10 Td (pre-tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 85.92 330.10 Td (from ) Tj ET Q q 0 0 0 rg BT 107.89 330.10 Td (our ) Tj ET Q q 0 0 0 rg BT 123.76 330.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 144.63 330.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 188.83 330.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.81 330.10 Td (development ) Tj ET Q q 0 0 0 rg BT 260.00 330.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 310.57 330.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 331.44 330.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 367.85 330.10 Td (and ) Tj ET Q q 0 0 0 rg BT 384.83 330.10 Td (other ) Tj ET Q q 0 0 0 rg BT 407.92 330.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 438.23 330.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 497.13 330.10 Td ( ) Tj ET Q q 0 0 0 rg BT 499.67 330.10 Td (During ) Tj ET Q q 0 0 0 rg BT 530.53 330.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.29 330.10 Td (nine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 318.10 Td (months ) Tj ET Q q 0 0 0 rg BT 82.95 318.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 110.83 318.10 Td (September ) Tj ET Q q 0 0 0 rg BT 157.60 318.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 174.11 318.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.11 318.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.11 318.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.55 318.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.55 318.10 Td (, ) Tj ET Q q 0 0 0 rg BT 243.06 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.28 318.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 302.17 318.10 Td (earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.82 318.10 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.71 318.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.72 318.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.16 318.10 Td ($0.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.05 318.10 Td ( ) Tj ET Q q 0 0 0 rg BT 457.06 318.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.84 318.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 497.84 318.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.62 318.10 Td (income ) Tj ET Q q 0 0 0 rg BT 543.06 318.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 306.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 112.54 306.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 133.38 306.10 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 172.25 306.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 219.92 306.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 83.10 284.10 Td (T) Tj ET Q q 0 0 0 rg BT 88.29 284.10 Td (axes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.12 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.61 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.10 284.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 132.15 284.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 162.40 284.10 Td (ef) Tj ET Q q 0 0 0 rg BT 169.99 284.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 199.68 284.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 214.39 284.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 231.87 284.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.91 284.10 Td (38.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.74 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 278.24 284.10 Td (for ) Tj ET Q q 0 0 0 rg BT 292.39 284.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.10 284.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 326.80 284.10 Td (months ) Tj ET Q q 0 0 0 rg BT 358.74 284.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 385.11 284.10 Td (September ) Tj ET Q q 0 0 0 rg BT 430.37 284.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 445.36 284.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.36 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 467.85 284.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.78 284.10 Td (39.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.61 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 513.10 284.10 Td (for ) Tj ET Q q 0 0 0 rg BT 527.26 284.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.96 284.10 Td (same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (period ) Tj ET Q q 0 0 0 rg BT 77.62 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 87.98 272.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.98 272.10 Td (. ) Tj ET Q q 0 0 0 rg BT 113.05 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.44 272.10 Td (The ) Tj ET Q q 0 0 0 rg BT 133.56 272.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 158.91 272.10 Td (ef) Tj ET Q q 0 0 0 rg BT 166.50 272.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 196.27 272.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 213.84 272.10 Td (for ) Tj ET Q q 0 0 0 rg BT 228.07 272.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.86 272.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 262.66 272.10 Td (months ) Tj ET Q q 0 0 0 rg BT 294.68 272.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 321.13 272.10 Td (September ) Tj ET Q q 0 0 0 rg BT 366.47 272.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 381.55 272.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.55 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.12 272.10 Td (was ) Tj ET Q q 0 0 0 rg BT 422.25 272.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 462.04 272.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 510.15 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 520.51 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.30 272.10 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.46 260.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 89.74 260.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 104.58 260.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 138.86 260.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 177.02 260.10 Td (for ) Tj ET Q q 0 0 0 rg BT 191.31 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.15 260.10 Td (domestic ) Tj ET Q q 0 0 0 rg BT 244.88 260.10 Td (production ) Tj ET Q q 0 0 0 rg BT 290.83 260.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 329.55 260.10 Td (deduction ) Tj ET Q q 0 0 0 rg BT 371.61 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.68 260.10 Td (ener) Tj ET Q q 0 0 0 rg BT 405.70 260.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 418.33 260.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 433.17 260.10 Td (credits ) Tj ET Q q 0 0 0 rg BT 462.45 260.10 Td (that ) Tj ET Q q 0 0 0 rg BT 480.08 260.10 Td (were ) Tj ET Q q 0 0 0 rg BT 502.13 260.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 536.40 260.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 77.69 248.10 Td (first ) Tj ET Q q 0 0 0 rg BT 96.30 248.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 116.02 248.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.47 248.10 Td (.) Tj ET Q endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Segment ) Tj ET Q q 0 0 0 rg BT 88.39 742.25 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 135.80 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 139.13 742.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 183.03 742.25 Td (Measures.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 225.53 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 228.87 742.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.20 742.25 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 271.64 742.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 306.64 742.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 331.08 742.25 Td (mar) Tj ET Q q 0 0 0 rg BT 346.45 742.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 362.56 742.25 Td (for ) Tj ET Q q 0 0 0 rg BT 377.55 742.25 Td (each ) Tj ET Q q 0 0 0 rg BT 399.20 742.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.86 742.25 Td (our ) Tj ET Q q 0 0 0 rg BT 427.52 742.25 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 465.85 742.25 Td (and ) Tj ET Q q 0 0 0 rg BT 483.62 742.25 Td (Southern ) Tj ET Q q 0 0 0 rg BT 523.06 742.25 Td (regions ) Tj ET Q q 0 0 0 rg BT 555.83 742.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 92.53 730.25 Td (as ) Tj ET Q q 0 0 0 rg BT 103.36 730.25 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 698.75 m 379 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 698.75 m 386 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 698.75 m 439 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 698.75 m 449 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 698.75 m 502 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 698.75 m 509 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 698.75 m 562 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 686.75 m 326 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 686.75 m 379 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 686.75 m 386 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 686.75 m 439 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 686.75 m 449 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 686.75 m 502 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 686.75 m 509 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 686.75 m 562 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 686.75 m 326 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 686.75 m 379 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 686.75 m 386 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 686.75 m 439 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 686.75 m 449 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 686.75 m 502 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 686.75 m 509 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 686.75 m 562 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 646.75 m 326 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 646.75 m 379 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 646.75 m 386 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 646.75 m 439 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 646.75 m 449 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 646.75 m 502 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 646.75 m 509 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 646.75 m 562 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 618.75 m 326 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 618.75 m 379 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 618.75 m 386 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 618.75 m 439 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 618.75 m 449 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 618.75 m 502 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 618.75 m 509 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 618.75 m 562 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 532.75 m 326 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 532.75 m 379 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 532.75 m 386 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 532.75 m 439 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 532.75 m 449 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 532.75 m 502 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 532.75 m 509 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 532.75 m 562 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 504.75 m 326 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 504.75 m 379 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 504.75 m 386 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 504.75 m 439 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 504.75 m 449 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 504.75 m 502 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 504.75 m 509 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 504.75 m 562 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 460.75 m 326 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 460.75 m 379 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 460.75 m 386 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 460.75 m 439 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 460.75 m 449 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 460.75 m 502 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 460.75 m 509 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 460.75 m 562 460.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 710.98 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 702.98 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 710.98 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 702.98 Td (September 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 690.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.00 690.83 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 690.70 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.00 690.83 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 690.70 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 674.83 Td (Midwest region:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 662.70 Td (Housing revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 662.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.50 662.83 Td (165,894) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 662.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.75 662.70 Td (127,172) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 662.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.50 662.83 Td (435,717) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 662.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 662.70 Td (328,506) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 650.70 Td (Housing cost of sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.50 650.83 Td (131,149) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.75 650.70 Td (102,206) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.50 650.83 Td (348,618) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 650.70 Td (264,506) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 634.70 Td (Housing gross margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.50 634.83 Td (34,745) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 634.70 Td (24,966) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.50 634.83 Td (87,099) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 634.70 Td (64,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 622.70 Td (Add: Purchase accounting adjustments ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 183.70 626.33 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.50 622.83 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 622.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.50 622.83 Td (1,081) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 622.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 606.70 Td (Adjusted housing gross margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 606.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.50 606.83 Td (34,745) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 606.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 606.70 Td (24,966) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 606.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.50 606.83 Td (88,180) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 606.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 606.70 Td (64,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 590.70 Td (Housing gross margin percentage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.50 590.83 Td (20.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.50 590.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 590.70 Td (19.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.80 590.70 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.50 590.83 Td (20.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.50 590.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 590.70 Td (19.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 590.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 578.70 Td (Adjusted housing gross margin percentage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.50 578.83 Td (20.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.50 578.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 578.70 Td (19.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.80 578.70 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.50 578.83 Td (20.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.50 578.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 578.70 Td (19.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 578.70 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 560.83 Td (Southern region:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 548.70 Td (Housing revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 548.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.50 548.83 Td (141,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 548.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.75 548.70 Td (131,265) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 548.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.50 548.83 Td (398,249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 548.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 548.70 Td (321,085) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 536.70 Td (Housing cost of sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.50 536.83 Td (130,258) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.75 536.70 Td (103,943) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.50 536.83 Td (344,682) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 536.70 Td (256,177) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 520.70 Td (Housing gross margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.50 520.83 Td (11,124) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 520.70 Td (27,322) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.50 520.83 Td (53,567) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 520.70 Td (64,908) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 508.70 Td (Add: Stucco-related char) Tj ET Q q 0 0 0 rg BT 137.32 508.70 Td (ges ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 149.98 512.33 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.50 508.83 Td (14,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 508.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.50 508.83 Td (19,409) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 508.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 492.70 Td (Adjusted housing gross margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 492.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.50 492.83 Td (25,624) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 492.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.75 492.70 Td (27,322) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 492.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.50 492.83 Td (72,976) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 492.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 492.70 Td (64,908) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 476.70 Td (Housing gross margin percentage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.50 476.83 Td (7.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.50 476.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 476.70 Td (20.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.80 476.70 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.50 476.83 Td (13.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.50 476.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 476.70 Td (20.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 476.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 464.70 Td (Adjusted housing gross margin percentage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.50 464.83 Td (18.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.50 464.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 464.70 Td (20.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.80 464.70 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.50 464.83 Td (18.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.50 464.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 464.70 Td (20.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 464.70 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 445.65 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 445.65 Td (Represents ) Tj ET Q q 0 0 0 rg BT 104.60 445.65 Td (purchase ) Tj ET Q q 0 0 0 rg BT 135.03 445.65 Td (accounting ) Tj ET Q q 0 0 0 rg BT 172.13 445.65 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 212.35 445.65 Td (from ) Tj ET Q q 0 0 0 rg BT 229.90 445.65 Td (our ) Tj ET Q q 0 0 0 rg BT 242.56 445.65 Td (recent ) Tj ET Q q 0 0 0 rg BT 264.10 445.65 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 316.99 445.65 Td (Paul ) Tj ET Q q 0 0 0 rg BT 333.21 445.65 Td (acquisition.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 430.05 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 430.05 Td (Represents ) Tj ET Q q 0 0 0 rg BT 104.88 430.05 Td (warranty ) Tj ET Q q 0 0 0 rg BT 135.58 430.05 Td (char) Tj ET Q q 0 0 0 rg BT 149.20 430.05 Td (ges ) Tj ET Q q 0 0 0 rg BT 162.14 430.05 Td (for ) Tj ET Q q 0 0 0 rg BT 173.74 430.05 Td (known ) Tj ET Q q 0 0 0 rg BT 197.79 430.05 Td (and ) Tj ET Q q 0 0 0 rg BT 211.61 430.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 244.54 430.05 Td (future ) Tj ET Q q 0 0 0 rg BT 265.92 430.05 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 313.05 430.05 Td (repair ) Tj ET Q q 0 0 0 rg BT 333.98 430.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 352.25 430.05 Td (in ) Tj ET Q q 0 0 0 rg BT 360.75 430.05 Td (certain ) Tj ET Q q 0 0 0 rg BT 384.79 430.05 Td (of ) Tj ET Q q 0 0 0 rg BT 393.72 430.05 Td (our ) Tj ET Q q 0 0 0 rg BT 406.66 430.05 Td (Florida ) Tj ET Q q 0 0 0 rg BT 432.04 430.05 Td (communities ) Tj ET Q q 0 0 0 rg BT 475.64 430.05 Td (\(as ) Tj ET Q q 0 0 0 rg BT 487.25 430.05 Td (more ) Tj ET Q q 0 0 0 rg BT 505.96 430.05 Td (fully ) Tj ET Q q 0 0 0 rg BT 523.34 430.05 Td (discussed ) Tj ET Q q 0 0 0 rg BT 556.28 430.05 Td (in ) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 67.5 419.38359375 m 89.05078125 419.38359375 l s q 0 0 1 rg BT 67.50 420.45 Td (Note ) Tj ET Q q 0 0 1 rg BT 85.05 420.45 Td (6) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 89.05 420.45 Td (\).) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 394.88505859375 m 237.0390625 394.88505859375 l s q 0 0 0 rg BT 49.50 396.45 Td (LIQUIDITY) Tj ET Q q 0 0 0 rg BT 103.59 396.45 Td ( ) Tj ET Q q 0 0 0 rg BT 105.54 396.45 Td (AND CAPIT) Tj ET Q q 0 0 0 rg BT 160.07 396.45 Td (AL) Tj ET Q q 0 0 0 rg BT 173.41 396.45 Td ( RESOURCES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 374.45 Td (Overview ) Tj ET Q q 0 0 0 rg BT 93.09 374.45 Td (of ) Tj ET Q q 0 0 0 rg BT 103.92 374.45 Td (Capital ) Tj ET Q q 0 0 0 rg BT 138.09 374.45 Td (Resour) Tj ET Q q 0 0 0 rg BT 168.46 374.45 Td (ces ) Tj ET Q q 0 0 0 rg BT 183.73 374.45 Td (and ) Tj ET Q q 0 0 0 rg BT 202.36 374.45 Td (Liquidity) Tj ET Q q 0 0 0 rg BT 241.82 374.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.45 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.71 352.45 Td (September30, ) Tj ET Q q 0 0 0 rg BT 123.67 352.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.67 352.45 Td (, ) Tj ET Q q 0 0 0 rg BT 149.38 352.45 Td (we ) Tj ET Q q 0 0 0 rg BT 164.25 352.45 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.89 352.45 Td ($23.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.78 352.45 Td ( ) Tj ET Q q 0 0 0 rg BT 238.99 352.45 Td (of ) Tj ET Q q 0 0 0 rg BT 250.52 352.45 Td (cash, ) Tj ET Q q 0 0 0 rg BT 274.00 352.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 294.97 352.45 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 343.72 352.45 Td (and ) Tj ET Q q 0 0 0 rg BT 361.36 352.45 Td (restricted ) Tj ET Q q 0 0 0 rg BT 401.77 352.45 Td (cash, ) Tj ET Q q 0 0 0 rg BT 425.24 352.45 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.23 352.45 Td ($22.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.12 352.45 Td ( ) Tj ET Q q 0 0 0 rg BT 503.33 352.45 Td (of ) Tj ET Q q 0 0 0 rg BT 514.86 352.45 Td (this ) Tj ET Q q 0 0 0 rg BT 532.52 352.45 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.45 Td (comprised ) Tj ET Q q 0 0 0 rg BT 94.70 340.45 Td (of ) Tj ET Q q 0 0 0 rg BT 106.58 340.45 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 157.33 340.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 178.65 340.45 Td (and ) Tj ET Q q 0 0 0 rg BT 196.64 340.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 217.96 340.45 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 269.55 340.45 Td (which ) Tj ET Q q 0 0 0 rg BT 297.53 340.45 Td (represents ) Tj ET Q q 0 0 0 rg BT 341.62 340.45 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.61 340.45 Td ($12.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.50 340.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.05 340.45 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.80 340.45 Td ( ) Tj ET Q q 0 0 0 rg BT 443.35 340.45 Td (in ) Tj ET Q q 0 0 0 rg BT 454.68 340.45 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 505.43 340.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 526.75 340.45 Td (and ) Tj ET Q q 0 0 0 rg BT 544.73 340.45 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.45 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 97.27 328.45 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.93 328.45 Td (December ) Tj ET Q q 0 0 0 rg BT 162.24 328.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 176.97 328.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.97 328.45 Td (. ) Tj ET Q q 0 0 0 rg BT 201.70 328.45 Td ( ) Tj ET Q q 0 0 0 rg BT 203.92 328.45 Td (Our ) Tj ET Q q 0 0 0 rg BT 221.70 328.45 Td (principal ) Tj ET Q q 0 0 0 rg BT 259.47 328.45 Td (uses ) Tj ET Q q 0 0 0 rg BT 278.92 328.45 Td (of ) Tj ET Q q 0 0 0 rg BT 289.48 328.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 309.47 328.45 Td (for ) Tj ET Q q 0 0 0 rg BT 323.36 328.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.80 328.45 Td (nine ) Tj ET Q q 0 0 0 rg BT 357.24 328.45 Td (months ) Tj ET Q q 0 0 0 rg BT 388.92 328.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 415.02 328.45 Td (September ) Tj ET Q q 0 0 0 rg BT 460.01 328.45 Td (30, ) Tj ET Q q 0 0 0 rg BT 474.74 328.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.74 328.45 Td ( ) Tj ET Q q 0 0 0 rg BT 496.97 328.45 Td (were ) Tj ET Q q 0 0 0 rg BT 518.62 328.45 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.45 Td (in ) Tj ET Q q 0 0 0 rg BT 59.02 316.45 Td (land ) Tj ET Q q 0 0 0 rg BT 77.98 316.45 Td (and ) Tj ET Q q 0 0 0 rg BT 94.16 316.45 Td (land ) Tj ET Q q 0 0 0 rg BT 113.11 316.45 Td (development, ) Tj ET Q q 0 0 0 rg BT 169.00 316.45 Td (construction ) Tj ET Q q 0 0 0 rg BT 220.18 316.45 Td (of ) Tj ET Q q 0 0 0 rg BT 230.25 316.45 Td (homes, ) Tj ET Q q 0 0 0 rg BT 260.60 316.45 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 300.10 316.45 Td (loan ) Tj ET Q q 0 0 0 rg BT 319.06 316.45 Td (originations, ) Tj ET Q q 0 0 0 rg BT 371.07 316.45 Td (investment ) Tj ET Q q 0 0 0 rg BT 416.70 316.45 Td (in ) Tj ET Q q 0 0 0 rg BT 426.22 316.45 Td (joint ) Tj ET Q q 0 0 0 rg BT 446.29 316.45 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 484.41 316.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 523.91 316.45 Td (expenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.45 Td (and ) Tj ET Q q 0 0 0 rg BT 66.58 304.45 Td (short-term ) Tj ET Q q 0 0 0 rg BT 110.88 304.45 Td (working ) Tj ET Q q 0 0 0 rg BT 146.86 304.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 176.16 304.45 Td (and ) Tj ET Q q 0 0 0 rg BT 193.24 304.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 213.10 304.45 Td (service ) Tj ET Q q 0 0 0 rg BT 244.06 304.45 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 301.41 304.45 Td (including ) Tj ET Q q 0 0 0 rg BT 341.83 304.45 Td (the ) Tj ET Q q 0 0 0 rg BT 356.69 304.45 Td (repayment ) Tj ET Q q 0 0 0 rg BT 401.54 304.45 Td (of ) Tj ET Q q 0 0 0 rg BT 412.52 304.45 Td (amounts ) Tj ET Q q 0 0 0 rg BT 449.05 304.45 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 498.36 304.45 Td (under ) Tj ET Q q 0 0 0 rg BT 523.77 304.45 Td (our ) Tj ET Q q 0 0 0 rg BT 539.75 304.45 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.45 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 89.03 292.45 Td ( ) Tj ET Q q 0 0 0 rg BT 91.62 292.45 Td (In ) Tj ET Q q 0 0 0 rg BT 102.55 292.45 Td (order ) Tj ET Q q 0 0 0 rg BT 126.25 292.45 Td (to ) Tj ET Q q 0 0 0 rg BT 136.62 292.45 Td (fund ) Tj ET Q q 0 0 0 rg BT 157.55 292.45 Td (these ) Tj ET Q q 0 0 0 rg BT 180.70 292.45 Td (uses ) Tj ET Q q 0 0 0 rg BT 200.52 292.45 Td (of ) Tj ET Q q 0 0 0 rg BT 211.44 292.45 Td (cash, ) Tj ET Q q 0 0 0 rg BT 234.31 292.45 Td (we ) Tj ET Q q 0 0 0 rg BT 248.57 292.45 Td (used ) Tj ET Q q 0 0 0 rg BT 269.50 292.45 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 307.63 292.45 Td (from ) Tj ET Q q 0 0 0 rg BT 329.67 292.45 Td (home ) Tj ET Q q 0 0 0 rg BT 354.48 292.45 Td (deliveries ) Tj ET Q q 0 0 0 rg BT 395.95 292.45 Td (and ) Tj ET Q q 0 0 0 rg BT 412.99 292.45 Td (the ) Tj ET Q q 0 0 0 rg BT 427.80 292.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 445.95 292.45 Td (of ) Tj ET Q q 0 0 0 rg BT 456.87 292.45 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 497.23 292.45 Td (loans, ) Tj ET Q q 0 0 0 rg BT 523.44 292.45 Td (as ) Tj ET Q q 0 0 0 rg BT 534.37 292.45 Td (well ) Tj ET Q q 0 0 0 rg BT 554.18 292.45 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.45 Td (excess ) Tj ET Q q 0 0 0 rg BT 78.10 280.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 98.37 280.45 Td (balances, ) Tj ET Q q 0 0 0 rg BT 137.79 280.45 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 185.84 280.45 Td (under ) Tj ET Q q 0 0 0 rg BT 211.11 280.45 Td (our ) Tj ET Q q 0 0 0 rg BT 226.94 280.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 252.21 280.45 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 291.63 280.45 Td (and ) Tj ET Q q 0 0 0 rg BT 308.57 280.45 Td (other ) Tj ET Q q 0 0 0 rg BT 331.62 280.45 Td (sources ) Tj ET Q q 0 0 0 rg BT 364.11 280.45 Td (of ) Tj ET Q q 0 0 0 rg BT 374.94 280.45 Td (liquidity) Tj ET Q q 0 0 0 rg BT 408.18 280.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.45 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 258.45 Td (e ) Tj ET Q q 0 0 0 rg BT 65.26 258.45 Td (are ) Tj ET Q q 0 0 0 rg BT 80.15 258.45 Td (actively ) Tj ET Q q 0 0 0 rg BT 114.48 258.45 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 154.93 258.45 Td (and ) Tj ET Q q 0 0 0 rg BT 172.05 258.45 Td (developing ) Tj ET Q q 0 0 0 rg BT 219.17 258.45 Td (lots ) Tj ET Q q 0 0 0 rg BT 236.30 258.45 Td (in ) Tj ET Q q 0 0 0 rg BT 246.76 258.45 Td (our ) Tj ET Q q 0 0 0 rg BT 262.77 258.45 Td (markets ) Tj ET Q q 0 0 0 rg BT 297.11 258.45 Td (to ) Tj ET Q q 0 0 0 rg BT 307.57 258.45 Td (replenish ) Tj ET Q q 0 0 0 rg BT 346.91 258.45 Td (and ) Tj ET Q q 0 0 0 rg BT 364.03 258.45 Td (grow ) Tj ET Q q 0 0 0 rg BT 387.27 258.45 Td (our ) Tj ET Q q 0 0 0 rg BT 403.28 258.45 Td (lot ) Tj ET Q q 0 0 0 rg BT 416.52 258.45 Td (supply ) Tj ET Q q 0 0 0 rg BT 445.87 258.45 Td (and ) Tj ET Q q 0 0 0 rg BT 463.00 258.45 Td (active ) Tj ET Q q 0 0 0 rg BT 489.55 258.45 Td (community ) Tj ET Q q 0 0 0 rg BT 537.79 258.45 Td (count. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.45 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 246.45 Td (e ) Tj ET Q q 0 0 0 rg BT 65.37 246.45 Td (expect ) Tj ET Q q 0 0 0 rg BT 94.26 246.45 Td (to ) Tj ET Q q 0 0 0 rg BT 104.83 246.45 Td (continue ) Tj ET Q q 0 0 0 rg BT 142.05 246.45 Td (to ) Tj ET Q q 0 0 0 rg BT 152.63 246.45 Td (expand ) Tj ET Q q 0 0 0 rg BT 184.29 246.45 Td (our ) Tj ET Q q 0 0 0 rg BT 200.42 246.45 Td (business ) Tj ET Q q 0 0 0 rg BT 237.10 246.45 Td (based ) Tj ET Q q 0 0 0 rg BT 262.66 246.45 Td (on ) Tj ET Q q 0 0 0 rg BT 275.46 246.45 Td (the ) Tj ET Q q 0 0 0 rg BT 290.47 246.45 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 337.13 246.45 Td (level ) Tj ET Q q 0 0 0 rg BT 359.35 246.45 Td (of ) Tj ET Q q 0 0 0 rg BT 370.48 246.45 Td (demand ) Tj ET Q q 0 0 0 rg BT 404.92 246.45 Td (for ) Tj ET Q q 0 0 0 rg BT 419.38 246.45 Td (new ) Tj ET Q q 0 0 0 rg BT 438.83 246.45 Td (homes ) Tj ET Q q 0 0 0 rg BT 467.73 246.45 Td (in ) Tj ET Q q 0 0 0 rg BT 478.30 246.45 Td (our ) Tj ET Q q 0 0 0 rg BT 494.43 246.45 Td (markets. ) Tj ET Q q 0 0 0 rg BT 531.38 246.45 Td ( ) Tj ET Q q 0 0 0 rg BT 534.17 246.45 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.64 234.45 Td (nine ) Tj ET Q q 0 0 0 rg BT 84.79 234.45 Td (months ) Tj ET Q q 0 0 0 rg BT 117.16 234.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 143.96 234.45 Td (September ) Tj ET Q q 0 0 0 rg BT 189.65 234.45 Td (30, ) Tj ET Q q 0 0 0 rg BT 205.08 234.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.08 234.45 Td (, ) Tj ET Q q 0 0 0 rg BT 230.51 234.45 Td (we ) Tj ET Q q 0 0 0 rg BT 245.09 234.45 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.22 234.45 Td (3,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.72 234.45 Td ( ) Tj ET Q q 0 0 0 rg BT 310.65 234.45 Td (homes, ) Tj ET Q q 0 0 0 rg BT 342.18 234.45 Td (started ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.76 234.45 Td (3,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.26 234.45 Td ( ) Tj ET Q q 0 0 0 rg BT 397.19 234.45 Td (homes, ) Tj ET Q q 0 0 0 rg BT 428.72 234.45 Td (and ) Tj ET Q q 0 0 0 rg BT 446.09 234.45 Td (spent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.12 234.45 Td ($147.0 ) Tj ET Q q 0 0 0 rg BT 500.55 234.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.44 234.45 Td ( ) Tj ET Q q 0 0 0 rg BT 532.37 234.45 Td (on ) Tj ET Q q 0 0 0 rg BT 545.29 234.45 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.45 Td (purchases ) Tj ET Q q 0 0 0 rg BT 90.95 222.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.40 222.45 Td ($121.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.29 222.45 Td ( ) Tj ET Q q 0 0 0 rg BT 168.31 222.45 Td (on ) Tj ET Q q 0 0 0 rg BT 180.33 222.45 Td (land ) Tj ET Q q 0 0 0 rg BT 199.56 222.45 Td (development. ) Tj ET Q q 0 0 0 rg BT 255.73 222.45 Td ( ) Tj ET Q q 0 0 0 rg BT 257.74 222.45 Td (Based ) Tj ET Q q 0 0 0 rg BT 284.20 222.45 Td (upon ) Tj ET Q q 0 0 0 rg BT 306.21 222.45 Td (our ) Tj ET Q q 0 0 0 rg BT 321.56 222.45 Td (business ) Tj ET Q q 0 0 0 rg BT 357.47 222.45 Td (activity ) Tj ET Q q 0 0 0 rg BT 389.48 222.45 Td (levels, ) Tj ET Q q 0 0 0 rg BT 417.32 222.45 Td (market ) Tj ET Q q 0 0 0 rg BT 447.10 222.45 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 493.28 222.45 Td (and ) Tj ET Q q 0 0 0 rg BT 509.73 222.45 Td (opportunities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.45 Td (for ) Tj ET Q q 0 0 0 rg BT 63.78 210.45 Td (land ) Tj ET Q q 0 0 0 rg BT 83.62 210.45 Td (in ) Tj ET Q q 0 0 0 rg BT 94.01 210.45 Td (our ) Tj ET Q q 0 0 0 rg BT 109.96 210.45 Td (markets, ) Tj ET Q q 0 0 0 rg BT 146.74 210.45 Td (we ) Tj ET Q q 0 0 0 rg BT 161.02 210.45 Td (currently ) Tj ET Q q 0 0 0 rg BT 199.73 210.45 Td (estimate ) Tj ET Q q 0 0 0 rg BT 235.67 210.45 Td (that ) Tj ET Q q 0 0 0 rg BT 253.29 210.45 Td (we ) Tj ET Q q 0 0 0 rg BT 267.57 210.45 Td (will ) Tj ET Q q 0 0 0 rg BT 285.74 210.45 Td (spend ) Tj ET Q q 0 0 0 rg BT 311.69 210.45 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.07 210.45 Td ($425 ) Tj ET Q q 0 0 0 rg BT 394.69 210.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.58 210.45 Td ( ) Tj ET Q q 0 0 0 rg BT 426.20 210.45 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.60 210.45 Td ($450million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.99 210.45 Td ( ) Tj ET Q q 0 0 0 rg BT 490.61 210.45 Td (on ) Tj ET Q q 0 0 0 rg BT 503.23 210.45 Td (land ) Tj ET Q q 0 0 0 rg BT 523.07 210.45 Td (purchases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.45 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 198.45 Td (land ) Tj ET Q q 0 0 0 rg BT 86.16 198.45 Td (development ) Tj ET Q q 0 0 0 rg BT 140.31 198.45 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.91 198.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.91 198.45 Td (, ) Tj ET Q q 0 0 0 rg BT 193.91 198.45 Td (including ) Tj ET Q q 0 0 0 rg BT 234.19 198.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.90 198.45 Td ($268.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 198.45 Td ( ) Tj ET Q q 0 0 0 rg BT 310.30 198.45 Td (spent ) Tj ET Q q 0 0 0 rg BT 333.90 198.45 Td (during ) Tj ET Q q 0 0 0 rg BT 362.51 198.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.23 198.45 Td (nine ) Tj ET Q q 0 0 0 rg BT 396.95 198.45 Td (months ) Tj ET Q q 0 0 0 rg BT 428.89 198.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 455.27 198.45 Td (September ) Tj ET Q q 0 0 0 rg BT 500.54 198.45 Td (30, ) Tj ET Q q 0 0 0 rg BT 515.54 198.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.54 198.45 Td (. ) Tj ET Q q 0 0 0 rg BT 540.54 198.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.45 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 176.45 Td (e ) Tj ET Q q 0 0 0 rg BT 64.56 176.45 Td (also ) Tj ET Q q 0 0 0 rg BT 82.64 176.45 Td (continue ) Tj ET Q q 0 0 0 rg BT 119.06 176.45 Td (to ) Tj ET Q q 0 0 0 rg BT 128.82 176.45 Td (enter ) Tj ET Q q 0 0 0 rg BT 150.78 176.45 Td (into ) Tj ET Q q 0 0 0 rg BT 168.32 176.45 Td (land ) Tj ET Q q 0 0 0 rg BT 187.52 176.45 Td (option ) Tj ET Q q 0 0 0 rg BT 215.05 176.45 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 265.06 176.45 Td (taking ) Tj ET Q q 0 0 0 rg BT 292.04 176.45 Td (into ) Tj ET Q q 0 0 0 rg BT 309.58 176.45 Td (consideration ) Tj ET Q q 0 0 0 rg BT 365.43 176.45 Td (current ) Tj ET Q q 0 0 0 rg BT 395.72 176.45 Td (and ) Tj ET Q q 0 0 0 rg BT 412.14 176.45 Td (projected ) Tj ET Q q 0 0 0 rg BT 451.32 176.45 Td (market ) Tj ET Q q 0 0 0 rg BT 481.07 176.45 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 527.21 176.45 Td (to ) Tj ET Q q 0 0 0 rg BT 536.97 176.45 Td (secure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.45 Td (land ) Tj ET Q q 0 0 0 rg BT 69.79 164.45 Td (for ) Tj ET Q q 0 0 0 rg BT 84.52 164.45 Td (the ) Tj ET Q q 0 0 0 rg BT 99.81 164.45 Td (construction ) Tj ET Q q 0 0 0 rg BT 152.32 164.45 Td (of ) Tj ET Q q 0 0 0 rg BT 163.72 164.45 Td (homes ) Tj ET Q q 0 0 0 rg BT 192.90 164.45 Td (in ) Tj ET Q q 0 0 0 rg BT 203.75 164.45 Td (the ) Tj ET Q q 0 0 0 rg BT 219.04 164.45 Td (future. ) Tj ET Q q 0 0 0 rg BT 248.49 164.45 Td ( ) Tj ET Q q 0 0 0 rg BT 251.57 164.45 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 289.64 164.45 Td (to ) Tj ET Q q 0 0 0 rg BT 300.49 164.45 Td (these ) Tj ET Q q 0 0 0 rg BT 324.11 164.45 Td (land ) Tj ET Q q 0 0 0 rg BT 344.40 164.45 Td (option ) Tj ET Q q 0 0 0 rg BT 373.03 164.45 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 424.13 164.45 Td (as ) Tj ET Q q 0 0 0 rg BT 435.54 164.45 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.94 164.45 Td (September30, ) Tj ET Q q 0 0 0 rg BT 507.77 164.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.77 164.45 Td (, ) Tj ET Q q 0 0 0 rg BT 533.35 164.45 Td (we ) Tj ET Q q 0 0 0 rg BT 548.08 164.45 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.45 Td (purchase ) Tj ET Q q 0 0 0 rg BT 87.54 152.45 Td (agreements ) Tj ET Q q 0 0 0 rg BT 135.57 152.45 Td (to ) Tj ET Q q 0 0 0 rg BT 145.85 152.45 Td (acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.77 152.45 Td ($589.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.66 152.45 Td ( ) Tj ET Q q 0 0 0 rg BT 239.16 152.45 Td (of ) Tj ET Q q 0 0 0 rg BT 249.99 152.45 Td (land ) Tj ET Q q 0 0 0 rg BT 269.71 152.45 Td (and ) Tj ET Q q 0 0 0 rg BT 286.65 152.45 Td (lots ) Tj ET Q q 0 0 0 rg BT 303.60 152.45 Td (during ) Tj ET Q q 0 0 0 rg BT 332.21 152.45 Td (the ) Tj ET Q q 0 0 0 rg BT 346.92 152.45 Td (remainder ) Tj ET Q q 0 0 0 rg BT 389.95 152.45 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.78 152.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.78 152.45 Td ( ) Tj ET Q q 0 0 0 rg BT 423.28 152.45 Td (through ) Tj ET Q q 0 0 0 rg BT 456.89 152.45 Td (2028.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.45 Td (Land ) Tj ET Q q 0 0 0 rg BT 71.82 130.45 Td (transactions ) Tj ET Q q 0 0 0 rg BT 121.36 130.45 Td (are ) Tj ET Q q 0 0 0 rg BT 135.34 130.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 165.44 130.45 Td (to ) Tj ET Q q 0 0 0 rg BT 175.00 130.45 Td (a ) Tj ET Q q 0 0 0 rg BT 181.21 130.45 Td (number ) Tj ET Q q 0 0 0 rg BT 213.53 130.45 Td (of ) Tj ET Q q 0 0 0 rg BT 223.64 130.45 Td (factors, ) Tj ET Q q 0 0 0 rg BT 255.12 130.45 Td (including ) Tj ET Q q 0 0 0 rg BT 294.67 130.45 Td (our ) Tj ET Q q 0 0 0 rg BT 309.77 130.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 346.53 130.45 Td (condition ) Tj ET Q q 0 0 0 rg BT 386.07 130.45 Td (and ) Tj ET Q q 0 0 0 rg BT 402.29 130.45 Td (market ) Tj ET Q q 0 0 0 rg BT 431.83 130.45 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 477.77 130.45 Td (as ) Tj ET Q q 0 0 0 rg BT 487.87 130.45 Td (well ) Tj ET Q q 0 0 0 rg BT 506.86 130.45 Td (as ) Tj ET Q q 0 0 0 rg BT 516.97 130.45 Td (satisfaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.45 Td (of ) Tj ET Q q 0 0 0 rg BT 60.02 118.45 Td (various ) Tj ET Q q 0 0 0 rg BT 91.65 118.45 Td (conditions ) Tj ET Q q 0 0 0 rg BT 135.51 118.45 Td (related ) Tj ET Q q 0 0 0 rg BT 164.90 118.45 Td (to ) Tj ET Q q 0 0 0 rg BT 174.87 118.45 Td (specific ) Tj ET Q q 0 0 0 rg BT 208.16 118.45 Td (properties. ) Tj ET Q q 0 0 0 rg BT 252.83 118.45 Td ( ) Tj ET Q q 0 0 0 rg BT 254.87 118.45 Td (W) Tj ET Q q 0 0 0 rg BT 263.50 118.45 Td (e ) Tj ET Q q 0 0 0 rg BT 270.13 118.45 Td (will ) Tj ET Q q 0 0 0 rg BT 287.88 118.45 Td (continue ) Tj ET Q q 0 0 0 rg BT 324.51 118.45 Td (to ) Tj ET Q q 0 0 0 rg BT 334.48 118.45 Td (monitor ) Tj ET Q q 0 0 0 rg BT 368.33 118.45 Td (market ) Tj ET Q q 0 0 0 rg BT 398.29 118.45 Td (conditions ) Tj ET Q q 0 0 0 rg BT 442.14 118.45 Td (and ) Tj ET Q q 0 0 0 rg BT 458.77 118.45 Td (our ) Tj ET Q q 0 0 0 rg BT 474.30 118.45 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 509.27 118.45 Td (pace ) Tj ET Q q 0 0 0 rg BT 529.77 118.45 Td (of ) Tj ET Q q 0 0 0 rg BT 540.29 118.45 Td (home ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.45 Td (deliveries ) Tj ET Q q 0 0 0 rg BT 90.87 106.45 Td (and ) Tj ET Q q 0 0 0 rg BT 107.81 106.45 Td (adjust ) Tj ET Q q 0 0 0 rg BT 134.20 106.45 Td (our ) Tj ET Q q 0 0 0 rg BT 150.03 106.45 Td (land ) Tj ET Q q 0 0 0 rg BT 169.74 106.45 Td (spending ) Tj ET Q q 0 0 0 rg BT 208.35 106.45 Td (accordingly) Tj ET Q q 0 0 0 rg BT 254.91 106.45 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 84.45 Td (Operating ) Tj ET Q q 0 0 0 rg BT 93.14 84.45 Td (Cash ) Tj ET Q q 0 0 0 rg BT 116.24 84.45 Td (Flow ) Tj ET Q q 0 0 0 rg BT 139.04 84.45 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.81 84.45 Td (. ) Tj ET Q q 0 0 0 rg BT 181.28 84.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.26 84.45 Td (During ) Tj ET Q q 0 0 0 rg BT 213.56 84.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.75 84.45 Td (nine ) Tj ET Q q 0 0 0 rg BT 246.94 84.45 Td (month ) Tj ET Q q 0 0 0 rg BT 274.47 84.45 Td (period ) Tj ET Q q 0 0 0 rg BT 301.99 84.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 327.85 84.45 Td (September ) Tj ET Q q 0 0 0 rg BT 372.58 84.45 Td (30, ) Tj ET Q q 0 0 0 rg BT 387.06 84.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.06 84.45 Td (, ) Tj ET Q q 0 0 0 rg BT 411.53 84.45 Td (we ) Tj ET Q q 0 0 0 rg BT 425.17 84.45 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.58 84.45 Td ($26.5 ) Tj ET Q q 0 0 0 rg BT 466.05 84.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.94 84.45 Td ( ) Tj ET Q q 0 0 0 rg BT 496.92 84.45 Td (of ) Tj ET Q q 0 0 0 rg BT 507.22 84.45 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.97 84.45 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.45 Td (by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 72.45 Td ( ) Tj ET Q q 0 0 0 rg BT 62.30 72.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 102.86 72.45 Td (activities, ) Tj ET Q q 0 0 0 rg BT 144.25 72.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 186.47 72.45 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.05 72.45 Td ($95.2 ) Tj ET Q q 0 0 0 rg BT 222.35 72.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.24 72.45 Td ( ) Tj ET Q q 0 0 0 rg BT 254.03 72.45 Td (of ) Tj ET Q q 0 0 0 rg BT 265.16 72.45 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.73 72.45 Td (used) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.06 72.45 Td ( ) Tj ET Q q 0 0 0 rg BT 306.85 72.45 Td (in ) Tj ET Q q 0 0 0 rg BT 317.43 72.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 357.99 72.45 Td (activities ) Tj ET Q q 0 0 0 rg BT 396.88 72.45 Td (during ) Tj ET Q q 0 0 0 rg BT 425.79 72.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.80 72.45 Td (nine ) Tj ET Q q 0 0 0 rg BT 460.82 72.45 Td (months ) Tj ET Q q 0 0 0 rg BT 493.06 72.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 519.74 72.45 Td (September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.45 Td (30, ) Tj ET Q q 0 0 0 rg BT 65.21 60.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.21 60.45 Td (. ) Tj ET Q q 0 0 0 rg BT 90.68 60.45 Td (The ) Tj ET Q q 0 0 0 rg BT 109.44 60.45 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.42 60.45 Td (provided ) Tj ET Q q 0 0 0 rg BT 169.17 60.45 Td (by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.17 60.45 Td ( ) Tj ET Q q 0 0 0 rg BT 182.38 60.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 223.35 60.45 Td (activities ) Tj ET Q q 0 0 0 rg BT 262.66 60.45 Td (in ) Tj ET Q q 0 0 0 rg BT 273.64 60.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.07 60.45 Td (first ) Tj ET Q q 0 0 0 rg BT 308.38 60.45 Td (nine ) Tj ET Q q 0 0 0 rg BT 328.81 60.45 Td (months ) Tj ET Q q 0 0 0 rg BT 361.47 60.45 Td (of ) Tj ET Q q 0 0 0 rg BT 373.00 60.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.00 60.45 Td ( ) Tj ET Q q 0 0 0 rg BT 396.21 60.45 Td (was ) Tj ET Q q 0 0 0 rg BT 414.97 60.45 Td (primarily ) Tj ET Q q 0 0 0 rg BT 455.39 60.45 Td (a ) Tj ET Q q 0 0 0 rg BT 463.04 60.45 Td (result ) Tj ET Q q 0 0 0 rg BT 488.46 60.45 Td (of ) Tj ET Q q 0 0 0 rg BT 500.00 60.45 Td (net ) Tj ET Q q 0 0 0 rg BT 515.43 60.45 Td (income ) Tj ET Q q 0 0 0 rg BT 548.07 60.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.45 Td (deferred ) Tj ET Q q 0 0 0 rg BT 84.95 48.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 99.31 48.45 Td (expense ) Tj ET Q q 0 0 0 rg BT 133.66 48.45 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.36 48.45 Td ($57.0 ) Tj ET Q q 0 0 0 rg BT 191.00 48.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.89 48.45 Td (, ) Tj ET Q q 0 0 0 rg BT 224.53 48.45 Td (along ) Tj ET Q q 0 0 0 rg BT 248.89 48.45 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.82 48.45 Td ($32.5 ) Tj ET Q q 0 0 0 rg BT 293.46 48.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.35 48.45 Td ( ) Tj ET Q q 0 0 0 rg BT 324.50 48.45 Td (of ) Tj ET Q q 0 0 0 rg BT 334.97 48.45 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 372.65 48.45 Td (from ) Tj ET Q q 0 0 0 rg BT 394.23 48.45 Td (the ) Tj ET Q q 0 0 0 rg BT 408.59 48.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 426.28 48.45 Td (of ) Tj ET Q q 0 0 0 rg BT 436.76 48.45 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 476.66 48.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 499.92 48.45 Td (net ) Tj ET Q q 0 0 0 rg BT 514.28 48.45 Td (of ) Tj ET Q q 0 0 0 rg BT 524.75 48.45 Td (mortgage ) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 68.61 740.10 Td (originations, ) Tj ET Q q 0 0 0 rg BT 120.78 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.12 740.10 Td (an ) Tj ET Q q 0 0 0 rg BT 148.46 740.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 183.11 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 192.78 740.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 229.66 740.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 262.65 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.99 740.10 Td (other ) Tj ET Q q 0 0 0 rg BT 301.43 740.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 340.55 740.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 740.10 Td ($41.3 ) Tj ET Q q 0 0 0 rg BT 397.39 740.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.28 740.10 Td (, ) Tj ET Q q 0 0 0 rg BT 430.68 740.10 Td (of) Tj ET Q q 0 0 0 rg BT 438.83 740.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 455.17 740.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 490.38 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 502.28 740.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.62 740.10 Td ($96.5million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 84.46 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 94.45 728.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 132.13 728.10 Td (. ) Tj ET Q q 0 0 0 rg BT 136.68 728.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.44 728.10 Td ($95.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.33 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.54 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.08 728.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.06 728.10 Td (used) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.39 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.60 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 271.59 728.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 311.57 728.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 349.88 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 359.87 728.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.29 728.10 Td (first ) Tj ET Q q 0 0 0 rg BT 392.61 728.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 412.04 728.10 Td (months ) Tj ET Q q 0 0 0 rg BT 443.70 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.24 728.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.24 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 476.45 728.10 Td (was ) Tj ET Q q 0 0 0 rg BT 494.21 728.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 533.64 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 540.29 728.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.79 716.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.18 716.10 Td ($203.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.08 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.03 716.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 169.75 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.48 716.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 219.16 716.10 Td (, ) Tj ET Q q 0 0 0 rg BT 225.62 716.10 Td (of) Tj ET Q q 0 0 0 rg BT 233.77 716.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 252.16 716.10 Td (by ) Tj ET Q q 0 0 0 rg BT 266.12 716.10 Td (net ) Tj ET Q q 0 0 0 rg BT 282.29 716.10 Td (income ) Tj ET Q q 0 0 0 rg BT 315.69 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.08 716.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 371.35 716.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 387.52 716.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 423.69 716.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.20 716.10 Td ($62.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.09 716.10 Td (, ) Tj ET Q q 0 0 0 rg BT 518.55 716.10 Td (along ) Tj ET Q q 0 0 0 rg BT 544.72 716.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td ($16.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.74 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.41 704.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 154.29 704.10 Td (from ) Tj ET Q q 0 0 0 rg BT 176.08 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.64 704.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 208.53 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.21 704.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 259.32 704.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 282.77 704.10 Td (net ) Tj ET Q q 0 0 0 rg BT 297.33 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.01 704.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 348.12 704.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 367.68 704.10 Td (originations, ) Tj ET Q q 0 0 0 rg BT 420.30 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.08 704.10 Td (an ) Tj ET Q q 0 0 0 rg BT 448.86 704.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 483.96 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.09 704.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 531.42 704.10 Td (payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 692.10 Td (other ) Tj ET Q q 0 0 0 rg BT 89.49 692.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 129.20 692.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.25 692.10 Td ($29.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.15 692.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 90.43 668.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 114.15 668.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 137.47 668.10 Td (Activities. ) Tj ET Q q 0 0 0 rg BT 180.34 668.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.93 668.10 Td (During ) Tj ET Q q 0 0 0 rg BT 213.85 668.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.66 668.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 248.47 668.10 Td (months ) Tj ET Q q 0 0 0 rg BT 280.51 668.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 306.98 668.10 Td (September ) Tj ET Q q 0 0 0 rg BT 352.34 668.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 367.43 668.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.43 668.10 Td (, ) Tj ET Q q 0 0 0 rg BT 392.52 668.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.78 668.10 Td (used) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.11 668.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.70 668.10 Td ($19.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.59 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 484.18 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.11 668.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 515.47 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 525.84 668.10 Td (investing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 90.68 656.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 132.69 656.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.06 656.10 Td ($6.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.95 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.53 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.45 656.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.80 656.10 Td (used) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.13 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 246.72 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.08 656.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 296.33 656.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 335.02 656.10 Td (during ) Tj ET Q q 0 0 0 rg BT 363.71 656.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.51 656.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 398.32 656.10 Td (months ) Tj ET Q q 0 0 0 rg BT 430.35 656.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 456.81 656.10 Td (September ) Tj ET Q q 0 0 0 rg BT 502.16 656.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 517.25 656.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.25 656.10 Td (. ) Tj ET Q q 0 0 0 rg BT 542.33 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 544.73 656.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td ($13.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 644.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.06 644.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.81 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.48 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.93 644.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.36 644.10 Td (used) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.69 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.36 644.10 Td (was ) Tj ET Q q 0 0 0 rg BT 211.58 644.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 251.46 644.10 Td (due ) Tj ET Q q 0 0 0 rg BT 268.56 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 279.01 644.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.12 644.10 Td ($9.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.01 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 337.68 644.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 373.10 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.54 644.10 Td (property ) Tj ET Q q 0 0 0 rg BT 420.09 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.19 644.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 482.07 644.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 521.95 644.10 Td (consisting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 76.16 632.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 114.20 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.03 632.10 Td (an ) Tj ET Q q 0 0 0 rg BT 136.97 632.10 Td (airplane ) Tj ET Q q 0 0 0 rg BT 171.67 632.10 Td (during ) Tj ET Q q 0 0 0 rg BT 200.28 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.99 632.10 Td (first ) Tj ET Q q 0 0 0 rg BT 233.60 632.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 264.42 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.25 632.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 297.75 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.03 632.10 Td (assist ) Tj ET Q q 0 0 0 rg BT 332.20 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.47 632.10 Td (ef) Tj ET Q q 0 0 0 rg BT 350.06 632.10 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 384.76 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.59 632.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 437.53 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 453.36 632.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 465.86 632.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 506.12 632.10 Td (divisions.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 95.81 608.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 119.90 608.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 143.54 608.10 Td (Activities. ) Tj ET Q q 0 0 0 rg BT 186.77 608.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.73 608.10 Td (During ) Tj ET Q q 0 0 0 rg BT 221.03 608.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.21 608.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 256.39 608.10 Td (months ) Tj ET Q q 0 0 0 rg BT 288.80 608.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 315.64 608.10 Td (September ) Tj ET Q q 0 0 0 rg BT 361.36 608.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 376.83 608.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.83 608.10 Td (, ) Tj ET Q q 0 0 0 rg BT 402.29 608.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.91 608.10 Td (generated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.77 608.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.74 608.10 Td ($5.4 ) Tj ET Q q 0 0 0 rg BT 479.20 608.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.09 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 511.06 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.35 608.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 543.08 608.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 90.83 596.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 133.00 596.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 176.00 596.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.35 596.10 Td (generating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.55 596.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.12 596.10 Td ($1) Tj ET Q q 0 0 0 rg BT 242.75 596.10 Td (10.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.64 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 295.21 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 307.11 596.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 328.45 596.10 Td (during ) Tj ET Q q 0 0 0 rg BT 358.13 596.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.92 596.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 394.71 596.10 Td (months ) Tj ET Q q 0 0 0 rg BT 427.73 596.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 455.17 596.10 Td (September ) Tj ET Q q 0 0 0 rg BT 501.51 596.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 517.58 596.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.58 596.10 Td (. ) Tj ET Q q 0 0 0 rg BT 543.65 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.96 596.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td ($105.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 584.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.86 584.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.28 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.75 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.00 584.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.25 584.10 Td (generated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.11 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.58 584.10 Td (by ) Tj ET Q q 0 0 0 rg BT 232.05 584.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 272.29 584.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 310.86 584.10 Td (was ) Tj ET Q q 0 0 0 rg BT 328.89 584.10 Td (due ) Tj ET Q q 0 0 0 rg BT 345.80 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 356.05 584.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 396.28 584.10 Td (repayments ) Tj ET Q q 0 0 0 rg BT 444.84 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.65 584.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 503.67 584.10 Td (under ) Tj ET Q q 0 0 0 rg BT 528.91 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 544.72 584.10 Td (MIF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 74.76 572.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 111.69 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 128.63 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 144.46 572.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 171.96 572.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 205.01 572.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 219.17 572.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 251.65 572.10 Td (below\), ) Tj ET Q q 0 0 0 rg BT 284.42 572.10 Td (as ) Tj ET Q q 0 0 0 rg BT 295.25 572.10 Td (well ) Tj ET Q q 0 0 0 rg BT 314.97 572.10 Td (as ) Tj ET Q q 0 0 0 rg BT 325.80 572.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 367.71 572.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 415.76 572.10 Td (under ) Tj ET Q q 0 0 0 rg BT 441.03 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 456.86 572.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 484.36 572.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 514.26 572.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.96 550.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 120.18 550.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.18 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.64 550.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.53 550.10 Td (December ) Tj ET Q q 0 0 0 rg BT 200.07 550.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 214.03 550.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.03 550.10 Td (, ) Tj ET Q q 0 0 0 rg BT 237.99 550.10 Td (our ) Tj ET Q q 0 0 0 rg BT 252.78 550.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 272.56 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.35 550.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 339.36 550.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 358.03 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 367.27 550.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 395.37 550.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.38 550.10 Td (46%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.71 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 432.17 550.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.07 550.10 Td (45%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.40 550.10 Td (, ) Tj ET Q q 0 0 0 rg BT 470.35 550.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 518.02 550.10 Td (, ) Tj ET Q q 0 0 0 rg BT 521.97 550.10 Td (calculated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (as ) Tj ET Q q 0 0 0 rg BT 59.24 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 72.86 538.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 107.58 538.10 Td (value ) Tj ET Q q 0 0 0 rg BT 130.64 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.38 538.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.12 538.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 203.19 538.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 260.14 538.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 278.77 538.10 Td (divided ) Tj ET Q q 0 0 0 rg BT 310.17 538.10 Td (by ) Tj ET Q q 0 0 0 rg BT 321.58 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.20 538.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 353.27 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.01 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.63 538.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 411.36 538.10 Td (value ) Tj ET Q q 0 0 0 rg BT 434.42 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.15 538.10 Td (our ) Tj ET Q q 0 0 0 rg BT 458.89 538.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 506.96 538.10 Td (homebuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 70.89 526.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 91.73 526.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 144.86 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.03 526.10 Td (equity) Tj ET Q q 0 0 0 rg BT 173.38 526.10 Td (. ) Tj ET Q q 0 0 0 rg BT 180.05 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 183.92 526.10 Td (The ) Tj ET Q q 0 0 0 rg BT 203.64 526.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 240.57 526.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 284.17 526.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.12 526.10 Td (December ) Tj ET Q q 0 0 0 rg BT 341.38 526.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 358.05 526.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.05 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.22 526.10 Td (was ) Tj ET Q q 0 0 0 rg BT 401.95 526.10 Td (due ) Tj ET Q q 0 0 0 rg BT 420.56 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.51 526.10 Td (a ) Tj ET Q q 0 0 0 rg BT 441.12 526.10 Td (moderately ) Tj ET Q q 0 0 0 rg BT 490.28 526.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 520.00 526.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 554.17 526.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 107.32 514.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 126.81 514.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 175.75 514.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 211.34 514.10 Td (of) Tj ET Q q 0 0 0 rg BT 219.49 514.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 236.19 514.10 Td (by ) Tj ET Q q 0 0 0 rg BT 248.46 514.10 Td (an ) Tj ET Q q 0 0 0 rg BT 260.17 514.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 295.20 514.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.25 514.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 358.37 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.64 514.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 387.91 514.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 514.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 457.43 514.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.43 514.10 Td (. ) Tj ET Q q 0 0 0 rg BT 482.20 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 484.31 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 492.94 514.10 Td (e ) Tj ET Q q 0 0 0 rg BT 499.65 514.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 530.80 514.10 Td (that ) Tj ET Q q 0 0 0 rg BT 548.06 514.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 70.09 502.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 106.79 502.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 133.49 502.10 Td (information ) Tj ET Q q 0 0 0 rg BT 182.97 502.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 223.55 502.10 Td (our ) Tj ET Q q 0 0 0 rg BT 239.14 502.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 276.38 502.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 313.37 502.10 Td (for ) Tj ET Q q 0 0 0 rg BT 327.30 502.10 Td (understanding ) Tj ET Q q 0 0 0 rg BT 386.21 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.69 502.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 436.82 502.10 Td (employed ) Tj ET Q q 0 0 0 rg BT 478.52 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 488.56 502.10 Td (our ) Tj ET Q q 0 0 0 rg BT 504.15 502.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 548.07 502.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 490.10 Td (comparing ) Tj ET Q q 0 0 0 rg BT 108.92 490.10 Td (us ) Tj ET Q q 0 0 0 rg BT 120.32 490.10 Td (with ) Tj ET Q q 0 0 0 rg BT 140.59 490.10 Td (other ) Tj ET Q q 0 0 0 rg BT 163.64 490.10 Td (homebuilders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 468.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.54 468.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 86.84 468.10 Td (our ) Tj ET Q q 0 0 0 rg BT 103.14 468.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 147.76 468.10 Td (with ) Tj ET Q q 0 0 0 rg BT 168.50 468.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 189.24 468.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 214.42 468.10 Td (from ) Tj ET Q q 0 0 0 rg BT 236.83 468.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 277.56 468.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 319.12 468.10 Td (including ) Tj ET Q q 0 0 0 rg BT 359.86 468.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 398.37 468.10 Td (from ) Tj ET Q q 0 0 0 rg BT 420.77 468.10 Td (home ) Tj ET Q q 0 0 0 rg BT 445.96 468.10 Td (deliveries, ) Tj ET Q q 0 0 0 rg BT 490.29 468.10 Td (land ) Tj ET Q q 0 0 0 rg BT 510.48 468.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 532.88 468.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 468.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 66.88 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 77.05 456.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 116.65 456.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 142.10 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.80 456.10 Td (W) Tj ET Q q 0 0 0 rg BT 152.44 456.10 Td (e ) Tj ET Q q 0 0 0 rg BT 158.72 456.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 189.43 456.10 Td (that ) Tj ET Q q 0 0 0 rg BT 206.26 456.10 Td (these ) Tj ET Q q 0 0 0 rg BT 228.64 456.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 260.47 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.64 456.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 292.74 456.10 Td (along ) Tj ET Q q 0 0 0 rg BT 316.80 456.10 Td (with ) Tj ET Q q 0 0 0 rg BT 336.41 456.10 Td (our ) Tj ET Q q 0 0 0 rg BT 351.58 456.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 383.95 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.12 456.10 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 443.16 456.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 462.76 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.04 456.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 526.43 456.10 Td (available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (under ) Tj ET Q q 0 0 0 rg BT 74.87 444.10 Td (our ) Tj ET Q q 0 0 0 rg BT 90.80 444.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 116.17 444.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 155.70 444.10 Td (will ) Tj ET Q q 0 0 0 rg BT 173.86 444.10 Td (be ) Tj ET Q q 0 0 0 rg BT 185.90 444.10 Td (suf) Tj ET Q q 0 0 0 rg BT 197.94 444.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 226.09 444.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.47 444.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 257.40 444.10 Td (our ) Tj ET Q q 0 0 0 rg BT 273.33 444.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 312.03 444.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 358.50 444.10 Td (working ) Tj ET Q q 0 0 0 rg BT 394.43 444.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 423.68 444.10 Td (needs, ) Tj ET Q q 0 0 0 rg BT 451.56 444.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 498.04 444.10 Td (in ) Tj ET Q q 0 0 0 rg BT 508.42 444.10 Td (land ) Tj ET Q q 0 0 0 rg BT 528.24 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 545.28 444.10 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (development, ) Tj ET Q q 0 0 0 rg BT 106.00 432.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 157.79 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.47 432.10 Td (homes, ) Tj ET Q q 0 0 0 rg BT 199.43 432.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 239.54 432.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 280.49 432.10 Td (planned ) Tj ET Q q 0 0 0 rg BT 314.50 432.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 343.50 432.10 Td (spending, ) Tj ET Q q 0 0 0 rg BT 384.46 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.25 432.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 420.82 432.10 Td (service ) Tj ET Q q 0 0 0 rg BT 451.48 432.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 506.04 432.10 Td (for ) Tj ET Q q 0 0 0 rg BT 520.05 432.10 Td (at ) Tj ET Q q 0 0 0 rg BT 529.61 432.10 Td (least ) Tj ET Q q 0 0 0 rg BT 550.29 432.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (next ) Tj ET Q q 0 0 0 rg BT 69.35 420.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 98.63 420.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 133.21 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.83 420.10 Td (In ) Tj ET Q q 0 0 0 rg BT 146.79 420.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 184.69 420.10 Td (we ) Tj ET Q q 0 0 0 rg BT 198.98 420.10 Td (routinely ) Tj ET Q q 0 0 0 rg BT 237.71 420.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 272.01 420.10 Td (current ) Tj ET Q q 0 0 0 rg BT 302.95 420.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 350.56 420.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 407.89 420.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 445.50 420.10 Td (market ) Tj ET Q q 0 0 0 rg BT 475.89 420.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 522.69 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 539.75 420.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 102.79 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.41 408.10 Td (we ) Tj ET Q q 0 0 0 rg BT 133.25 408.10 Td (may ) Tj ET Q q 0 0 0 rg BT 152.65 408.10 Td (choose ) Tj ET Q q 0 0 0 rg BT 182.60 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.56 408.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 212.51 408.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 254.68 408.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 283.51 408.10 Td (by ) Tj ET Q q 0 0 0 rg BT 295.69 408.10 Td (issuing ) Tj ET Q q 0 0 0 rg BT 326.21 408.10 Td (new ) Tj ET Q q 0 0 0 rg BT 345.05 408.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 364.45 408.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 392.18 408.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 419.36 408.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 459.30 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 469.26 408.10 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 513.10 408.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.61 408.10 Td (liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.42 396.10 Td (our ) Tj ET Q q 0 0 0 rg BT 74.33 396.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 115.35 396.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 143.59 396.10 Td (structure. ) Tj ET Q q 0 0 0 rg BT 182.66 396.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.14 396.10 Td (The ) Tj ET Q q 0 0 0 rg BT 201.27 396.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 240.62 396.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 264.98 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.89 396.10 Td (our ) Tj ET Q q 0 0 0 rg BT 289.81 396.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 346.95 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.97 396.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 399.54 396.10 Td (services ) Tj ET Q q 0 0 0 rg BT 433.34 396.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 476.58 396.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 507.04 396.10 Td (on ) Tj ET Q q 0 0 0 rg BT 518.63 396.10 Td (anticipated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 71.55 384.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 104.16 384.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.55 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.37 384.10 Td (current ) Tj ET Q q 0 0 0 rg BT 160.30 384.10 Td (year ) Tj ET Q q 0 0 0 rg BT 180.12 384.10 Td (as ) Tj ET Q q 0 0 0 rg BT 191.06 384.10 Td (well ) Tj ET Q q 0 0 0 rg BT 210.89 384.10 Td (as ) Tj ET Q q 0 0 0 rg BT 221.83 384.10 Td (future ) Tj ET Q q 0 0 0 rg BT 248.32 384.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 274.53 384.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 315.46 384.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 341.40 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.45 384.10 Td (related ) Tj ET Q q 0 0 0 rg BT 388.26 384.10 Td (turnover) Tj ET Q q 0 0 0 rg BT 421.74 384.10 Td (, ) Tj ET Q q 0 0 0 rg BT 426.85 384.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 470.55 384.10 Td (land ) Tj ET Q q 0 0 0 rg BT 490.38 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 507.43 384.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 520.59 384.10 Td (purchases, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 68.71 372.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 104.59 372.10 Td (dates, ) Tj ET Q q 0 0 0 rg BT 129.64 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.07 372.10 Td (other ) Tj ET Q q 0 0 0 rg BT 168.62 372.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 200.32 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.32 372.10 Td (If ) Tj ET Q q 0 0 0 rg BT 210.97 372.10 Td (we ) Tj ET Q q 0 0 0 rg BT 224.63 372.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 244.40 372.10 Td (such ) Tj ET Q q 0 0 0 rg BT 264.72 372.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 306.71 372.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 337.86 372.10 Td (there ) Tj ET Q q 0 0 0 rg BT 359.84 372.10 Td (can ) Tj ET Q q 0 0 0 rg BT 375.72 372.10 Td (be ) Tj ET Q q 0 0 0 rg BT 387.15 372.10 Td (no ) Tj ET Q q 0 0 0 rg BT 399.15 372.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 440.01 372.10 Td (that ) Tj ET Q q 0 0 0 rg BT 457.00 372.10 Td (we ) Tj ET Q q 0 0 0 rg BT 470.66 372.10 Td (would ) Tj ET Q q 0 0 0 rg BT 497.66 372.10 Td (be ) Tj ET Q q 0 0 0 rg BT 509.09 372.10 Td (able ) Tj ET Q q 0 0 0 rg BT 527.75 372.10 Td (to ) Tj ET Q q 0 0 0 rg BT 537.52 372.10 Td (obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (such ) Tj ET Q q 0 0 0 rg BT 70.55 360.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 113.25 360.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 142.62 360.10 Td (on ) Tj ET Q q 0 0 0 rg BT 155.34 360.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 180.27 360.10 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 225.17 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.67 360.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 249.78 360.10 Td (if ) Tj ET Q q 0 0 0 rg BT 258.60 360.10 Td (at ) Tj ET Q q 0 0 0 rg BT 268.53 360.10 Td (all, ) Tj ET Q q 0 0 0 rg BT 283.74 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.90 360.10 Td (such ) Tj ET Q q 0 0 0 rg BT 321.95 360.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 364.65 360.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 392.36 360.10 Td (or ) Tj ET Q q 0 0 0 rg BT 403.41 360.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 423.34 360.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 463.82 360.10 Td (could ) Tj ET Q q 0 0 0 rg BT 488.76 360.10 Td (dilute ) Tj ET Q q 0 0 0 rg BT 514.25 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.18 360.10 Td (interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 348.10 Td (our ) Tj ET Q q 0 0 0 rg BT 76.16 348.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 110.33 348.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 163.36 348.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 191.41 348.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 226.66 348.10 Td (our ) Tj ET Q q 0 0 0 rg BT 242.49 348.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 274.43 348.10 Td (costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.58 326.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.00 326.10 Td (is ) Tj ET Q q 0 0 0 rg BT 118.21 326.10 Td (a ) Tj ET Q q 0 0 0 rg BT 125.18 326.10 Td (party ) Tj ET Q q 0 0 0 rg BT 148.27 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.58 326.10 Td (three ) Tj ET Q q 0 0 0 rg BT 181.10 326.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 215.29 326.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 240.59 326.10 Td (agreements: ) Tj ET Q q 0 0 0 rg BT 291.44 326.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 305.63 326.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.61 326.10 Td ($400million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.54 326.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 409.61 326.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 450.47 326.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 475.77 326.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 506.62 326.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 530.82 326.10 Td (July ) Tj ET Q q 0 0 0 rg BT 550.02 326.10 Td (18, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 74.14 314.10 Td (as ) Tj ET Q q 0 0 0 rg BT 84.62 314.10 Td (amended, ) Tj ET Q q 0 0 0 rg BT 125.35 314.10 Td (with ) Tj ET Q q 0 0 0 rg BT 145.28 314.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 162.42 314.10 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 195.39 314.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 212.81 314.10 Td (as ) Tj ET Q q 0 0 0 rg BT 223.28 314.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 262.07 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.66 314.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 324.66 314.10 Td (by ) Tj ET Q q 0 0 0 rg BT 336.80 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.17 314.10 Td (Company) Tj ET Q q 0 0 0 rg BT 392.83 314.10 Td (s ) Tj ET Q q 0 0 0 rg BT 398.87 314.10 Td (wholly ) Tj ET Q q 0 0 0 rg BT 428.79 314.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 457.59 314.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 515.29 314.10 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 68.00 302.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 100.38 302.10 Td (Facility\); ) Tj ET Q q 0 0 0 rg BT 144.43 302.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 159.04 302.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.43 302.10 Td ($125million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.82 302.10 Td ( ) Tj ET Q q 0 0 0 rg BT 220.77 302.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 254.26 302.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 294.98 302.10 Td (warehousing ) Tj ET Q q 0 0 0 rg BT 349.02 302.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 396.12 302.10 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.72 302.10 Td (June24, ) Tj ET Q q 0 0 0 rg BT 457.00 302.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 302.10 Td ( ) Tj ET Q q 0 0 0 rg BT 479.95 302.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 498.45 302.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 523.62 302.10 Td (Mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 290.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 104.89 290.10 Td (Agreement\), ) Tj ET Q q 0 0 0 rg BT 163.26 290.10 Td (with ) Tj ET Q q 0 0 0 rg BT 184.72 290.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 203.41 290.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 244.30 290.10 Td (as ) Tj ET Q q 0 0 0 rg BT 256.32 290.10 Td (borrower; ) Tj ET Q q 0 0 0 rg BT 299.43 290.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.55 290.10 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 332.90 290.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.02 290.10 Td ($15 ) Tj ET Q q 0 0 0 rg BT 359.71 290.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.60 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.28 290.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 433.73 290.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 480.72 290.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 526.04 290.10 Td (with ) Tj ET Q q 0 0 0 rg BT 547.51 290.10 Td (M/I ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.21 278.10 Td (as ) Tj ET Q q 0 0 0 rg BT 100.04 278.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 136.29 278.10 Td (, ) Tj ET Q q 0 0 0 rg BT 141.29 278.10 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.45 278.10 Td (November ) Tj ET Q q 0 0 0 rg BT 210.15 278.10 Td (3, ) Tj ET Q q 0 0 0 rg BT 220.15 278.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 278.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.65 278.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 260.70 278.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 285.42 278.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 326.80 278.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 375.95 278.10 Td (Facility\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (Included ) Tj ET Q q 0 0 0 rg BT 86.47 256.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.23 256.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.44 256.10 Td (table ) Tj ET Q q 0 0 0 rg BT 131.85 256.10 Td (below ) Tj ET Q q 0 0 0 rg BT 158.28 256.10 Td (is ) Tj ET Q q 0 0 0 rg BT 166.93 256.10 Td (a ) Tj ET Q q 0 0 0 rg BT 173.35 256.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 212.56 256.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.87 256.10 Td (our ) Tj ET Q q 0 0 0 rg BT 238.19 256.10 Td (available ) Tj ET Q q 0 0 0 rg BT 276.26 256.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 308.24 256.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.55 256.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 338.30 256.10 Td (from ) Tj ET Q q 0 0 0 rg BT 359.73 256.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.93 256.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 400.91 256.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 430.81 256.10 Td (, ) Tj ET Q q 0 0 0 rg BT 435.30 256.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.50 256.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 469.27 256.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 509.98 256.10 Td (W) Tj ET Q q 0 0 0 rg BT 518.62 256.10 Td (arehousing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 96.42 244.10 Td (and ) Tj ET Q q 0 0 0 rg BT 113.36 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.08 244.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 148.36 244.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 189.74 244.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 238.88 244.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 271.94 244.10 Td (as ) Tj ET Q q 0 0 0 rg BT 282.77 244.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.60 244.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 353.86 244.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.86 244.10 Td (: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 213.60000000000002 m 392 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 213.60000000000002 m 455 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 213.60000000000002 m 509 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 213.60000000000002 m 562 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 213.60000000000002 m 455 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 213.60000000000002 m 509 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 213.60000000000002 m 562 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 189.60000000000002 m 392 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 189.60000000000002 m 455 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 189.60000000000002 m 509 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 189.60000000000002 m 562 189.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 217.85 Td (\(In thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.10 225.55 Td (Expiration) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.40 217.55 Td (Date) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.90 225.55 Td (Outstanding) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.60 217.55 Td (Balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.70 225.55 Td (A) Tj ET Q q 0 0 0 rg BT 524.88 225.55 Td (vailable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.85 217.55 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 205.55 Td (Notes payable homebuilding) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 149.48 209.18 Td ( \(a\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.75 205.55 Td (10/20/2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 205.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.75 205.55 Td (85,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 205.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 205.55 Td (279,496) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 193.55 Td (Notes payable financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 162.79 197.18 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.30 193.55 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 193.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.75 193.55 Td (91,483) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 193.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 193.55 Td (539) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 174.50 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 174.50 Td (The ) Tj ET Q q 0 0 0 rg BT 81.86 174.50 Td (available ) Tj ET Q q 0 0 0 rg BT 112.66 174.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 138.58 174.50 Td (under ) Tj ET Q q 0 0 0 rg BT 158.71 174.50 Td (the ) Tj ET Q q 0 0 0 rg BT 170.41 174.50 Td (Credit ) Tj ET Q q 0 0 0 rg BT 192.33 174.50 Td (Facility ) Tj ET Q q 0 0 0 rg BT 218.70 174.50 Td (is ) Tj ET Q q 0 0 0 rg BT 225.96 174.50 Td (computed ) Tj ET Q q 0 0 0 rg BT 259.43 174.50 Td (in ) Tj ET Q q 0 0 0 rg BT 267.57 174.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 305.47 174.50 Td (with ) Tj ET Q q 0 0 0 rg BT 321.61 174.50 Td (the ) Tj ET Q q 0 0 0 rg BT 333.31 174.50 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 368.56 174.50 Td (base ) Tj ET Q q 0 0 0 rg BT 384.70 174.50 Td (calculation, ) Tj ET Q q 0 0 0 rg BT 423.72 174.50 Td (which ) Tj ET Q q 0 0 0 rg BT 445.19 174.50 Td (totaled ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.89 174.50 Td ($536.2million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.00 174.50 Td ( ) Tj ET Q q 0 0 0 rg BT 517.92 174.50 Td (of ) Tj ET Q q 0 0 0 rg BT 526.51 174.50 Td (availability ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 164.90 Td (at ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.83 164.90 Td (September30, ) Tj ET Q q 0 0 0 rg BT 122.60 164.90 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.60 164.90 Td (, ) Tj ET Q q 0 0 0 rg BT 142.15 164.90 Td (such ) Tj ET Q q 0 0 0 rg BT 158.37 164.90 Td (that ) Tj ET Q q 0 0 0 rg BT 171.92 164.90 Td (the ) Tj ET Q q 0 0 0 rg BT 183.25 164.90 Td (full ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 195.92 164.90 Td ($400million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.03 164.90 Td ( ) Tj ET Q q 0 0 0 rg BT 238.59 164.90 Td (commitment ) Tj ET Q q 0 0 0 rg BT 280.58 164.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 306.13 164.90 Td (of ) Tj ET Q q 0 0 0 rg BT 314.35 164.90 Td (the ) Tj ET Q q 0 0 0 rg BT 325.68 164.90 Td (facility ) Tj ET Q q 0 0 0 rg BT 349.89 164.90 Td (was ) Tj ET Q q 0 0 0 rg BT 363.89 164.90 Td (available, ) Tj ET Q q 0 0 0 rg BT 396.32 164.90 Td (less ) Tj ET Q q 0 0 0 rg BT 409.87 164.90 Td (any ) Tj ET Q q 0 0 0 rg BT 422.98 164.90 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 460.97 164.90 Td (and ) Tj ET Q q 0 0 0 rg BT 474.08 164.90 Td (letters ) Tj ET Q q 0 0 0 rg BT 495.18 164.90 Td (of ) Tj ET Q q 0 0 0 rg BT 503.40 164.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 523.17 164.90 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 564.50 164.90 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 155.30 Td (There ) Tj ET Q q 0 0 0 rg BT 87.98 155.30 Td (were ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 105.35 155.30 Td ($85.0 ) Tj ET Q q 0 0 0 rg BT 125.17 155.30 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.29 155.30 Td ( ) Tj ET Q q 0 0 0 rg BT 150.11 155.30 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 188.38 155.30 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.76 155.30 Td ($35.5million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 244.87 155.30 Td ( ) Tj ET Q q 0 0 0 rg BT 246.70 155.30 Td (of ) Tj ET Q q 0 0 0 rg BT 255.19 155.30 Td (letters ) Tj ET Q q 0 0 0 rg BT 276.56 155.30 Td (of ) Tj ET Q q 0 0 0 rg BT 285.05 155.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 305.09 155.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 344.25 155.30 Td (at ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.85 155.30 Td (September30, ) Tj ET Q q 0 0 0 rg BT 399.88 155.30 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.88 155.30 Td (, ) Tj ET Q q 0 0 0 rg BT 419.71 155.30 Td (leaving ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.08 155.30 Td ($279.5 ) Tj ET Q q 0 0 0 rg BT 468.91 155.30 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.02 155.30 Td ( ) Tj ET Q q 0 0 0 rg BT 493.85 155.30 Td (available. ) Tj ET Q q 0 0 0 rg BT 526.54 155.30 Td ( ) Tj ET Q q 0 0 0 rg BT 528.24 155.30 Td (The ) Tj ET Q q 0 0 0 rg BT 542.50 155.30 Td (Credit ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 145.70 Td (Facility ) Tj ET Q q 0 0 0 rg BT 93.94 145.70 Td (has ) Tj ET Q q 0 0 0 rg BT 106.61 145.70 Td (an ) Tj ET Q q 0 0 0 rg BT 116.16 145.70 Td (expiration ) Tj ET Q q 0 0 0 rg BT 150.59 145.70 Td (date ) Tj ET Q q 0 0 0 rg BT 165.91 145.70 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 174.58 145.70 Td (October ) Tj ET Q q 0 0 0 rg BT 202.34 145.70 Td (20, ) Tj ET Q q 0 0 0 rg BT 214.34 145.70 Td (2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.34 145.70 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 130.10 Td (The ) Tj ET Q q 0 0 0 rg BT 82.70 130.10 Td (available ) Tj ET Q q 0 0 0 rg BT 114.34 130.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 141.10 130.10 Td (is ) Tj ET Q q 0 0 0 rg BT 149.20 130.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 183.51 130.10 Td (in ) Tj ET Q q 0 0 0 rg BT 192.49 130.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 231.22 130.10 Td (with ) Tj ET Q q 0 0 0 rg BT 248.21 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.75 130.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 296.84 130.10 Td (base ) Tj ET Q q 0 0 0 rg BT 313.82 130.10 Td (calculations ) Tj ET Q q 0 0 0 rg BT 354.79 130.10 Td (under ) Tj ET Q q 0 0 0 rg BT 375.77 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.30 130.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 405.29 130.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 438.96 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 445.87 130.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 483.13 130.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 521.43 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.74 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.28 130.10 Td (MIF ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 120.50 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 100.60 120.50 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 139.92 120.50 Td (Facility) Tj ET Q q 0 0 0 rg BT 163.85 120.50 Td (, ) Tj ET Q q 0 0 0 rg BT 167.85 120.50 Td (each ) Tj ET Q q 0 0 0 rg BT 184.50 120.50 Td (of ) Tj ET Q q 0 0 0 rg BT 193.17 120.50 Td (which ) Tj ET Q q 0 0 0 rg BT 214.72 120.50 Td (may ) Tj ET Q q 0 0 0 rg BT 230.50 120.50 Td (be ) Tj ET Q q 0 0 0 rg BT 240.05 120.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 272.26 120.50 Td (by ) Tj ET Q q 0 0 0 rg BT 282.26 120.50 Td (pledging ) Tj ET Q q 0 0 0 rg BT 312.26 120.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 346.26 120.50 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 378.47 120.50 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 414.09 120.50 Td (The ) Tj ET Q q 0 0 0 rg BT 428.53 120.50 Td (maximum ) Tj ET Q q 0 0 0 rg BT 462.97 120.50 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 496.07 120.50 Td (commitment ) Tj ET Q q 0 0 0 rg BT 538.51 120.50 Td (amount ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 110.90 Td (of ) Tj ET Q q 0 0 0 rg BT 75.92 110.90 Td (M/I ) Tj ET Q q 0 0 0 rg BT 89.69 110.90 Td (Financial's ) Tj ET Q q 0 0 0 rg BT 125.77 110.90 Td (warehousing ) Tj ET Q q 0 0 0 rg BT 168.41 110.90 Td (agreements ) Tj ET Q q 0 0 0 rg BT 206.60 110.90 Td (as ) Tj ET Q q 0 0 0 rg BT 215.02 110.90 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.45 110.90 Td (September30, ) Tj ET Q q 0 0 0 rg BT 271.42 110.90 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.42 110.90 Td ( ) Tj ET Q q 0 0 0 rg BT 289.18 110.90 Td (was ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.38 110.90 Td ($165 ) Tj ET Q q 0 0 0 rg BT 321.14 110.90 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.25 110.90 Td (. ) Tj ET Q q 0 0 0 rg BT 348.02 110.90 Td ( ) Tj ET Q q 0 0 0 rg BT 349.65 110.90 Td (The ) Tj ET Q q 0 0 0 rg BT 363.85 110.90 Td (MIF ) Tj ET Q q 0 0 0 rg BT 379.83 110.90 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 412.57 110.90 Td (W) Tj ET Q q 0 0 0 rg BT 419.48 110.90 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 455.95 110.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 493.25 110.90 Td (has ) Tj ET Q q 0 0 0 rg BT 505.68 110.90 Td (an ) Tj ET Q q 0 0 0 rg BT 514.99 110.90 Td (expiration ) Tj ET Q q 0 0 0 rg BT 549.18 110.90 Td (date ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 101.30 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.90 101.30 Td (June23, ) Tj ET Q q 0 0 0 rg BT 104.29 101.30 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.29 101.30 Td ( ) Tj ET Q q 0 0 0 rg BT 122.03 101.30 Td (and ) Tj ET Q q 0 0 0 rg BT 135.31 101.30 Td (the ) Tj ET Q q 0 0 0 rg BT 146.81 101.30 Td (MIF ) Tj ET Q q 0 0 0 rg BT 162.77 101.30 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 195.61 101.30 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 234.66 101.30 Td (Facility ) Tj ET Q q 0 0 0 rg BT 260.83 101.30 Td (has ) Tj ET Q q 0 0 0 rg BT 273.23 101.30 Td (an ) Tj ET Q q 0 0 0 rg BT 282.51 101.30 Td (expiration ) Tj ET Q q 0 0 0 rg BT 316.68 101.30 Td (date ) Tj ET Q q 0 0 0 rg BT 331.73 101.30 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.13 101.30 Td (November1, ) Tj ET Q q 0 0 0 rg BT 383.63 101.30 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.63 101.30 Td (. ) Tj ET Q q 0 0 0 rg BT 403.36 101.30 Td ( ) Tj ET Q q 0 0 0 rg BT 405.09 101.30 Td (M/I ) Tj ET Q q 0 0 0 rg BT 418.82 101.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 450.33 101.30 Td (expects ) Tj ET Q q 0 0 0 rg BT 476.05 101.30 Td (to ) Tj ET Q q 0 0 0 rg BT 484.00 101.30 Td (enter ) Tj ET Q q 0 0 0 rg BT 501.72 101.30 Td (into ) Tj ET Q q 0 0 0 rg BT 515.90 101.30 Td (an ) Tj ET Q q 0 0 0 rg BT 525.18 101.30 Td (amendment ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 91.70 Td (to ) Tj ET Q q 0 0 0 rg BT 75.35 91.70 Td (the ) Tj ET Q q 0 0 0 rg BT 86.74 91.70 Td (MIF ) Tj ET Q q 0 0 0 rg BT 102.59 91.70 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 135.32 91.70 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 174.26 91.70 Td (Facility ) Tj ET Q q 0 0 0 rg BT 200.32 91.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 217.49 91.70 Td (to ) Tj ET Q q 0 0 0 rg BT 225.34 91.70 Td (its ) Tj ET Q q 0 0 0 rg BT 234.52 91.70 Td (expiration ) Tj ET Q q 0 0 0 rg BT 268.58 91.70 Td (that ) Tj ET Q q 0 0 0 rg BT 282.20 91.70 Td (would ) Tj ET Q q 0 0 0 rg BT 303.82 91.70 Td (extend ) Tj ET Q q 0 0 0 rg BT 326.77 91.70 Td (its ) Tj ET Q q 0 0 0 rg BT 335.95 91.70 Td (term ) Tj ET Q q 0 0 0 rg BT 352.23 91.70 Td (for ) Tj ET Q q 0 0 0 rg BT 363.18 91.70 Td (an ) Tj ET Q q 0 0 0 rg BT 372.36 91.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 405.97 91.70 Td (year) Tj ET Q q 0 0 0 rg BT 419.42 91.70 Td (, ) Tj ET Q q 0 0 0 rg BT 423.04 91.70 Td (but ) Tj ET Q q 0 0 0 rg BT 434.89 91.70 Td (M/I ) Tj ET Q q 0 0 0 rg BT 448.51 91.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 479.90 91.70 Td (can ) Tj ET Q q 0 0 0 rg BT 492.63 91.70 Td (provide ) Tj ET Q q 0 0 0 rg BT 518.69 91.70 Td (no ) Tj ET Q q 0 0 0 rg BT 528.31 91.70 Td (assurances ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 82.10 Td (that ) Tj ET Q q 0 0 0 rg BT 81.50 82.10 Td (it ) Tj ET Q q 0 0 0 rg BT 87.94 82.10 Td (will ) Tj ET Q q 0 0 0 rg BT 102.39 82.10 Td (be ) Tj ET Q q 0 0 0 rg BT 111.94 82.10 Td (able ) Tj ET Q q 0 0 0 rg BT 127.26 82.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.48 82.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 157.48 82.10 Td (such ) Tj ET Q q 0 0 0 rg BT 174.14 82.10 Td (an ) Tj ET Q q 0 0 0 rg BT 183.70 82.10 Td (extension.) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.88 740.25 Td (Payable ) Tj ET Q q 0 0 0 rg BT 112.27 740.25 Td (- ) Tj ET Q q 0 0 0 rg BT 118.10 740.25 Td (Homebuilding.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 181.73 740.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Homebuilding ) Tj ET Q q 0 0 0 rg BT 111.79 716.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 140.19 716.25 Td (Facility) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.85 716.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.35 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 176.98 716.25 Td (The ) Tj ET Q q 0 0 0 rg BT 195.36 716.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 223.20 716.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 256.59 716.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 293.87 716.25 Td (for ) Tj ET Q q 0 0 0 rg BT 308.36 716.25 Td (an ) Tj ET Q q 0 0 0 rg BT 320.64 716.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 362.34 716.25 Td (commitment ) Tj ET Q q 0 0 0 rg BT 415.73 716.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 448.56 716.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.73 716.25 Td ($400million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.12 716.25 Td (, ) Tj ET Q q 0 0 0 rg BT 516.46 716.25 Td (including ) Tj ET Q q 0 0 0 rg BT 557.07 716.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td ($125 ) Tj ET Q q 0 0 0 rg BT 71.10 704.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 101.59 704.25 Td (sub-facility ) Tj ET Q q 0 0 0 rg BT 148.73 704.25 Td (for ) Tj ET Q q 0 0 0 rg BT 161.99 704.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 188.02 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 197.95 704.25 Td (credit. ) Tj ET Q q 0 0 0 rg BT 224.70 704.25 Td (The ) Tj ET Q q 0 0 0 rg BT 241.85 704.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 268.44 704.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 300.59 704.25 Td (matures ) Tj ET Q q 0 0 0 rg BT 333.84 704.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.44 704.25 Td (October ) Tj ET Q q 0 0 0 rg BT 379.25 704.25 Td (20, ) Tj ET Q q 0 0 0 rg BT 393.35 704.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.35 704.25 Td (. ) Tj ET Q q 0 0 0 rg BT 417.45 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 419.05 704.25 Td (For ) Tj ET Q q 0 0 0 rg BT 434.54 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.35 704.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 478.27 704.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.74 704.25 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 692.25 Td (, ) Tj ET Q q 0 0 0 rg BT 74.45 692.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 106.34 692.25 Td (on ) Tj ET Q q 0 0 0 rg BT 118.79 692.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 155.13 692.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 195.90 692.25 Td (under ) Tj ET Q q 0 0 0 rg BT 221.12 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.78 692.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 263.23 692.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 296.23 692.25 Td (was ) Tj ET Q q 0 0 0 rg BT 314.24 692.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 347.78 692.25 Td (at ) Tj ET Q q 0 0 0 rg BT 357.45 692.25 Td (either ) Tj ET Q q 0 0 0 rg BT 382.66 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 396.79 692.25 Td (Alternate ) Tj ET Q q 0 0 0 rg BT 436.44 692.25 Td (Base ) Tj ET Q q 0 0 0 rg BT 458.33 692.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 479.11 692.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 498.23 692.25 Td (a ) Tj ET Q q 0 0 0 rg BT 505.12 692.25 Td (mar) Tj ET Q q 0 0 0 rg BT 520.49 692.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 535.72 692.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 692.25 Td (175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.50 692.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 71.33 680.25 Td (points, ) Tj ET Q q 0 0 0 rg BT 100.10 680.25 Td (or ) Tj ET Q q 0 0 0 rg BT 110.26 680.25 Td (at ) Tj ET Q q 0 0 0 rg BT 119.31 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.35 680.25 Td (Eurodollar ) Tj ET Q q 0 0 0 rg BT 177.94 680.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 198.09 680.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 216.59 680.25 Td (a ) Tj ET Q q 0 0 0 rg BT 222.86 680.25 Td (mar) Tj ET Q q 0 0 0 rg BT 238.22 680.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 252.83 680.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.99 680.25 Td (275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.99 680.25 Td ( ) Tj ET Q q 0 0 0 rg BT 279.82 680.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 301.64 680.25 Td (points. ) Tj ET Q q 0 0 0 rg BT 330.29 680.25 Td (These ) Tj ET Q q 0 0 0 rg BT 355.99 680.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 387.25 680.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 407.96 680.25 Td (are ) Tj ET Q q 0 0 0 rg BT 421.99 680.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 452.14 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 461.75 680.25 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 507.46 680.25 Td (in ) Tj ET Q q 0 0 0 rg BT 517.07 680.25 Td (subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 81.44 668.25 Td (based ) Tj ET Q q 0 0 0 rg BT 106.71 668.25 Td (on ) Tj ET Q q 0 0 0 rg BT 119.21 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.92 668.25 Td (Company) Tj ET Q q 0 0 0 rg BT 175.59 668.25 Td (s ) Tj ET Q q 0 0 0 rg BT 181.98 668.25 Td (leverage ) Tj ET Q q 0 0 0 rg BT 218.34 668.25 Td (ratio. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (Borrowings ) Tj ET Q q 0 0 0 rg BT 99.11 644.25 Td (under ) Tj ET Q q 0 0 0 rg BT 124.27 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 138.87 644.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 166.26 644.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 199.20 644.25 Td (constitute ) Tj ET Q q 0 0 0 rg BT 240.47 644.25 Td (senior) Tj ET Q q 0 0 0 rg BT 264.51 644.25 Td (, ) Tj ET Q q 0 0 0 rg BT 269.40 644.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 312.32 644.25 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 366.37 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 383.20 644.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 430.57 644.25 Td (is ) Tj ET Q q 0 0 0 rg BT 439.63 644.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 470.34 644.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 483.01 644.25 Td (among ) Tj ET Q q 0 0 0 rg BT 512.62 644.25 Td (other ) Tj ET Q q 0 0 0 rg BT 535.55 644.25 Td (things, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.01 632.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 99.73 632.25 Td (base ) Tj ET Q q 0 0 0 rg BT 119.57 632.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 162.17 632.25 Td (using ) Tj ET Q q 0 0 0 rg BT 185.90 632.25 Td (various ) Tj ET Q q 0 0 0 rg BT 217.41 632.25 Td (advance ) Tj ET Q q 0 0 0 rg BT 252.23 632.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 273.18 632.25 Td (for ) Tj ET Q q 0 0 0 rg BT 286.90 632.25 Td (dif) Tj ET Q q 0 0 0 rg BT 297.83 632.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 323.22 632.25 Td (categories ) Tj ET Q q 0 0 0 rg BT 365.82 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.21 632.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 413.89 632.25 Td (. ) Tj ET Q q 0 0 0 rg BT 418.46 632.25 Td ( ) Tj ET Q q 0 0 0 rg BT 420.38 632.25 Td (The ) Tj ET Q q 0 0 0 rg BT 437.99 632.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 465.05 632.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 497.67 632.25 Td (contains ) Tj ET Q q 0 0 0 rg BT 533.07 632.25 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (representations, ) Tj ET Q q 0 0 0 rg BT 114.89 620.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 158.89 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 175.69 620.25 Td (covenants ) Tj ET Q q 0 0 0 rg BT 218.04 620.25 Td (which ) Tj ET Q q 0 0 0 rg BT 244.83 620.25 Td (require, ) Tj ET Q q 0 0 0 rg BT 278.01 620.25 Td (among ) Tj ET Q q 0 0 0 rg BT 307.58 620.25 Td (other ) Tj ET Q q 0 0 0 rg BT 330.49 620.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 359.79 620.25 Td (that ) Tj ET Q q 0 0 0 rg BT 377.15 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.72 620.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 432.97 620.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 470.32 620.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 484.33 620.25 Td (a ) Tj ET Q q 0 0 0 rg BT 491.13 620.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 532.38 620.25 Td (level ) Tj ET Q q 0 0 0 rg BT 554.17 620.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 105.01 608.25 Td (T) Tj ET Q q 0 0 0 rg BT 110.42 608.25 Td (angible ) Tj ET Q q 0 0 0 rg BT 142.81 608.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 159.98 608.25 Td (W) Tj ET Q q 0 0 0 rg BT 168.62 608.25 Td (orth ) Tj ET Q q 0 0 0 rg BT 187.68 608.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.96 608.25 Td ($396.0 ) Tj ET Q q 0 0 0 rg BT 229.42 608.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.31 608.25 Td ( ) Tj ET Q q 0 0 0 rg BT 261.26 608.25 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 295.87 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 306.60 608.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 342.30 608.25 Td (over ) Tj ET Q q 0 0 0 rg BT 363.02 608.25 Td (time ) Tj ET Q q 0 0 0 rg BT 383.75 608.25 Td (based ) Tj ET Q q 0 0 0 rg BT 409.47 608.25 Td (on ) Tj ET Q q 0 0 0 rg BT 422.42 608.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 459.25 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 476.64 608.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 515.13 608.25 Td (from ) Tj ET Q q 0 0 0 rg BT 537.52 608.25 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 596.25 Td (ferings\), ) Tj ET Q q 0 0 0 rg BT 93.42 596.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 107.26 596.25 Td (a ) Tj ET Q q 0 0 0 rg BT 113.88 596.25 Td (leverage ) Tj ET Q q 0 0 0 rg BT 149.92 596.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 170.42 596.25 Td (not ) Tj ET Q q 0 0 0 rg BT 185.37 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 195.33 596.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 223.60 596.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.11 596.25 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.44 596.25 Td (, ) Tj ET Q q 0 0 0 rg BT 257.12 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.73 596.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 287.57 596.25 Td (either ) Tj ET Q q 0 0 0 rg BT 312.51 596.25 Td (a ) Tj ET Q q 0 0 0 rg BT 319.13 596.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 360.19 596.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 392.36 596.25 Td (Coverage ) Tj ET Q q 0 0 0 rg BT 432.85 596.25 Td (Ratio ) Tj ET Q q 0 0 0 rg BT 456.69 596.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.20 596.25 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 481.87 596.25 Td (to ) Tj ET Q q 0 0 0 rg BT 491.83 596.25 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.33 596.25 Td ( ) Tj ET Q q 0 0 0 rg BT 506.50 596.25 Td (or ) Tj ET Q q 0 0 0 rg BT 517.01 596.25 Td (a ) Tj ET Q q 0 0 0 rg BT 523.63 596.25 Td (minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.88 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 94.60 584.25 Td (available ) Tj ET Q q 0 0 0 rg BT 134.08 584.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 167.32 584.25 Td (. ) Tj ET Q q 0 0 0 rg BT 173.21 584.25 Td ( ) Tj ET Q q 0 0 0 rg BT 176.59 584.25 Td (In ) Tj ET Q q 0 0 0 rg BT 188.31 584.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 226.97 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.58 584.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 270.96 584.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 304.90 584.25 Td (contains ) Tj ET Q q 0 0 0 rg BT 341.61 584.25 Td (covenants ) Tj ET Q q 0 0 0 rg BT 384.99 584.25 Td (that ) Tj ET Q q 0 0 0 rg BT 403.37 584.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 425.65 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 441.25 584.25 Td (Company) Tj ET Q q 0 0 0 rg BT 482.92 584.25 Td (s ) Tj ET Q q 0 0 0 rg BT 490.20 584.25 Td (number ) Tj ET Q q 0 0 0 rg BT 524.13 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 535.85 584.25 Td (unsold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 83.67 572.25 Td (units ) Tj ET Q q 0 0 0 rg BT 105.62 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 122.56 572.25 Td (model ) Tj ET Q q 0 0 0 rg BT 150.05 572.25 Td (homes, ) Tj ET Q q 0 0 0 rg BT 181.16 572.25 Td (as ) Tj ET Q q 0 0 0 rg BT 191.99 572.25 Td (well ) Tj ET Q q 0 0 0 rg BT 211.71 572.25 Td (as ) Tj ET Q q 0 0 0 rg BT 222.54 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.25 572.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 269.75 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 280.58 572.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 331.40 572.25 Td (in ) Tj ET Q q 0 0 0 rg BT 341.68 572.25 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 393.61 572.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 444.99 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 461.93 572.25 Td (Joint ) Tj ET Q q 0 0 0 rg BT 483.70 572.25 Td (V) Tj ET Q q 0 0 0 rg BT 489.81 572.25 Td (entures. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.70 550.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.37 550.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.92 550.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 163.02 550.25 Td (under ) Tj ET Q q 0 0 0 rg BT 188.45 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 203.32 550.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 230.97 550.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 264.18 550.25 Td (are ) Tj ET Q q 0 0 0 rg BT 279.05 550.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 325.57 550.25 Td (by ) Tj ET Q q 0 0 0 rg BT 338.23 550.25 Td (all ) Tj ET Q q 0 0 0 rg BT 350.88 550.25 Td (of ) Tj ET Q q 0 0 0 rg BT 361.87 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.74 550.25 Td (Company) Tj ET Q q 0 0 0 rg BT 418.41 550.25 Td (s ) Tj ET Q q 0 0 0 rg BT 424.96 550.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 477.33 550.25 Td (with ) Tj ET Q q 0 0 0 rg BT 497.77 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 512.64 550.25 Td (exception ) Tj ET Q q 0 0 0 rg BT 554.17 550.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 98.49 538.25 Td (that ) Tj ET Q q 0 0 0 rg BT 115.25 538.25 Td (are ) Tj ET Q q 0 0 0 rg BT 129.23 538.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 168.21 538.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 203.30 538.25 Td (in ) Tj ET Q q 0 0 0 rg BT 212.84 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.83 538.25 Td (business ) Tj ET Q q 0 0 0 rg BT 262.49 538.25 Td (of ) Tj ET Q q 0 0 0 rg BT 272.59 538.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 312.13 538.25 Td (financing, ) Tj ET Q q 0 0 0 rg BT 354.16 538.25 Td (title ) Tj ET Q q 0 0 0 rg BT 371.48 538.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 411.57 538.25 Td (or ) Tj ET Q q 0 0 0 rg BT 421.67 538.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 451.21 538.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 487.96 538.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 531.95 538.25 Td (relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.22 526.25 Td (the ) Tj ET Q q 0 0 0 rg BT 73.37 526.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 130.86 526.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.24 526.25 Td (home ) Tj ET Q q 0 0 0 rg BT 171.39 526.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 192.77 526.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 231.09 526.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 260.23 526.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 309.39 526.25 Td (that ) Tj ET Q q 0 0 0 rg BT 326.32 526.25 Td (are ) Tj ET Q q 0 0 0 rg BT 340.47 526.25 Td (not ) Tj ET Q q 0 0 0 rg BT 355.18 526.25 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 410.44 526.25 Td (by ) Tj ET Q q 0 0 0 rg BT 422.38 526.25 Td (the ) Tj ET Q q 0 0 0 rg BT 436.53 526.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 477.36 526.25 Td (or ) Tj ET Q q 0 0 0 rg BT 487.62 526.25 Td (another ) Tj ET Q q 0 0 0 rg BT 519.55 526.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 560.00 526.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.55 514.25 Td (other ) Tj ET Q q 0 0 0 rg BT 89.72 514.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 139.55 514.25 Td (designated ) Tj ET Q q 0 0 0 rg BT 184.93 514.25 Td (by ) Tj ET Q q 0 0 0 rg BT 197.55 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.38 514.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 253.88 514.25 Td (as ) Tj ET Q q 0 0 0 rg BT 264.83 514.25 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 316.87 514.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 368.37 514.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 382.65 514.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 415.25 514.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 425.64453125 512.9169921875 m 457.328125 512.9169921875 l s q 0 0 1 rg BT 425.64 514.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 447.70 514.25 Td (1) Tj ET Q q 0 0 1 rg BT 452.33 514.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 457.33 514.25 Td (\), ) Tj ET Q q 0 0 0 rg BT 465.77 514.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 496.72 514.25 Td (to ) Tj ET Q q 0 0 0 rg BT 507.11 514.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 552.50 514.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.08 502.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 105.30 502.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 137.66 502.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 173.34 502.25 Td (in ) Tj ET Q q 0 0 0 rg BT 183.48 502.25 Td (such ) Tj ET Q q 0 0 0 rg BT 204.17 502.25 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 255.96 502.25 Td (Subsidiaries. ) Tj ET Q q 0 0 0 rg BT 309.71 502.25 Td ( ) Tj ET Q q 0 0 0 rg BT 311.90 502.25 Td (The ) Tj ET Q q 0 0 0 rg BT 329.80 502.25 Td (guarantors ) Tj ET Q q 0 0 0 rg BT 374.37 502.25 Td (for ) Tj ET Q q 0 0 0 rg BT 388.39 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.97 502.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 430.33 502.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 463.24 502.25 Td (are ) Tj ET Q q 0 0 0 rg BT 477.81 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.38 502.25 Td (same ) Tj ET Q q 0 0 0 rg BT 515.29 502.25 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (that ) Tj ET Q q 0 0 0 rg BT 67.24 490.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 108.85 490.25 Td (our ) Tj ET Q q 0 0 0 rg BT 124.93 490.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 147.67 490.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 176.53 490.25 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 205.11 490.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.18 490.25 Td ($57.5 ) Tj ET Q q 0 0 0 rg BT 246.43 490.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.32 490.25 Td ( ) Tj ET Q q 0 0 0 rg BT 278.07 490.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 319.68 490.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 357.96 490.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 390.71 490.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.78 490.25 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.61 490.25 Td ( ) Tj ET Q q 0 0 0 rg BT 430.36 490.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 480.32 490.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 509.17 490.25 Td (Subordinated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.32 478.25 Td (due ) Tj ET Q q 0 0 0 rg BT 92.24 478.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 114.73 478.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 132.77 478.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 159.69 478.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 209.39 478.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 237.99 478.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 293.80 478.25 Td (Notes\), ) Tj ET Q q 0 0 0 rg BT 329.89 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 346.81 478.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.63 478.25 Td ($86.3 ) Tj ET Q q 0 0 0 rg BT 387.62 478.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.51 478.25 Td ( ) Tj ET Q q 0 0 0 rg BT 419.00 478.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 460.35 478.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 498.38 478.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 530.86 478.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.68 478.25 Td (3.0%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 99.21 466.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 127.82 466.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 183.65 466.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 209.48 466.25 Td (due ) Tj ET Q q 0 0 0 rg BT 226.41 466.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 248.91 466.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 266.96 466.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 293.90 466.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 343.61 466.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 372.22 466.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 428.04 466.25 Td (Notes\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.25 Td (As ) Tj ET Q q 0 0 0 rg BT 62.38 444.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.48 444.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 132.01 444.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.01 444.25 Td (, ) Tj ET Q q 0 0 0 rg BT 156.28 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 170.27 444.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 210.92 444.25 Td (was ) Tj ET Q q 0 0 0 rg BT 228.25 444.25 Td (in ) Tj ET Q q 0 0 0 rg BT 237.79 444.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 285.65 444.25 Td (with ) Tj ET Q q 0 0 0 rg BT 305.20 444.25 Td (all ) Tj ET Q q 0 0 0 rg BT 316.96 444.25 Td (covenants ) Tj ET Q q 0 0 0 rg BT 358.72 444.25 Td (of ) Tj ET Q q 0 0 0 rg BT 368.82 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.80 444.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 409.57 444.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 439.47 444.25 Td (, ) Tj ET Q q 0 0 0 rg BT 443.74 444.25 Td (including ) Tj ET Q q 0 0 0 rg BT 483.28 444.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.03 444.25 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 565.01 444.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.29 432.25 Td (following ) Tj ET Q q 0 0 0 rg BT 108.42 432.25 Td (table ) Tj ET Q q 0 0 0 rg BT 130.10 432.25 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 180.11 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.57 432.25 Td (most ) Tj ET Q q 0 0 0 rg BT 216.27 432.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 260.72 432.25 Td (restrictive ) Tj ET Q q 0 0 0 rg BT 302.95 432.25 Td (covenant ) Tj ET Q q 0 0 0 rg BT 341.29 432.25 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 384.64 432.25 Td (under ) Tj ET Q q 0 0 0 rg BT 409.66 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.12 432.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 451.36 432.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 484.15 432.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.84 432.25 Td (our ) Tj ET Q q 0 0 0 rg BT 516.41 432.25 Td (compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 420.25 Td (such ) Tj ET Q q 0 0 0 rg BT 90.61 420.25 Td (covenants ) Tj ET Q q 0 0 0 rg BT 133.09 420.25 Td (as ) Tj ET Q q 0 0 0 rg BT 143.92 420.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.75 420.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 215.02 420.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.02 420.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 391.75 m 398 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 391.75 m 421 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 391.75 m 487 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 391.75 m 496 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 391.75 m 562 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 391.75 m 398 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 391.75 m 421 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 391.75 m 487 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 391.75 m 496 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 391.75 m 562 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 319.75 m 398 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 319.75 m 421 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 319.75 m 487 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 319.75 m 496 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 319.75 m 562 319.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.75 396.00 Td (Financial Covenant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.15 401.70 Td (Covenant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.80 393.75 Td (Requirement) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.80 396.00 Td (Actual) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.30 383.70 Td ( \(Dollars in millions\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 371.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 95.65 371.70 Td (T) Tj ET Q q 0 0 0 rg BT 100.18 371.70 Td (angible ) Tj ET Q q 0 0 0 rg BT 125.45 371.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 138.93 371.70 Td (W) Tj ET Q q 0 0 0 rg BT 146.09 371.70 Td (orth) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 369.98 cm /I4 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 371.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.80 371.70 Td (396.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 371.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 371.70 Td (575.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 359.70 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 83.25 359.70 Td (Ratio) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 357.98 cm /I5 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.50 359.70 Td (0.60) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.50 359.70 Td (0.49) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 347.70 Td (Interest ) Tj ET Q q 0 0 0 rg BT 77.49 347.70 Td (Coverage ) Tj ET Q q 0 0 0 rg BT 110.14 347.70 Td (Ratio) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 345.98 cm /I6 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.25 347.70 Td (1.5 to 1.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.25 347.70 Td (4.05 to 1.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 335.70 Td (Investments ) Tj ET Q q 0 0 0 rg BT 92.16 335.70 Td (in ) Tj ET Q q 0 0 0 rg BT 100.38 335.70 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 141.92 335.70 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 183.03 335.70 Td (and ) Tj ET Q q 0 0 0 rg BT 196.58 335.70 Td (Joint ) Tj ET Q q 0 0 0 rg BT 214.07 335.70 Td (V) Tj ET Q q 0 0 0 rg BT 219.33 335.70 Td (entures) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 333.98 cm /I7 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 335.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.80 335.70 Td (172.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 335.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 335.70 Td (20.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 323.70 Td (Unsold ) Tj ET Q q 0 0 0 rg BT 76.61 323.70 Td (Housing ) Tj ET Q q 0 0 0 rg BT 105.73 323.70 Td (Units ) Tj ET Q q 0 0 0 rg BT 125.06 323.70 Td (and ) Tj ET Q q 0 0 0 rg BT 138.61 323.70 Td (Model ) Tj ET Q q 0 0 0 rg BT 161.50 323.70 Td (Homes) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 321.98 cm /I8 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.80 323.70 Td (1,533) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 323.70 Td (853) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (Homebuilding ) Tj ET Q q 0 0 0 rg BT 111.44 296.25 Td (Letter ) Tj ET Q q 0 0 0 rg BT 138.37 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.18 296.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 177.23 296.25 Td (Facilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.06 296.25 Td ( ) Tj ET Q q 0 0 0 rg BT 220.55 296.25 Td ( ) Tj ET Q q 0 0 0 rg BT 222.49 296.25 Td (As ) Tj ET Q q 0 0 0 rg BT 236.09 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 246.91 296.25 Td (June ) Tj ET Q q 0 0 0 rg BT 267.73 296.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 282.72 296.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 307.71 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 322.42 296.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 363.79 296.25 Td (was ) Tj ET Q q 0 0 0 rg BT 381.83 296.25 Td (a ) Tj ET Q q 0 0 0 rg BT 388.76 296.25 Td (party ) Tj ET Q q 0 0 0 rg BT 411.80 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 422.06 296.25 Td (three ) Tj ET Q q 0 0 0 rg BT 444.54 296.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 477.56 296.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 502.82 296.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 550.84 296.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.51 284.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 99.19 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 109.31 284.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 135.54 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.67 284.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 170.23 284.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 200.91 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 211.04 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 225.05 284.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 251.84 284.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 284.19 284.25 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 333.51 284.25 Td (, ) Tj ET Q q 0 0 0 rg BT 337.81 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.82 284.25 Td (Letter ) Tj ET Q q 0 0 0 rg BT 381.93 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.05 284.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 418.84 284.25 Td (Facilities\). ) Tj ET Q q 0 0 0 rg BT 467.57 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 469.37 284.25 Td (During ) Tj ET Q q 0 0 0 rg BT 499.49 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.50 284.25 Td (third ) Tj ET Q q 0 0 0 rg BT 534.19 284.25 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.73 272.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 86.13 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 101.24 272.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 143.03 272.25 Td (terminated ) Tj ET Q q 0 0 0 rg BT 188.68 272.25 Td (one ) Tj ET Q q 0 0 0 rg BT 206.02 272.25 Td (Letter ) Tj ET Q q 0 0 0 rg BT 232.79 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.02 272.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 271.91 272.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 301.81 272.25 Td (, ) Tj ET Q q 0 0 0 rg BT 307.21 272.25 Td (allowed ) Tj ET Q q 0 0 0 rg BT 341.76 272.25 Td (another ) Tj ET Q q 0 0 0 rg BT 374.65 272.25 Td (Letter ) Tj ET Q q 0 0 0 rg BT 401.42 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 412.64 272.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 440.54 272.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 473.99 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 484.66 272.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 512.55 272.25 Td (by ) Tj ET Q q 0 0 0 rg BT 525.44 272.25 Td (its ) Tj ET Q q 0 0 0 rg BT 537.79 272.25 Td (terms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.90 260.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 103.96 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.14 260.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 153.99 260.25 Td (date ) Tj ET Q q 0 0 0 rg BT 172.61 260.25 Td (on ) Tj ET Q q 0 0 0 rg BT 184.57 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.75 260.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 241.26 260.25 Td (Letter ) Tj ET Q q 0 0 0 rg BT 267.10 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 277.39 260.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 304.35 260.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 336.87 260.25 Td (for ) Tj ET Q q 0 0 0 rg BT 350.49 260.25 Td (an ) Tj ET Q q 0 0 0 rg BT 361.89 260.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 403.85 260.25 Td (year ) Tj ET Q q 0 0 0 rg BT 423.02 260.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.76 260.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 492.49 260.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.49 260.25 Td ( ) Tj ET Q q 0 0 0 rg BT 514.45 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 530.86 260.25 Td (reduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.93 248.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 96.15 248.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.69 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.13 248.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 163.88 248.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 194.42 248.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.08 248.25 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 235.79 248.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.69 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 266.90 248.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.90 248.25 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 296.61 248.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.51 248.25 Td (. ) Tj ET Q q 0 0 0 rg BT 330.22 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 332.44 248.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 359.65 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.08 248.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 398.51 248.25 Td (of ) Tj ET Q q 0 0 0 rg BT 409.06 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.49 248.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 466.25 248.25 Td (Letter ) Tj ET Q q 0 0 0 rg BT 492.34 248.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.89 248.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 530.10 248.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 560.00 248.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 76.34 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.07 236.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 112.24 236.25 Td (can ) Tj ET Q q 0 0 0 rg BT 128.52 236.25 Td (be ) Tj ET Q q 0 0 0 rg BT 140.36 236.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 167.77 236.25 Td (for ) Tj ET Q q 0 0 0 rg BT 181.83 236.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 224.79 236.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 249.41 236.25 Td (ranging ) Tj ET Q q 0 0 0 rg BT 282.36 236.25 Td (from ) Tj ET Q q 0 0 0 rg BT 304.20 236.25 Td (one ) Tj ET Q q 0 0 0 rg BT 321.04 236.25 Td (year ) Tj ET Q q 0 0 0 rg BT 340.65 236.25 Td (up ) Tj ET Q q 0 0 0 rg BT 353.06 236.25 Td (to ) Tj ET Q q 0 0 0 rg BT 363.24 236.25 Td (three ) Tj ET Q q 0 0 0 rg BT 385.63 236.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 411.63 236.25 Td ( ) Tj ET Q q 0 0 0 rg BT 413.86 236.25 Td (The ) Tj ET Q q 0 0 0 rg BT 431.81 236.25 Td (Letter ) Tj ET Q q 0 0 0 rg BT 458.09 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.82 236.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 496.22 236.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 529.17 236.25 Td (contains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.80 224.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 77.42 224.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 117.48 224.25 Td (requirement ) Tj ET Q q 0 0 0 rg BT 168.65 224.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.84 224.25 Td (101%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.17 224.25 Td (. ) Tj ET Q q 0 0 0 rg BT 208.53 224.25 Td (Upon ) Tj ET Q q 0 0 0 rg BT 233.61 224.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 270.35 224.25 Td (or ) Tj ET Q q 0 0 0 rg BT 281.54 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 296.61 224.25 Td (earlier ) Tj ET Q q 0 0 0 rg BT 325.01 224.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 373.96 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 385.15 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 400.23 224.25 Td (Letter ) Tj ET Q q 0 0 0 rg BT 426.96 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 438.15 224.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 466.00 224.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 495.90 224.25 Td (, ) Tj ET Q q 0 0 0 rg BT 501.26 224.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 528.56 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 539.74 224.25 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (that ) Tj ET Q q 0 0 0 rg BT 67.26 212.25 Td (have ) Tj ET Q q 0 0 0 rg BT 88.91 212.25 Td (been ) Tj ET Q q 0 0 0 rg BT 110.55 212.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 138.32 212.25 Td (under ) Tj ET Q q 0 0 0 rg BT 163.86 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.85 212.25 Td (Letter ) Tj ET Q q 0 0 0 rg BT 205.49 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 216.58 212.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 244.35 212.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 277.67 212.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 308.20 212.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 357.63 212.25 Td (with ) Tj ET Q q 0 0 0 rg BT 378.18 212.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 398.72 212.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 438.68 212.25 Td (in ) Tj ET Q q 0 0 0 rg BT 449.23 212.25 Td (place ) Tj ET Q q 0 0 0 rg BT 473.09 212.25 Td (through ) Tj ET Q q 0 0 0 rg BT 506.97 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.96 212.25 Td (expiration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (As ) Tj ET Q q 0 0 0 rg BT 63.47 176.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.67 176.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 135.29 176.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.29 176.25 Td (, ) Tj ET Q q 0 0 0 rg BT 160.65 176.25 Td (there ) Tj ET Q q 0 0 0 rg BT 183.50 176.25 Td (was ) Tj ET Q q 0 0 0 rg BT 201.91 176.25 Td (a ) Tj ET Q q 0 0 0 rg BT 209.21 176.25 Td (total ) Tj ET Q q 0 0 0 rg BT 229.85 176.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.04 176.25 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 261.40 176.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.29 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 293.15 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 304.34 176.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 331.64 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.83 176.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 368.46 176.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 396.32 176.25 Td (under ) Tj ET Q q 0 0 0 rg BT 421.95 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.02 176.25 Td (Letter ) Tj ET Q q 0 0 0 rg BT 463.76 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 474.95 176.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 502.81 176.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 532.71 176.25 Td (, ) Tj ET Q q 0 0 0 rg BT 538.07 176.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (was ) Tj ET Q q 0 0 0 rg BT 67.55 164.25 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 123.90 164.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.18 164.25 Td ($0.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.07 164.25 Td ( ) Tj ET Q q 0 0 0 rg BT 195.57 164.25 Td (of ) Tj ET Q q 0 0 0 rg BT 206.40 164.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 246.11 164.25 Td (cash.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.88 140.25 Td (Payable ) Tj ET Q q 0 0 0 rg BT 112.27 140.25 Td (- ) Tj ET Q q 0 0 0 rg BT 118.10 140.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 160.60 140.25 Td (Services.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (MIF) Tj ET Q q 0 0 0 rg BT 68.77 116.25 Td ( ) Tj ET Q q 0 0 0 rg BT 72.11 116.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 115.22 116.25 Td (W) Tj ET Q q 0 0 0 rg BT 123.36 116.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 172.90 116.25 Td (Agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.39 116.25 Td ( ) Tj ET Q q 0 0 0 rg BT 223.73 116.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.08 116.25 Td (The ) Tj ET Q q 0 0 0 rg BT 245.96 116.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 267.09 116.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 309.07 116.25 Td (W) Tj ET Q q 0 0 0 rg BT 317.71 116.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 364.19 116.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 411.95 116.25 Td (is ) Tj ET Q q 0 0 0 rg BT 421.96 116.25 Td (used ) Tj ET Q q 0 0 0 rg BT 443.64 116.25 Td (to ) Tj ET Q q 0 0 0 rg BT 454.76 116.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 487.52 116.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 520.86 116.25 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 89.58 104.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 113.00 104.25 Td (originated ) Tj ET Q q 0 0 0 rg BT 155.86 104.25 Td (by ) Tj ET Q q 0 0 0 rg BT 168.17 104.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 185.49 104.25 Td (Financial. ) Tj ET Q q 0 0 0 rg BT 227.51 104.25 Td ( ) Tj ET Q q 0 0 0 rg BT 229.66 104.25 Td (The ) Tj ET Q q 0 0 0 rg BT 247.01 104.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 293.75 104.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 330.50 104.25 Td (a ) Tj ET Q q 0 0 0 rg BT 337.25 104.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 380.12 104.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 424.10 104.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 471.40 104.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.04 104.25 Td ($125 ) Tj ET Q q 0 0 0 rg BT 504.35 104.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.25 104.25 Td (, ) Tj ET Q q 0 0 0 rg BT 538.06 104.25 Td (which ) Tj ET Q q 0 0 0 rg BT 565.00 104.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 88.52 92.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.68 92.25 Td ($150 ) Tj ET Q q 0 0 0 rg BT 121.05 92.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.95 92.25 Td ( ) Tj ET Q q 0 0 0 rg BT 152.32 92.25 Td (during ) Tj ET Q q 0 0 0 rg BT 180.81 92.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 210.39 92.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 242.20 92.25 Td (with ) Tj ET Q q 0 0 0 rg BT 262.36 92.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 290.28 92.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 328.19 92.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 368.33 92.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 414.59 92.25 Td (volume, ) Tj ET Q q 0 0 0 rg BT 449.46 92.25 Td (specifically ) Tj ET Q q 0 0 0 rg BT 497.93 92.25 Td (from ) Tj ET Q q 0 0 0 rg BT 519.74 92.25 Td (September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (25, ) Tj ET Q q 0 0 0 rg BT 64.93 80.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 87.86 80.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.57 80.25 Td (October ) Tj ET Q q 0 0 0 rg BT 133.71 80.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 149.14 80.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 172.07 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 189.44 80.25 Td (from ) Tj ET Q q 0 0 0 rg BT 211.81 80.25 Td (December ) Tj ET Q q 0 0 0 rg BT 255.83 80.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 271.26 80.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 294.19 80.25 Td (to ) Tj ET Q q 0 0 0 rg BT 304.90 80.25 Td (February ) Tj ET Q q 0 0 0 rg BT 343.93 80.25 Td (2, ) Tj ET Q q 0 0 0 rg BT 354.36 80.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 379.79 80.25 Td ( ) Tj ET Q q 0 0 0 rg BT 382.51 80.25 Td (The ) Tj ET Q q 0 0 0 rg BT 400.99 80.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 421.70 80.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 463.30 80.25 Td (W) Tj ET Q q 0 0 0 rg BT 471.94 80.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 518.10 80.25 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (expires ) Tj ET Q q 0 0 0 rg BT 81.33 68.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.29 68.25 Td (June23, ) Tj ET Q q 0 0 0 rg BT 130.58 68.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.58 68.25 Td (. ) Tj ET Q q 0 0 0 rg BT 156.04 68.25 Td ( ) Tj ET Q q 0 0 0 rg BT 159.00 68.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 191.94 68.25 Td (on ) Tj ET Q q 0 0 0 rg BT 204.90 68.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 241.74 68.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 283.02 68.25 Td (under ) Tj ET Q q 0 0 0 rg BT 308.75 68.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.92 68.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 344.66 68.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 386.29 68.25 Td (W) Tj ET Q q 0 0 0 rg BT 394.92 68.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 441.10 68.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 488.49 68.25 Td (is ) Tj ET Q q 0 0 0 rg BT 498.11 68.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 532.17 68.25 Td (at ) Tj ET Q q 0 0 0 rg BT 542.34 68.25 Td (a ) Tj ET Q q 0 0 0 rg BT 549.74 68.25 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.25 Td (annum ) Tj ET Q q 0 0 0 rg BT 79.22 56.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 96.70 56.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 120.86 56.25 Td (to ) Tj ET Q q 0 0 0 rg BT 131.14 56.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.85 56.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 176.11 56.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.94 56.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 201.10 56.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.81 56.25 Td (floating ) Tj ET Q q 0 0 0 rg BT 249.42 56.25 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 281.92 56.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 299.40 56.25 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.57 56.25 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.57 56.25 Td ( ) Tj ET Q q 0 0 0 rg BT 336.07 56.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 358.57 56.25 Td (points ) Tj ET Q q 0 0 0 rg BT 385.52 56.25 Td (and ) Tj ET Q q 0 0 0 rg BT 402.46 56.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.62 56.25 Td (2.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.45 56.25 Td (.) Tj ET Q endstream endobj 95 0 obj <><><>] /Rotate 0 /Contents 96 0 R>> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.54 740.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 89.82 740.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 131.94 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 140.58 740.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 187.18 740.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 235.10 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 245.27 740.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 279.30 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 292.80 740.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 323.50 740.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 364.76 740.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 389.36 740.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 433.40 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 446.89 740.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 465.39 740.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 506.10 740.10 Td (that ) Tj ET Q q 0 0 0 rg BT 524.59 740.10 Td (are ) Tj ET Q q 0 0 0 rg BT 540.29 740.10 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (warehoused ) Tj ET Q q 0 0 0 rg BT 109.37 728.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 132.04 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.05 728.10 Td (their ) Tj ET Q q 0 0 0 rg BT 164.61 728.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 183.39 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.40 728.10 Td (investors. ) Tj ET Q q 0 0 0 rg BT 236.24 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 239.24 728.10 Td (The ) Tj ET Q q 0 0 0 rg BT 258.02 728.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 279.03 728.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 320.91 728.10 Td (W) Tj ET Q q 0 0 0 rg BT 329.55 728.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 375.94 728.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 423.60 728.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 461.27 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 476.16 728.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 502.18 728.10 Td (with ) Tj ET Q q 0 0 0 rg BT 523.19 728.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 554.74 728.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.21 716.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 98.94 716.10 Td (types ) Tj ET Q q 0 0 0 rg BT 122.56 716.10 Td (that ) Tj ET Q q 0 0 0 rg BT 140.06 716.10 Td (can ) Tj ET Q q 0 0 0 rg BT 156.45 716.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 184.50 716.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 233.67 716.10 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 284.23 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.56 716.10 Td (There ) Tj ET Q q 0 0 0 rg BT 312.39 716.10 Td (are ) Tj ET Q q 0 0 0 rg BT 327.10 716.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 365.71 716.10 Td (no ) Tj ET Q q 0 0 0 rg BT 378.22 716.10 Td (guarantors ) Tj ET Q q 0 0 0 rg BT 422.93 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.77 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.50 716.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 468.79 716.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 510.00 716.10 Td (W) Tj ET Q q 0 0 0 rg BT 518.63 716.10 Td (arehousing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 98.24 704.10 Td (although ) Tj ET Q q 0 0 0 rg BT 135.05 704.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 151.86 704.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 190.89 704.10 Td (may) Tj ET Q q 0 0 0 rg BT 207.45 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 211.77 704.10 Td (at ) Tj ET Q q 0 0 0 rg BT 220.80 704.10 Td (its ) Tj ET Q q 0 0 0 rg BT 232.06 704.10 Td (election, ) Tj ET Q q 0 0 0 rg BT 268.03 704.10 Td (designate ) Tj ET Q q 0 0 0 rg BT 307.60 704.10 Td (from ) Tj ET Q q 0 0 0 rg BT 328.86 704.10 Td (time ) Tj ET Q q 0 0 0 rg BT 348.44 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.04 704.10 Td (time ) Tj ET Q q 0 0 0 rg BT 377.62 704.10 Td (any ) Tj ET Q q 0 0 0 rg BT 393.88 704.10 Td (one ) Tj ET Q q 0 0 0 rg BT 410.13 704.10 Td (or ) Tj ET Q q 0 0 0 rg BT 420.27 704.10 Td (more ) Tj ET Q q 0 0 0 rg BT 442.63 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.78 704.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 469.59 704.10 Td (Financial) Tj ET Q q 0 0 0 rg BT 509.58 704.10 Td (s ) Tj ET Q q 0 0 0 rg BT 515.29 704.10 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 692.10 Td (guarantors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (As ) Tj ET Q q 0 0 0 rg BT 62.08 670.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.87 670.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 131.10 670.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.10 670.10 Td (, ) Tj ET Q q 0 0 0 rg BT 155.07 670.10 Td (there ) Tj ET Q q 0 0 0 rg BT 176.52 670.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.53 670.10 Td ($77.5 ) Tj ET Q q 0 0 0 rg BT 217.50 670.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.39 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.85 670.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 295.98 670.10 Td (under ) Tj ET Q q 0 0 0 rg BT 320.22 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.90 670.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 353.15 670.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 393.38 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 402.02 670.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 447.04 670.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 492.93 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.83 670.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 525.30 670.10 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (was ) Tj ET Q q 0 0 0 rg BT 68.92 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 80.56 658.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 130.51 658.10 Td (with ) Tj ET Q q 0 0 0 rg BT 152.16 658.10 Td (all ) Tj ET Q q 0 0 0 rg BT 166.02 658.10 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 212.37 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 215.95 658.10 Td (The ) Tj ET Q q 0 0 0 rg BT 235.36 658.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 274.21 658.10 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 320.56 658.10 Td (as ) Tj ET Q q 0 0 0 rg BT 332.75 658.10 Td (more ) Tj ET Q q 0 0 0 rg BT 357.17 658.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 379.92 658.10 Td (described ) Tj ET Q q 0 0 0 rg BT 422.10 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.40 658.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 474.25 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 485.89 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 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Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 91.99 634.10 Td (as ) Tj ET Q q 0 0 0 rg BT 102.82 634.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.65 634.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 173.91 634.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.91 634.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 602.6 m 398 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 602.6 m 421 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 602.6 m 487 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 602.6 m 496 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 602.6 m 562 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 542.6 m 398 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 542.6 m 421 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 542.6 m 487 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 542.6 m 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(12.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 546.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 546.55 Td (21.3) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 519.10 Td (MIF) Tj ET Q q 0 0 0 rg BT 68.77 519.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.90 519.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 115.03 519.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 167.05 519.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 198.34 519.10 Td (. ) Tj ET Q q 0 0 0 rg BT 203.96 519.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.09 519.10 Td (The ) Tj ET Q q 0 0 0 rg BT 225.76 519.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 246.68 519.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 288.68 519.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 338.45 519.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 372.13 519.10 Td (is ) Tj ET Q q 0 0 0 rg BT 381.93 519.10 Td (used ) Tj ET Q q 0 0 0 rg BT 403.39 519.10 Td (to ) Tj ET Q q 0 0 0 rg BT 414.29 519.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 446.84 519.10 Td (eligible ) 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Td (each ) Tj ET Q q 0 0 0 rg BT 428.15 495.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 463.40 495.10 Td (under ) Tj ET Q q 0 0 0 rg BT 488.66 495.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.37 495.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 523.64 495.10 Td (Mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 483.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 98.37 483.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 131.15 483.10 Td (at ) Tj ET Q q 0 0 0 rg BT 140.59 483.10 Td (a ) Tj ET Q q 0 0 0 rg BT 147.25 483.10 Td (per ) Tj ET Q q 0 0 0 rg BT 162.25 483.10 Td (annum ) Tj ET Q q 0 0 0 rg BT 191.69 483.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 208.90 483.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 232.78 483.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.79 483.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.23 483.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 290.56 483.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 322.78 483.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 340.00 483.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.89 483.10 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.89 483.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.12 483.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.67 483.10 Td (275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.67 483.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.90 483.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 426.12 483.10 Td (points ) Tj ET Q q 0 0 0 rg BT 452.80 483.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 496.68 483.10 Td (on ) Tj ET Q q 0 0 0 rg BT 508.90 483.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.35 483.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 542.79 483.10 Td (type. ) Tj ET Q q 0 0 0 rg BT 565.00 483.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 471.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.38 471.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 107.70 471.10 Td (in ) Tj ET Q q 0 0 0 rg BT 116.82 471.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.37 471.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 149.49 471.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 189.70 471.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 237.68 471.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 269.57 471.10 Td (are ) Tj ET Q q 0 0 0 rg BT 283.11 471.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 335.00 471.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 364.11 471.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.22 471.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.77 471.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 428.09 471.10 Td (in ) Tj ET Q q 0 0 0 rg BT 437.21 471.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.76 471.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 469.88 471.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 509.99 471.10 Td (W) Tj ET Q q 0 0 0 rg BT 518.63 471.10 Td (arehousing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 459.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 97.87 459.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.21 459.10 Td (The ) Tj ET Q q 0 0 0 rg BT 116.20 459.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 135.43 459.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 175.75 459.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 223.84 459.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 255.83 459.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 291.72 459.10 Td (for ) Tj ET Q q 0 0 0 rg BT 304.82 459.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 329.05 459.10 Td (with ) Tj ET Q q 0 0 0 rg BT 348.27 459.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 378.03 459.10 Td (to ) Tj ET Q q 0 0 0 rg BT 387.25 459.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 415.90 459.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 434.56 459.10 Td (types ) Tj ET Q q 0 0 0 rg BT 457.11 459.10 Td (that ) Tj ET Q q 0 0 0 rg BT 473.55 459.10 Td (can ) Tj ET Q q 0 0 0 rg BT 488.88 459.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 515.86 459.10 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 447.10 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 99.83 447.10 Td (which ) Tj ET Q q 0 0 0 rg BT 126.54 447.10 Td (are ) Tj ET Q q 0 0 0 rg BT 141.02 447.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 193.85 447.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 223.90 447.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.95 447.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.45 447.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 295.15 447.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.21 447.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.70 447.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 339.76 447.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 380.75 447.10 Td (W) Tj ET Q q 0 0 0 rg BT 389.38 447.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 435.03 447.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 484.23 447.10 Td ( ) Tj ET Q q 0 0 0 rg BT 486.34 447.10 Td (There ) Tj ET Q q 0 0 0 rg BT 511.94 447.10 Td (are ) Tj ET Q q 0 0 0 rg BT 526.42 447.10 Td (currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 435.10 Td (no ) Tj ET Q q 0 0 0 rg BT 62.24 435.10 Td (guarantors ) Tj ET Q q 0 0 0 rg BT 107.19 435.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.26 435.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.22 435.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 153.74 435.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 195.36 435.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 244.74 435.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 274.65 435.10 Td (. ) Tj ET Q q 0 0 0 rg BT 279.89 435.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.02 435.10 Td (As ) Tj ET Q q 0 0 0 rg BT 295.88 435.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.95 435.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 367.45 435.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.45 435.10 Td (, ) Tj ET Q q 0 0 0 rg BT 392.69 435.10 Td (there ) Tj ET Q q 0 0 0 rg BT 415.42 435.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.71 435.10 Td ($13.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.60 435.10 Td ( ) Tj ET Q q 0 0 0 rg BT 490.34 435.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 539.75 435.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 423.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.15 423.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 84.37 423.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 125.68 423.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 174.75 423.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 204.66 423.10 Td (. ) Tj ET Q q 0 0 0 rg BT 209.59 423.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.02 423.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 229.46 423.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 269.10 423.10 Td (was ) Tj ET Q q 0 0 0 rg BT 287.09 423.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.30 423.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 345.82 423.10 Td (with ) Tj ET Q q 0 0 0 rg BT 366.03 423.10 Td (all ) Tj ET Q q 0 0 0 rg BT 378.46 423.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 415.87 423.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 458.29 423.10 Td (as ) Tj ET Q q 0 0 0 rg BT 469.05 423.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.82 423.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 540.01 423.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 423.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (As ) Tj ET Q q 0 0 0 rg BT 64.12 401.10 Td (is ) Tj ET Q q 0 0 0 rg BT 74.29 401.10 Td (typical ) Tj ET Q q 0 0 0 rg BT 105.00 401.10 Td (for ) Tj ET Q q 0 0 0 rg BT 120.17 401.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 151.44 401.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 177.71 401.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 215.64 401.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.92 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.64 401.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 283.90 401.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 331.29 401.10 Td (industry) Tj ET Q q 0 0 0 rg BT 363.42 401.10 Td (, ) Tj ET Q q 0 0 0 rg BT 369.42 401.10 Td (at ) Tj ET Q q 0 0 0 rg BT 380.14 401.10 Td (closing, ) Tj ET Q q 0 0 0 rg BT 415.03 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.75 401.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 474.79 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.62 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.34 401.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 523.63 401.10 Td (Mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 99.63 389.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 133.67 389.10 Td (was ) Tj ET Q q 0 0 0 rg BT 152.71 389.10 Td (set ) Tj ET Q q 0 0 0 rg BT 167.30 389.10 Td (at ) Tj ET Q q 0 0 0 rg BT 178.00 389.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 239.25 389.10 Td (one ) Tj ET Q q 0 0 0 rg BT 257.17 389.10 Td (year ) Tj ET Q q 0 0 0 rg BT 277.86 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.79 389.10 Td (is ) Tj ET Q q 0 0 0 rg BT 305.94 389.10 Td (under ) Tj ET Q q 0 0 0 rg BT 332.19 389.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 389.55 389.10 Td (for ) Tj ET Q q 0 0 0 rg BT 404.70 389.10 Td (extension ) Tj ET Q q 0 0 0 rg BT 446.51 389.10 Td (annually ) Tj ET Q q 0 0 0 rg BT 484.43 389.10 Td (by ) Tj ET Q q 0 0 0 rg BT 497.91 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.61 389.10 Td (lender) Tj ET Q q 0 0 0 rg BT 538.05 389.10 Td (. ) Tj ET Q q 0 0 0 rg BT 544.03 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 547.52 389.10 Td (M/I ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.27 377.10 Td (expects ) Tj ET Q q 0 0 0 rg BT 121.82 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.16 377.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 154.71 377.10 Td (into ) Tj ET Q q 0 0 0 rg BT 172.83 377.10 Td (an ) Tj ET Q q 0 0 0 rg BT 184.83 377.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 234.04 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.38 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.16 377.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 279.51 377.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 320.95 377.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 370.16 377.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 403.27 377.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 425.27 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 435.61 377.10 Td (its ) Tj ET Q q 0 0 0 rg BT 447.62 377.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 490.73 377.10 Td (that ) Tj ET Q q 0 0 0 rg BT 508.29 377.10 Td (would ) Tj ET Q q 0 0 0 rg BT 535.85 377.10 Td (extend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (its ) Tj ET Q q 0 0 0 rg BT 61.45 365.10 Td (term ) Tj ET Q q 0 0 0 rg BT 82.27 365.10 Td (for ) Tj ET Q q 0 0 0 rg BT 96.43 365.10 Td (an ) Tj ET Q q 0 0 0 rg BT 108.37 365.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 150.86 365.10 Td (year) Tj ET Q q 0 0 0 rg BT 167.67 365.10 Td (, ) Tj ET Q q 0 0 0 rg BT 172.67 365.10 Td (but ) Tj ET Q q 0 0 0 rg BT 187.95 365.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 205.45 365.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 245.16 365.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 274.31 365.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 307.36 365.10 Td (any ) Tj ET Q q 0 0 0 rg BT 324.30 365.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 365.67 365.10 Td (that ) Tj ET Q q 0 0 0 rg BT 383.16 365.10 Td (it ) Tj ET Q q 0 0 0 rg BT 391.22 365.10 Td (will ) Tj ET Q q 0 0 0 rg BT 409.28 365.10 Td (be ) Tj ET Q q 0 0 0 rg BT 421.21 365.10 Td (able ) Tj ET Q q 0 0 0 rg BT 440.37 365.10 Td (to ) Tj ET Q q 0 0 0 rg BT 450.65 365.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 478.14 365.10 Td (such ) Tj ET Q q 0 0 0 rg BT 498.97 365.10 Td (an ) Tj ET Q q 0 0 0 rg BT 510.91 365.10 Td (extension.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (Senior) Tj ET Q q 0 0 0 rg BT 77.10 341.10 Td ( ) Tj ET Q q 0 0 0 rg BT 79.60 341.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 105.98 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.60 341.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 177.65 341.10 Td (Senior) Tj ET Q q 0 0 0 rg BT 205.25 341.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.75 341.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 268.60 341.10 Td (Notes.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (6.75% ) Tj ET Q q 0 0 0 rg BT 78.06 317.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 108.03 317.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 136.59 317.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.33 317.10 Td (In ) Tj ET Q q 0 0 0 rg BT 150.39 317.10 Td (December ) Tj ET Q q 0 0 0 rg BT 194.21 317.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 219.44 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.39 317.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 276.01 317.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.74 317.10 Td ($300 ) Tj ET Q q 0 0 0 rg BT 326.48 317.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.37 317.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.10 317.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 399.70 317.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 437.97 317.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 470.70 317.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.76 317.10 Td (6.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.59 317.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.33 317.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 539.17 317.10 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (due ) Tj ET Q q 0 0 0 rg BT 66.49 305.10 Td (2021. ) Tj ET Q q 0 0 0 rg BT 91.55 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 93.92 305.10 Td (The ) Tj ET Q q 0 0 0 rg BT 112.03 305.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 134.58 305.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 163.25 305.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 189.13 305.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 221.12 305.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 250.88 305.10 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 295.92 305.10 Td (as ) Tj ET Q q 0 0 0 rg BT 306.81 305.10 Td (more ) Tj ET Q q 0 0 0 rg BT 329.91 305.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 351.35 305.10 Td (described ) Tj ET Q q 0 0 0 rg BT 392.23 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.22 305.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 441.76 305.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.10 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.87 305.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 507.19 305.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 550.29 305.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 71.80 293.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 100.20 293.10 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 128.33 293.10 Td (which ) Tj ET Q q 0 0 0 rg BT 155.07 293.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 176.26 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.77 293.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 218.62 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.25 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.76 293.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 284.94 293.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.68 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.19 293.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 355.69 293.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 405.21 293.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 417.78 293.10 Td (among ) Tj ET Q q 0 0 0 rg BT 447.30 293.10 Td (other ) Tj ET Q q 0 0 0 rg BT 470.14 293.10 Td (things: ) Tj ET Q q 0 0 0 rg BT 499.67 293.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 522.51 293.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (indebtedness; ) Tj ET Q q 0 0 0 rg BT 107.68 281.10 Td (make ) Tj ET Q q 0 0 0 rg BT 133.09 281.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 164.04 281.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 208.61 281.10 Td (including ) Tj ET Q q 0 0 0 rg BT 250.13 281.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 295.27 281.10 Td (or ) Tj ET Q q 0 0 0 rg BT 307.35 281.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 354.40 281.10 Td (any ) Tj ET Q q 0 0 0 rg BT 372.59 281.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 403.83 281.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.36 281.10 Td (an ) Tj ET Q q 0 0 0 rg BT 428.55 281.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 471.16 281.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 504.90 281.10 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 549.18 281.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 93.60 269.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 134.38 269.10 Td (basket; ) Tj ET Q q 0 0 0 rg BT 169.60 269.10 Td (make ) Tj ET Q q 0 0 0 rg BT 193.71 269.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 223.37 269.10 Td (investments; ) Tj ET Q q 0 0 0 rg BT 276.38 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.27 269.10 Td (create ) Tj ET Q q 0 0 0 rg BT 319.59 269.10 Td (or ) Tj ET Q q 0 0 0 rg BT 330.37 269.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 353.38 269.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 383.04 269.10 Td (liens, ) Tj ET Q q 0 0 0 rg BT 406.88 269.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 454.88 269.10 Td (or ) Tj ET Q q 0 0 0 rg BT 465.66 269.10 Td (mer) Tj ET Q q 0 0 0 rg BT 481.03 269.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 492.92 269.10 Td (with ) Tj ET Q q 0 0 0 rg BT 513.16 269.10 Td (or ) Tj ET Q q 0 0 0 rg BT 523.94 269.10 Td (into ) Tj ET Q q 0 0 0 rg BT 541.96 269.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 96.45 257.10 Td (or ) Tj ET Q q 0 0 0 rg BT 106.47 257.10 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 143.15 257.10 Td (or ) Tj ET Q q 0 0 0 rg BT 153.17 257.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 168.75 257.10 Td (or ) Tj ET Q q 0 0 0 rg BT 178.77 257.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 210.99 257.10 Td (all ) Tj ET Q q 0 0 0 rg BT 222.68 257.10 Td (or ) Tj ET Q q 0 0 0 rg BT 232.70 257.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 284.94 257.10 Td (all ) Tj ET Q q 0 0 0 rg BT 296.62 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.64 257.10 Td (our ) Tj ET Q q 0 0 0 rg BT 321.66 257.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 349.18 257.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.75 257.10 Td (These ) Tj ET Q q 0 0 0 rg BT 376.32 257.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 417.99 257.10 Td (are ) Tj ET Q q 0 0 0 rg BT 431.89 257.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 461.90 257.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.37 257.10 Td (a ) Tj ET Q q 0 0 0 rg BT 477.50 257.10 Td (number ) Tj ET Q q 0 0 0 rg BT 509.73 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.75 257.10 Td (exceptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.53 245.10 Td (qualifications ) Tj ET Q q 0 0 0 rg BT 123.55 245.10 Td (as ) Tj ET Q q 0 0 0 rg BT 134.47 245.10 Td (described ) Tj ET Q q 0 0 0 rg BT 175.38 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 185.75 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.56 245.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 240.91 245.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 284.05 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.86 245.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 321.45 245.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 350.15 245.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 378.58 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.59 245.10 Td (As ) Tj ET Q q 0 0 0 rg BT 394.30 245.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.22 245.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 465.58 245.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.58 245.10 Td (, ) Tj ET Q q 0 0 0 rg BT 490.67 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.48 245.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 546.96 245.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 233.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 108.37 233.10 Td (with ) Tj ET Q q 0 0 0 rg BT 128.65 233.10 Td (all ) Tj ET Q q 0 0 0 rg BT 141.14 233.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 168.36 233.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 215.02 233.10 Td (and ) Tj ET Q q 0 0 0 rg BT 231.96 233.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 274.45 233.10 Td (under ) Tj ET Q q 0 0 0 rg BT 299.71 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.43 233.10 Td (indenture.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 66.4384765625 207.76699218750002 m 93.376953125 207.76699218750002 l s q 0 0 1 rg BT 66.44 209.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 88.38 209.10 Td (7) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 93.38 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.88 209.10 Td (for ) Tj ET Q q 0 0 0 rg BT 110.04 209.10 Td (more ) Tj ET Q q 0 0 0 rg BT 133.08 209.10 Td (information ) Tj ET Q q 0 0 0 rg BT 182.80 209.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 223.61 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.33 209.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 260.83 209.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 289.44 209.10 Td (Notes.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (3.0% ) Tj ET Q q 0 0 0 rg BT 72.59 185.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 122.62 185.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 152.11 185.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 209.94 185.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 238.02 185.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.28 185.10 Td (In ) Tj ET Q q 0 0 0 rg BT 250.87 185.10 Td (March ) Tj ET Q q 0 0 0 rg BT 279.22 185.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 303.98 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.46 185.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 359.60 185.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 386.86 185.10 Td ($86.3million ) Tj ET Q q 0 0 0 rg BT 443.01 185.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 484.13 185.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 521.92 185.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 554.18 185.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (3.0% ) Tj ET Q q 0 0 0 rg BT 73.11 173.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 123.10 173.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 151.98 173.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 208.08 173.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 234.19 173.10 Td (due ) Tj ET Q q 0 0 0 rg BT 251.41 173.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 276.69 173.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.26 173.10 Td (The ) Tj ET Q q 0 0 0 rg BT 297.59 173.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 344.24 173.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 362.00 173.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 395.89 173.10 Td (equals ) Tj ET Q q 0 0 0 rg BT 424.21 173.10 Td (30.9478 ) Tj ET Q q 0 0 0 rg BT 459.49 173.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 487.26 173.10 Td (per ) Tj ET Q q 0 0 0 rg BT 502.80 173.10 Td ($1,000 ) Tj ET Q q 0 0 0 rg BT 533.08 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.19 173.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.68 161.10 Td (amount. ) Tj ET Q q 0 0 0 rg BT 122.82 161.10 Td ( ) Tj ET Q q 0 0 0 rg BT 125.26 161.10 Td (This ) Tj ET Q q 0 0 0 rg BT 145.68 161.10 Td (corresponds ) Tj ET Q q 0 0 0 rg BT 196.64 161.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.06 161.10 Td (an ) Tj ET Q q 0 0 0 rg BT 219.14 161.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 245.10 161.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 291.62 161.10 Td (price ) Tj ET Q q 0 0 0 rg BT 314.25 161.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.21 161.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 385.61 161.10 Td ($32.31 ) Tj ET Q q 0 0 0 rg BT 415.75 161.10 Td (per ) Tj ET Q q 0 0 0 rg BT 431.16 161.10 Td (common ) Tj ET Q q 0 0 0 rg BT 468.79 161.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 495.03 161.10 Td (which ) Tj ET Q q 0 0 0 rg BT 522.11 161.10 Td (equates ) Tj ET Q q 0 0 0 rg BT 554.73 161.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 109.35 149.10 Td (2.7million ) Tj ET Q q 0 0 0 rg BT 155.33 149.10 Td (common ) Tj ET Q q 0 0 0 rg BT 192.41 149.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 221.99 149.10 Td ( ) Tj ET Q q 0 0 0 rg BT 224.07 149.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 240.5986328125 147.76699218750002 m 267.12451171875 147.76699218750002 l s q 0 0 1 rg BT 240.60 149.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 262.12 149.10 Td (7) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 267.12 149.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.21 149.10 Td (for ) Tj ET Q q 0 0 0 rg BT 282.96 149.10 Td (more ) Tj ET Q q 0 0 0 rg BT 305.59 149.10 Td (information ) Tj ET Q q 0 0 0 rg BT 354.89 149.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 395.30 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.60 149.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 431.69 149.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 480.99 149.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 509.18 149.10 Td (Subordinated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (Notes. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (3.25% ) Tj ET Q q 0 0 0 rg BT 76.85 113.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 126.14 113.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 154.89 113.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 211.98 113.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 239.33 113.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.85 113.10 Td (In ) Tj ET Q q 0 0 0 rg BT 250.70 113.10 Td (September ) Tj ET Q q 0 0 0 rg BT 294.98 113.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 319.00 113.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.73 113.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 373.14 113.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 399.66 113.10 Td ($57.5million ) Tj ET Q q 0 0 0 rg BT 455.07 113.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 495.45 113.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 532.51 113.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.89 101.10 Td (3.25% ) Tj ET Q q 0 0 0 rg BT 89.77 101.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 140.04 101.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 169.20 101.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 225.58 101.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 251.97 101.10 Td (due ) Tj ET Q q 0 0 0 rg BT 269.46 101.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 295.02 101.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.85 101.10 Td (The ) Tj ET Q q 0 0 0 rg BT 316.46 101.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 363.39 101.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 381.43 101.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 415.59 101.10 Td (equals ) Tj ET Q q 0 0 0 rg BT 444.20 101.10 Td (42.0159 ) Tj ET Q q 0 0 0 rg BT 479.75 101.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 507.80 101.10 Td (per ) Tj ET Q q 0 0 0 rg BT 523.62 101.10 Td ($1,000 ) Tj ET Q q 0 0 0 rg BT 554.18 101.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.82 89.10 Td (amount. ) Tj ET Q q 0 0 0 rg BT 123.09 89.10 Td ( ) Tj ET Q q 0 0 0 rg BT 125.67 89.10 Td (This ) Tj ET Q q 0 0 0 rg BT 146.23 89.10 Td (corresponds ) Tj ET Q q 0 0 0 rg BT 197.33 89.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.88 89.10 Td (an ) Tj ET Q q 0 0 0 rg BT 220.10 89.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 246.21 89.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 292.86 89.10 Td (price ) Tj ET Q q 0 0 0 rg BT 315.63 89.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.74 89.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 387.27 89.10 Td ($23.80 ) Tj ET Q q 0 0 0 rg BT 417.55 89.10 Td (per ) Tj ET Q q 0 0 0 rg BT 433.10 89.10 Td (common ) Tj ET Q q 0 0 0 rg BT 470.87 89.10 Td (share ) Tj ET Q q 0 0 0 rg BT 494.75 89.10 Td (which ) Tj ET Q q 0 0 0 rg BT 521.97 89.10 Td (equates ) Tj ET Q q 0 0 0 rg BT 554.73 89.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 109.35 77.10 Td (2.4million ) Tj ET Q q 0 0 0 rg BT 155.33 77.10 Td (common ) Tj ET Q q 0 0 0 rg BT 192.41 77.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 221.99 77.10 Td ( ) Tj ET Q q 0 0 0 rg BT 224.07 77.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 240.5986328125 75.76699218750002 m 267.12451171875 75.76699218750002 l s q 0 0 1 rg BT 240.60 77.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 262.12 77.10 Td (7) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 267.12 77.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.21 77.10 Td (for ) Tj ET Q q 0 0 0 rg BT 282.96 77.10 Td (more ) Tj ET Q q 0 0 0 rg BT 305.59 77.10 Td (information ) Tj ET Q q 0 0 0 rg BT 354.89 77.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 395.30 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.60 77.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 431.69 77.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 480.99 77.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 509.18 77.10 Td (Subordinated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (Notes. ) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (48) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 740.25 Td (eighted ) Tj ET Q q 0 0 0 rg BT 90.30 740.25 Td (A) Tj ET Q q 0 0 0 rg BT 96.23 740.25 Td (verage ) Tj ET Q q 0 0 0 rg BT 126.56 740.25 Td (Borrowings. ) Tj ET Q q 0 0 0 rg BT 180.54 740.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.66 740.25 Td (For ) Tj ET Q q 0 0 0 rg BT 200.67 740.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.01 740.25 Td (three ) Tj ET Q q 0 0 0 rg BT 239.12 740.25 Td (months ) Tj ET Q q 0 0 0 rg BT 271.69 740.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 298.69 740.25 Td (September ) Tj ET Q q 0 0 0 rg BT 344.58 740.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 360.20 740.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 383.32 740.25 Td (and ) Tj ET Q q 0 0 0 rg BT 400.88 740.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.88 740.25 Td (, ) Tj ET Q q 0 0 0 rg BT 426.51 740.25 Td (our ) Tj ET Q q 0 0 0 rg BT 442.96 740.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 482.74 740.25 Td (average ) Tj ET Q q 0 0 0 rg BT 516.94 740.25 Td (borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 99.55 728.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.36 728.25 Td ($607.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.25 728.25 Td ( ) Tj ET Q q 0 0 0 rg BT 184.63 728.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.45 728.25 Td ($570.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.34 728.25 Td (, ) Tj ET Q q 0 0 0 rg BT 267.22 728.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 314.88 728.25 Td (, ) Tj ET Q q 0 0 0 rg BT 320.76 728.25 Td (with ) Tj ET Q q 0 0 0 rg BT 341.92 728.25 Td (a ) Tj ET Q q 0 0 0 rg BT 349.74 728.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 389.78 728.25 Td (average ) Tj ET Q q 0 0 0 rg BT 424.25 728.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 457.06 728.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 475.43 728.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.14 728.25 Td (5.80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.97 728.25 Td ( ) Tj ET Q q 0 0 0 rg BT 516.35 728.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.17 728.25 Td (6.03%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 728.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 716.25 Td (. ) Tj ET Q q 0 0 0 rg BT 102.18 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 104.53 716.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.60 716.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.35 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.87 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 168.17 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 184.03 716.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 223.21 716.25 Td (average ) Tj ET Q q 0 0 0 rg BT 256.81 716.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 304.89 716.25 Td (related ) Tj ET Q q 0 0 0 rg BT 334.62 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.92 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.66 716.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 394.93 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 405.24 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.98 716.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 458.04 716.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 490.56 716.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 539.75 716.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (our ) Tj ET Q q 0 0 0 rg BT 64.91 704.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 86.98 704.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 115.17 704.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 140.58 704.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.98 704.25 Td ($300.0 ) Tj ET Q q 0 0 0 rg BT 180.56 704.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.45 704.25 Td (, ) Tj ET Q q 0 0 0 rg BT 214.03 704.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 255.53 704.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.38 704.25 Td ($230.0 ) Tj ET Q q 0 0 0 rg BT 304.96 704.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.85 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 335.93 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 346.33 704.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 368.41 704.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 396.60 704.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 422.00 704.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 470.74 704.25 Td (during ) Tj ET Q q 0 0 0 rg BT 498.93 704.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.22 704.25 Td (third ) Tj ET Q q 0 0 0 rg BT 534.19 704.25 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.17 692.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.17 692.25 Td (. ) Tj ET Q q 0 0 0 rg BT 85.00 692.25 Td ( ) Tj ET Q q 0 0 0 rg BT 87.17 692.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.05 692.25 Td (decline) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.93 692.25 Td ( ) Tj ET Q q 0 0 0 rg BT 136.26 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 146.38 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 162.04 692.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 201.04 692.25 Td (average ) Tj ET Q q 0 0 0 rg BT 234.46 692.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 278.45 692.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 310.22 692.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 327.54 692.25 Td (was ) Tj ET Q q 0 0 0 rg BT 345.43 692.25 Td (also ) Tj ET Q q 0 0 0 rg BT 363.88 692.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 403.43 692.25 Td (due ) Tj ET Q q 0 0 0 rg BT 420.20 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 430.31 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.87 692.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 469.97 692.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 501.74 692.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 519.06 692.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 552.50 692.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.14 680.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 86.57 680.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 115.10 680.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 140.85 680.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 182.70 680.25 Td (with ) Tj ET Q q 0 0 0 rg BT 202.90 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.54 680.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 249.40 680.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 266.81 680.25 Td (on ) Tj ET Q q 0 0 0 rg BT 279.24 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.88 680.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 316.30 680.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 344.83 680.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 370.59 680.25 Td (that ) Tj ET Q q 0 0 0 rg BT 388.01 680.25 Td (were ) Tj ET Q q 0 0 0 rg BT 409.86 680.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 458.95 680.25 Td (during ) Tj ET Q q 0 0 0 rg BT 487.48 680.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.12 680.25 Td (third ) Tj ET Q q 0 0 0 rg BT 523.44 680.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 554.18 680.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 668.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.60 644.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 121.46 644.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.46 644.25 Td (, ) Tj ET Q q 0 0 0 rg BT 146.06 644.25 Td (we ) Tj ET Q q 0 0 0 rg BT 159.81 644.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.35 644.25 Td ($85.0 ) Tj ET Q q 0 0 0 rg BT 200.95 644.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.84 644.25 Td ( ) Tj ET Q q 0 0 0 rg BT 231.93 644.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 280.70 644.25 Td (under ) Tj ET Q q 0 0 0 rg BT 305.56 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.88 644.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 346.97 644.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 376.87 644.25 Td (. ) Tj ET Q q 0 0 0 rg BT 381.47 644.25 Td ( ) Tj ET Q q 0 0 0 rg BT 383.56 644.25 Td (During ) Tj ET Q q 0 0 0 rg BT 413.99 644.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.31 644.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 447.62 644.25 Td (months ) Tj ET Q q 0 0 0 rg BT 479.17 644.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 505.14 644.25 Td (September ) Tj ET Q q 0 0 0 rg BT 550.00 644.25 Td (30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 632.25 Td (, ) Tj ET Q q 0 0 0 rg BT 74.60 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 89.42 632.25 Td (average ) Tj ET Q q 0 0 0 rg BT 123.10 632.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 145.70 632.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 178.29 632.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 227.56 632.25 Td (under ) Tj ET Q q 0 0 0 rg BT 252.93 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 267.74 632.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 295.34 632.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 328.49 632.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.64 632.25 Td ($102.2 ) Tj ET Q q 0 0 0 rg BT 376.74 632.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.63 632.25 Td ( ) Tj ET Q q 0 0 0 rg BT 408.23 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 425.27 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 440.09 632.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 483.24 632.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 515.84 632.25 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (under ) Tj ET Q q 0 0 0 rg BT 74.86 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 89.68 620.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 117.27 620.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 150.41 620.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.56 620.25 Td ($149.9 ) Tj ET Q q 0 0 0 rg BT 198.66 620.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.55 620.25 Td (. ) Tj ET Q q 0 0 0 rg BT 232.64 620.25 Td ( ) Tj ET Q q 0 0 0 rg BT 235.24 620.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 262.27 620.25 Td (on ) Tj ET Q q 0 0 0 rg BT 274.87 620.25 Td (our ) Tj ET Q q 0 0 0 rg BT 290.79 620.25 Td (current ) Tj ET Q q 0 0 0 rg BT 321.70 620.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 368.16 620.25 Td (spending ) Tj ET Q q 0 0 0 rg BT 406.87 620.25 Td (on ) Tj ET Q q 0 0 0 rg BT 419.46 620.25 Td (home ) Tj ET Q q 0 0 0 rg BT 444.28 620.25 Td (construction, ) Tj ET Q q 0 0 0 rg BT 498.80 620.25 Td (land ) Tj ET Q q 0 0 0 rg BT 518.62 620.25 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.72 608.25 Td (development ) Tj ET Q q 0 0 0 rg BT 121.15 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 131.71 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.70 608.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 173.92 608.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 205.02 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 216.13 608.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 241.41 608.25 Td (of) Tj ET Q q 0 0 0 rg BT 249.56 608.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 266.77 608.25 Td (by ) Tj ET Q q 0 0 0 rg BT 279.55 608.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 317.87 608.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 338.41 608.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 372.29 608.25 Td (from ) Tj ET Q q 0 0 0 rg BT 394.51 608.25 Td (home ) Tj ET Q q 0 0 0 rg BT 419.50 608.25 Td (deliveries, ) Tj ET Q q 0 0 0 rg BT 463.65 608.25 Td (we ) Tj ET Q q 0 0 0 rg BT 478.09 608.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 506.97 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 517.53 608.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 554.74 608.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (borrow ) Tj ET Q q 0 0 0 rg BT 81.03 596.25 Td (under ) Tj ET Q q 0 0 0 rg BT 106.44 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.30 596.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 148.94 596.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 182.13 596.25 Td (during ) Tj ET Q q 0 0 0 rg BT 210.89 596.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 236.03 596.25 Td (with ) Tj ET Q q 0 0 0 rg BT 256.45 596.25 Td (an ) Tj ET Q q 0 0 0 rg BT 268.54 596.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 309.50 596.25 Td (peak ) Tj ET Q q 0 0 0 rg BT 331.02 596.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 363.66 596.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 412.97 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 423.94 596.25 Td (less ) Tj ET Q q 0 0 0 rg BT 441.59 596.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.45 596.25 Td ($150million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.84 596.25 Td (. ) Tj ET Q q 0 0 0 rg BT 517.98 596.25 Td ( ) Tj ET Q q 0 0 0 rg BT 520.44 596.25 Td (The ) Tj ET Q q 0 0 0 rg BT 538.63 596.25 Td (actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 81.69 584.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 122.21 584.25 Td (in ) Tj ET Q q 0 0 0 rg BT 132.19 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.61 584.25 Td (remainder ) Tj ET Q q 0 0 0 rg BT 189.34 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 199.87 584.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 222.06 584.25 Td (\(and ) Tj ET Q q 0 0 0 rg BT 242.03 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.45 584.25 Td (peak ) Tj ET Q q 0 0 0 rg BT 277.52 584.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 309.72 584.25 Td (outstanding\) ) Tj ET Q q 0 0 0 rg BT 361.91 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.55 584.25 Td (related ) Tj ET Q q 0 0 0 rg BT 407.95 584.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 436.26 584.25 Td (are ) Tj ET Q q 0 0 0 rg BT 450.67 584.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 481.19 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 491.17 584.25 Td (numerous ) Tj ET Q q 0 0 0 rg BT 532.80 584.25 Td (factors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (including ) Tj ET Q q 0 0 0 rg BT 88.63 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 102.21 572.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 129.69 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 145.49 572.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 176.84 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.54 572.25 Td (land ) Tj ET Q q 0 0 0 rg BT 205.11 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 220.91 572.25 Td (house ) Tj ET Q q 0 0 0 rg BT 245.60 572.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 296.40 572.25 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 351.35 572.25 Td (payroll ) Tj ET Q q 0 0 0 rg BT 381.04 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 396.84 572.25 Td (other ) Tj ET Q q 0 0 0 rg BT 418.75 572.25 Td (general ) Tj ET Q q 0 0 0 rg BT 449.53 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 465.33 572.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 523.90 572.25 Td (expenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 68.76 560.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 101.35 560.25 Td (from ) Tj ET Q q 0 0 0 rg BT 122.29 560.25 Td (home ) Tj ET Q q 0 0 0 rg BT 146.00 560.25 Td (deliveries, ) Tj ET Q q 0 0 0 rg BT 188.87 560.25 Td (other ) Tj ET Q q 0 0 0 rg BT 210.91 560.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 230.17 560.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 262.76 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.70 560.25 Td (payments, ) Tj ET Q q 0 0 0 rg BT 321.02 560.25 Td (any ) Tj ET Q q 0 0 0 rg BT 336.95 560.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 365.10 560.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 398.25 560.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 447.51 560.25 Td (or ) Tj ET Q q 0 0 0 rg BT 457.33 560.25 Td (other ) Tj ET Q q 0 0 0 rg BT 479.38 560.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 520.86 560.25 Td (financings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (by ) Tj ET Q q 0 0 0 rg BT 61.95 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.62 548.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 117.95 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 134.84 548.25 Td (any ) Tj ET Q q 0 0 0 rg BT 151.73 548.25 Td (repayments ) Tj ET Q q 0 0 0 rg BT 200.28 548.25 Td (or ) Tj ET Q q 0 0 0 rg BT 211.06 548.25 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 262.94 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.72 548.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 322.83 548.25 Td (debt. ) Tj ET Q q 0 0 0 rg BT 347.32 548.25 Td (The ) Tj ET Q q 0 0 0 rg BT 365.32 548.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 406.66 548.25 Td (may ) Tj ET Q q 0 0 0 rg BT 426.33 548.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 472.08 548.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 516.74 548.25 Td (variation ) Tj ET Q q 0 0 0 rg BT 554.73 548.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 69.77 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 86.71 536.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 114.20 536.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 147.25 536.25 Td (balances ) Tj ET Q q 0 0 0 rg BT 184.18 536.25 Td (from ) Tj ET Q q 0 0 0 rg BT 206.12 536.25 Td (week ) Tj ET Q q 0 0 0 rg BT 229.71 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 239.99 536.25 Td (week ) Tj ET Q q 0 0 0 rg BT 263.59 536.25 Td (due ) Tj ET Q q 0 0 0 rg BT 280.53 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 290.81 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.53 536.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 334.14 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.97 536.25 Td (such ) Tj ET Q q 0 0 0 rg BT 365.80 536.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 399.39 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 416.33 536.25 Td (payments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (There ) Tj ET Q q 0 0 0 rg BT 75.33 514.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.28 514.25 Td ($35.5 ) Tj ET Q q 0 0 0 rg BT 122.30 514.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.19 514.25 Td ( ) Tj ET Q q 0 0 0 rg BT 153.70 514.25 Td (of ) Tj ET Q q 0 0 0 rg BT 164.55 514.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 191.50 514.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.35 514.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 227.63 514.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 255.15 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 272.10 514.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 321.28 514.25 Td (under ) Tj ET Q q 0 0 0 rg BT 346.57 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.30 514.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 388.82 514.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 421.89 514.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.62 514.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 491.90 514.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.90 514.25 Td (. ) Tj ET Q q 0 0 0 rg BT 516.92 514.25 Td ( ) Tj ET Q q 0 0 0 rg BT 519.43 514.25 Td (During ) Tj ET Q q 0 0 0 rg BT 550.28 514.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 69.60 502.25 Td (months ) Tj ET Q q 0 0 0 rg BT 101.93 502.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.70 502.25 Td (September ) Tj ET Q q 0 0 0 rg BT 174.34 502.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 189.73 502.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.73 502.25 Td (, ) Tj ET Q q 0 0 0 rg BT 215.11 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.22 502.25 Td (average ) Tj ET Q q 0 0 0 rg BT 264.18 502.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 287.06 502.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 319.94 502.25 Td (of ) Tj ET Q q 0 0 0 rg BT 331.16 502.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 358.48 502.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.69 502.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 395.34 502.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 444.89 502.25 Td (under ) Tj ET Q q 0 0 0 rg BT 470.54 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.65 502.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 513.53 502.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 546.96 502.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td ($36.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 490.25 Td ( ) Tj ET Q q 0 0 0 rg BT 105.89 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 122.83 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.55 490.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 180.60 490.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 213.09 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 223.92 490.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 250.86 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.69 490.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 286.95 490.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 336.12 490.25 Td (under ) Tj ET Q q 0 0 0 rg BT 361.38 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.10 490.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 403.60 490.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 436.65 490.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.70 490.25 Td ($39.9 ) Tj ET Q q 0 0 0 rg BT 479.70 490.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.59 490.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.96 466.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 122.18 466.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.18 466.25 Td (, ) Tj ET Q q 0 0 0 rg BT 147.13 466.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 164.59 466.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 204.26 466.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 466.25 Td ($77.5 ) Tj ET Q q 0 0 0 rg BT 246.11 466.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.00 466.25 Td ( ) Tj ET Q q 0 0 0 rg BT 277.45 466.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 326.58 466.25 Td (under ) Tj ET Q q 0 0 0 rg BT 351.80 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 366.47 466.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 386.71 466.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 427.87 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 436.51 466.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 482.30 466.25 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 534.18 466.25 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.15 454.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 81.80 454.25 Td (months ) Tj ET Q q 0 0 0 rg BT 112.68 454.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 137.99 454.25 Td (September ) Tj ET Q q 0 0 0 rg BT 182.19 454.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 196.12 454.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.12 454.25 Td (, ) Tj ET Q q 0 0 0 rg BT 220.05 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 233.70 454.25 Td (average ) Tj ET Q q 0 0 0 rg BT 266.22 454.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 287.65 454.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 319.08 454.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 367.18 454.25 Td (under ) Tj ET Q q 0 0 0 rg BT 391.38 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.03 454.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 424.24 454.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 464.45 454.25 Td (W) Tj ET Q q 0 0 0 rg BT 473.09 454.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 518.08 454.25 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.55 442.25 Td ($47.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.44 442.25 Td ( ) Tj ET Q q 0 0 0 rg BT 123.94 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 140.88 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.60 442.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 198.65 442.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 231.15 442.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 280.31 442.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.36 442.25 Td ($104.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.25 442.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.29 418.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 122.83 418.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.83 418.25 Td (, ) Tj ET Q q 0 0 0 rg BT 148.12 418.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 165.91 418.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 205.90 418.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.13 418.25 Td ($13.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.02 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 279.81 418.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 329.26 418.25 Td (under ) Tj ET Q q 0 0 0 rg BT 354.81 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 369.81 418.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 390.38 418.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 432.04 418.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 481.48 418.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 511.38 418.25 Td (. ) Tj ET Q q 0 0 0 rg BT 519.16 418.25 Td (During ) Tj ET Q q 0 0 0 rg BT 550.28 418.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 69.09 406.25 Td (months ) Tj ET Q q 0 0 0 rg BT 100.91 406.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.16 406.25 Td (September ) Tj ET Q q 0 0 0 rg BT 172.30 406.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 187.17 406.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.17 406.25 Td (, ) Tj ET Q q 0 0 0 rg BT 212.04 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.63 406.25 Td (average ) Tj ET Q q 0 0 0 rg BT 260.09 406.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 282.46 406.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 314.83 406.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 363.87 406.25 Td (under ) Tj ET Q q 0 0 0 rg BT 389.01 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 403.60 406.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 423.75 406.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 465.00 406.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 514.02 406.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 546.95 406.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td ($8.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 394.25 Td ( ) Tj ET Q q 0 0 0 rg BT 99.72 394.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.48 394.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.02 394.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 170.90 394.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 202.22 394.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 250.21 394.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.09 394.25 Td ($19.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.98 394.25 Td (, ) Tj ET Q q 0 0 0 rg BT 324.81 394.25 Td (which ) Tj ET Q q 0 0 0 rg BT 350.57 394.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 386.87 394.25 Td (during ) Tj ET Q q 0 0 0 rg BT 414.31 394.25 Td (January) Tj ET Q q 0 0 0 rg BT 444.76 394.25 Td (, ) Tj ET Q q 0 0 0 rg BT 448.58 394.25 Td (while ) Tj ET Q q 0 0 0 rg BT 472.12 394.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.67 394.25 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 525.31 394.25 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 89.78 382.25 Td (was ) Tj ET Q q 0 0 0 rg BT 107.83 382.25 Td (in ) Tj ET Q q 0 0 0 rg BT 118.11 382.25 Td (ef) Tj ET Q q 0 0 0 rg BT 125.70 382.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 143.18 382.25 Td (and ) Tj ET Q q 0 0 0 rg BT 160.12 382.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.84 382.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 217.89 382.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 262.05 382.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 309.53 382.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.59 382.25 Td ($20.0 ) Tj ET Q q 0 0 0 rg BT 352.59 382.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.48 382.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 360.25 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 90.96 360.25 Td (Shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.83 360.25 Td ( ) Tj ET Q q 0 0 0 rg BT 125.41 360.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.43 360.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 197.22 360.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.22 360.25 Td (, ) Tj ET Q q 0 0 0 rg BT 221.75 360.25 Td (we ) Tj ET Q q 0 0 0 rg BT 235.43 360.25 Td (had ) Tj ET Q q 0 0 0 rg BT 251.90 360.25 Td (2,000,000 ) Tj ET Q q 0 0 0 rg BT 293.93 360.25 Td (depositary ) Tj ET Q q 0 0 0 rg BT 337.61 360.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 367.12 360.25 Td (each ) Tj ET Q q 0 0 0 rg BT 387.47 360.25 Td (representing ) Tj ET Q q 0 0 0 rg BT 438.92 360.25 Td (1/1000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 466.69 364.78 Td (th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.75 360.25 Td ( ) Tj ET Q q 0 0 0 rg BT 473.78 360.25 Td (of ) Tj ET Q q 0 0 0 rg BT 484.13 360.25 Td (a ) Tj ET Q q 0 0 0 rg BT 490.60 360.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 516.61 360.25 Td (A) Tj ET Q q 0 0 0 rg BT 523.28 360.25 Td ( ) Tj ET Q q 0 0 0 rg BT 525.31 360.25 Td (Preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.25 Td (Share, ) Tj ET Q q 0 0 0 rg BT 76.42 348.25 Td (or ) Tj ET Q q 0 0 0 rg BT 86.39 348.25 Td (2,000 ) Tj ET Q q 0 0 0 rg BT 110.54 348.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 136.26 348.25 Td (A) Tj ET Q q 0 0 0 rg BT 142.93 348.25 Td ( ) Tj ET Q q 0 0 0 rg BT 144.58 348.25 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 183.42 348.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 211.73 348.25 Td (in ) Tj ET Q q 0 0 0 rg BT 221.15 348.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.02 348.25 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 278.03 348.25 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 328.84 348.25 Td ( ) Tj ET Q q 0 0 0 rg BT 330.37 348.25 Td (The ) Tj ET Q q 0 0 0 rg BT 347.56 348.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 373.28 348.25 Td (A) Tj ET Q q 0 0 0 rg BT 379.95 348.25 Td ( ) Tj ET Q q 0 0 0 rg BT 381.60 348.25 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 420.44 348.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 448.75 348.25 Td (have ) Tj ET Q q 0 0 0 rg BT 469.28 348.25 Td (a ) Tj ET Q q 0 0 0 rg BT 475.36 348.25 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 520.34 348.25 Td (preference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 73.72 336.25 Td (to ) Tj ET Q q 0 0 0 rg BT 84.05 336.25 Td ($25 ) Tj ET Q q 0 0 0 rg BT 101.61 336.25 Td (per ) Tj ET Q q 0 0 0 rg BT 116.94 336.25 Td (depositary ) Tj ET Q q 0 0 0 rg BT 161.16 336.25 Td (share ) Tj ET Q q 0 0 0 rg BT 184.82 336.25 Td (\(plus ) Tj ET Q q 0 0 0 rg BT 207.38 336.25 Td (an ) Tj ET Q q 0 0 0 rg BT 219.38 336.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 251.93 336.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 276.15 336.25 Td (to ) Tj ET Q q 0 0 0 rg BT 286.48 336.25 Td (all ) Tj ET Q q 0 0 0 rg BT 299.04 336.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 332.68 336.25 Td (and ) Tj ET Q q 0 0 0 rg BT 349.68 336.25 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 379.46 336.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 420.91 336.25 Td (\(whether ) Tj ET Q q 0 0 0 rg BT 459.00 336.25 Td (or ) Tj ET Q q 0 0 0 rg BT 469.89 336.25 Td (not ) Tj ET Q q 0 0 0 rg BT 485.23 336.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 514.44 336.25 Td (or ) Tj ET Q q 0 0 0 rg BT 525.33 336.25 Td (declared\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.76 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.57 324.25 Td (then ) Tj ET Q q 0 0 0 rg BT 98.39 324.25 Td (current ) Tj ET Q q 0 0 0 rg BT 129.30 324.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 167.99 324.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 205.58 324.25 Td (period ) Tj ET Q q 0 0 0 rg BT 233.73 324.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 267.41 324.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.79 324.25 Td (but ) Tj ET Q q 0 0 0 rg BT 293.16 324.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 335.19 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 350.01 324.25 Td (date ) Tj ET Q q 0 0 0 rg BT 369.26 324.25 Td (of ) Tj ET Q q 0 0 0 rg BT 380.19 324.25 Td (final ) Tj ET Q q 0 0 0 rg BT 401.11 324.25 Td (distribution\). ) Tj ET Q q 0 0 0 rg BT 455.65 324.25 Td ( ) Tj ET Q q 0 0 0 rg BT 458.25 324.25 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 501.96 324.25 Td (on ) Tj ET Q q 0 0 0 rg BT 514.55 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 529.37 324.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 555.83 324.25 Td (A) Tj ET Q q 0 0 0 rg BT 562.50 324.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.25 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 89.13 312.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 118.21 312.25 Td (are ) Tj ET Q q 0 0 0 rg BT 132.85 312.25 Td (non-cumulative ) Tj ET Q q 0 0 0 rg BT 198.04 312.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 217.40 312.25 Td (if ) Tj ET Q q 0 0 0 rg BT 225.94 312.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 262.23 312.25 Td (by ) Tj ET Q q 0 0 0 rg BT 274.66 312.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 288.48 312.25 Td (are ) Tj ET Q q 0 0 0 rg BT 303.11 312.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 322.76 312.25 Td (at ) Tj ET Q q 0 0 0 rg BT 332.40 312.25 Td (an ) Tj ET Q q 0 0 0 rg BT 344.27 312.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 373.35 312.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 390.77 312.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.53 312.25 Td (9.75%. ) Tj ET Q q 0 0 0 rg BT 432.28 312.25 Td ( ) Tj ET Q q 0 0 0 rg BT 434.71 312.25 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 478.25 312.25 Td (are ) Tj ET Q q 0 0 0 rg BT 492.88 312.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 526.41 312.25 Td (quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.27 300.25 Td (arrears, ) Tj ET Q q 0 0 0 rg BT 90.96 300.25 Td (if ) Tj ET Q q 0 0 0 rg BT 99.06 300.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 134.92 300.25 Td (by ) Tj ET Q q 0 0 0 rg BT 146.91 300.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 160.29 300.25 Td (on ) Tj ET Q q 0 0 0 rg BT 172.28 300.25 Td (March ) Tj ET Q q 0 0 0 rg BT 200.37 300.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 214.87 300.25 Td (June ) Tj ET Q q 0 0 0 rg BT 235.19 300.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 249.68 300.25 Td (September ) Tj ET Q q 0 0 0 rg BT 294.44 300.25 Td (15 ) Tj ET Q q 0 0 0 rg BT 306.43 300.25 Td (and ) Tj ET Q q 0 0 0 rg BT 322.86 300.25 Td (December ) Tj ET Q q 0 0 0 rg BT 365.94 300.25 Td (15. ) Tj ET Q q 0 0 0 rg BT 380.43 300.25 Td ( ) Tj ET Q q 0 0 0 rg BT 382.42 300.25 Td (If ) Tj ET Q q 0 0 0 rg BT 391.07 300.25 Td (there ) Tj ET Q q 0 0 0 rg BT 413.05 300.25 Td (is ) Tj ET Q q 0 0 0 rg BT 421.71 300.25 Td (a ) Tj ET Q q 0 0 0 rg BT 428.14 300.25 Td (change ) Tj ET Q q 0 0 0 rg BT 458.45 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.77 300.25 Td (control ) Tj ET Q q 0 0 0 rg BT 499.09 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 509.41 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 300.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.88 288.25 Td (if ) Tj ET Q q 0 0 0 rg BT 75.94 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 91.10 288.25 Td (Company) Tj ET Q q 0 0 0 rg BT 132.77 288.25 Td (s ) Tj ET Q q 0 0 0 rg BT 139.60 288.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 180.30 288.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 206.01 288.25 Td (rating ) Tj ET Q q 0 0 0 rg BT 232.28 288.25 Td (is ) Tj ET Q q 0 0 0 rg BT 241.90 288.25 Td (withdrawn ) Tj ET Q q 0 0 0 rg BT 287.61 288.25 Td (or ) Tj ET Q q 0 0 0 rg BT 298.89 288.25 Td (downgraded ) Tj ET Q q 0 0 0 rg BT 351.26 288.25 Td (to ) Tj ET Q q 0 0 0 rg BT 361.99 288.25 Td (a ) Tj ET Q q 0 0 0 rg BT 369.37 288.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 399.52 288.25 Td (level ) Tj ET Q q 0 0 0 rg BT 421.90 288.25 Td (\(together ) Tj ET Q q 0 0 0 rg BT 460.94 288.25 Td (constituting ) Tj ET Q q 0 0 0 rg BT 511.11 288.25 Td (a ) Tj ET Q q 0 0 0 rg BT 518.49 288.25 Td (change ) Tj ET Q q 0 0 0 rg BT 554.19 288.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.25 Td (control ) Tj ET Q q 0 0 0 rg BT 80.74 276.25 Td (event\), ) Tj ET Q q 0 0 0 rg BT 115.57 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 130.70 276.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 172.50 276.25 Td (on ) Tj ET Q q 0 0 0 rg BT 185.42 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 200.54 276.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 227.25 276.25 Td (A) Tj ET Q q 0 0 0 rg BT 233.92 276.25 Td ( ) Tj ET Q q 0 0 0 rg BT 236.84 276.25 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 276.95 276.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 306.52 276.25 Td (will ) Tj ET Q q 0 0 0 rg BT 324.99 276.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 360.65 276.25 Td (to ) Tj ET Q q 0 0 0 rg BT 371.35 276.25 Td (10.75% ) Tj ET Q q 0 0 0 rg BT 405.09 276.25 Td (per ) Tj ET Q q 0 0 0 rg BT 420.77 276.25 Td (year) Tj ET Q q 0 0 0 rg BT 437.42 276.25 Td (. ) Tj ET Q q 0 0 0 rg BT 442.84 276.25 Td ( ) Tj ET Q q 0 0 0 rg BT 445.54 276.25 Td (W) Tj ET Q q 0 0 0 rg BT 454.18 276.25 Td (e ) Tj ET Q q 0 0 0 rg BT 461.53 276.25 Td (may ) Tj ET Q q 0 0 0 rg BT 481.66 276.25 Td (redeem ) Tj ET Q q 0 0 0 rg BT 513.99 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 529.12 276.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 555.83 276.25 Td (A) Tj ET Q q 0 0 0 rg BT 562.50 276.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.25 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 89.07 264.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 118.11 264.25 Td (in ) Tj ET Q q 0 0 0 rg BT 128.26 264.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 155.08 264.25 Td (or ) Tj ET Q q 0 0 0 rg BT 165.78 264.25 Td (in ) Tj ET Q q 0 0 0 rg BT 175.94 264.25 Td (part ) Tj ET Q q 0 0 0 rg BT 193.86 264.25 Td (\(provided, ) Tj ET Q q 0 0 0 rg BT 237.61 264.25 Td (that ) Tj ET Q q 0 0 0 rg BT 254.98 264.25 Td (any ) Tj ET Q q 0 0 0 rg BT 271.79 264.25 Td (redemption ) Tj ET Q q 0 0 0 rg BT 319.71 264.25 Td (that ) Tj ET Q q 0 0 0 rg BT 337.08 264.25 Td (would ) Tj ET Q q 0 0 0 rg BT 364.46 264.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 393.48 264.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.07 264.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 449.31 264.25 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 495.02 264.25 Td (preference ) Tj ET Q q 0 0 0 rg BT 539.57 264.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 264.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 76.10 252.25 Td (A) Tj ET Q q 0 0 0 rg BT 82.77 252.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.54 252.25 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 125.51 252.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 154.94 252.25 Td (below ) Tj ET Q q 0 0 0 rg BT 182.15 252.25 Td ($25 ) Tj ET Q q 0 0 0 rg BT 199.93 252.25 Td (million ) Tj ET Q q 0 0 0 rg BT 231.59 252.25 Td (in ) Tj ET Q q 0 0 0 rg BT 242.14 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 257.13 252.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 298.77 252.25 Td (would ) Tj ET Q q 0 0 0 rg BT 326.54 252.25 Td (be ) Tj ET Q q 0 0 0 rg BT 338.75 252.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 378.72 252.25 Td (to ) Tj ET Q q 0 0 0 rg BT 389.27 252.25 Td (a ) Tj ET Q q 0 0 0 rg BT 396.49 252.25 Td (redemption ) Tj ET Q q 0 0 0 rg BT 444.80 252.25 Td (in ) Tj ET Q q 0 0 0 rg BT 455.35 252.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 482.56 252.25 Td (only\) ) Tj ET Q q 0 0 0 rg BT 506.44 252.25 Td (at ) Tj ET Q q 0 0 0 rg BT 516.43 252.25 Td (any ) Tj ET Q q 0 0 0 rg BT 533.64 252.25 Td (time ) Tj ET Q q 0 0 0 rg BT 554.19 252.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (from ) Tj ET Q q 0 0 0 rg BT 71.71 240.25 Td (time ) Tj ET Q q 0 0 0 rg BT 92.25 240.25 Td (to ) Tj ET Q q 0 0 0 rg BT 102.80 240.25 Td (time ) Tj ET Q q 0 0 0 rg BT 123.35 240.25 Td (at ) Tj ET Q q 0 0 0 rg BT 133.34 240.25 Td (a ) Tj ET Q q 0 0 0 rg BT 140.54 240.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 161.08 240.25 Td (redemption ) Tj ET Q q 0 0 0 rg BT 209.40 240.25 Td (price ) Tj ET Q q 0 0 0 rg BT 232.15 240.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 256.58 240.25 Td (to ) Tj ET Q q 0 0 0 rg BT 267.13 240.25 Td ($25 ) Tj ET Q q 0 0 0 rg BT 284.90 240.25 Td (per ) Tj ET Q q 0 0 0 rg BT 300.44 240.25 Td (depositary ) Tj ET Q q 0 0 0 rg BT 344.87 240.25 Td (share ) Tj ET Q q 0 0 0 rg BT 368.74 240.25 Td (\(plus ) Tj ET Q q 0 0 0 rg BT 391.51 240.25 Td (an ) Tj ET Q q 0 0 0 rg BT 403.72 240.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 436.48 240.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 460.91 240.25 Td (to ) Tj ET Q q 0 0 0 rg BT 471.46 240.25 Td (all ) Tj ET Q q 0 0 0 rg BT 484.22 240.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 518.08 240.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.29 240.25 Td (unpaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 89.99 228.25 Td (\(whether ) Tj ET Q q 0 0 0 rg BT 127.13 228.25 Td (or ) Tj ET Q q 0 0 0 rg BT 137.06 228.25 Td (not ) Tj ET Q q 0 0 0 rg BT 151.44 228.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 179.69 228.25 Td (or ) Tj ET Q q 0 0 0 rg BT 189.62 228.25 Td (declared\) ) Tj ET Q q 0 0 0 rg BT 228.41 228.25 Td (for ) Tj ET Q q 0 0 0 rg BT 241.67 228.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.49 228.25 Td (then ) Tj ET Q q 0 0 0 rg BT 274.31 228.25 Td (current ) Tj ET Q q 0 0 0 rg BT 304.23 228.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 341.92 228.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 378.52 228.25 Td (period ) Tj ET Q q 0 0 0 rg BT 405.67 228.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 438.35 228.25 Td (to ) Tj ET Q q 0 0 0 rg BT 447.73 228.25 Td (but ) Tj ET Q q 0 0 0 rg BT 462.11 228.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 503.15 228.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.97 228.25 Td (redemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (date\). ) Tj ET Q q 0 0 0 rg BT 74.47 216.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.96 216.25 Td (Holders ) Tj ET Q q 0 0 0 rg BT 111.11 216.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.93 216.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.63 216.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 163.01 216.25 Td (A) Tj ET Q q 0 0 0 rg BT 169.68 216.25 Td ( ) Tj ET Q q 0 0 0 rg BT 172.17 216.25 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 211.85 216.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 241.00 216.25 Td (have ) Tj ET Q q 0 0 0 rg BT 262.36 216.25 Td (no ) Tj ET Q q 0 0 0 rg BT 274.85 216.25 Td (right ) Tj ET Q q 0 0 0 rg BT 296.23 216.25 Td (to ) Tj ET Q q 0 0 0 rg BT 306.49 216.25 Td (require ) Tj ET Q q 0 0 0 rg BT 337.30 216.25 Td (redemption ) Tj ET Q q 0 0 0 rg BT 385.33 216.25 Td (of ) Tj ET Q q 0 0 0 rg BT 396.14 216.25 Td (the ) Tj ET Q q 0 0 0 rg BT 410.85 216.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 437.23 216.25 Td (A) Tj ET Q q 0 0 0 rg BT 443.90 216.25 Td ( ) Tj ET Q q 0 0 0 rg BT 446.38 216.25 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 486.07 216.25 Td (Shares. ) Tj ET Q q 0 0 0 rg BT 517.72 216.25 Td ( ) Tj ET Q q 0 0 0 rg BT 520.02 216.25 Td (The ) Tj ET Q q 0 0 0 rg BT 538.06 216.25 Td (Series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 204.25 Td ( ) Tj ET Q q 0 0 0 rg BT 59.50 204.25 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 100.02 204.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 130.01 204.25 Td (have ) Tj ET Q q 0 0 0 rg BT 152.21 204.25 Td (no ) Tj ET Q q 0 0 0 rg BT 165.54 204.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 192.20 204.25 Td (maturity) Tj ET Q q 0 0 0 rg BT 225.43 204.25 Td (, ) Tj ET Q q 0 0 0 rg BT 231.26 204.25 Td (are ) Tj ET Q q 0 0 0 rg BT 246.79 204.25 Td (not ) Tj ET Q q 0 0 0 rg BT 262.90 204.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 294.55 204.25 Td (to ) Tj ET Q q 0 0 0 rg BT 305.65 204.25 Td (any ) Tj ET Q q 0 0 0 rg BT 323.42 204.25 Td (sinking ) Tj ET Q q 0 0 0 rg BT 356.20 204.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 377.85 204.25 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 425.35 204.25 Td (are ) Tj ET Q q 0 0 0 rg BT 440.89 204.25 Td (not ) Tj ET Q q 0 0 0 rg BT 456.99 204.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 505.30 204.25 Td (into ) Tj ET Q q 0 0 0 rg BT 524.19 204.25 Td (any ) Tj ET Q q 0 0 0 rg BT 541.95 204.25 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 91.55 192.25 Td (and ) Tj ET Q q 0 0 0 rg BT 107.78 192.25 Td (will ) Tj ET Q q 0 0 0 rg BT 125.12 192.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 154.67 192.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 203.12 192.25 Td (indefinitely ) Tj ET Q q 0 0 0 rg BT 251.01 192.25 Td (unless ) Tj ET Q q 0 0 0 rg BT 277.80 192.25 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 318.45 192.25 Td (by ) Tj ET Q q 0 0 0 rg BT 330.23 192.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 343.41 192.25 Td ( ) Tj ET Q q 0 0 0 rg BT 345.20 192.25 Td (Holders ) Tj ET Q q 0 0 0 rg BT 378.65 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 388.76 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.77 192.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 428.60 192.25 Td (A) Tj ET Q q 0 0 0 rg BT 435.27 192.25 Td ( ) Tj ET Q q 0 0 0 rg BT 437.05 192.25 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 476.04 192.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 504.49 192.25 Td (have ) Tj ET Q q 0 0 0 rg BT 525.15 192.25 Td (no ) Tj ET Q q 0 0 0 rg BT 536.94 192.25 Td (voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (rights, ) Tj ET Q q 0 0 0 rg BT 77.22 180.25 Td (except ) Tj ET Q q 0 0 0 rg BT 105.75 180.25 Td (with ) Tj ET Q q 0 0 0 rg BT 125.97 180.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 156.73 180.25 Td (to ) Tj ET Q q 0 0 0 rg BT 166.95 180.25 Td (those ) Tj ET Q q 0 0 0 rg BT 190.50 180.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 229.04 180.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 260.91 180.25 Td (set ) Tj ET Q q 0 0 0 rg BT 274.46 180.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 296.34 180.25 Td (in ) Tj ET Q q 0 0 0 rg BT 306.56 180.25 Td (the ) Tj ET Q q 0 0 0 rg BT 321.22 180.25 Td (Company) Tj ET Q q 0 0 0 rg BT 362.88 180.25 Td (s ) Tj ET Q q 0 0 0 rg BT 368.68 180.25 Td (Amended ) Tj ET Q q 0 0 0 rg BT 410.00 180.25 Td (and ) Tj ET Q q 0 0 0 rg BT 426.88 180.25 Td (Restated ) Tj ET Q q 0 0 0 rg BT 463.21 180.25 Td (Articles ) Tj ET Q q 0 0 0 rg BT 497.31 180.25 Td (of ) Tj ET Q q 0 0 0 rg BT 508.08 180.25 Td (Incorporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.70 168.25 Td (as ) Tj ET Q q 0 0 0 rg BT 71.90 168.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 113.64 168.25 Td (required ) Tj ET Q q 0 0 0 rg BT 149.82 168.25 Td (by ) Tj ET Q q 0 0 0 rg BT 162.69 168.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 206.65 168.25 Td (Ohio ) Tj ET Q q 0 0 0 rg BT 229.52 168.25 Td (law) Tj ET Q q 0 0 0 rg BT 243.30 168.25 Td (, ) Tj ET Q q 0 0 0 rg BT 248.67 168.25 Td (and ) Tj ET Q q 0 0 0 rg BT 265.98 168.25 Td (no ) Tj ET Q q 0 0 0 rg BT 278.85 168.25 Td (preemptive ) Tj ET Q q 0 0 0 rg BT 326.69 168.25 Td (rights. ) Tj ET Q q 0 0 0 rg BT 354.84 168.25 Td ( ) Tj ET Q q 0 0 0 rg BT 357.50 168.25 Td (The ) Tj ET Q q 0 0 0 rg BT 375.91 168.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 425.45 168.25 Td (depositary ) Tj ET Q q 0 0 0 rg BT 469.97 168.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 497.83 168.25 Td (are ) Tj ET Q q 0 0 0 rg BT 512.90 168.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 537.44 168.25 Td (on ) Tj ET Q q 0 0 0 rg BT 550.30 168.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (New ) Tj ET Q q 0 0 0 rg BT 70.85 156.25 Td (Y) Tj ET Q q 0 0 0 rg BT 77.07 156.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 93.30 156.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 118.97 156.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 161.29 156.25 Td (under ) Tj ET Q q 0 0 0 rg BT 186.96 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 202.07 156.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 233.29 156.25 Td (symbol ) Tj ET Q q 0 0 0 rg BT 265.64 156.25 Td (MHO-PrA. ) Tj ET Q q 0 0 0 rg BT 322.69 156.25 Td ( ) Tj ET Q q 0 0 0 rg BT 325.38 156.25 Td (There ) Tj ET Q q 0 0 0 rg BT 351.59 156.25 Td (is ) Tj ET Q q 0 0 0 rg BT 361.16 156.25 Td (no ) Tj ET Q q 0 0 0 rg BT 374.06 156.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 409.71 156.25 Td (public ) Tj ET Q q 0 0 0 rg BT 437.60 156.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 468.82 156.25 Td (market ) Tj ET Q q 0 0 0 rg BT 499.48 156.25 Td (for ) Tj ET Q q 0 0 0 rg BT 514.04 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 529.15 156.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 555.85 156.25 Td (A) Tj ET Q q 0 0 0 rg BT 562.52 156.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 89.20 144.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 118.36 144.25 Td (except ) Tj ET Q q 0 0 0 rg BT 146.95 144.25 Td (as ) Tj ET Q q 0 0 0 rg BT 157.78 144.25 Td (represented ) Tj ET Q q 0 0 0 rg BT 206.37 144.25 Td (by ) Tj ET Q q 0 0 0 rg BT 218.87 144.25 Td (the ) Tj ET Q q 0 0 0 rg BT 233.58 144.25 Td (depositary ) Tj ET Q q 0 0 0 rg BT 277.74 144.25 Td (shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.84 122.25 Td (indenture ) Tj ET Q q 0 0 0 rg BT 108.40 122.25 Td (governing ) Tj ET Q q 0 0 0 rg BT 151.74 122.25 Td (our ) Tj ET Q q 0 0 0 rg BT 167.87 122.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 190.66 122.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 219.57 122.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 245.69 122.25 Td (limits ) Tj ET Q q 0 0 0 rg BT 271.27 122.25 Td (our ) Tj ET Q q 0 0 0 rg BT 287.40 122.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 315.75 122.25 Td (to ) Tj ET Q q 0 0 0 rg BT 326.32 122.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 343.55 122.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 385.23 122.25 Td (on, ) Tj ET Q q 0 0 0 rg BT 400.53 122.25 Td (and ) Tj ET Q q 0 0 0 rg BT 417.76 122.25 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 466.37 122.25 Td (our ) Tj ET Q q 0 0 0 rg BT 482.49 122.25 Td (common ) Tj ET Q q 0 0 0 rg BT 520.28 122.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 548.07 122.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 76.03 110.25 Td (A) Tj ET Q q 0 0 0 rg BT 82.70 110.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.39 110.25 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 125.28 110.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 154.62 110.25 Td (to ) Tj ET Q q 0 0 0 rg BT 165.09 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.00 110.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 212.68 110.25 Td (of ) Tj ET Q q 0 0 0 rg BT 223.70 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.60 110.25 Td (positive ) Tj ET Q q 0 0 0 rg BT 272.95 110.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 306.17 110.25 Td (in ) Tj ET Q q 0 0 0 rg BT 316.64 110.25 Td (our ) Tj ET Q q 0 0 0 rg BT 332.66 110.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 376.99 110.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 418.00 110.25 Td (basket, ) Tj ET Q q 0 0 0 rg BT 453.17 110.25 Td (as ) Tj ET Q q 0 0 0 rg BT 464.19 110.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 496.87 110.25 Td (in ) Tj ET Q q 0 0 0 rg BT 507.33 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.24 110.25 Td (indenture. ) Tj ET Q q 0 0 0 rg BT 565.00 110.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.81 98.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 107.77 98.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 148.86 98.25 Td (basket ) Tj ET Q q 0 0 0 rg BT 177.17 98.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.48 98.25 Td ($137.7 ) Tj ET Q q 0 0 0 rg BT 225.74 98.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.63 98.25 Td ( ) Tj ET Q q 0 0 0 rg BT 257.39 98.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.37 98.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 327.90 98.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.90 98.25 Td (. ) Tj ET Q q 0 0 0 rg BT 353.16 98.25 Td ( ) Tj ET Q q 0 0 0 rg BT 355.72 98.25 Td (W) Tj ET Q q 0 0 0 rg BT 364.36 98.25 Td (e ) Tj ET Q q 0 0 0 rg BT 371.56 98.25 Td (are ) Tj ET Q q 0 0 0 rg BT 386.52 98.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 427.61 98.25 Td (by ) Tj ET Q q 0 0 0 rg BT 440.37 98.25 Td (the ) Tj ET Q q 0 0 0 rg BT 455.35 98.25 Td (indenture ) Tj ET Q q 0 0 0 rg BT 495.87 98.25 Td (to ) Tj ET Q q 0 0 0 rg BT 506.41 98.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 523.61 98.25 Td (dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.25 Td (on, ) Tj ET Q q 0 0 0 rg BT 65.33 86.25 Td (and ) Tj ET Q q 0 0 0 rg BT 83.11 86.25 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 132.25 86.25 Td (our ) Tj ET Q q 0 0 0 rg BT 148.91 86.25 Td (common ) Tj ET Q q 0 0 0 rg BT 187.24 86.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 215.56 86.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.34 86.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 260.37 86.25 Td (A) Tj ET Q q 0 0 0 rg BT 267.04 86.25 Td ( ) Tj ET Q q 0 0 0 rg BT 270.38 86.25 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 310.91 86.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 340.90 86.25 Td (to ) Tj ET Q q 0 0 0 rg BT 352.01 86.25 Td (the ) Tj ET Q q 0 0 0 rg BT 367.56 86.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 395.33 86.25 Td (of ) Tj ET Q q 0 0 0 rg BT 407.00 86.25 Td (such ) Tj ET Q q 0 0 0 rg BT 428.66 86.25 Td (positive ) Tj ET Q q 0 0 0 rg BT 463.66 86.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 497.53 86.25 Td (in ) Tj ET Q q 0 0 0 rg BT 508.64 86.25 Td (our ) Tj ET Q q 0 0 0 rg BT 525.30 86.25 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 90.39 74.25 Td (basket. ) Tj ET Q q 0 0 0 rg BT 121.00 74.25 Td ( ) Tj ET Q q 0 0 0 rg BT 123.38 74.25 Td (W) Tj ET Q q 0 0 0 rg BT 132.02 74.25 Td (e ) Tj ET Q q 0 0 0 rg BT 139.02 74.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 175.44 74.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.44 74.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 212.23 74.25 Td (a ) Tj ET Q q 0 0 0 rg BT 219.23 74.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 257.88 74.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 295.44 74.25 Td (of ) Tj ET Q q 0 0 0 rg BT 306.34 74.25 Td ($609.375 ) Tj ET Q q 0 0 0 rg BT 346.40 74.25 Td (per ) Tj ET Q q 0 0 0 rg BT 361.73 74.25 Td (share ) Tj ET Q q 0 0 0 rg BT 385.39 74.25 Td (on ) Tj ET Q q 0 0 0 rg BT 397.96 74.25 Td (our ) Tj ET Q q 0 0 0 rg BT 413.85 74.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 440.29 74.25 Td (A) Tj ET Q q 0 0 0 rg BT 446.96 74.25 Td ( ) Tj ET Q q 0 0 0 rg BT 449.52 74.25 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 489.28 74.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 518.50 74.25 Td (in ) Tj ET Q q 0 0 0 rg BT 528.85 74.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.63 74.25 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 79.72 62.25 Td (of ) Tj ET Q q 0 0 0 rg BT 89.96 62.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 111.87 62.25 Td (and ) Tj ET Q q 0 0 0 rg BT 128.22 62.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.22 62.25 Td ( ) Tj ET Q q 0 0 0 rg BT 150.13 62.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.69 62.25 Td ($1.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.58 62.25 Td ( ) Tj ET Q q 0 0 0 rg BT 214.49 62.25 Td (and ) Tj ET Q q 0 0 0 rg BT 230.84 62.25 Td (have ) Tj ET Q q 0 0 0 rg BT 251.63 62.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 270.75 62.25 Td (an ) Tj ET Q q 0 0 0 rg BT 282.10 62.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 322.87 62.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 359.77 62.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 400.00 62.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.24 62.25 Td ($3.7 ) Tj ET Q q 0 0 0 rg BT 429.65 62.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.54 62.25 Td ( ) Tj ET Q q 0 0 0 rg BT 460.45 62.25 Td (for ) Tj ET Q q 0 0 0 rg BT 474.02 62.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.14 62.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 507.27 62.25 Td (months ) Tj ET Q q 0 0 0 rg BT 538.63 62.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 50.25 Td (September ) Tj ET Q q 0 0 0 rg BT 94.32 50.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 108.87 50.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 130.92 50.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.42 50.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.42 50.25 Td (. ) Tj ET Q q 0 0 0 rg BT 171.97 50.25 Td ( ) Tj ET Q q 0 0 0 rg BT 173.87 50.25 Td (The ) Tj ET Q q 0 0 0 rg BT 191.47 50.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 249.06 50.25 Td (to ) Tj ET Q q 0 0 0 rg BT 258.90 50.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 275.39 50.25 Td (future ) Tj ET Q q 0 0 0 rg BT 301.32 50.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 342.26 50.25 Td (on, ) Tj ET Q q 0 0 0 rg BT 356.81 50.25 Td (and ) Tj ET Q q 0 0 0 rg BT 373.30 50.25 Td (make ) Tj ET Q q 0 0 0 rg BT 397.01 50.25 Td (future ) Tj ET Q q 0 0 0 rg BT 422.94 50.25 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 472.19 50.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 485.07 50.25 Td (our ) Tj ET Q q 0 0 0 rg BT 500.46 50.25 Td (common ) Tj ET Q q 0 0 0 rg BT 537.51 50.25 Td (shares ) Tj ET Q endstream endobj 99 0 obj <><><>] /Rotate 0 /Contents 100 0 R>> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.75 740.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 93.38 740.10 Td (A) Tj ET Q q 0 0 0 rg BT 100.05 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 102.86 740.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 142.86 740.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 172.33 740.10 Td (will ) Tj ET Q q 0 0 0 rg BT 190.70 740.10 Td (be ) Tj ET Q q 0 0 0 rg BT 202.95 740.10 Td (at ) Tj ET Q q 0 0 0 rg BT 212.98 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.00 740.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 270.25 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.39 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 297.53 740.10 Td (board ) Tj ET Q q 0 0 0 rg BT 323.11 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 334.25 740.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 372.04 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.29 740.10 Td (will ) Tj ET Q q 0 0 0 rg BT 407.66 740.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 439.34 740.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 462.15 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 478.29 740.10 Td (results ) Tj ET Q q 0 0 0 rg BT 507.21 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.35 740.10 Td (operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.78 728.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 129.36 728.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 158.32 728.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 212.82 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.56 728.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 277.96 728.10 Td (with ) Tj ET Q q 0 0 0 rg BT 298.04 728.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 317.56 728.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 359.85 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.59 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.11 728.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 415.63 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.26 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.90 728.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 468.13 728.10 Td (A) Tj ET Q q 0 0 0 rg BT 474.80 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 477.11 728.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 516.61 728.10 Td (Shares, ) Tj ET Q q 0 0 0 rg BT 548.07 728.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.55 716.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 102.25 716.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 135.85 716.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 170.55 716.10 Td (by ) Tj ET Q q 0 0 0 rg BT 183.05 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 198.88 716.10 Td (board ) Tj ET Q q 0 0 0 rg BT 224.15 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.98 716.10 Td (directors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (Universal ) Tj ET Q q 0 0 0 rg BT 91.85 694.10 Td (Shelf ) Tj ET Q q 0 0 0 rg BT 115.88 694.10 Td (Registration. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.30 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.66 694.10 Td (In ) Tj ET Q q 0 0 0 rg BT 184.34 694.10 Td (October ) Tj ET Q q 0 0 0 rg BT 218.90 694.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 243.76 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.33 694.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 299.57 694.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 320.25 694.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.05 694.10 Td ($400million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.44 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.79 694.10 Td (universal ) Tj ET Q q 0 0 0 rg BT 419.80 694.10 Td (shelf ) Tj ET Q q 0 0 0 rg BT 441.60 694.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 489.49 694.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 530.17 694.10 Td (with ) Tj ET Q q 0 0 0 rg BT 550.30 694.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 73.04 682.10 Td (which ) Tj ET Q q 0 0 0 rg BT 100.19 682.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 148.44 682.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 189.46 682.10 Td (became ) Tj ET Q q 0 0 0 rg BT 222.70 682.10 Td (ef) Tj ET Q q 0 0 0 rg BT 230.29 682.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 260.19 682.10 Td (on ) Tj ET Q q 0 0 0 rg BT 272.90 682.10 Td (December ) Tj ET Q q 0 0 0 rg BT 316.69 682.10 Td (20, ) Tj ET Q q 0 0 0 rg BT 331.89 682.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 354.60 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.74 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.88 682.10 Td (will ) Tj ET Q q 0 0 0 rg BT 407.15 682.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 434.84 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 445.32 682.10 Td (December ) Tj ET Q q 0 0 0 rg BT 489.11 682.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 514.31 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 517.02 682.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 554.72 682.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.72 670.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 111.26 670.10 Td (statement, ) Tj ET Q q 0 0 0 rg BT 154.08 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.29 670.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 209.18 670.10 Td (may) Tj ET Q q 0 0 0 rg BT 225.75 670.10 Td (, ) Tj ET Q q 0 0 0 rg BT 230.25 670.10 Td (from ) Tj ET Q q 0 0 0 rg BT 251.69 670.10 Td (time ) Tj ET Q q 0 0 0 rg BT 271.46 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.24 670.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 303.51 670.10 Td (of) Tj ET Q q 0 0 0 rg BT 311.66 670.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 324.76 670.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 343.97 670.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 386.24 670.10 Td (common ) Tj ET Q q 0 0 0 rg BT 423.23 670.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 452.72 670.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 491.36 670.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 520.85 670.10 Td (depositary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 79.50 658.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 116.43 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 126.72 658.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 164.76 658.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 184.48 658.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 227.25 658.10 Td (common ) Tj ET Q q 0 0 0 rg BT 264.75 658.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 294.75 658.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 333.89 658.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 363.89 658.10 Td (depositary ) Tj ET Q q 0 0 0 rg BT 408.05 658.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 435.55 658.10 Td (or ) Tj ET Q q 0 0 0 rg BT 446.38 658.10 Td (units ) Tj ET Q q 0 0 0 rg BT 468.34 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.18 658.10 Td (two ) Tj ET Q q 0 0 0 rg BT 496.68 658.10 Td (or ) Tj ET Q q 0 0 0 rg BT 507.52 658.10 Td (more ) Tj ET Q q 0 0 0 rg BT 530.57 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.41 658.10 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 92.29 646.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 117.59 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 127.90 646.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 165.96 646.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 185.70 646.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 228.49 646.10 Td (common ) Tj ET Q q 0 0 0 rg BT 266.01 646.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 296.03 646.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 335.19 646.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 362.71 646.10 Td (or ) Tj ET Q q 0 0 0 rg BT 373.56 646.10 Td (depositary ) Tj ET Q q 0 0 0 rg BT 417.75 646.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 447.76 646.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 471.40 646.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 509.46 646.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 548.08 646.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (units. ) Tj ET Q q 0 0 0 rg BT 73.95 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.27 634.10 Td (The ) Tj ET Q q 0 0 0 rg BT 94.31 634.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 122.93 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.87 634.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 172.36 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.19 634.10 Td (of) Tj ET Q q 0 0 0 rg BT 191.34 634.10 Td (ferings, ) Tj ET Q q 0 0 0 rg BT 224.11 634.10 Td (if ) Tj ET Q q 0 0 0 rg BT 232.72 634.10 Td (any) Tj ET Q q 0 0 0 rg BT 246.51 634.10 Td (, ) Tj ET Q q 0 0 0 rg BT 251.51 634.10 Td (will ) Tj ET Q q 0 0 0 rg BT 269.56 634.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 300.94 634.10 Td (on ) Tj ET Q q 0 0 0 rg BT 313.44 634.10 Td (market ) Tj ET Q q 0 0 0 rg BT 343.70 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.64 634.10 Td (general ) Tj ET Q q 0 0 0 rg BT 392.57 634.10 Td (business ) Tj ET Q q 0 0 0 rg BT 428.96 634.10 Td (conditions.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 608.53505859375 m 202.6787109375 608.53505859375 l s q 0 0 0 rg BT 49.50 610.10 Td (CONTRACTUAL) Tj ET Q q 0 0 0 rg BT 127.29 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 129.79 610.10 Td (OBLIGA) Tj ET Q q 0 0 0 rg BT 169.06 610.10 Td (TIONS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (There ) Tj ET Q q 0 0 0 rg BT 77.67 586.10 Td (have ) Tj ET Q q 0 0 0 rg BT 101.39 586.10 Td (been ) Tj ET Q q 0 0 0 rg BT 125.12 586.10 Td (no ) Tj ET Q q 0 0 0 rg BT 139.97 586.10 Td (material ) Tj ET Q q 0 0 0 rg BT 177.58 586.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 214.64 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.26 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 245.44 586.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 294.71 586.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 344.01 586.10 Td (appearing ) Tj ET Q q 0 0 0 rg BT 388.28 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.91 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.98 586.10 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 469.48 586.10 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 520.99 586.10 Td (section ) Tj ET Q q 0 0 0 rg BT 554.17 586.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (Management) Tj ET Q q 0 0 0 rg BT 104.48 574.10 Td (s ) Tj ET Q q 0 0 0 rg BT 110.50 574.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 156.53 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 172.63 574.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 209.76 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.22 574.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 259.56 574.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 301.70 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.27 574.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 349.85 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 360.31 574.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 406.32 574.10 Td (included ) Tj ET Q q 0 0 0 rg BT 442.88 574.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.79 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 467.78 574.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 499.35 574.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 528.70 574.10 Td (on ) Tj ET Q q 0 0 0 rg BT 540.83 574.10 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 72.55 562.10 Td (for ) Tj ET Q q 0 0 0 rg BT 86.71 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.43 562.10 Td (year ) Tj ET Q q 0 0 0 rg BT 121.14 562.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.51 562.10 Td (December ) Tj ET Q q 0 0 0 rg BT 191.10 562.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 206.10 562.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.10 562.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 536.53505859375 m 245.45703125 536.53505859375 l s q 0 0 0 rg BT 49.50 538.10 Td (OFF-BALANCE ) Tj ET Q q 0 0 0 rg BT 124.22 538.10 Td (SHEET) Tj ET Q q 0 0 0 rg BT 157.39 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.34 538.10 Td (ARRANGEMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 75.05322265625 514.7669921875 m 80.05322265625 514.7669921875 l s q 0 0 1 rg BT 75.05 516.10 Td (3) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 80.05 516.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 84.7763671875 514.7669921875 m 89.7763671875 514.7669921875 l s q 0 0 1 rg BT 84.78 516.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 89.78 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 92.00 516.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 108.6611328125 514.7669921875 m 113.6611328125 514.7669921875 l s q 0 0 1 rg BT 108.66 516.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 113.66 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.88 516.10 Td (discuss ) Tj ET Q q 0 0 0 rg BT 147.00 516.10 Td (our ) Tj ET Q q 0 0 0 rg BT 162.55 516.10 Td (of) Tj ET Q q 0 0 0 rg BT 170.70 516.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 210.12 516.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 232.89 516.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 288.97 516.10 Td (with ) Tj ET Q q 0 0 0 rg BT 308.97 516.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 339.51 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.51 516.10 Td (land ) Tj ET Q q 0 0 0 rg BT 368.95 516.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 415.06 516.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 453.38 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.04 516.10 Td (option ) Tj ET Q q 0 0 0 rg BT 497.82 516.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 548.07 516.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (land ) Tj ET Q q 0 0 0 rg BT 69.59 504.10 Td (development ) Tj ET Q q 0 0 0 rg BT 124.12 504.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 145.33 504.10 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 184.58 504.10 Td (including ) Tj ET Q q 0 0 0 rg BT 225.23 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.32 504.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 268.18 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.49 504.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 322.25 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.46 504.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 371.32 504.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 418.63 504.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 452.05 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 462.70 504.10 Td (these ) Tj ET Q q 0 0 0 rg BT 486.13 504.10 Td (items. ) Tj ET Q q 0 0 0 rg BT 513.17 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 516.04 504.10 Td (In ) Tj ET Q q 0 0 0 rg BT 527.25 504.10 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (these ) Tj ET Q q 0 0 0 rg BT 71.52 492.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 96.32 492.10 Td (discuss ) Tj ET Q q 0 0 0 rg BT 126.69 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.38 492.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 166.84 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.75 492.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 218.11 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.92 492.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 256.59 492.10 Td (types ) Tj ET Q q 0 0 0 rg BT 279.17 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.98 492.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 344.89 492.10 Td (that ) Tj ET Q q 0 0 0 rg BT 361.36 492.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 381.71 492.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.96 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.65 492.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 440.00 492.10 Td (course ) Tj ET Q q 0 0 0 rg BT 467.57 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.38 492.10 Td (our ) Tj ET Q q 0 0 0 rg BT 492.18 492.10 Td (land ) Tj ET Q q 0 0 0 rg BT 510.87 492.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 480.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 124.49 480.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 171.15 480.10 Td (including ) Tj ET Q q 0 0 0 rg BT 211.42 480.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 268.36 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.19 480.10 Td (land ) Tj ET Q q 0 0 0 rg BT 298.90 480.10 Td (development ) Tj ET Q q 0 0 0 rg BT 353.05 480.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 373.89 480.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 410.27 480.10 Td (for ) Tj ET Q q 0 0 0 rg BT 424.43 480.10 Td (which ) Tj ET Q q 0 0 0 rg BT 451.37 480.10 Td (we ) Tj ET Q q 0 0 0 rg BT 465.53 480.10 Td (might ) Tj ET Q q 0 0 0 rg BT 491.36 480.10 Td (be ) Tj ET Q q 0 0 0 rg BT 503.30 480.10 Td (obligated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.01 458.10 Td (of) Tj ET Q q 0 0 0 rg BT 76.16 458.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 116.31 458.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 139.81 458.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 196.63 458.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 230.13 458.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.86 458.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.15 458.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 315.66 458.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 360.27 458.10 Td (include ) Tj ET Q q 0 0 0 rg BT 392.66 458.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 456.16 458.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 477.45 458.10 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 516.78 458.10 Td (land ) Tj ET Q q 0 0 0 rg BT 536.96 458.10 Td (option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 100.09 446.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 145.41 446.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.40 446.10 Td (indemnifications ) Tj ET Q q 0 0 0 rg BT 232.17 446.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 275.83 446.10 Td (with ) Tj ET Q q 0 0 0 rg BT 296.16 446.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 336.49 446.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.49 446.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 400.48 446.10 Td (land, ) Tj ET Q q 0 0 0 rg BT 422.76 446.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.76 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.53 446.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 490.97 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.86 446.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 528.85 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 539.74 446.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.95 434.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 114.94 434.10 Td (bonds. ) Tj ET Q q 0 0 0 rg BT 144.34 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.35 434.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 165.91 434.10 Td (use ) Tj ET Q q 0 0 0 rg BT 182.25 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.59 434.10 Td (these ) Tj ET Q q 0 0 0 rg BT 217.14 434.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 274.01 434.10 Td (is ) Tj ET Q q 0 0 0 rg BT 283.69 434.10 Td (for ) Tj ET Q q 0 0 0 rg BT 298.36 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.58 434.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 348.25 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.59 434.10 Td (securing ) Tj ET Q q 0 0 0 rg BT 396.47 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.70 434.10 Td (most ) Tj ET Q q 0 0 0 rg BT 434.15 434.10 Td (desirable ) Tj ET Q q 0 0 0 rg BT 473.25 434.10 Td (lots ) Tj ET Q q 0 0 0 rg BT 490.71 434.10 Td (on ) Tj ET Q q 0 0 0 rg BT 503.72 434.10 Td (which ) Tj ET Q q 0 0 0 rg BT 531.17 434.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.95 434.10 Td (build ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 78.68 422.10 Td (for ) Tj ET Q q 0 0 0 rg BT 93.41 422.10 Td (our ) Tj ET Q q 0 0 0 rg BT 109.81 422.10 Td (homebuyers ) Tj ET Q q 0 0 0 rg BT 161.76 422.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.61 422.10 Td (a ) Tj ET Q q 0 0 0 rg BT 180.11 422.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 213.17 422.10 Td (that ) Tj ET Q q 0 0 0 rg BT 231.24 422.10 Td (we ) Tj ET Q q 0 0 0 rg BT 245.97 422.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 277.91 422.10 Td (reduces ) Tj ET Q q 0 0 0 rg BT 311.52 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.80 422.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 357.64 422.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 375.71 422.10 Td (to ) Tj ET Q q 0 0 0 rg BT 386.56 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.84 422.10 Td (Company) Tj ET Q q 0 0 0 rg BT 440.08 422.10 Td (.) Tj ET Q q 0 0 0 rg BT 447.03 422.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 496.93 422.10 Td (, ) Tj ET Q q 0 0 0 rg BT 502.50 422.10 Td (in ) Tj ET Q q 0 0 0 rg BT 513.35 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.64 422.10 Td (ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.10 Td (course ) Tj ET Q q 0 0 0 rg BT 77.37 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 87.47 410.10 Td (its ) Tj ET Q q 0 0 0 rg BT 98.68 410.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 136.84 410.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.94 410.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 188.69 410.10 Td (services ) Tj ET Q q 0 0 0 rg BT 222.67 410.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 266.09 410.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 287.86 410.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 332.39 410.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.59 410.10 Td (indemnities ) Tj ET Q q 0 0 0 rg BT 397.02 410.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 429.33 410.10 Td (to ) Tj ET Q q 0 0 0 rg BT 438.88 410.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.87 410.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 470.18 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.28 410.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 503.16 410.10 Td (to ) Tj ET Q q 0 0 0 rg BT 512.71 410.10 Td (third ) Tj ET Q q 0 0 0 rg BT 533.36 410.10 Td (parties.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (Land ) Tj ET Q q 0 0 0 rg BT 73.80 388.10 Td (Option ) Tj ET Q q 0 0 0 rg BT 104.39 388.10 Td (Agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.77 388.10 Td (In ) Tj ET Q q 0 0 0 rg BT 171.74 388.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.59 388.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 223.10 388.10 Td (course ) Tj ET Q q 0 0 0 rg BT 251.83 388.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.79 388.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 301.82 388.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.67 388.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 358.19 388.10 Td (enters ) Tj ET Q q 0 0 0 rg BT 384.70 388.10 Td (into ) Tj ET Q q 0 0 0 rg BT 402.89 388.10 Td (land ) Tj ET Q q 0 0 0 rg BT 422.74 388.10 Td (option ) Tj ET Q q 0 0 0 rg BT 450.93 388.10 Td (or ) Tj ET Q q 0 0 0 rg BT 461.89 388.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 500.06 388.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 548.23 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 550.86 388.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.61 376.10 Td (we ) Tj ET Q q 0 0 0 rg BT 90.95 376.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 130.82 376.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 147.93 376.10 Td (non-refundable ) Tj ET Q q 0 0 0 rg BT 211.69 376.10 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 249.64 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.31 376.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 289.99 376.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.44 376.10 Td (these ) Tj ET Q q 0 0 0 rg BT 323.66 376.10 Td (land ) Tj ET Q q 0 0 0 rg BT 343.55 376.10 Td (option ) Tj ET Q q 0 0 0 rg BT 371.78 376.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 422.49 376.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.38 376.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 478.94 376.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 516.05 376.10 Td (a ) Tj ET Q q 0 0 0 rg BT 523.16 376.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 554.72 376.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.12 364.10 Td (seller ) Tj ET Q q 0 0 0 rg BT 86.18 364.10 Td (as ) Tj ET Q q 0 0 0 rg BT 95.92 364.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 151.20 364.10 Td (for ) Tj ET Q q 0 0 0 rg BT 164.27 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.89 364.10 Td (right ) Tj ET Q q 0 0 0 rg BT 198.18 364.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.37 364.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 244.31 364.10 Td (land ) Tj ET Q q 0 0 0 rg BT 262.93 364.10 Td (at ) Tj ET Q q 0 0 0 rg BT 271.56 364.10 Td (dif) Tj ET Q q 0 0 0 rg BT 282.48 364.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 307.21 364.10 Td (times ) Tj ET Q q 0 0 0 rg BT 330.28 364.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.46 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.08 364.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 380.87 364.10 Td (usually ) Tj ET Q q 0 0 0 rg BT 411.16 364.10 Td (at ) Tj ET Q q 0 0 0 rg BT 419.78 364.10 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 478.94 364.10 Td (prices.In ) Tj ET Q q 0 0 0 rg BT 517.55 364.10 Td (accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.18 352.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 91.08 352.10 Td (810, ) Tj ET Q q 0 0 0 rg BT 111.02 352.10 Td (we ) Tj ET Q q 0 0 0 rg BT 125.12 352.10 Td (analyze ) Tj ET Q q 0 0 0 rg BT 158.09 352.10 Td (our ) Tj ET Q q 0 0 0 rg BT 173.86 352.10 Td (land ) Tj ET Q q 0 0 0 rg BT 193.52 352.10 Td (option ) Tj ET Q q 0 0 0 rg BT 221.52 352.10 Td (or ) Tj ET Q q 0 0 0 rg BT 232.29 352.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 270.27 352.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 318.24 352.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.46 352.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 370.88 352.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 405.53 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.19 352.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 479.84 352.10 Td (land ) Tj ET Q q 0 0 0 rg BT 499.50 352.10 Td (sellers ) Tj ET Q q 0 0 0 rg BT 527.49 352.10 Td (are ) Tj ET Q q 0 0 0 rg BT 541.96 352.10 Td (VIEs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 68.98 340.10 Td (if ) Tj ET Q q 0 0 0 rg BT 77.63 340.10 Td (so, ) Tj ET Q q 0 0 0 rg BT 91.57 340.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 126.32 340.10 Td (we ) Tj ET Q q 0 0 0 rg BT 140.52 340.10 Td (are ) Tj ET Q q 0 0 0 rg BT 155.27 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.03 340.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 204.23 340.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 248.55 340.10 Td (. ) Tj ET Q q 0 0 0 rg BT 253.59 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 255.57 340.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 295.90 340.10 Td (we ) Tj ET Q q 0 0 0 rg BT 310.10 340.10 Td (do ) Tj ET Q q 0 0 0 rg BT 322.64 340.10 Td (not ) Tj ET Q q 0 0 0 rg BT 337.96 340.10 Td (have ) Tj ET Q q 0 0 0 rg BT 359.38 340.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 381.36 340.10 Td (title ) Tj ET Q q 0 0 0 rg BT 399.45 340.10 Td (to ) Tj ET Q q 0 0 0 rg BT 409.78 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.54 340.10 Td (optioned ) Tj ET Q q 0 0 0 rg BT 462.07 340.10 Td (land, ) Tj ET Q q 0 0 0 rg BT 483.77 340.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 505.77 340.10 Td (810 ) Tj ET Q q 0 0 0 rg BT 523.31 340.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 558.06 340.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (company ) Tj ET Q q 0 0 0 rg BT 89.16 328.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.93 328.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 148.48 328.10 Td (a ) Tj ET Q q 0 0 0 rg BT 155.70 328.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 175.36 328.10 Td (if ) Tj ET Q q 0 0 0 rg BT 184.47 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.69 328.10 Td (company ) Tj ET Q q 0 0 0 rg BT 239.34 328.10 Td (is ) Tj ET Q q 0 0 0 rg BT 249.01 328.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 296.99 328.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.77 328.10 Td (be ) Tj ET Q q 0 0 0 rg BT 320.21 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.43 328.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 370.08 328.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 414.41 328.10 Td (. ) Tj ET Q q 0 0 0 rg BT 419.91 328.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.91 328.10 Td (In ) Tj ET Q q 0 0 0 rg BT 434.24 328.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 458.34 328.10 Td (where ) Tj ET Q q 0 0 0 rg BT 485.77 328.10 Td (we ) Tj ET Q q 0 0 0 rg BT 500.43 328.10 Td (are ) Tj ET Q q 0 0 0 rg BT 515.63 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.85 328.10 Td (primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 93.82 316.10 Td (, ) Tj ET Q q 0 0 0 rg BT 98.95 316.10 Td (even ) Tj ET Q q 0 0 0 rg BT 120.46 316.10 Td (though ) Tj ET Q q 0 0 0 rg BT 150.86 316.10 Td (we ) Tj ET Q q 0 0 0 rg BT 165.15 316.10 Td (do ) Tj ET Q q 0 0 0 rg BT 177.78 316.10 Td (not ) Tj ET Q q 0 0 0 rg BT 193.19 316.10 Td (have ) Tj ET Q q 0 0 0 rg BT 214.69 316.10 Td (title ) Tj ET Q q 0 0 0 rg BT 232.87 316.10 Td (to ) Tj ET Q q 0 0 0 rg BT 243.28 316.10 Td (such ) Tj ET Q q 0 0 0 rg BT 264.24 316.10 Td (land, ) Tj ET Q q 0 0 0 rg BT 286.58 316.10 Td (we ) Tj ET Q q 0 0 0 rg BT 300.87 316.10 Td (are ) Tj ET Q q 0 0 0 rg BT 315.71 316.10 Td (required ) Tj ET Q q 0 0 0 rg BT 351.65 316.10 Td (to ) Tj ET Q q 0 0 0 rg BT 362.06 316.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 410.23 316.10 Td (these ) Tj ET Q q 0 0 0 rg BT 433.40 316.10 Td (purchase/option ) Tj ET Q q 0 0 0 rg BT 499.90 316.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 548.06 316.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 77.02 304.10 Td (such ) Tj ET Q q 0 0 0 rg BT 97.33 304.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 122.64 304.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.07 304.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 178.27 304.10 Td (as ) Tj ET Q q 0 0 0 rg BT 188.58 304.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 243.34 304.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 284.20 304.10 Td (not ) Tj ET Q q 0 0 0 rg BT 298.96 304.10 Td (Owned ) Tj ET Q q 0 0 0 rg BT 329.83 304.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.59 304.10 Td (our ) Tj ET Q q 0 0 0 rg BT 354.90 304.10 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 398.54 304.10 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 444.96 304.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 499.72 304.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 533.91 304.10 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 565.02 304.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (At ) Tj ET Q q 0 0 0 rg BT 62.22 292.10 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.73 292.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 143.22 292.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.22 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.94 292.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.10 292.10 Td (December ) Tj ET Q q 0 0 0 rg BT 226.91 292.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 242.14 292.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.14 292.10 Td (, ) Tj ET Q q 0 0 0 rg BT 267.36 292.10 Td (we ) Tj ET Q q 0 0 0 rg BT 281.75 292.10 Td (have ) Tj ET Q q 0 0 0 rg BT 303.35 292.10 Td (concluded ) Tj ET Q q 0 0 0 rg BT 347.17 292.10 Td (that ) Tj ET Q q 0 0 0 rg BT 364.89 292.10 Td (we ) Tj ET Q q 0 0 0 rg BT 379.27 292.10 Td (were ) Tj ET Q q 0 0 0 rg BT 401.42 292.10 Td (not ) Tj ET Q q 0 0 0 rg BT 416.93 292.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.87 292.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 466.25 292.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 513.94 292.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.00 292.10 Td (any ) Tj ET Q q 0 0 0 rg BT 541.96 292.10 Td (VIEs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.44 280.10 Td (which ) Tj ET Q q 0 0 0 rg BT 98.38 280.10 Td (we ) Tj ET Q q 0 0 0 rg BT 112.54 280.10 Td (are ) Tj ET Q q 0 0 0 rg BT 127.24 280.10 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 173.62 280.10 Td (under ) Tj ET Q q 0 0 0 rg BT 198.89 280.10 Td (land ) Tj ET Q q 0 0 0 rg BT 218.61 280.10 Td (option ) Tj ET Q q 0 0 0 rg BT 246.66 280.10 Td (or ) Tj ET Q q 0 0 0 rg BT 257.49 280.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 295.53 280.10 Td (agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.89 258.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 120.05 258.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.05 258.10 Td (, ) Tj ET Q q 0 0 0 rg BT 143.94 258.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 202.55 258.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 242.82 258.10 Td (Not ) Tj ET Q q 0 0 0 rg BT 259.21 258.10 Td (Owned ) Tj ET Q q 0 0 0 rg BT 293.92 258.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.87 258.10 Td ($5.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.76 258.10 Td (. ) Tj ET Q q 0 0 0 rg BT 363.65 258.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.74 258.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.13 258.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 435.29 258.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.29 258.10 Td (, ) Tj ET Q q 0 0 0 rg BT 459.18 258.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.79 258.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 531.39 258.10 Td (liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.41 246.10 Td ($5.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.30 246.10 Td ( ) Tj ET Q q 0 0 0 rg BT 109.89 246.10 Td (has ) Tj ET Q q 0 0 0 rg BT 124.80 246.10 Td (been ) Tj ET Q q 0 0 0 rg BT 145.26 246.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 184.60 246.10 Td (as ) Tj ET Q q 0 0 0 rg BT 194.51 246.10 Td (Obligation ) Tj ET Q q 0 0 0 rg BT 238.87 246.10 Td (for ) Tj ET Q q 0 0 0 rg BT 252.11 246.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 306.47 246.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 346.93 246.10 Td (Not ) Tj ET Q q 0 0 0 rg BT 363.51 246.10 Td (Owned ) Tj ET Q q 0 0 0 rg BT 393.97 246.10 Td (on ) Tj ET Q q 0 0 0 rg BT 405.55 246.10 Td (our ) Tj ET Q q 0 0 0 rg BT 420.47 246.10 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 463.70 246.10 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 509.72 246.10 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 84.20 234.10 Td (Sheets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 75.48 210.10 Td (than ) Tj ET Q q 0 0 0 rg BT 95.90 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.32 210.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 167.30 210.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 209.39 210.10 Td (Not ) Tj ET Q q 0 0 0 rg BT 227.59 210.10 Td (Owned ) Tj ET Q q 0 0 0 rg BT 259.68 210.10 Td (balance, ) Tj ET Q q 0 0 0 rg BT 295.92 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.35 210.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 353.44 210.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 392.74 210.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 428.71 210.10 Td (that ) Tj ET Q q 0 0 0 rg BT 446.91 210.10 Td (its ) Tj ET Q q 0 0 0 rg BT 459.57 210.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 503.33 210.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 542.63 210.10 Td (as ) Tj ET Q q 0 0 0 rg BT 554.17 210.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 110.61 198.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.61 198.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.97 198.10 Td (related ) Tj ET Q q 0 0 0 rg BT 164.52 198.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.65 198.10 Td (our ) Tj ET Q q 0 0 0 rg BT 192.33 198.10 Td (land ) Tj ET Q q 0 0 0 rg BT 212.90 198.10 Td (option ) Tj ET Q q 0 0 0 rg BT 241.81 198.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 290.69 198.10 Td (is ) Tj ET Q q 0 0 0 rg BT 300.71 198.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 325.72 198.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.85 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.41 198.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 385.76 198.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.44 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.01 198.10 Td (Company) Tj ET Q q 0 0 0 rg BT 454.67 198.10 Td (s ) Tj ET Q q 0 0 0 rg BT 461.92 198.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 511.93 198.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 548.06 198.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.10 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 83.13 186.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 130.66 186.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 156.81 186.10 Td (which ) Tj ET Q q 0 0 0 rg BT 184.90 186.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.75 186.10 Td ($49.5 ) Tj ET Q q 0 0 0 rg BT 241.90 186.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.79 186.10 Td (, ) Tj ET Q q 0 0 0 rg BT 276.94 186.10 Td (including ) Tj ET Q q 0 0 0 rg BT 318.36 186.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 339.78 186.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 376.20 186.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.18 186.10 Td ($33.0 ) Tj ET Q q 0 0 0 rg BT 414.33 186.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.22 186.10 Td (, ) Tj ET Q q 0 0 0 rg BT 449.37 186.10 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 483.00 186.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 530.53 186.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 554.18 186.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.10 Td ($4.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 174.10 Td (, ) Tj ET Q q 0 0 0 rg BT 103.39 174.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 130.33 174.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.16 174.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 166.42 174.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.25 174.10 Td ($5.3 ) Tj ET Q q 0 0 0 rg BT 197.25 174.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.14 174.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.64 174.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.58 174.10 Td ($6.5 ) Tj ET Q q 0 0 0 rg BT 265.58 174.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.47 174.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.97 174.10 Td (of ) Tj ET Q q 0 0 0 rg BT 307.80 174.10 Td (other ) Tj ET Q q 0 0 0 rg BT 330.85 174.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 369.45 174.10 Td (deposits.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 150.10 Td (Letters ) Tj ET Q q 0 0 0 rg BT 79.82 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.14 150.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 117.69 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.24 150.10 Td (Completion ) Tj ET Q q 0 0 0 rg BT 185.02 150.10 Td (Bonds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.64 150.10 Td () Tj ET Q q 0 0 0 rg BT 218.46 150.10 Td (The ) Tj ET Q q 0 0 0 rg BT 236.00 150.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 276.88 150.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 313.31 150.10 Td (standby ) Tj ET Q q 0 0 0 rg BT 346.41 150.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 372.83 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.16 150.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 407.91 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 424.34 150.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 471.33 150.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 497.21 150.10 Td (for ) Tj ET Q q 0 0 0 rg BT 510.86 150.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.10 Td (work ) Tj ET Q q 0 0 0 rg BT 73.71 138.10 Td (in ) Tj ET Q q 0 0 0 rg BT 85.15 138.10 Td (progress, ) Tj ET Q q 0 0 0 rg BT 125.20 138.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 161.64 138.10 Td (on ) Tj ET Q q 0 0 0 rg BT 175.30 138.10 Td (land ) Tj ET Q q 0 0 0 rg BT 196.18 138.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.28 138.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 228.50 138.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 267.70 138.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 316.89 138.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.99 138.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 395.31 138.10 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 435.94 138.10 Td (As ) Tj ET Q q 0 0 0 rg BT 450.71 138.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.71 138.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 524.13 138.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.13 138.10 Td (, ) Tj ET Q q 0 0 0 rg BT 550.29 138.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.51 126.10 Td (had ) Tj ET Q q 0 0 0 rg BT 107.07 126.10 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.85 126.10 Td ($145.8 ) Tj ET Q q 0 0 0 rg BT 185.48 126.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.37 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.49 126.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.94 126.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 274.05 126.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 300.07 126.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.63 126.10 Td (standby ) Tj ET Q q 0 0 0 rg BT 349.86 126.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 376.41 126.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.86 126.10 Td (credit, ) Tj ET Q q 0 0 0 rg BT 414.25 126.10 Td (some ) Tj ET Q q 0 0 0 rg BT 437.48 126.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.93 126.10 Td (which ) Tj ET Q q 0 0 0 rg BT 474.49 126.10 Td (were ) Tj ET Q q 0 0 0 rg BT 496.04 126.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 523.16 126.10 Td (to ) Tj ET Q q 0 0 0 rg BT 533.06 126.10 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.10 Td (local ) Tj ET Q q 0 0 0 rg BT 71.22 114.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 128.49 114.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 162.16 114.10 Td (that ) Tj ET Q q 0 0 0 rg BT 179.44 114.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 206.71 114.10 Td (at ) Tj ET Q q 0 0 0 rg BT 216.22 114.10 Td (various ) Tj ET Q q 0 0 0 rg BT 247.94 114.10 Td (times ) Tj ET Q q 0 0 0 rg BT 271.90 114.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.29 114.10 Td (September ) Tj ET Q q 0 0 0 rg BT 350.34 114.10 Td (2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.34 114.10 Td (.Included ) Tj ET Q q 0 0 0 rg BT 415.12 114.10 Td (in ) Tj ET Q q 0 0 0 rg BT 425.18 114.10 Td (this ) Tj ET Q q 0 0 0 rg BT 441.92 114.10 Td (total ) Tj ET Q q 0 0 0 rg BT 461.98 114.10 Td (are: ) Tj ET Q q 0 0 0 rg BT 479.25 114.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.20 114.10 Td ($102.1 ) Tj ET Q q 0 0 0 rg BT 522.99 114.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.88 114.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.17 114.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.87 102.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.15 102.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 173.53 102.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 200.27 102.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.55 102.10 Td ($29.3 ) Tj ET Q q 0 0 0 rg BT 242.90 102.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.79 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 274.64 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.81 102.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 339.18 102.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 366.46 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.64 102.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 403.25 102.10 Td (that ) Tj ET Q q 0 0 0 rg BT 421.09 102.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 445.04 102.10 Td (as ) Tj ET Q q 0 0 0 rg BT 456.21 102.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 504.05 102.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 530.79 102.10 Td (for ) Tj ET Q q 0 0 0 rg BT 545.30 102.10 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.10 Td (development ) Tj ET Q q 0 0 0 rg BT 105.27 90.10 Td (work ) Tj ET Q q 0 0 0 rg BT 129.94 90.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.84 90.10 Td (progress; ) Tj ET Q q 0 0 0 rg BT 182.62 90.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.39 90.10 Td ($7.1 ) Tj ET Q q 0 0 0 rg BT 220.01 90.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.90 90.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.02 90.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.47 90.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 304.57 90.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 333.12 90.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.57 90.10 Td (credit; ) Tj ET Q q 0 0 0 rg BT 375.23 90.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.79 90.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.57 90.10 Td ($7.3 ) Tj ET Q q 0 0 0 rg BT 431.19 90.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.08 90.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.20 90.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.65 90.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.75 90.10 Td (bonds.) Tj ET Q q 0 0 0 rg BT 546.96 90.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.10 Td (development ) Tj ET Q q 0 0 0 rg BT 103.92 78.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 152.22 78.10 Td (under ) Tj ET Q q 0 0 0 rg BT 177.76 78.10 Td (which ) Tj ET Q q 0 0 0 rg BT 204.97 78.10 Td (we ) Tj ET Q q 0 0 0 rg BT 219.40 78.10 Td (are ) Tj ET Q q 0 0 0 rg BT 234.38 78.10 Td (required ) Tj ET Q q 0 0 0 rg BT 270.46 78.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.01 78.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 314.33 78.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 362.09 78.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 388.75 78.10 Td (or ) Tj ET Q q 0 0 0 rg BT 399.85 78.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 427.05 78.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.15 78.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 463.69 78.10 Td (are ) Tj ET Q q 0 0 0 rg BT 478.66 78.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 518.64 78.10 Td (not ) Tj ET Q q 0 0 0 rg BT 534.18 78.10 Td (subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.10 Td (to ) Tj ET Q q 0 0 0 rg BT 58.93 66.10 Td (a ) Tj ET Q q 0 0 0 rg BT 65.01 66.10 Td (required ) Tj ET Q q 0 0 0 rg BT 99.97 66.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 146.61 66.10 Td (date ) Tj ET Q q 0 0 0 rg BT 164.91 66.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.00 66.10 Td (only ) Tj ET Q q 0 0 0 rg BT 200.42 66.10 Td (require ) Tj ET Q q 0 0 0 rg BT 230.39 66.10 Td (that ) Tj ET Q q 0 0 0 rg BT 247.03 66.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.89 66.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 319.75 66.10 Td (are ) Tj ET Q q 0 0 0 rg BT 333.60 66.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.03 66.10 Td (place ) Tj ET Q q 0 0 0 rg BT 365.77 66.10 Td (in ) Tj ET Q q 0 0 0 rg BT 375.20 66.10 Td (phases ) Tj ET Q q 0 0 0 rg BT 403.50 66.10 Td (as ) Tj ET Q q 0 0 0 rg BT 413.48 66.10 Td (houses ) Tj ET Q q 0 0 0 rg BT 442.35 66.10 Td (are ) Tj ET Q q 0 0 0 rg BT 456.20 66.10 Td (built ) Tj ET Q q 0 0 0 rg BT 476.18 66.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.27 66.10 Td (sold.In ) Tj ET Q q 0 0 0 rg BT 526.42 66.10 Td (locations ) Tj ET Q endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (where ) Tj ET Q q 0 0 0 rg BT 75.54 740.10 Td (development ) Tj ET Q q 0 0 0 rg BT 128.80 740.10 Td (has ) Tj ET Q q 0 0 0 rg BT 143.74 740.10 Td (progressed, ) Tj ET Q q 0 0 0 rg BT 191.17 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.00 740.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 236.60 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.54 740.10 Td (development ) Tj ET Q q 0 0 0 rg BT 299.80 740.10 Td (work ) Tj ET Q q 0 0 0 rg BT 321.97 740.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 364.12 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.51 740.10 Td (be ) Tj ET Q q 0 0 0 rg BT 384.56 740.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 427.82 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 436.10 740.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 472.70 740.10 Td (less ) Tj ET Q q 0 0 0 rg BT 489.31 740.10 Td (than ) Tj ET Q q 0 0 0 rg BT 508.14 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.96 740.10 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.00 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.83 728.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 119.22 728.10 Td (or ) Tj ET Q q 0 0 0 rg BT 130.05 728.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 156.98 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.81 728.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 193.07 728.10 Td (due ) Tj ET Q q 0 0 0 rg BT 210.01 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.29 728.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 248.90 728.10 Td (delays ) Tj ET Q q 0 0 0 rg BT 276.95 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 287.23 728.10 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 327.50 728.10 Td (release ) Tj ET Q q 0 0 0 rg BT 357.76 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.59 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.30 728.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 409.70 728.10 Td (or ) Tj ET Q q 0 0 0 rg BT 420.53 728.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 447.46 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.29 728.10 Td (credit.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (Guarantees ) Tj ET Q q 0 0 0 rg BT 99.58 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.43 706.10 Td (Indemnities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.33 706.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 168.83 706.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.33 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.63 706.10 Td (In ) Tj ET Q q 0 0 0 rg BT 184.25 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.76 706.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 234.93 706.10 Td (course ) Tj ET Q q 0 0 0 rg BT 263.33 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.95 706.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 312.64 706.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 329.93 706.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 369.44 706.10 Td (enters ) Tj ET Q q 0 0 0 rg BT 395.61 706.10 Td (into ) Tj ET Q q 0 0 0 rg BT 413.46 706.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 461.29 706.10 Td (that ) Tj ET Q q 0 0 0 rg BT 478.58 706.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 519.74 706.10 Td (purchasers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.31 694.10 Td (its ) Tj ET Q q 0 0 0 rg BT 70.23 694.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 109.47 694.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 132.06 694.10 Td (that ) Tj ET Q q 0 0 0 rg BT 148.53 694.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 165.01 694.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 203.70 694.10 Td (will ) Tj ET Q q 0 0 0 rg BT 220.73 694.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 265.51 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 271.43 694.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 290.12 694.10 Td (if ) Tj ET Q q 0 0 0 rg BT 297.71 694.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 326.39 694.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 369.53 694.10 Td (occur) Tj ET Q q 0 0 0 rg BT 391.18 694.10 Td (.) Tj ET Q q 0 0 0 rg BT 398.50 694.10 Td (The ) Tj ET Q q 0 0 0 rg BT 415.53 694.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 435.90 694.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 478.47 694.10 Td (with ) Tj ET Q q 0 0 0 rg BT 497.72 694.10 Td (these ) Tj ET Q q 0 0 0 rg BT 519.75 694.10 Td (guarantees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (are ) Tj ET Q q 0 0 0 rg BT 65.93 682.10 Td (of) Tj ET Q q 0 0 0 rg BT 74.08 682.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 92.73 682.10 Td (by ) Tj ET Q q 0 0 0 rg BT 106.95 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.39 682.10 Td (value ) Tj ET Q q 0 0 0 rg BT 149.26 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.81 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.25 682.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 225.79 682.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 255.84 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 274.50 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.93 682.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 334.04 682.10 Td (accrues ) Tj ET Q q 0 0 0 rg BT 368.23 682.10 Td (its ) Tj ET Q q 0 0 0 rg BT 381.90 682.10 Td (best ) Tj ET Q q 0 0 0 rg BT 402.22 682.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 439.76 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.31 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.75 682.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 507.95 682.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 527.73 682.10 Td (on ) Tj ET Q q 0 0 0 rg BT 541.95 682.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (loans.) Tj ET Q q 0 0 0 rg BT 77.56 670.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 127.46 670.10 Td (, ) Tj ET Q q 0 0 0 rg BT 132.69 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.64 670.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 189.26 670.10 Td (has ) Tj ET Q q 0 0 0 rg BT 205.33 670.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 243.61 670.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 273.54 670.10 Td (other ) Tj ET Q q 0 0 0 rg BT 296.82 670.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 342.31 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.48 670.10 Td (indemnities ) Tj ET Q q 0 0 0 rg BT 408.88 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.39 670.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 465.99 670.10 Td (with ) Tj ET Q q 0 0 0 rg BT 486.50 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.45 670.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 548.07 670.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (development ) Tj ET Q q 0 0 0 rg BT 105.08 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.33 658.10 Td (land ) Tj ET Q q 0 0 0 rg BT 138.48 658.10 Td (by ) Tj ET Q q 0 0 0 rg BT 152.40 658.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.66 658.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 229.14 658.10 Td (operations.Refer ) Tj ET Q q 0 0 0 rg BT 304.43 658.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 316.1298828125 656.7669921875 m 344.49462890625 656.7669921875 l s q 0 0 1 rg BT 316.13 658.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 339.49 658.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 344.49 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.42 658.10 Td (for ) Tj ET Q q 0 0 0 rg BT 364.01 658.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 407.92 658.10 Td (details ) Tj ET Q q 0 0 0 rg BT 437.95 658.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 472.42 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 484.13 658.10 Td (our ) Tj ET Q q 0 0 0 rg BT 501.38 658.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 548.06 658.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (indemnities.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 620.53505859375 m 217.0439453125 620.53505859375 l s q 0 0 0 rg BT 49.50 622.10 Td (INTEREST) Tj ET Q q 0 0 0 rg BT 99.90 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 102.40 622.10 Td (RA) Tj ET Q q 0 0 0 rg BT 116.10 622.10 Td (TES ) Tj ET Q q 0 0 0 rg BT 136.95 622.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 161.11 622.10 Td (INFLA) Tj ET Q q 0 0 0 rg BT 191.48 622.10 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.46 598.10 Td (business ) Tj ET Q q 0 0 0 rg BT 103.77 598.10 Td (is ) Tj ET Q q 0 0 0 rg BT 112.85 598.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 165.25 598.10 Td (af) Tj ET Q q 0 0 0 rg BT 172.84 598.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 199.68 598.10 Td (by ) Tj ET Q q 0 0 0 rg BT 212.09 598.10 Td (general ) Tj ET Q q 0 0 0 rg BT 243.92 598.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 285.21 598.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 329.29 598.10 Td (within ) Tj ET Q q 0 0 0 rg BT 357.25 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.88 598.10 Td (United ) Tj ET Q q 0 0 0 rg BT 401.51 598.10 Td (States ) Tj ET Q q 0 0 0 rg BT 427.81 598.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 447.16 598.10 Td (particularly) Tj ET Q q 0 0 0 rg BT 492.60 598.10 Td (, ) Tj ET Q q 0 0 0 rg BT 497.51 598.10 Td (by ) Tj ET Q q 0 0 0 rg BT 509.92 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.55 598.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 554.18 598.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.33 586.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 102.60 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.44 586.10 Td (inflation. ) Tj ET Q q 0 0 0 rg BT 160.72 586.10 Td (Inflation ) Tj ET Q q 0 0 0 rg BT 197.55 586.10 Td (can ) Tj ET Q q 0 0 0 rg BT 213.82 586.10 Td (have ) Tj ET Q q 0 0 0 rg BT 235.09 586.10 Td (a ) Tj ET Q q 0 0 0 rg BT 241.93 586.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 283.76 586.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 313.37 586.10 Td (on ) Tj ET Q q 0 0 0 rg BT 325.76 586.10 Td (us ) Tj ET Q q 0 0 0 rg BT 337.05 586.10 Td (because ) Tj ET Q q 0 0 0 rg BT 371.09 586.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 414.58 586.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 436.98 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.71 586.10 Td (land, ) Tj ET Q q 0 0 0 rg BT 469.82 586.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 508.87 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.70 586.10 Td (labor ) Tj ET Q q 0 0 0 rg BT 548.65 586.10 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (result ) Tj ET Q q 0 0 0 rg BT 74.37 574.10 Td (in ) Tj ET Q q 0 0 0 rg BT 84.81 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.90 574.10 Td (need ) Tj ET Q q 0 0 0 rg BT 113.44 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.87 574.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 159.28 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.15 574.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 196.25 574.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 222.78 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.77 574.10 Td (homes. ) Tj ET Q q 0 0 0 rg BT 265.03 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.69 574.10 Td (In ) Tj ET Q q 0 0 0 rg BT 278.67 574.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 316.60 574.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 353.14 574.10 Td (is ) Tj ET Q q 0 0 0 rg BT 362.47 574.10 Td (often ) Tj ET Q q 0 0 0 rg BT 385.67 574.10 Td (accompanied ) Tj ET Q q 0 0 0 rg BT 441.08 574.10 Td (by ) Tj ET Q q 0 0 0 rg BT 453.73 574.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 481.94 574.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 514.03 574.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 538.06 574.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (can ) Tj ET Q q 0 0 0 rg BT 65.91 562.10 Td (have ) Tj ET Q q 0 0 0 rg BT 87.33 562.10 Td (a ) Tj ET Q q 0 0 0 rg BT 94.30 562.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 130.71 562.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 160.45 562.10 Td (on ) Tj ET Q q 0 0 0 rg BT 172.99 562.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 207.20 562.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 241.39 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.36 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.11 562.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 295.65 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.51 562.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 346.81 562.10 Td (land ) Tj ET Q q 0 0 0 rg BT 366.57 562.10 Td (development ) Tj ET Q q 0 0 0 rg BT 420.75 562.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 459.39 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.36 562.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 510.57 562.10 Td (construction. ) Tj ET Q q 0 0 0 rg BT 565.00 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (Higher ) Tj ET Q q 0 0 0 rg BT 79.64 550.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 111.44 550.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 132.69 550.10 Td (also ) Tj ET Q q 0 0 0 rg BT 151.17 550.10 Td (may ) Tj ET Q q 0 0 0 rg BT 170.75 550.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 207.54 550.10 Td (our ) Tj ET Q q 0 0 0 rg BT 223.24 550.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 260.60 550.10 Td (market ) Tj ET Q q 0 0 0 rg BT 290.73 550.10 Td (by ) Tj ET Q q 0 0 0 rg BT 303.10 550.10 Td (making ) Tj ET Q q 0 0 0 rg BT 335.46 550.10 Td (it ) Tj ET Q q 0 0 0 rg BT 343.39 550.10 Td (more ) Tj ET Q q 0 0 0 rg BT 366.31 550.10 Td (dif) Tj ET Q q 0 0 0 rg BT 377.23 550.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 400.71 550.10 Td (for ) Tj ET Q q 0 0 0 rg BT 414.74 550.10 Td (homebuyers ) Tj ET Q q 0 0 0 rg BT 465.98 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 476.13 550.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 506.83 550.10 Td (for ) Tj ET Q q 0 0 0 rg BT 520.86 550.10 Td (mortgages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.95 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 69.85 538.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 96.96 538.10 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 140.74 538.10 Td (at ) Tj ET Q q 0 0 0 rg BT 150.07 538.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 181.62 538.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 202.62 538.10 Td (that ) Tj ET Q q 0 0 0 rg BT 219.73 538.10 Td (are ) Tj ET Q q 0 0 0 rg BT 234.06 538.10 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 278.37 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.26 538.10 Td (them. ) Tj ET Q q 0 0 0 rg BT 315.23 538.10 Td (The ) Tj ET Q q 0 0 0 rg BT 332.89 538.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 362.22 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.67 538.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 412.54 538.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 433.54 538.10 Td (can ) Tj ET Q q 0 0 0 rg BT 449.54 538.10 Td (be ) Tj ET Q q 0 0 0 rg BT 461.09 538.10 Td (of) Tj ET Q q 0 0 0 rg BT 469.24 538.10 Td (fset, ) Tj ET Q q 0 0 0 rg BT 488.30 538.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.20 538.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 518.37 538.10 Td (by ) Tj ET Q q 0 0 0 rg BT 530.48 538.10 Td (of) Tj ET Q q 0 0 0 rg BT 538.63 538.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 84.46 526.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 102.19 526.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 126.05 526.10 Td (with ) Tj ET Q q 0 0 0 rg BT 146.59 526.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 172.11 526.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 204.29 526.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 230.92 526.10 Td (In ) Tj ET Q q 0 0 0 rg BT 242.01 526.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 291.97 526.10 Td (with ) Tj ET Q q 0 0 0 rg BT 312.50 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.59 526.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 369.10 526.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 409.62 526.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 447.08 526.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 482.05 526.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 518.69 526.10 Td (are ) Tj ET Q q 0 0 0 rg BT 533.65 526.10 Td (used ) Tj ET Q q 0 0 0 rg BT 554.73 526.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 79.01 514.10 Td (our ) Tj ET Q q 0 0 0 rg BT 95.20 514.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 134.16 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.80 514.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 177.10 514.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 194.95 514.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 245.02 514.10 Td (between ) Tj ET Q q 0 0 0 rg BT 281.20 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.28 514.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 349.69 514.10 Td (date ) Tj ET Q q 0 0 0 rg BT 369.21 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.40 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.48 514.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 415.56 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.86 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.94 514.10 Td (time ) Tj ET Q q 0 0 0 rg BT 468.58 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.66 514.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 503.74 514.10 Td (closes. ) Tj ET Q q 0 0 0 rg BT 533.54 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 536.40 514.10 Td (Rising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.65 502.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 105.74 502.10 Td (as ) Tj ET Q q 0 0 0 rg BT 116.79 502.10 Td (well ) Tj ET Q q 0 0 0 rg BT 136.72 502.10 Td (as ) Tj ET Q q 0 0 0 rg BT 147.76 502.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 188.23 502.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 227.60 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.75 502.10 Td (labor ) Tj ET Q q 0 0 0 rg BT 268.01 502.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 293.23 502.10 Td (may ) Tj ET Q q 0 0 0 rg BT 313.16 502.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 342.52 502.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 366.35 502.10 Td (mar) Tj ET Q q 0 0 0 rg BT 381.71 502.10 Td (gins. ) Tj ET Q q 0 0 0 rg BT 403.60 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.71 502.10 Td (An ) Tj ET Q q 0 0 0 rg BT 420.65 502.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 456.12 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.61 502.10 Td (material ) Tj ET Q q 0 0 0 rg BT 502.08 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.24 502.10 Td (labor ) Tj ET Q q 0 0 0 rg BT 542.50 502.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.73 490.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 107.39 490.10 Td (a ) Tj ET Q q 0 0 0 rg BT 114.39 490.10 Td (problem ) Tj ET Q q 0 0 0 rg BT 150.28 490.10 Td (during ) Tj ET Q q 0 0 0 rg BT 178.95 490.10 Td (a ) Tj ET Q q 0 0 0 rg BT 185.95 490.10 Td (period ) Tj ET Q q 0 0 0 rg BT 214.06 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.95 490.10 Td (declining ) Tj ET Q q 0 0 0 rg BT 264.73 490.10 Td (home ) Tj ET Q q 0 0 0 rg BT 289.51 490.10 Td (prices. ) Tj ET Q q 0 0 0 rg BT 318.45 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.01 490.10 Td (Conversely) Tj ET Q q 0 0 0 rg BT 365.91 490.10 Td (, ) Tj ET Q q 0 0 0 rg BT 370.97 490.10 Td (deflation ) Tj ET Q q 0 0 0 rg BT 409.08 490.10 Td (can ) Tj ET Q q 0 0 0 rg BT 425.52 490.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 455.30 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.08 490.10 Td (value ) Tj ET Q q 0 0 0 rg BT 494.29 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.19 490.10 Td (real ) Tj ET Q q 0 0 0 rg BT 522.74 490.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 548.06 490.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (make ) Tj ET Q q 0 0 0 rg BT 73.49 478.10 Td (it ) Tj ET Q q 0 0 0 rg BT 81.39 478.10 Td (dif) Tj ET Q q 0 0 0 rg BT 92.32 478.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 115.76 478.10 Td (for ) Tj ET Q q 0 0 0 rg BT 129.75 478.10 Td (us ) Tj ET Q q 0 0 0 rg BT 140.98 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.10 478.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 183.41 478.10 Td (our ) Tj ET Q q 0 0 0 rg BT 199.08 478.10 Td (land ) Tj ET Q q 0 0 0 rg BT 218.64 478.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 243.47 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.64 478.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 289.90 478.10 Td (either ) Tj ET Q q 0 0 0 rg BT 315.00 478.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 351.22 478.10 Td (or ) Tj ET Q q 0 0 0 rg BT 361.88 478.10 Td (deflation ) Tj ET Q q 0 0 0 rg BT 399.76 478.10 Td (could ) Tj ET Q q 0 0 0 rg BT 424.32 478.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 464.97 478.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 494.52 478.10 Td (our ) Tj ET Q q 0 0 0 rg BT 510.19 478.10 Td (future ) Tj ET Q q 0 0 0 rg BT 536.41 478.10 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 466.10 Td (operations.) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (ITEM 3: QUANTIT) Tj ET Q q 0 0 0 rg BT 135.43 740.25 Td (A) Tj ET Q q 0 0 0 rg BT 141.91 740.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 168.31 740.25 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 231.19 740.25 Td (A) Tj ET Q q 0 0 0 rg BT 237.67 740.25 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 337.15 740.25 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 372.53 740.25 Td ( MARKET) Tj ET Q q 0 0 0 rg BT 419.85 740.25 Td ( RISK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.41 716.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 101.43 716.25 Td (market ) Tj ET Q q 0 0 0 rg BT 131.55 716.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 148.91 716.25 Td (results ) Tj ET Q q 0 0 0 rg BT 177.38 716.25 Td (from ) Tj ET Q q 0 0 0 rg BT 199.18 716.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 248.75 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 258.89 716.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 290.68 716.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 314.42 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 316.61 716.25 Td (W) Tj ET Q q 0 0 0 rg BT 325.24 716.25 Td (e ) Tj ET Q q 0 0 0 rg BT 332.04 716.25 Td (are ) Tj ET Q q 0 0 0 rg BT 346.61 716.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 381.74 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.88 716.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 423.67 716.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 441.01 716.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 458.37 716.25 Td (through ) Tj ET Q q 0 0 0 rg BT 491.84 716.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 539.75 716.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (our ) Tj ET Q q 0 0 0 rg BT 67.27 704.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 110.03 704.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 137.23 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.11 704.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 198.31 704.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 246.05 704.25 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 287.42 704.25 Td (consisting ) Tj ET Q q 0 0 0 rg BT 332.42 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 345.18 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.84 704.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 391.27 704.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 421.17 704.25 Td (, ) Tj ET Q q 0 0 0 rg BT 428.11 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.77 704.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 466.99 704.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 509.98 704.25 Td (W) Tj ET Q q 0 0 0 rg BT 518.62 704.25 Td (arehousing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 99.45 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 116.91 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.15 692.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 152.96 692.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 194.86 692.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 244.53 692.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 278.10 692.25 Td (which ) Tj ET Q q 0 0 0 rg BT 305.57 692.25 Td (permit ) Tj ET Q q 0 0 0 rg BT 334.69 692.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 383.27 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 394.62 692.25 Td (up ) Tj ET Q q 0 0 0 rg BT 407.65 692.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.45 692.25 Td ($565million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.84 692.25 Td (, ) Tj ET Q q 0 0 0 rg BT 475.37 692.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 506.71 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 517.52 692.25 Td (availability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (constraints. ) Tj ET Q q 0 0 0 rg BT 97.83 680.25 Td ( ) Tj ET Q q 0 0 0 rg BT 99.77 680.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 149.68 680.25 Td (, ) Tj ET Q q 0 0 0 rg BT 154.68 680.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 172.18 680.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 211.89 680.25 Td (is ) Tj ET Q q 0 0 0 rg BT 221.06 680.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 256.33 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 266.60 680.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 298.54 680.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 316.02 680.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 333.52 680.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 377.12 680.25 Td (with ) Tj ET Q q 0 0 0 rg BT 397.40 680.25 Td (its ) Tj ET Q q 0 0 0 rg BT 409.34 680.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 449.61 680.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 469.32 680.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 515.71 680.25 Td (services. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 84.19 656.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 106.10 656.25 Td (Lock ) Tj ET Q q 0 0 0 rg BT 129.68 656.25 Td (Commitments: ) Tj ET Q q 0 0 0 rg BT 193.26 656.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.28 656.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 229.29 656.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 247.30 656.25 Td (lock ) Tj ET Q q 0 0 0 rg BT 267.54 656.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 325.01 656.25 Td (\(IRLCs\) ) Tj ET Q q 0 0 0 rg BT 370.24 656.25 Td (are ) Tj ET Q q 0 0 0 rg BT 385.47 656.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 424.59 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 435.39 656.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 465.61 656.25 Td (home-buying ) Tj ET Q q 0 0 0 rg BT 521.96 656.25 Td (customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (who ) Tj ET Q q 0 0 0 rg BT 69.38 644.25 Td (have ) Tj ET Q q 0 0 0 rg BT 90.91 644.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 122.99 644.25 Td (for ) Tj ET Q q 0 0 0 rg BT 137.31 644.25 Td (a ) Tj ET Q q 0 0 0 rg BT 144.40 644.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 184.82 644.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 204.69 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 221.78 644.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 243.87 644.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 273.72 644.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 306.36 644.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 331.78 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 348.87 644.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 403.18 644.25 Td (criteria. ) Tj ET Q q 0 0 0 rg BT 436.65 644.25 Td ( ) Tj ET Q q 0 0 0 rg BT 439.11 644.25 Td (T) Tj ET Q q 0 0 0 rg BT 444.52 644.25 Td (ypically) Tj ET Q q 0 0 0 rg BT 476.08 644.25 Td (, ) Tj ET Q q 0 0 0 rg BT 481.23 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 496.10 644.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 525.43 644.25 Td (will ) Tj ET Q q 0 0 0 rg BT 543.64 644.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 632.25 Td (duration ) Tj ET Q q 0 0 0 rg BT 92.26 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 103.09 632.25 Td (less ) Tj ET Q q 0 0 0 rg BT 120.59 632.25 Td (than ) Tj ET Q q 0 0 0 rg BT 140.31 632.25 Td (six ) Tj ET Q q 0 0 0 rg BT 154.48 632.25 Td (months; ) Tj ET Q q 0 0 0 rg BT 189.21 632.25 Td (however) Tj ET Q q 0 0 0 rg BT 223.24 632.25 Td (, ) Tj ET Q q 0 0 0 rg BT 228.24 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.51 632.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 268.22 632.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 304.87 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.59 632.25 Td (duration ) Tj ET Q q 0 0 0 rg BT 355.41 632.25 Td (could ) Tj ET Q q 0 0 0 rg BT 380.13 632.25 Td (extend ) Tj ET Q q 0 0 0 rg BT 409.29 632.25 Td (to ) Tj ET Q q 0 0 0 rg BT 419.56 632.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 448.72 632.25 Td (months.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (Some ) Tj ET Q q 0 0 0 rg BT 75.30 608.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 105.00 608.25 Td (are ) Tj ET Q q 0 0 0 rg BT 120.23 608.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 166.02 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 176.82 608.25 Td (a ) Tj ET Q q 0 0 0 rg BT 184.28 608.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 218.40 608.25 Td (third ) Tj ET Q q 0 0 0 rg BT 240.31 608.25 Td (party ) Tj ET Q q 0 0 0 rg BT 263.88 608.25 Td (investor ) Tj ET Q q 0 0 0 rg BT 299.12 608.25 Td (through ) Tj ET Q q 0 0 0 rg BT 333.26 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.50 608.25 Td (use ) Tj ET Q q 0 0 0 rg BT 364.85 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.21 608.25 Td (best-ef) Tj ET Q q 0 0 0 rg BT 403.23 608.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 424.59 608.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 452.05 608.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 472.29 608.25 Td (delivery ) Tj ET Q q 0 0 0 rg BT 508.08 608.25 Td (commitments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (matching ) Tj ET Q q 0 0 0 rg BT 88.57 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 102.65 596.25 Td (exact ) Tj ET Q q 0 0 0 rg BT 125.61 596.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 149.69 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.88 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.96 596.25 Td (IRLC ) Tj ET Q q 0 0 0 rg BT 198.60 596.25 Td (loan. ) Tj ET Q q 0 0 0 rg BT 220.18 596.25 Td ( ) Tj ET Q q 0 0 0 rg BT 222.05 596.25 Td (Uncommitted ) Tj ET Q q 0 0 0 rg BT 278.90 596.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 307.43 596.25 Td (are ) Tj ET Q q 0 0 0 rg BT 321.50 596.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 366.68 596.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 408.52 596.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 457.05 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.35 596.25 Td (are ) Tj ET Q q 0 0 0 rg BT 487.42 596.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 503.16 596.25 Td (value ) Tj ET Q q 0 0 0 rg BT 526.68 596.25 Td (adjusted, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 84.50 584.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 121.99 584.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 141.71 584.25 Td (or ) Tj ET Q q 0 0 0 rg BT 152.54 584.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 170.60 584.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 208.07 584.25 Td (in ) Tj ET Q q 0 0 0 rg BT 218.35 584.25 Td (current ) Tj ET Q q 0 0 0 rg BT 249.17 584.25 Td (earnings.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (Forward ) Tj ET Q q 0 0 0 rg BT 88.83 560.25 Td (Sales ) Tj ET Q q 0 0 0 rg BT 113.71 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.24 560.25 Td (Mortgage-Backed ) Tj ET Q q 0 0 0 rg BT 202.33 560.25 Td (Securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.21 560.25 Td ( ) Tj ET Q q 0 0 0 rg BT 249.42 560.25 Td ( ) Tj ET Q q 0 0 0 rg BT 252.63 560.25 Td (Forward ) Tj ET Q q 0 0 0 rg BT 289.72 560.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 312.36 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.90 560.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 396.52 560.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 437.49 560.25 Td (\(FMBSs\) ) Tj ET Q q 0 0 0 rg BT 486.81 560.25 Td (are ) Tj ET Q q 0 0 0 rg BT 502.22 560.25 Td (used ) Tj ET Q q 0 0 0 rg BT 523.76 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 534.74 560.25 Td (protect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 104.65 548.25 Td (IRLC ) Tj ET Q q 0 0 0 rg BT 129.82 548.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 153.31 548.25 Td (against ) Tj ET Q q 0 0 0 rg BT 184.02 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.62 548.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 216.01 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.72 548.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 261.32 548.25 Td (in ) Tj ET Q q 0 0 0 rg BT 271.48 548.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 303.30 548.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 324.56 548.25 Td (between ) Tj ET Q q 0 0 0 rg BT 360.26 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.86 548.25 Td (lock ) Tj ET Q q 0 0 0 rg BT 394.47 548.25 Td (date ) Tj ET Q q 0 0 0 rg BT 413.51 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 430.33 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.93 548.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 478.43 548.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 499.97 548.25 Td ( ) Tj ET Q q 0 0 0 rg BT 502.35 548.25 Td (FMBSs ) Tj ET Q q 0 0 0 rg BT 535.31 548.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.00 536.25 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 115.49 536.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 144.88 536.25 Td (are ) Tj ET Q q 0 0 0 rg BT 159.81 536.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 200.29 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.45 536.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 260.71 536.25 Td (for ) Tj ET Q q 0 0 0 rg BT 275.09 536.25 Td (as ) Tj ET Q q 0 0 0 rg BT 286.14 536.25 Td (non-designated ) Tj ET Q q 0 0 0 rg BT 349.95 536.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 392.66 536.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 442.04 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.20 536.25 Td (are ) Tj ET Q q 0 0 0 rg BT 474.13 536.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 511.83 536.25 Td (at ) Tj ET Q q 0 0 0 rg BT 521.76 536.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 538.36 536.25 Td (value, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 524.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 93.39 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.33 524.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 136.72 524.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 174.19 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 184.47 524.25 Td (current ) Tj ET Q q 0 0 0 rg BT 215.29 524.25 Td (earnings.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 92.23 500.25 Td (Loans ) Tj ET Q q 0 0 0 rg BT 120.53 500.25 Td (Held ) Tj ET Q q 0 0 0 rg BT 143.26 500.25 Td (for ) Tj ET Q q 0 0 0 rg BT 158.21 500.25 Td (Sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.99 500.25 Td (: ) Tj ET Q q 0 0 0 rg BT 182.05 500.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.79 500.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 226.40 500.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 250.24 500.25 Td (held ) Tj ET Q q 0 0 0 rg BT 270.19 500.25 Td (for ) Tj ET Q q 0 0 0 rg BT 284.58 500.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 302.86 500.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 333.38 500.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 373.32 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.38 500.25 Td (single-family ) Tj ET Q q 0 0 0 rg BT 440.44 500.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 484.82 500.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 508.66 500.25 Td (collateralized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (by ) Tj ET Q q 0 0 0 rg BT 62.15 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.02 488.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 123.00 488.25 Td (property) Tj ET Q q 0 0 0 rg BT 156.22 488.25 Td (. ) Tj ET Q q 0 0 0 rg BT 161.38 488.25 Td ( ) Tj ET Q q 0 0 0 rg BT 164.03 488.25 Td (During ) Tj ET Q q 0 0 0 rg BT 195.01 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.88 488.25 Td (period ) Tj ET Q q 0 0 0 rg BT 238.07 488.25 Td (between ) Tj ET Q q 0 0 0 rg BT 274.04 488.25 Td (when ) Tj ET Q q 0 0 0 rg BT 298.35 488.25 Td (a ) Tj ET Q q 0 0 0 rg BT 305.44 488.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 325.31 488.25 Td (is ) Tj ET Q q 0 0 0 rg BT 334.63 488.25 Td (closed ) Tj ET Q q 0 0 0 rg BT 362.83 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 379.92 488.25 Td (when ) Tj ET Q q 0 0 0 rg BT 404.23 488.25 Td (it ) Tj ET Q q 0 0 0 rg BT 412.44 488.25 Td (is ) Tj ET Q q 0 0 0 rg BT 421.76 488.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 441.08 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 451.51 488.25 Td (an ) Tj ET Q q 0 0 0 rg BT 463.60 488.25 Td (investor) Tj ET Q q 0 0 0 rg BT 495.42 488.25 Td (, ) Tj ET Q q 0 0 0 rg BT 500.57 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 515.44 488.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.52 488.25 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.78 476.25 Td (is ) Tj ET Q q 0 0 0 rg BT 77.73 476.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 112.66 476.25 Td (through ) Tj ET Q q 0 0 0 rg BT 147.04 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.54 476.25 Td (use ) Tj ET Q q 0 0 0 rg BT 179.15 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.76 476.25 Td (a ) Tj ET Q q 0 0 0 rg BT 198.48 476.25 Td (best-ef) Tj ET Q q 0 0 0 rg BT 225.51 476.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 247.12 476.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 282.60 476.25 Td (or ) Tj ET Q q 0 0 0 rg BT 294.21 476.25 Td (by ) Tj ET Q q 0 0 0 rg BT 307.49 476.25 Td (FMBSs. ) Tj ET Q q 0 0 0 rg BT 343.85 476.25 Td ( ) Tj ET Q q 0 0 0 rg BT 346.89 476.25 Td (The ) Tj ET Q q 0 0 0 rg BT 365.72 476.25 Td (FMBSs ) Tj ET Q q 0 0 0 rg BT 399.57 476.25 Td (are ) Tj ET Q q 0 0 0 rg BT 415.06 476.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 456.11 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.82 476.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 517.64 476.25 Td (for ) Tj ET Q q 0 0 0 rg BT 532.58 476.25 Td (as ) Tj ET Q q 0 0 0 rg BT 544.19 476.25 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (designated ) Tj ET Q q 0 0 0 rg BT 94.76 464.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 137.24 464.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 188.91 464.25 Td (with ) Tj ET Q q 0 0 0 rg BT 209.19 464.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 232.80 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 249.73 464.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 276.13 464.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 313.60 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 323.88 464.25 Td (current ) Tj ET Q q 0 0 0 rg BT 354.70 464.25 Td (earnings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 440.25 Td (table ) Tj ET Q q 0 0 0 rg BT 89.48 440.25 Td (below ) Tj ET Q q 0 0 0 rg BT 116.42 440.25 Td (shows ) Tj ET Q q 0 0 0 rg BT 143.92 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.64 440.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 193.91 440.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 230.30 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.13 440.25 Td (our ) Tj ET Q q 0 0 0 rg BT 256.96 440.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 294.44 440.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 343.61 440.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.32 440.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 413.59 440.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.59 440.25 Td ( ) Tj ET Q q 0 0 0 rg BT 436.09 440.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.03 440.25 Td (December ) Tj ET Q q 0 0 0 rg BT 496.61 440.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 511.61 440.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.61 440.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 407.75 m 430 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 407.75 m 491 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 407.75 m 501 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 407.75 m 562 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 407.75 m 430 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 407.75 m 491 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 407.75 m 501 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 407.75 m 562 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 335.75 m 430 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 335.75 m 491 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 335.75 m 501 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 335.75 m 562 335.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.60 421.88 Td (September 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.55 421.75 Td (December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 411.70 Td (Description of Financial Instrument \(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.00 411.83 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.00 411.70 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 399.70 Td (Best-effort contracts and related committed IRLCs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.50 399.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.80 399.83 Td (3,799) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.50 399.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 399.70 Td (2,625) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 387.70 Td (Uncommitted IRLCs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.80 387.83 Td (90,244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 387.70 Td (46,339) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 375.70 Td (FMBSs related to uncommitted IRLCs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.80 375.83 Td (92,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 375.70 Td (46,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 363.70 Td (Best-effort contracts and related mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.80 363.83 Td (6,927) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 363.70 Td (100,152) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 351.70 Td (FMBSs related to mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.80 351.83 Td (87,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 351.70 Td (27,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 339.70 Td (Mortgage loans held for sale covered by FMBSs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.80 339.83 Td (87,700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 339.70 Td (26,690) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 312.25 Td (table ) Tj ET Q q 0 0 0 rg BT 89.48 312.25 Td (below ) Tj ET Q q 0 0 0 rg BT 116.42 312.25 Td (shows ) Tj ET Q q 0 0 0 rg BT 143.92 312.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.64 312.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 214.45 312.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.28 312.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 251.11 312.25 Td (and ) Tj ET Q q 0 0 0 rg BT 268.05 312.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 307.77 312.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.48 312.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 377.75 312.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.75 312.25 Td ( ) Tj ET Q q 0 0 0 rg BT 400.25 312.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.19 312.25 Td (December ) Tj ET Q q 0 0 0 rg BT 460.77 312.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 475.77 312.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.77 312.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 279.75 m 430 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 279.75 m 491 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 279.75 m 501 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 279.75 m 562 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 279.75 m 491 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 230.75 m 430 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 230.75 m 491 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 230.75 m 501 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 230.75 m 562 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 218.75 m 430 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 218.75 m 491 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 218.75 m 501 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 218.75 m 562 218.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.60 293.88 Td (September 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.55 293.75 Td (December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 283.70 Td (Description of Financial Instrument \(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.00 283.83 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.00 283.70 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 271.00 Td (Mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.50 270.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.80 270.98 Td (95,545) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.50 271.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 271.00 Td (127,001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 258.70 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.10 258.83 Td (\(338) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.80 258.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.10 258.70 Td (\(93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 258.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 246.70 Td (Interest rate lock commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.80 246.83 Td (709) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 246.70 Td (321) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 234.70 Td (Best-efforts contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.10 234.83 Td (\(175) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.80 234.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 234.70 Td (\(206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 234.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 222.70 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.50 222.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.80 222.83 Td (95,741) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.50 222.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 222.70 Td (127,023) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.76 195.25 Td (following ) Tj ET Q q 0 0 0 rg BT 109.37 195.25 Td (table ) Tj ET Q q 0 0 0 rg BT 131.52 195.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 149.23 195.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 171.39 195.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.32 195.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 219.03 195.25 Td (of ) Tj ET Q q 0 0 0 rg BT 230.08 195.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 250.01 195.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 274.95 195.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 321.53 195.25 Td (on ) Tj ET Q q 0 0 0 rg BT 334.24 195.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 360.29 195.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.45 195.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 417.38 195.25 Td (for ) Tj ET Q q 0 0 0 rg BT 431.75 195.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.69 195.25 Td (three ) Tj ET Q q 0 0 0 rg BT 469.39 195.25 Td (and ) Tj ET Q q 0 0 0 rg BT 486.54 195.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 506.48 195.25 Td (months ) Tj ET Q q 0 0 0 rg BT 538.64 195.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.25 Td (September ) Tj ET Q q 0 0 0 rg BT 94.76 183.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 109.76 183.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 132.26 183.25 Td (and ) Tj ET Q q 0 0 0 rg BT 149.20 183.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.20 183.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 151.75 m 379 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 151.75 m 386 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 151.75 m 439 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 151.75 m 449 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 151.75 m 502 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 151.75 m 509 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 151.75 m 562 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 138.75 m 326 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 138.75 m 379 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 138.75 m 386 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 138.75 m 439 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 138.75 m 449 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 151.75 m 502 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 138.75 m 502 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 151.75 m 509 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 138.75 m 509 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 151.75 m 562 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 138.75 m 562 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 138.75 m 379 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 138.75 m 449 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 138.75 m 502 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 138.75 m 509 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 138.75 m 562 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 90.75 m 326 90.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 90.75 m 379 90.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 90.75 m 386 90.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 90.75 m 439 90.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 90.75 m 449 90.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 90.75 m 502 90.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 90.75 m 509 90.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 90.75 m 562 90.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 78.75 m 326 78.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 78.75 m 379 78.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 78.75 m 386 78.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 78.75 m 439 78.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 78.75 m 449 78.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 78.75 m 502 78.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 78.75 m 509 78.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 78.75 m 562 78.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 163.98 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 155.98 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 163.98 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 155.98 Td (September 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 143.00 Td (Description \(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.00 142.98 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 143.00 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.00 142.98 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 143.00 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 130.70 Td (Mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 130.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.10 130.83 Td (\(1,127) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 130.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 130.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.80 130.70 Td (1,585) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 130.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 130.83 Td (1,059) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 130.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 130.70 Td (761) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 118.70 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.80 118.83 Td (1,443) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.10 118.70 Td (\(2,520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 118.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.10 118.83 Td (\(245) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.80 118.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 118.70 Td (\(1,088) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 118.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 106.70 Td (Interest rate lock commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.10 106.83 Td (\(531) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 106.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 106.70 Td (924) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 106.83 Td (388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 106.70 Td (696) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 94.70 Td (Best-efforts contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.80 94.83 Td (15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.10 94.70 Td (\(125) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 94.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.80 94.83 Td (31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 94.70 Td (\(253) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 94.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 82.70 Td (Total gain \(loss\) recognized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 82.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.10 82.83 Td (\(200) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 82.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 82.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.10 82.70 Td (\(136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 82.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 82.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 82.83 Td (1,233) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 82.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 82.70 Td (116) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.64 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 109.12 740.10 Td (table ) Tj ET Q q 0 0 0 rg BT 131.15 740.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 168.18 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.99 740.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 221.12 740.10 Td (future ) Tj ET Q q 0 0 0 rg BT 247.59 740.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 267.95 740.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 292.77 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.80 740.10 Td (current ) Tj ET Q q 0 0 0 rg BT 340.71 740.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 357.18 740.10 Td (values ) Tj ET Q q 0 0 0 rg BT 385.32 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.25 740.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 444.40 740.10 Td (under ) Tj ET Q q 0 0 0 rg BT 469.76 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 485.68 740.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 511.04 740.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 548.06 740.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 89.98 728.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 109.90 728.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 156.50 728.10 Td (services ) Tj ET Q q 0 0 0 rg BT 191.42 728.10 Td (that ) Tj ET Q q 0 0 0 rg BT 209.12 728.10 Td (are ) Tj ET Q q 0 0 0 rg BT 224.04 728.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 255.08 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.57 728.10 Td (market ) Tj ET Q q 0 0 0 rg BT 296.04 728.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 313.75 728.10 Td (as ) Tj ET Q q 0 0 0 rg BT 324.79 728.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 356.94 728.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 378.53 728.10 Td (fluctuate, ) Tj ET Q q 0 0 0 rg BT 418.72 728.10 Td (as ) Tj ET Q q 0 0 0 rg BT 429.76 728.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.80 728.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 501.28 728.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.28 728.10 Td (. ) Tj ET Q q 0 0 0 rg BT 526.49 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 529.20 728.10 Td (Because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.34 716.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 84.75 716.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 126.06 716.10 Td (W) Tj ET Q q 0 0 0 rg BT 134.70 716.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 180.63 716.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 227.68 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.74 716.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 265.15 716.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 306.65 716.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 355.92 716.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 389.10 716.10 Td (are ) Tj ET Q q 0 0 0 rg BT 403.93 716.10 Td (ef) Tj ET Q q 0 0 0 rg BT 411.52 716.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 449.13 716.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 482.29 716.10 Td (by ) Tj ET Q q 0 0 0 rg BT 494.92 716.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 524.75 716.10 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 72.68 704.10 Td (held ) Tj ET Q q 0 0 0 rg BT 91.98 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 105.71 704.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 123.33 704.10 Td (which ) Tj ET Q q 0 0 0 rg BT 149.85 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 164.13 704.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 201.19 704.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 219.94 704.10 Td (within ) Tj ET Q q 0 0 0 rg BT 247.57 704.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 259.65 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.50 704.10 Td (45 ) Tj ET Q q 0 0 0 rg BT 281.58 704.10 Td (days, ) Tj ET Q q 0 0 0 rg BT 304.48 704.10 Td (their ) Tj ET Q q 0 0 0 rg BT 324.88 704.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 373.62 704.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 410.12 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 424.40 704.10 Td (included ) Tj ET Q q 0 0 0 rg BT 460.91 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.76 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.06 704.10 Td (most ) Tj ET Q q 0 0 0 rg BT 506.58 704.10 Td (current ) Tj ET Q q 0 0 0 rg BT 536.97 704.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (presented. ) Tj ET Q q 0 0 0 rg BT 93.42 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.29 692.10 Td (The ) Tj ET Q q 0 0 0 rg BT 114.94 692.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 147.47 692.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 169.45 692.10 Td (for ) Tj ET Q q 0 0 0 rg BT 184.21 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 200.64 692.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 235.95 692.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 254.03 692.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 274.35 692.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 314.10 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.41 692.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 369.17 692.10 Td (average ) Tj ET Q q 0 0 0 rg BT 403.35 692.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 435.89 692.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 457.86 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.74 692.10 Td (ef) Tj ET Q q 0 0 0 rg BT 476.33 692.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 494.42 692.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.73 692.10 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 680.10 Td (. ) Tj ET Q q 0 0 0 rg BT 73.76 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 75.51 680.10 Td (For ) Tj ET Q q 0 0 0 rg BT 91.16 680.10 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 131.78 680.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 153.25 680.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 187.22 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.75 680.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 227.94 680.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 248.58 680.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 287.54 680.10 Td (af) Tj ET Q q 0 0 0 rg BT 295.13 680.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 311.87 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.84 680.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 341.47 680.10 Td (market ) Tj ET Q q 0 0 0 rg BT 371.00 680.10 Td (value ) Tj ET Q q 0 0 0 rg BT 394.41 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.49 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.47 680.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 437.44 680.10 Td (instrument, ) Tj ET Q q 0 0 0 rg BT 484.47 680.10 Td (but ) Tj ET Q q 0 0 0 rg BT 499.01 680.10 Td (not ) Tj ET Q q 0 0 0 rg BT 513.54 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.63 680.10 Td (earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.25 668.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 80.45 668.10 Td (flow) Tj ET Q q 0 0 0 rg BT 98.13 668.10 Td (. ) Tj ET Q q 0 0 0 rg BT 103.05 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.47 668.10 Td (Conversely) Tj ET Q q 0 0 0 rg BT 150.37 668.10 Td (, ) Tj ET Q q 0 0 0 rg BT 155.29 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 169.38 668.10 Td (variable-rate ) Tj ET Q q 0 0 0 rg BT 222.32 668.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 244.46 668.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 279.09 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 289.29 668.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 321.15 668.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 342.45 668.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 382.07 668.10 Td (do ) Tj ET Q q 0 0 0 rg BT 394.50 668.10 Td (not ) Tj ET Q q 0 0 0 rg BT 409.70 668.10 Td (af) Tj ET Q q 0 0 0 rg BT 417.29 668.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 434.69 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.33 668.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 465.63 668.10 Td (market ) Tj ET Q q 0 0 0 rg BT 495.82 668.10 Td (value ) Tj ET Q q 0 0 0 rg BT 519.90 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.65 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 545.29 668.10 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (instrument, ) Tj ET Q q 0 0 0 rg BT 97.57 656.10 Td (but ) Tj ET Q q 0 0 0 rg BT 113.14 656.10 Td (do ) Tj ET Q q 0 0 0 rg BT 125.94 656.10 Td (af) Tj ET Q q 0 0 0 rg BT 133.52 656.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 151.30 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.43 656.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 204.10 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.33 656.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 241.89 656.10 Td (flow) Tj ET Q q 0 0 0 rg BT 259.58 656.10 Td (. ) Tj ET Q q 0 0 0 rg BT 264.87 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.46 656.10 Td (W) Tj ET Q q 0 0 0 rg BT 276.10 656.10 Td (e ) Tj ET Q q 0 0 0 rg BT 283.33 656.10 Td (do ) Tj ET Q q 0 0 0 rg BT 296.13 656.10 Td (not ) Tj ET Q q 0 0 0 rg BT 311.70 656.10 Td (have ) Tj ET Q q 0 0 0 rg BT 333.37 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.38 656.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 391.73 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.30 656.10 Td (prepay ) Tj ET Q q 0 0 0 rg BT 432.30 656.10 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 473.96 656.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 493.97 656.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 516.20 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.78 656.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 560.01 656.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 68.68 644.10 Td (as ) Tj ET Q q 0 0 0 rg BT 79.25 644.10 Td (a ) Tj ET Q q 0 0 0 rg BT 85.93 644.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 112.88 644.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 144.56 644.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 161.78 644.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 179.02 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.70 644.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 230.15 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.17 644.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 256.29 644.10 Td (market ) Tj ET Q q 0 0 0 rg BT 286.29 644.10 Td (value ) Tj ET Q q 0 0 0 rg BT 310.19 644.10 Td (should ) Tj ET Q q 0 0 0 rg BT 339.10 644.10 Td (not ) Tj ET Q q 0 0 0 rg BT 354.11 644.10 Td (have ) Tj ET Q q 0 0 0 rg BT 375.23 644.10 Td (a ) Tj ET Q q 0 0 0 rg BT 381.91 644.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 426.36 644.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 455.81 644.10 Td (on ) Tj ET Q q 0 0 0 rg BT 468.05 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 483.63 644.10 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 524.73 644.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 544.18 644.10 Td (until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.66 632.10 Td (are ) Tj ET Q q 0 0 0 rg BT 78.37 632.10 Td (required ) Tj ET Q q 0 0 0 rg BT 114.18 632.10 Td (or ) Tj ET Q q 0 0 0 rg BT 125.01 632.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 146.38 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.66 632.10 Td (refinance ) Tj ET Q q 0 0 0 rg BT 196.36 632.10 Td (it.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 608.6 m 241 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 608.6 m 245 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 608.6 m 285 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 608.6 m 289 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 608.6 m 329 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 608.6 m 333 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 608.6 m 373 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 608.6 m 377 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 608.6 m 417 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 608.6 m 421 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 608.6 m 466 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 608.6 m 470 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 608.6 m 513 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 595.6 m 196 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 595.6 m 241 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 595.6 m 245 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 595.6 m 285 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 595.6 m 289 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 595.6 m 329 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 595.6 m 333 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 595.6 m 373 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 595.6 m 377 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 595.6 m 417 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 595.6 m 421 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 595.6 m 466 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 595.6 m 470 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 595.6 m 513 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 595.6 m 517 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 595.6 m 562 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 595.6 m 196 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 547.6 m 196 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 547.6 m 241 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 547.6 m 245 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 547.6 m 285 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 547.6 m 289 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 547.6 m 329 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 547.6 m 333 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 547.6 m 373 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 547.6 m 377 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 547.6 m 417 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 547.6 m 421 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 547.6 m 466 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 547.6 m 470 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 547.6 m 513 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 547.6 m 517 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 547.6 m 562 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 523.6 m 196 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 523.6 m 241 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 523.6 m 245 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 523.6 m 285 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 523.6 m 289 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 523.6 m 329 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 523.6 m 333 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 523.6 m 373 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 523.6 m 377 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 523.6 m 417 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 523.6 m 421 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 523.6 m 466 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 523.6 m 470 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 523.6 m 513 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 523.6 m 517 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 523.6 m 562 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 476.6 m 241 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 476.6 m 245 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 476.6 m 285 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 476.6 m 289 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 476.6 m 329 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 476.6 m 333 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 476.6 m 373 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 476.6 m 377 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 476.6 m 417 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 476.6 m 421 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 476.6 m 466 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 476.6 m 470 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 476.6 m 513 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 476.6 m 517 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 476.6 m 562 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 476.6 m 196 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 450.6 m 196 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 450.6 m 241 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 450.6 m 245 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 450.6 m 285 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 450.6 m 289 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 450.6 m 329 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 450.6 m 333 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 450.6 m 373 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 450.6 m 377 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 450.6 m 417 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 450.6 m 421 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 450.6 m 466 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 450.6 m 470 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 450.6 m 513 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 450.6 m 517 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 450.6 m 562 450.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.00 612.83 Td (Expected Cash Flows by Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.15 612.83 Td (Fair Value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 599.85 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 210.00 599.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.50 599.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.50 599.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.50 599.83 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.50 599.83 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.70 599.83 Td (Thereafter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 599.83 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.75 599.83 Td (9/30/2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 587.55 Td (ASSETS:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 575.55 Td (Mortgage loans held for sale:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 563.55 Td (Fixed rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 563.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.75 563.55 Td (94,397) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.50 563.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 563.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.50 563.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 563.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.50 563.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 563.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.50 563.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 563.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 563.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 563.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.50 563.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.75 563.55 Td (94,397) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 563.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 563.55 Td (91,958) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 551.55 Td (Weighted average interest rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 551.55 Td (3.52) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.80 551.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 551.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 551.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.80 551.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.80 551.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 551.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.75 551.55 Td (3.52) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 551.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 539.55 Td (Variable rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.75 539.55 Td (3,617) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 539.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 539.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 539.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 539.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 539.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.75 539.55 Td (3,617) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 539.55 Td (3,588) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 527.55 Td (Weighted average interest rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 527.55 Td (2.94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.80 527.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 527.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 527.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 527.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 527.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 527.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.80 527.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 527.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.80 527.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 527.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 527.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.75 527.55 Td (2.94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 527.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 504.55 Td (LIABILITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 492.55 Td (Long-term debt fixed rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 492.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.75 492.55 Td (2,177) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.50 492.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.80 492.55 Td (57,952) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.50 492.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.80 492.55 Td (86,651) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.50 492.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.80 492.55 Td (299) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.50 492.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.80 492.55 Td (299) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 492.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.75 492.55 Td (300,234) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.50 492.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 492.55 Td (447,613) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 492.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 492.55 Td (469,449) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 480.55 Td (Weighted average interest rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 480.55 Td (3.37) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.80 480.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 480.55 Td (3.26) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 480.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 480.55 Td (3.02) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 480.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 480.55 Td (3.89) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.80 480.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.80 480.55 Td (3.37) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.80 480.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.75 480.55 Td (6.73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 480.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.75 480.55 Td (5.55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 480.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 467.85 Td (Short-term debt variable rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 467.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 207.75 467.85 Td (176,483) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.50 467.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 467.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.50 467.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 467.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.50 467.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 467.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.50 467.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 467.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 467.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 467.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.50 467.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 467.85 Td (176,483) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 467.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 467.85 Td (176,483) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 454.85 Td (Weighted average interest rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 454.85 Td (3.10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.80 454.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 454.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 454.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 454.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 454.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 454.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.80 454.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 454.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.80 454.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 454.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 454.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.75 454.85 Td (3.10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 454.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (ITEM 4: CONTROLS ) Tj ET Q q 0 0 0 rg BT 150.07 740.25 Td (AND PROCEDURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Conclusion ) Tj ET Q q 0 0 0 rg BT 99.79 716.25 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 147.29 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.12 716.25 Td (Effectiveness ) Tj ET Q q 0 0 0 rg BT 221.16 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 231.99 716.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 271.81 716.25 Td (e ) Tj ET Q q 0 0 0 rg BT 278.75 716.25 Td (Contr) Tj ET Q q 0 0 0 rg BT 304.12 716.25 Td (ols ) Tj ET Q q 0 0 0 rg BT 318.29 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.91 716.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 347.28 716.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 376.54 716.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (An ) Tj ET Q q 0 0 0 rg BT 64.44 692.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 108.80 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.85 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.78 692.25 Td (ef) Tj ET Q q 0 0 0 rg BT 142.37 692.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 189.51 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.56 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.49 692.25 Td (Company) Tj ET Q q 0 0 0 rg BT 257.16 692.25 Td (s ) Tj ET Q q 0 0 0 rg BT 263.76 692.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 307.03 692.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 341.96 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 359.12 692.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 405.70 692.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 420.08 692.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 452.78 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 463.27 692.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 484.88 692.25 Td (13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 526.46 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 543.61 692.25 Td (Rule ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (15d-15\(e\) ) Tj ET Q q 0 0 0 rg BT 92.39 680.25 Td (under ) Tj ET Q q 0 0 0 rg BT 118.63 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.31 680.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 177.21 680.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 219.34 680.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 237.24 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.04 680.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 275.00 680.25 Td (as ) Tj ET Q q 0 0 0 rg BT 286.80 680.25 Td (amended\) ) Tj ET Q q 0 0 0 rg BT 329.69 680.25 Td (was ) Tj ET Q q 0 0 0 rg BT 348.70 680.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 393.82 680.25 Td (by ) Tj ET Q q 0 0 0 rg BT 407.28 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 422.96 680.25 Td (Company) Tj ET Q q 0 0 0 rg BT 464.63 680.25 Td (s ) Tj ET Q q 0 0 0 rg BT 471.99 680.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 529.04 680.25 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 680.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 101.84 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 111.97 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.99 668.25 Td (Company) Tj ET Q q 0 0 0 rg BT 167.65 668.25 Td (s ) Tj ET Q q 0 0 0 rg BT 173.34 668.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 210.69 668.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 250.80 668.25 Td (of) Tj ET Q q 0 0 0 rg BT 258.95 668.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 279.06 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 295.30 668.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 332.65 668.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 369.43 668.25 Td (of) Tj ET Q q 0 0 0 rg BT 377.58 668.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 395.34 668.25 Td (. ) Tj ET Q q 0 0 0 rg BT 402.14 668.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 428.38 668.25 Td (on ) Tj ET Q q 0 0 0 rg BT 440.18 668.25 Td (that ) Tj ET Q q 0 0 0 rg BT 456.98 668.25 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 502.93 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.95 668.25 Td (Company) Tj ET Q q 0 0 0 rg BT 558.61 668.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.50 656.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 128.27 656.25 Td (of) Tj ET Q q 0 0 0 rg BT 136.42 656.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 157.20 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.10 656.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 212.10 656.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 249.54 656.25 Td (of) Tj ET Q q 0 0 0 rg BT 257.69 656.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 278.46 656.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 322.02 656.25 Td (that ) Tj ET Q q 0 0 0 rg BT 339.47 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 354.15 656.25 Td (Company) Tj ET Q q 0 0 0 rg BT 395.81 656.25 Td (s ) Tj ET Q q 0 0 0 rg BT 402.17 656.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 445.17 656.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 479.85 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 496.75 656.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 543.07 656.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 644.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 86.79 644.25 Td (as ) Tj ET Q q 0 0 0 rg BT 97.62 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 108.45 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.17 644.25 Td (end ) Tj ET Q q 0 0 0 rg BT 140.11 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 150.94 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.65 644.25 Td (period ) Tj ET Q q 0 0 0 rg BT 193.70 644.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 227.84 644.25 Td (by ) Tj ET Q q 0 0 0 rg BT 240.34 644.25 Td (this ) Tj ET Q q 0 0 0 rg BT 257.29 644.25 Td (report.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 88.67 620.25 Td (in ) Tj ET Q q 0 0 0 rg BT 99.51 620.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 137.01 620.25 Td (Contr) Tj ET Q q 0 0 0 rg BT 162.39 620.25 Td (ol ) Tj ET Q q 0 0 0 rg BT 172.66 620.25 Td (over) Tj ET Q q 0 0 0 rg BT 191.36 620.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.86 620.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 236.37 620.25 Td (Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (There ) Tj ET Q q 0 0 0 rg BT 75.92 596.25 Td (were ) Tj ET Q q 0 0 0 rg BT 98.46 596.25 Td (no ) Tj ET Q q 0 0 0 rg BT 111.56 596.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 146.88 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 157.76 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 174.20 596.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 207.85 596.25 Td (control ) Tj ET Q q 0 0 0 rg BT 239.28 596.25 Td (over ) Tj ET Q q 0 0 0 rg BT 260.16 596.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 298.25 596.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 338.01 596.25 Td (during ) Tj ET Q q 0 0 0 rg BT 367.22 596.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.55 596.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 413.97 596.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 440.95 596.25 Td (September ) Tj ET Q q 0 0 0 rg BT 486.82 596.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 502.43 596.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.43 596.25 Td ( ) Tj ET Q q 0 0 0 rg BT 525.54 596.25 Td (that ) Tj ET Q q 0 0 0 rg BT 543.64 596.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 92.54 584.25 Td (af) Tj ET Q q 0 0 0 rg BT 100.13 584.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 129.55 584.25 Td (or ) Tj ET Q q 0 0 0 rg BT 140.38 584.25 Td (are ) Tj ET Q q 0 0 0 rg BT 155.09 584.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 200.90 584.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 226.17 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 236.45 584.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 279.49 584.25 Td (af) Tj ET Q q 0 0 0 rg BT 287.08 584.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 307.06 584.25 Td (our ) Tj ET Q q 0 0 0 rg BT 322.89 584.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 355.94 584.25 Td (control ) Tj ET Q q 0 0 0 rg BT 386.76 584.25 Td (over ) Tj ET Q q 0 0 0 rg BT 407.03 584.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 444.51 584.25 Td (reporting. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 558.68505859375 m 199.3095703125 558.68505859375 l s q 0 0 0 rg BT 49.50 560.25 Td (Part II - OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 173.75 560.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 534.9169921875 m 154.4658203125 534.9169921875 l s q 0 0 0 rg BT 49.50 536.25 Td (Item 1. Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.69 512.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.22 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 126.30 512.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 156.15 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.12 512.25 Td (its ) Tj ET Q q 0 0 0 rg BT 179.22 512.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 229.08 512.25 Td (have ) Tj ET Q q 0 0 0 rg BT 250.60 512.25 Td (received ) Tj ET Q q 0 0 0 rg BT 287.10 512.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 315.85 512.25 Td (from ) Tj ET Q q 0 0 0 rg BT 337.94 512.25 Td (homeowners ) Tj ET Q q 0 0 0 rg BT 391.68 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 402.10 512.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 431.95 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 442.92 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 458.89 512.25 Td (Florida ) Tj ET Q q 0 0 0 rg BT 490.43 512.25 Td (communities ) Tj ET Q q 0 0 0 rg BT 544.73 512.25 Td (\(and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (been ) Tj ET Q q 0 0 0 rg BT 70.55 500.25 Td (named ) Tj ET Q q 0 0 0 rg BT 99.38 500.25 Td (as ) Tj ET Q q 0 0 0 rg BT 109.89 500.25 Td (a ) Tj ET Q q 0 0 0 rg BT 116.50 500.25 Td (defendant ) Tj ET Q q 0 0 0 rg BT 158.10 500.25 Td (in ) Tj ET Q q 0 0 0 rg BT 168.05 500.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 189.66 500.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 240.15 500.25 Td (initiated ) Tj ET Q q 0 0 0 rg BT 275.10 500.25 Td (by ) Tj ET Q q 0 0 0 rg BT 287.27 500.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 316.65 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 327.16 500.25 Td (such ) Tj ET Q q 0 0 0 rg BT 347.66 500.25 Td (homeowners\) ) Tj ET Q q 0 0 0 rg BT 404.27 500.25 Td (related ) Tj ET Q q 0 0 0 rg BT 433.64 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 443.60 500.25 Td (stucco ) Tj ET Q q 0 0 0 rg BT 471.32 500.25 Td (on ) Tj ET Q q 0 0 0 rg BT 483.49 500.25 Td (their ) Tj ET Q q 0 0 0 rg BT 503.99 500.25 Td (homes. ) Tj ET Q q 0 0 0 rg BT 534.78 500.25 Td ( ) Tj ET Q q 0 0 0 rg BT 536.95 500.25 Td (Please ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 70.87 488.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 81.1455078125 486.9169921875 m 108.083984375 486.9169921875 l s q 0 0 1 rg BT 81.15 488.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 103.08 488.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 108.08 488.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.58 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.41 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.13 488.25 Td (Company) Tj ET Q q 0 0 0 rg BT 177.80 488.25 Td (s ) Tj ET Q q 0 0 0 rg BT 184.19 488.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 237.23 488.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 274.71 488.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 319.42 488.25 Td (for ) Tj ET Q q 0 0 0 rg BT 333.58 488.25 Td (further ) Tj ET Q q 0 0 0 rg BT 363.29 488.25 Td (information ) Tj ET Q q 0 0 0 rg BT 413.00 488.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 453.82 488.25 Td (these ) Tj ET Q q 0 0 0 rg BT 476.86 488.25 Td (stucco ) Tj ET Q q 0 0 0 rg BT 504.91 488.25 Td (claims.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.97 464.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.78 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.14 464.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 153.27 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.52 464.25 Td (its ) Tj ET Q q 0 0 0 rg BT 174.89 464.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 224.03 464.25 Td (have ) Tj ET Q q 0 0 0 rg BT 244.83 464.25 Td (been ) Tj ET Q q 0 0 0 rg BT 265.63 464.25 Td (named ) Tj ET Q q 0 0 0 rg BT 294.21 464.25 Td (as ) Tj ET Q q 0 0 0 rg BT 304.46 464.25 Td (defendants ) Tj ET Q q 0 0 0 rg BT 349.70 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 359.40 464.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 388.52 464.25 Td (other ) Tj ET Q q 0 0 0 rg BT 410.99 464.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 432.35 464.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 482.59 464.25 Td (which ) Tj ET Q q 0 0 0 rg BT 508.95 464.25 Td (are ) Tj ET Q q 0 0 0 rg BT 523.08 464.25 Td (incidental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.83 452.25 Td (our ) Tj ET Q q 0 0 0 rg BT 75.71 452.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 114.65 452.25 Td ( ) Tj ET Q q 0 0 0 rg BT 117.01 452.25 Td (While ) Tj ET Q q 0 0 0 rg BT 143.99 452.25 Td (management ) Tj ET Q q 0 0 0 rg BT 197.63 452.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 236.27 452.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 271.59 452.25 Td (that ) Tj ET Q q 0 0 0 rg BT 289.13 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.90 452.25 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 339.21 452.25 Td (resolution ) Tj ET Q q 0 0 0 rg BT 381.76 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.64 452.25 Td (these ) Tj ET Q q 0 0 0 rg BT 415.73 452.25 Td (other ) Tj ET Q q 0 0 0 rg BT 438.83 452.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 460.81 452.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 514.17 452.25 Td (individually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.95 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 77.74 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.97 440.25 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 137.34 440.25 Td (will ) Tj ET Q q 0 0 0 rg BT 155.91 440.25 Td (not ) Tj ET Q q 0 0 0 rg BT 171.70 440.25 Td (have ) Tj ET Q q 0 0 0 rg BT 193.59 440.25 Td (a ) Tj ET Q q 0 0 0 rg BT 201.04 440.25 Td (material ) Tj ET Q q 0 0 0 rg BT 236.81 440.25 Td (ef) Tj ET Q q 0 0 0 rg BT 244.40 440.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 262.40 440.25 Td (on ) Tj ET Q q 0 0 0 rg BT 275.41 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.64 440.25 Td (Company) Tj ET Q q 0 0 0 rg BT 332.30 440.25 Td (s ) Tj ET Q q 0 0 0 rg BT 339.20 440.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 377.20 440.25 Td (position, ) Tj ET Q q 0 0 0 rg BT 414.93 440.25 Td (results ) Tj ET Q q 0 0 0 rg BT 444.05 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 455.40 440.25 Td (operationsand ) Tj ET Q q 0 0 0 rg BT 517.00 440.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 537.78 440.25 Td (flows, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (such ) Tj ET Q q 0 0 0 rg BT 70.50 428.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 92.61 428.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 143.60 428.25 Td (are ) Tj ET Q q 0 0 0 rg BT 158.48 428.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 189.47 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 199.92 428.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 235.36 428.25 Td (uncertainties. ) Tj ET Q q 0 0 0 rg BT 291.43 428.25 Td (The ) Tj ET Q q 0 0 0 rg BT 309.65 428.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 351.21 428.25 Td (has ) Tj ET Q q 0 0 0 rg BT 367.21 428.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 404.86 428.25 Td (a ) Tj ET Q q 0 0 0 rg BT 411.97 428.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 445.75 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 456.20 428.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 489.42 428.25 Td (for ) Tj ET Q q 0 0 0 rg BT 503.75 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.64 428.25 Td (anticipated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 73.89 416.25 Td (including ) Tj ET Q q 0 0 0 rg BT 113.56 416.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 134.89 416.25 Td (defense ) Tj ET Q q 0 0 0 rg BT 167.32 416.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 191.71 416.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 234.70 416.25 Td (with ) Tj ET Q q 0 0 0 rg BT 254.37 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 268.48 416.25 Td (resolution ) Tj ET Q q 0 0 0 rg BT 310.37 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.59 416.25 Td (these ) Tj ET Q q 0 0 0 rg BT 343.03 416.25 Td (other ) Tj ET Q q 0 0 0 rg BT 365.47 416.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 386.80 416.25 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 439.51 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 441.40 416.25 Td (However) Tj ET Q q 0 0 0 rg BT 477.65 416.25 Td (, ) Tj ET Q q 0 0 0 rg BT 482.05 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 496.16 416.25 Td (possibility ) Tj ET Q q 0 0 0 rg BT 539.73 416.25 Td (exists ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (that ) Tj ET Q q 0 0 0 rg BT 66.92 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.56 404.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 103.99 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 114.19 404.25 Td (resolve ) Tj ET Q q 0 0 0 rg BT 145.50 404.25 Td (these ) Tj ET Q q 0 0 0 rg BT 168.47 404.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 190.33 404.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 241.07 404.25 Td (could ) Tj ET Q q 0 0 0 rg BT 265.71 404.25 Td (dif) Tj ET Q q 0 0 0 rg BT 276.64 404.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 290.16 404.25 Td (from ) Tj ET Q q 0 0 0 rg BT 312.03 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.67 404.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 364.07 404.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 403.71 404.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 423.07 404.25 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 464.08 404.25 Td (have ) Tj ET Q q 0 0 0 rg BT 485.39 404.25 Td (a ) Tj ET Q q 0 0 0 rg BT 492.25 404.25 Td (material ) Tj ET Q q 0 0 0 rg BT 527.44 404.25 Td (ef) Tj ET Q q 0 0 0 rg BT 535.02 404.25 Td (fecton ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 392.25 Td (Company) Tj ET Q q 0 0 0 rg BT 105.88 392.25 Td (s ) Tj ET Q q 0 0 0 rg BT 112.27 392.25 Td (net ) Tj ET Q q 0 0 0 rg BT 126.99 392.25 Td (income ) Tj ET Q q 0 0 0 rg BT 158.92 392.25 Td (for ) Tj ET Q q 0 0 0 rg BT 173.08 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.80 392.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 219.74 392.25 Td (in ) Tj ET Q q 0 0 0 rg BT 230.02 392.25 Td (which ) Tj ET Q q 0 0 0 rg BT 256.96 392.25 Td (they ) Tj ET Q q 0 0 0 rg BT 276.67 392.25 Td (are ) Tj ET Q q 0 0 0 rg BT 291.38 392.25 Td (resolved.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 366.9169921875 m 137.8251953125 366.9169921875 l s q 0 0 0 rg BT 49.50 368.25 Td (Item 1A. Risk Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (Except ) Tj ET Q q 0 0 0 rg BT 79.82 344.25 Td (as ) Tj ET Q q 0 0 0 rg BT 90.71 344.25 Td (set ) Tj ET Q q 0 0 0 rg BT 104.38 344.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 126.38 344.25 Td (below) Tj ET Q q 0 0 0 rg BT 150.17 344.25 Td (, ) Tj ET Q q 0 0 0 rg BT 155.23 344.25 Td (there ) Tj ET Q q 0 0 0 rg BT 177.78 344.25 Td (have ) Tj ET Q q 0 0 0 rg BT 199.21 344.25 Td (been ) Tj ET Q q 0 0 0 rg BT 220.65 344.25 Td (no ) Tj ET Q q 0 0 0 rg BT 233.21 344.25 Td (material ) Tj ET Q q 0 0 0 rg BT 268.53 344.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 303.30 344.25 Td (to ) Tj ET Q q 0 0 0 rg BT 313.63 344.25 Td (the ) Tj ET Q q 0 0 0 rg BT 328.41 344.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 345.97 344.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 375.74 344.25 Td (appearing ) Tj ET Q q 0 0 0 rg BT 417.72 344.25 Td (in ) Tj ET Q q 0 0 0 rg BT 428.06 344.25 Td (our ) Tj ET Q q 0 0 0 rg BT 443.38 344.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 475.38 344.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 505.16 344.25 Td (on ) Tj ET Q q 0 0 0 rg BT 517.72 344.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 541.95 344.25 Td (10-K ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.25 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.55 332.25 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.30 332.25 Td (year ) Tj ET Q q 0 0 0 rg BT 120.59 332.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 146.56 332.25 Td (December ) Tj ET Q q 0 0 0 rg BT 189.73 332.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 204.32 332.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.32 332.25 Td (, ) Tj ET Q q 0 0 0 rg BT 228.91 332.25 Td (as ) Tj ET Q q 0 0 0 rg BT 239.33 332.25 Td (updated ) Tj ET Q q 0 0 0 rg BT 273.07 332.25 Td (by ) Tj ET Q q 0 0 0 rg BT 285.16 332.25 Td (our ) Tj ET Q q 0 0 0 rg BT 300.58 332.25 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 340.99 332.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 370.29 332.25 Td (on ) Tj ET Q q 0 0 0 rg BT 382.38 332.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 406.14 332.25 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 428.78 332.25 Td (for ) Tj ET Q q 0 0 0 rg BT 442.53 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.83 332.25 Td (three ) Tj ET Q q 0 0 0 rg BT 478.91 332.25 Td (months ) Tj ET Q q 0 0 0 rg BT 510.45 332.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 536.41 332.25 Td (March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 64.50 320.25 Td (2016.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.45 298.25 Td (results ) Tj ET Q q 0 0 0 rg BT 99.96 298.25 Td (of ) Tj ET Q q 0 0 0 rg BT 111.57 298.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 160.69 298.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.20 298.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 243.37 298.25 Td (and ) Tj ET Q q 0 0 0 rg BT 262.21 298.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 284.38 298.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 309.33 298.25 Td (could ) Tj ET Q q 0 0 0 rg BT 335.39 298.25 Td (be ) Tj ET Q q 0 0 0 rg BT 348.11 298.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 389.70 298.25 Td (af) Tj ET Q q 0 0 0 rg BT 397.85 298.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 425.55 298.25 Td (if ) Tj ET Q q 0 0 0 rg BT 434.94 298.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 471.56 298.25 Td (or ) Tj ET Q q 0 0 0 rg BT 483.73 298.25 Td (future ) Tj ET Q q 0 0 0 rg BT 512.57 298.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 535.84 298.25 Td (claims ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (against ) Tj ET Q q 0 0 0 rg BT 82.01 286.25 Td (us ) Tj ET Q q 0 0 0 rg BT 93.96 286.25 Td (are ) Tj ET Q q 0 0 0 rg BT 109.79 286.25 Td (not ) Tj ET Q q 0 0 0 rg BT 125.63 286.25 Td (resolved ) Tj ET Q q 0 0 0 rg BT 162.01 286.25 Td (in ) Tj ET Q q 0 0 0 rg BT 172.85 286.25 Td (our ) Tj ET Q q 0 0 0 rg BT 189.80 286.25 Td (favor) Tj ET Q q 0 0 0 rg BT 210.91 286.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (In ) Tj ET Q q 0 0 0 rg BT 59.67 262.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 94.29 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 103.91 262.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.97 262.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 139.25 262.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 189.41 262.25 Td (related ) Tj ET Q q 0 0 0 rg BT 218.45 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 228.07 262.25 Td (stucco ) Tj ET Q q 0 0 0 rg BT 255.46 262.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 295.64 262.25 Td (below) Tj ET Q q 0 0 0 rg BT 319.43 262.25 Td (, ) Tj ET Q q 0 0 0 rg BT 323.77 262.25 Td (the ) Tj ET Q q 0 0 0 rg BT 337.83 262.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 378.56 262.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.84 262.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 423.89 262.25 Td (of ) Tj ET Q q 0 0 0 rg BT 434.06 262.25 Td (its ) Tj ET Q q 0 0 0 rg BT 445.35 262.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 494.41 262.25 Td (have ) Tj ET Q q 0 0 0 rg BT 515.13 262.25 Td (been ) Tj ET Q q 0 0 0 rg BT 535.85 262.25 Td (named ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.50 250.25 Td (defendants ) Tj ET Q q 0 0 0 rg BT 106.48 250.25 Td (in ) Tj ET Q q 0 0 0 rg BT 116.92 250.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 146.79 250.25 Td (other ) Tj ET Q q 0 0 0 rg BT 170.00 250.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 192.10 250.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 243.08 250.25 Td (which ) Tj ET Q q 0 0 0 rg BT 270.19 250.25 Td (are ) Tj ET Q q 0 0 0 rg BT 285.06 250.25 Td (incidental ) Tj ET Q q 0 0 0 rg BT 327.16 250.25 Td (to ) Tj ET Q q 0 0 0 rg BT 337.60 250.25 Td (our ) Tj ET Q q 0 0 0 rg BT 353.60 250.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 392.46 250.25 Td (While ) Tj ET Q q 0 0 0 rg BT 419.56 250.25 Td (management ) Tj ET Q q 0 0 0 rg BT 473.32 250.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 512.08 250.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 547.51 250.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.18 238.25 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 99.40 238.25 Td (resolution ) Tj ET Q q 0 0 0 rg BT 141.86 238.25 Td (of ) Tj ET Q q 0 0 0 rg BT 152.64 238.25 Td (these ) Tj ET Q q 0 0 0 rg BT 175.65 238.25 Td (other ) Tj ET Q q 0 0 0 rg BT 198.66 238.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 220.55 238.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 273.82 238.25 Td (individually ) Tj ET Q q 0 0 0 rg BT 324.61 238.25 Td (and ) Tj ET Q q 0 0 0 rg BT 341.51 238.25 Td (in ) Tj ET Q q 0 0 0 rg BT 351.74 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 366.42 238.25 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 410.24 238.25 Td (will ) Tj ET Q q 0 0 0 rg BT 428.25 238.25 Td (not ) Tj ET Q q 0 0 0 rg BT 443.49 238.25 Td (have ) Tj ET Q q 0 0 0 rg BT 464.83 238.25 Td (a ) Tj ET Q q 0 0 0 rg BT 471.72 238.25 Td (material ) Tj ET Q q 0 0 0 rg BT 506.94 238.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 539.94 238.25 Td (ef) Tj ET Q q 0 0 0 rg BT 547.52 238.25 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (on ) Tj ET Q q 0 0 0 rg BT 63.46 226.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.63 226.25 Td (Company) Tj ET Q q 0 0 0 rg BT 121.30 226.25 Td (s ) Tj ET Q q 0 0 0 rg BT 129.15 226.25 Td (results ) Tj ET Q q 0 0 0 rg BT 159.22 226.25 Td (of ) Tj ET Q q 0 0 0 rg BT 171.50 226.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 219.62 226.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 258.56 226.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 302.79 226.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.19 226.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 342.91 226.25 Td (flows, ) Tj ET Q q 0 0 0 rg BT 371.59 226.25 Td (such ) Tj ET Q q 0 0 0 rg BT 393.88 226.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 417.27 226.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 469.55 226.25 Td (are ) Tj ET Q q 0 0 0 rg BT 485.71 226.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 518.00 226.25 Td (to ) Tj ET Q q 0 0 0 rg BT 529.73 226.25 Td (inherent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (uncertainties. ) Tj ET Q q 0 0 0 rg BT 105.35 214.25 Td (The ) Tj ET Q q 0 0 0 rg BT 123.33 214.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 164.65 214.25 Td (has ) Tj ET Q q 0 0 0 rg BT 180.42 214.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 217.83 214.25 Td (a ) Tj ET Q q 0 0 0 rg BT 224.70 214.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 258.25 214.25 Td (to ) Tj ET Q q 0 0 0 rg BT 268.46 214.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 301.44 214.25 Td (for ) Tj ET Q q 0 0 0 rg BT 315.54 214.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.19 214.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 376.49 214.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 401.43 214.25 Td (including ) Tj ET Q q 0 0 0 rg BT 441.64 214.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 463.51 214.25 Td (defense ) Tj ET Q q 0 0 0 rg BT 496.48 214.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 521.42 214.25 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.16 202.25 Td (the ) Tj ET Q q 0 0 0 rg BT 83.26 202.25 Td (resolution ) Tj ET Q q 0 0 0 rg BT 125.14 202.25 Td (of ) Tj ET Q q 0 0 0 rg BT 135.35 202.25 Td (these ) Tj ET Q q 0 0 0 rg BT 157.78 202.25 Td (other ) Tj ET Q q 0 0 0 rg BT 180.21 202.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 201.52 202.25 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 254.22 202.25 Td (However) Tj ET Q q 0 0 0 rg BT 290.47 202.25 Td (, ) Tj ET Q q 0 0 0 rg BT 294.85 202.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.95 202.25 Td (possibility ) Tj ET Q q 0 0 0 rg BT 352.51 202.25 Td (exists ) Tj ET Q q 0 0 0 rg BT 377.17 202.25 Td (that ) Tj ET Q q 0 0 0 rg BT 394.05 202.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.15 202.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 430.03 202.25 Td (to ) Tj ET Q q 0 0 0 rg BT 439.69 202.25 Td (resolve ) Tj ET Q q 0 0 0 rg BT 470.45 202.25 Td (these ) Tj ET Q q 0 0 0 rg BT 492.88 202.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 514.19 202.25 Td (proceedings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (could ) Tj ET Q q 0 0 0 rg BT 74.74 190.25 Td (dif) Tj ET Q q 0 0 0 rg BT 85.66 190.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 99.78 190.25 Td (from ) Tj ET Q q 0 0 0 rg BT 122.24 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.48 190.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 175.47 190.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 215.71 190.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 235.66 190.25 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 277.27 190.25 Td (have ) Tj ET Q q 0 0 0 rg BT 299.17 190.25 Td (a ) Tj ET Q q 0 0 0 rg BT 306.62 190.25 Td (material ) Tj ET Q q 0 0 0 rg BT 342.40 190.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 375.96 190.25 Td (ef) Tj ET Q q 0 0 0 rg BT 383.55 190.25 Td (fecton ) Tj ET Q q 0 0 0 rg BT 414.05 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.29 190.25 Td (Company) Tj ET Q q 0 0 0 rg BT 470.96 190.25 Td (s ) Tj ET Q q 0 0 0 rg BT 477.87 190.25 Td (results ) Tj ET Q q 0 0 0 rg BT 507.00 190.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.35 190.25 Td (operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 178.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 129.75 178.25 Td (and ) Tj ET Q q 0 0 0 rg BT 146.69 178.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 166.96 178.25 Td (flows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (Similarly) Tj ET Q q 0 0 0 rg BT 86.07 154.25 Td (, ) Tj ET Q q 0 0 0 rg BT 90.29 154.25 Td (if ) Tj ET Q q 0 0 0 rg BT 98.12 154.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 139.82 154.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 160.98 154.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 211.01 154.25 Td (are ) Tj ET Q q 0 0 0 rg BT 224.93 154.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 244.98 154.25 Td (against ) Tj ET Q q 0 0 0 rg BT 275.02 154.25 Td (us ) Tj ET Q q 0 0 0 rg BT 285.63 154.25 Td (in ) Tj ET Q q 0 0 0 rg BT 295.13 154.25 Td (the ) Tj ET Q q 0 0 0 rg BT 309.06 154.25 Td (future, ) Tj ET Q q 0 0 0 rg BT 337.15 154.25 Td (including ) Tj ET Q q 0 0 0 rg BT 376.65 154.25 Td (with ) Tj ET Q q 0 0 0 rg BT 396.14 154.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 426.17 154.25 Td (to ) Tj ET Q q 0 0 0 rg BT 435.67 154.25 Td (stucco ) Tj ET Q q 0 0 0 rg BT 462.94 154.25 Td (installation ) Tj ET Q q 0 0 0 rg BT 509.09 154.25 Td (in ) Tj ET Q q 0 0 0 rg BT 518.59 154.25 Td (our ) Tj ET Q q 0 0 0 rg BT 533.64 154.25 Td (Florida ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (communities, ) Tj ET Q q 0 0 0 rg BT 106.23 142.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.02 142.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 157.47 142.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 194.47 142.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.37 142.25 Td (one ) Tj ET Q q 0 0 0 rg BT 222.38 142.25 Td (or ) Tj ET Q q 0 0 0 rg BT 233.29 142.25 Td (more ) Tj ET Q q 0 0 0 rg BT 256.41 142.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.31 142.25 Td (such ) Tj ET Q q 0 0 0 rg BT 288.21 142.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 310.22 142.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 361.10 142.25 Td (could ) Tj ET Q q 0 0 0 rg BT 385.89 142.25 Td (have ) Tj ET Q q 0 0 0 rg BT 407.34 142.25 Td (a ) Tj ET Q q 0 0 0 rg BT 414.35 142.25 Td (material ) Tj ET Q q 0 0 0 rg BT 449.68 142.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 482.79 142.25 Td (ef) Tj ET Q q 0 0 0 rg BT 490.38 142.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 507.94 142.25 Td (on ) Tj ET Q q 0 0 0 rg BT 520.51 142.25 Td (our ) Tj ET Q q 0 0 0 rg BT 536.41 142.25 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 130.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 106.99 130.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 144.47 130.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 184.74 130.25 Td (and ) Tj ET Q q 0 0 0 rg BT 201.68 130.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 221.95 130.25 Td (flows.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (Homebuilding ) Tj ET Q q 0 0 0 rg BT 111.45 106.25 Td (is ) Tj ET Q q 0 0 0 rg BT 120.62 106.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 152.01 106.25 Td (to ) Tj ET Q q 0 0 0 rg BT 162.29 106.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 216.47 106.25 Td (defect, ) Tj ET Q q 0 0 0 rg BT 245.89 106.25 Td (product ) Tj ET Q q 0 0 0 rg BT 280.06 106.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 313.67 106.25 Td (and ) Tj ET Q q 0 0 0 rg BT 331.73 106.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 371.46 106.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 400.63 106.25 Td (that ) Tj ET Q q 0 0 0 rg BT 419.25 106.25 Td (can ) Tj ET Q q 0 0 0 rg BT 436.75 106.25 Td (be ) Tj ET Q q 0 0 0 rg BT 448.68 106.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 495.08 106.25 Td (and ) Tj ET Q q 0 0 0 rg BT 513.14 106.25 Td (costly) Tj ET Q q 0 0 0 rg BT 536.10 106.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (As ) Tj ET Q q 0 0 0 rg BT 63.04 82.25 Td (a ) Tj ET Q q 0 0 0 rg BT 69.90 82.25 Td (homebuilder) Tj ET Q q 0 0 0 rg BT 120.04 82.25 Td (, ) Tj ET Q q 0 0 0 rg BT 124.97 82.25 Td (we ) Tj ET Q q 0 0 0 rg BT 139.05 82.25 Td (are ) Tj ET Q q 0 0 0 rg BT 153.68 82.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 184.43 82.25 Td (to ) Tj ET Q q 0 0 0 rg BT 194.63 82.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 246.49 82.25 Td (defect, ) Tj ET Q q 0 0 0 rg BT 275.84 82.25 Td (product ) Tj ET Q q 0 0 0 rg BT 308.81 82.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 342.34 82.25 Td (and ) Tj ET Q q 0 0 0 rg BT 359.21 82.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 397.17 82.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 425.70 82.25 Td (in ) Tj ET Q q 0 0 0 rg BT 435.90 82.25 Td (the ) Tj ET Q q 0 0 0 rg BT 450.54 82.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 486.84 82.25 Td (course ) Tj ET Q q 0 0 0 rg BT 515.36 82.25 Td (of ) Tj ET Q q 0 0 0 rg BT 526.12 82.25 Td (business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (These ) Tj ET Q q 0 0 0 rg BT 76.27 70.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 105.27 70.25 Td (are ) Tj ET Q q 0 0 0 rg BT 120.37 70.25 Td (common ) Tj ET Q q 0 0 0 rg BT 158.25 70.25 Td (in ) Tj ET Q q 0 0 0 rg BT 168.93 70.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.04 70.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 242.48 70.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 278.15 70.25 Td (and ) Tj ET Q q 0 0 0 rg BT 295.48 70.25 Td (can ) Tj ET Q q 0 0 0 rg BT 312.25 70.25 Td (be ) Tj ET Q q 0 0 0 rg BT 324.59 70.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 369.69 70.25 Td (and ) Tj ET Q q 0 0 0 rg BT 387.02 70.25 Td (costly) Tj ET Q q 0 0 0 rg BT 410.26 70.25 Td (. ) Tj ET Q q 0 0 0 rg BT 415.65 70.25 Td ( ) Tj ET Q q 0 0 0 rg BT 418.34 70.25 Td (W) Tj ET Q q 0 0 0 rg BT 426.97 70.25 Td (e ) Tj ET Q q 0 0 0 rg BT 434.31 70.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.64 70.25 Td (many ) Tj ET Q q 0 0 0 rg BT 476.75 70.25 Td (of ) Tj ET Q q 0 0 0 rg BT 487.97 70.25 Td (our ) Tj ET Q q 0 0 0 rg BT 504.19 70.25 Td (subcontractors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (have ) Tj ET Q q 0 0 0 rg BT 70.07 58.25 Td (general ) Tj ET Q q 0 0 0 rg BT 101.18 58.25 Td (liability) Tj ET Q q 0 0 0 rg BT 131.64 58.25 Td (, ) Tj ET Q q 0 0 0 rg BT 135.83 58.25 Td (property) Tj ET Q q 0 0 0 rg BT 169.06 58.25 Td (, ) Tj ET Q q 0 0 0 rg BT 173.25 58.25 Td (workers ) Tj ET Q q 0 0 0 rg BT 207.15 58.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 264.39 58.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.52 58.25 Td (other ) Tj ET Q q 0 0 0 rg BT 302.75 58.25 Td (business ) Tj ET Q q 0 0 0 rg BT 338.34 58.25 Td (insurance. ) Tj ET Q q 0 0 0 rg BT 380.72 58.25 Td (This ) Tj ET Q q 0 0 0 rg BT 400.19 58.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 440.20 58.25 Td (is ) Tj ET Q q 0 0 0 rg BT 448.56 58.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 484.68 58.25 Td (to ) Tj ET Q q 0 0 0 rg BT 494.15 58.25 Td (protect ) Tj ET Q q 0 0 0 rg BT 523.60 58.25 Td (us ) Tj ET Q q 0 0 0 rg BT 534.19 58.25 Td (against ) Tj ET Q endstream endobj 109 0 obj <><>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.17 740.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 89.29 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.86 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 117.42 740.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 135.65 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.22 740.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 166.01 740.10 Td (from ) Tj ET Q q 0 0 0 rg BT 188.69 740.10 Td (claims, ) Tj ET Q q 0 0 0 rg BT 220.52 740.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 252.08 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.10 740.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 293.53 740.10 Td (self-insured ) Tj ET Q q 0 0 0 rg BT 343.97 740.10 Td (retentions, ) Tj ET Q q 0 0 0 rg BT 389.14 740.10 Td (deductibles ) Tj ET Q q 0 0 0 rg BT 437.92 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.59 740.10 Td (other ) Tj ET Q q 0 0 0 rg BT 479.37 740.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 518.69 740.10 Td (limits. ) Tj ET Q q 0 0 0 rg BT 546.97 740.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 96.90 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.64 728.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 148.36 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 162.44 728.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 214.28 728.10 Td (defects, ) Tj ET Q q 0 0 0 rg BT 247.51 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.36 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.98 728.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 304.16 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.91 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.53 728.10 Td (coverage, ) Tj ET Q q 0 0 0 rg BT 370.53 728.10 Td (are ) Tj ET Q q 0 0 0 rg BT 385.15 728.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 423.65 728.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 454.39 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.24 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.87 728.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 519.38 728.10 Td (that ) Tj ET Q q 0 0 0 rg BT 536.79 728.10 Td (can ) Tj ET Q q 0 0 0 rg BT 553.08 728.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 86.53 716.10 Td (are ) Tj ET Q q 0 0 0 rg BT 101.33 716.10 Td (costly ) Tj ET Q q 0 0 0 rg BT 127.81 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.84 716.10 Td (often ) Tj ET Q q 0 0 0 rg BT 167.98 716.10 Td (include ) Tj ET Q q 0 0 0 rg BT 200.00 716.10 Td (exclusions. ) Tj ET Q q 0 0 0 rg BT 247.13 716.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.76 716.10 Td (e ) Tj ET Q q 0 0 0 rg BT 262.79 716.10 Td (have ) Tj ET Q q 0 0 0 rg BT 284.26 716.10 Td (responded ) Tj ET Q q 0 0 0 rg BT 327.96 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 338.33 716.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 377.56 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.94 716.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 428.84 716.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 451.44 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.47 716.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 507.14 716.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 552.52 716.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 92.86 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 108.46 704.10 Td (self-insured ) Tj ET Q q 0 0 0 rg BT 157.94 704.10 Td (retentions ) Tj ET Q q 0 0 0 rg BT 199.64 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.35 704.10 Td (claim ) Tj ET Q q 0 0 0 rg BT 240.83 704.10 Td (reserves. ) Tj ET Q q 0 0 0 rg BT 278.20 704.10 Td (There ) Tj ET Q q 0 0 0 rg BT 303.78 704.10 Td (can ) Tj ET Q q 0 0 0 rg BT 319.93 704.10 Td (be ) Tj ET Q q 0 0 0 rg BT 331.64 704.10 Td (no ) Tj ET Q q 0 0 0 rg BT 343.91 704.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 385.04 704.10 Td (that ) Tj ET Q q 0 0 0 rg BT 402.31 704.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 440.66 704.10 Td (will ) Tj ET Q q 0 0 0 rg BT 458.49 704.10 Td (not ) Tj ET Q q 0 0 0 rg BT 473.53 704.10 Td (be ) Tj ET Q q 0 0 0 rg BT 485.24 704.10 Td (further ) Tj ET Q q 0 0 0 rg BT 514.72 704.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 554.19 704.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (become ) Tj ET Q q 0 0 0 rg BT 83.53 692.10 Td (more ) Tj ET Q q 0 0 0 rg BT 107.01 692.10 Td (costly) Tj ET Q q 0 0 0 rg BT 130.25 692.10 Td (. ) Tj ET Q q 0 0 0 rg BT 135.03 692.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 159.36 692.10 Td (at ) Tj ET Q q 0 0 0 rg BT 169.51 692.10 Td (times ) Tj ET Q q 0 0 0 rg BT 194.11 692.10 Td (we ) Tj ET Q q 0 0 0 rg BT 208.71 692.10 Td (have ) Tj ET Q q 0 0 0 rg BT 230.52 692.10 Td (waived ) Tj ET Q q 0 0 0 rg BT 262.33 692.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 292.47 692.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 337.07 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.33 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 364.60 692.10 Td (customary ) Tj ET Q q 0 0 0 rg BT 409.19 692.10 Td (subcontractor ) Tj ET Q q 0 0 0 rg BT 466.55 692.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 507.80 692.10 Td (requirements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.63 680.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 115.97 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 132.00 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.13 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 165.16 680.10 Td (insurers) Tj ET Q q 0 0 0 rg BT 199.41 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.10 680.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 240.90 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.37 680.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 280.17 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 297.30 680.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 336.64 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.56 680.10 Td (possibility ) Tj ET Q q 0 0 0 rg BT 395.93 680.10 Td (that ) Tj ET Q q 0 0 0 rg BT 413.62 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 429.64 680.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 470.65 680.10 Td (will ) Tj ET Q q 0 0 0 rg BT 488.90 680.10 Td (not ) Tj ET Q q 0 0 0 rg BT 504.38 680.10 Td (be ) Tj ET Q q 0 0 0 rg BT 516.51 680.10 Td (adequate ) Tj ET Q q 0 0 0 rg BT 554.74 680.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 79.76 668.10 Td (us ) Tj ET Q q 0 0 0 rg BT 91.16 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 105.32 668.10 Td (all ) Tj ET Q q 0 0 0 rg BT 117.81 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.53 668.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 155.03 668.10 Td (we ) Tj ET Q q 0 0 0 rg BT 169.19 668.10 Td (incur) Tj ET Q q 0 0 0 rg BT 189.18 668.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 644.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.98 644.10 Td (record ) Tj ET Q q 0 0 0 rg BT 92.91 644.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 130.85 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.69 644.10 Td (other ) Tj ET Q q 0 0 0 rg BT 170.64 644.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 205.79 644.10 Td (for ) Tj ET Q q 0 0 0 rg BT 219.85 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.47 644.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 262.98 644.10 Td (we ) Tj ET Q q 0 0 0 rg BT 277.04 644.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 293.33 644.10 Td (based ) Tj ET Q q 0 0 0 rg BT 318.49 644.10 Td (on ) Tj ET Q q 0 0 0 rg BT 330.89 644.10 Td (a ) Tj ET Q q 0 0 0 rg BT 337.73 644.10 Td (number ) Tj ET Q q 0 0 0 rg BT 370.68 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.41 644.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 413.52 644.10 Td (including ) Tj ET Q q 0 0 0 rg BT 453.69 644.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 493.30 644.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 539.00 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.18 644.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 86.38 632.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 127.41 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.57 632.10 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 181.71 632.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 233.88 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.04 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 267.09 632.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 307.59 632.10 Td (with ) Tj ET Q q 0 0 0 rg BT 328.09 632.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 359.12 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.62 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.56 632.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 429.49 632.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 451.10 632.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 494.92 632.10 Td (with ) Tj ET Q q 0 0 0 rg BT 515.42 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.35 632.10 Td (types ) Tj ET Q q 0 0 0 rg BT 554.18 632.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 77.68 620.10 Td (we ) Tj ET Q q 0 0 0 rg BT 91.40 620.10 Td (build. ) Tj ET Q q 0 0 0 rg BT 116.53 620.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 151.91 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.31 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.59 620.10 Td (high ) Tj ET Q q 0 0 0 rg BT 196.43 620.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 225.15 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.54 620.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 275.38 620.10 Td (required ) Tj ET Q q 0 0 0 rg BT 310.77 620.10 Td (in ) Tj ET Q q 0 0 0 rg BT 320.61 620.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 371.00 620.10 Td (these ) Tj ET Q q 0 0 0 rg BT 393.61 620.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 426.79 620.10 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 464.11 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 479.51 620.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 505.45 620.10 Td (future ) Tj ET Q q 0 0 0 rg BT 531.39 620.10 Td (liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (could ) Tj ET Q q 0 0 0 rg BT 75.05 608.10 Td (dif) Tj ET Q q 0 0 0 rg BT 85.98 608.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 100.41 608.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 153.74 608.10 Td (from ) Tj ET Q q 0 0 0 rg BT 176.51 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 193.18 608.10 Td (reserves. ) Tj ET Q q 0 0 0 rg BT 231.77 608.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 259.54 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.10 608.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 311.19 608.10 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 368.12 608.10 Td (we ) Tj ET Q q 0 0 0 rg BT 383.11 608.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 413.10 608.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 446.99 608.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 489.19 608.10 Td (that ) Tj ET Q q 0 0 0 rg BT 507.52 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 524.18 608.10 Td (insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (coverage, ) Tj ET Q q 0 0 0 rg BT 91.34 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 107.94 596.10 Td (subcontractor ) Tj ET Q q 0 0 0 rg BT 165.62 596.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 222.74 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.44 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.03 596.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 293.05 596.10 Td (will ) Tj ET Q q 0 0 0 rg BT 311.87 596.10 Td (be ) Tj ET Q q 0 0 0 rg BT 324.57 596.10 Td (adequate ) Tj ET Q q 0 0 0 rg BT 363.36 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.40 596.10 Td (address ) Tj ET Q q 0 0 0 rg BT 407.65 596.10 Td (all ) Tj ET Q q 0 0 0 rg BT 420.91 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.50 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 449.09 596.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 501.78 596.10 Td (defect, ) Tj ET Q q 0 0 0 rg BT 531.97 596.10 Td (product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 82.49 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 98.80 584.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 136.22 584.10 Td (claims. ) Tj ET Q q 0 0 0 rg BT 166.70 584.10 Td (If ) Tj ET Q q 0 0 0 rg BT 175.23 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.33 584.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 211.21 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.86 584.10 Td (resolve ) Tj ET Q q 0 0 0 rg BT 251.62 584.10 Td (these ) Tj ET Q q 0 0 0 rg BT 274.04 584.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 302.02 584.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 331.65 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 346.86 584.10 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 388.45 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 403.66 584.10 Td (results ) Tj ET Q q 0 0 0 rg BT 431.64 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.85 584.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 487.88 584.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.74 584.10 Td (condition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 572.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 86.71 572.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 111.43 572.10 Td (could ) Tj ET Q q 0 0 0 rg BT 136.15 572.10 Td (be ) Tj ET Q q 0 0 0 rg BT 148.08 572.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 188.90 572.10 Td (af) Tj ET Q q 0 0 0 rg BT 196.49 572.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 548.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.66 548.10 Td (have ) Tj ET Q q 0 0 0 rg BT 85.62 548.10 Td (received ) Tj ET Q q 0 0 0 rg BT 121.56 548.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 149.75 548.10 Td (related ) Tj ET Q q 0 0 0 rg BT 179.03 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 188.89 548.10 Td (stucco ) Tj ET Q q 0 0 0 rg BT 216.52 548.10 Td (installation ) Tj ET Q q 0 0 0 rg BT 263.04 548.10 Td (from ) Tj ET Q q 0 0 0 rg BT 284.56 548.10 Td (homeowners ) Tj ET Q q 0 0 0 rg BT 337.74 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 347.60 548.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 376.88 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.29 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 402.70 548.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 456.45 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.31 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 481.57 548.10 Td (T) Tj ET Q q 0 0 0 rg BT 486.98 548.10 Td (ampa ) Tj ET Q q 0 0 0 rg BT 510.71 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.23 548.10 Td (Orlando, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 81.38 536.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 116.02 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.45 536.10 Td (have ) Tj ET Q q 0 0 0 rg BT 155.32 536.10 Td (been ) Tj ET Q q 0 0 0 rg BT 177.18 536.10 Td (named ) Tj ET Q q 0 0 0 rg BT 206.83 536.10 Td (as ) Tj ET Q q 0 0 0 rg BT 218.15 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 225.58 536.10 Td (defendant ) Tj ET Q q 0 0 0 rg BT 267.99 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.76 536.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 301.18 536.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 352.49 536.10 Td (initiated ) Tj ET Q q 0 0 0 rg BT 388.24 536.10 Td (by ) Tj ET Q q 0 0 0 rg BT 401.23 536.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 431.43 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 442.75 536.10 Td (such ) Tj ET Q q 0 0 0 rg BT 464.07 536.10 Td (homeowners. ) Tj ET Q q 0 0 0 rg BT 520.65 536.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.43 536.10 Td (While ) Tj ET Q q 0 0 0 rg BT 550.85 536.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (have ) Tj ET Q q 0 0 0 rg BT 70.21 524.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 110.36 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 125.52 524.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 155.12 524.10 Td (future ) Tj ET Q q 0 0 0 rg BT 180.83 524.10 Td (stucco ) Tj ET Q q 0 0 0 rg BT 208.21 524.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 233.36 524.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 257.69 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 272.85 524.10 Td (review ) Tj ET Q q 0 0 0 rg BT 301.89 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.06 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.10 524.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 384.02 524.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 409.74 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.35 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 434.51 524.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 465.23 524.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 518.73 524.10 Td (is ) Tj ET Q q 0 0 0 rg BT 527.23 524.10 Td (ongoing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.88 512.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 102.02 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.17 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 127.33 512.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 156.91 512.10 Td (stucco ) Tj ET Q q 0 0 0 rg BT 184.29 512.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 209.42 512.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 231.25 512.10 Td (is ) Tj ET Q q 0 0 0 rg BT 239.74 512.10 Td (based ) Tj ET Q q 0 0 0 rg BT 264.33 512.10 Td (on ) Tj ET Q q 0 0 0 rg BT 276.16 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 291.31 512.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 330.91 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.17 512.10 Td (various ) Tj ET Q q 0 0 0 rg BT 378.43 512.10 Td (assumptions. ) Tj ET Q q 0 0 0 rg BT 432.21 512.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.03 512.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 460.29 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.33 512.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 508.92 512.10 Td (uncertainties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.23 500.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 91.95 500.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 124.56 500.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 165.50 500.10 Td (that ) Tj ET Q q 0 0 0 rg BT 182.56 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.84 500.10 Td (final ) Tj ET Q q 0 0 0 rg BT 217.23 500.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 239.30 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 249.15 500.10 Td (resolve ) Tj ET Q q 0 0 0 rg BT 280.09 500.10 Td (these ) Tj ET Q q 0 0 0 rg BT 302.70 500.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 330.88 500.10 Td (will ) Tj ET Q q 0 0 0 rg BT 348.50 500.10 Td (not ) Tj ET Q q 0 0 0 rg BT 363.34 500.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 393.16 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 408.56 500.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 439.49 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.00 500.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 496.38 500.10 Td (af) Tj ET Q q 0 0 0 rg BT 503.97 500.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 521.02 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 536.42 500.10 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.54 488.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 107.40 488.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 145.09 488.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 185.57 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 202.71 488.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 223.19 488.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 250.61 488.10 Td (Please ) Tj ET Q q 0 0 0 rg BT 278.87 488.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 300.44 488.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 310.92578125 486.7669921875 m 338.07080078125 486.7669921875 l s q 0 0 1 rg BT 310.93 488.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 333.07 488.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 338.07 488.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.78 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.81 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.74 488.10 Td (Company) Tj ET Q q 0 0 0 rg BT 408.40 488.10 Td (s ) Tj ET Q q 0 0 0 rg BT 415.00 488.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 468.25 488.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 505.94 488.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 550.85 488.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (further ) Tj ET Q q 0 0 0 rg BT 79.21 476.10 Td (information ) Tj ET Q q 0 0 0 rg BT 128.92 476.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 169.73 476.10 Td (these ) Tj ET Q q 0 0 0 rg BT 192.78 476.10 Td (stucco ) Tj ET Q q 0 0 0 rg BT 220.83 476.10 Td (claims.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 450.7669921875 m 321.9267578125 450.7669921875 l s q 0 0 0 rg BT 49.50 452.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 70.33 452.10 Td (2. ) Tj ET Q q 0 0 0 rg BT 80.33 452.10 Td (Unregistered ) Tj ET Q q 0 0 0 rg BT 134.47 452.10 Td (Sales ) Tj ET Q q 0 0 0 rg BT 158.08 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.91 452.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 198.07 452.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 240.01 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.95 452.10 Td (Use ) Tj ET Q q 0 0 0 rg BT 275.00 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.83 452.10 Td (Proceeds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 63.10 428.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 93.36 428.10 Td (Sales ) Tj ET Q q 0 0 0 rg BT 116.97 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.80 428.10 Td (Unregistered ) Tj ET Q q 0 0 0 rg BT 181.95 428.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 223.88 428.10 Td ( ) Tj ET Q q 0 0 0 rg BT 236.38 428.10 Td (None.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 63.66 404.10 Td (Use ) Tj ET Q q 0 0 0 rg BT 81.71 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.54 404.10 Td (Proceeds ) Tj ET Q q 0 0 0 rg BT 131.14 404.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.64 404.10 Td (Not ) Tj ET Q q 0 0 0 rg BT 160.59 404.10 Td (Applicable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (\(c\) Purchases of Equity Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (There ) Tj ET Q q 0 0 0 rg BT 75.63 356.10 Td (were ) Tj ET Q q 0 0 0 rg BT 97.87 356.10 Td (no ) Tj ET Q q 0 0 0 rg BT 110.68 356.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 152.92 356.10 Td (made ) Tj ET Q q 0 0 0 rg BT 177.39 356.10 Td (by) Tj ET Q q 0 0 0 rg BT 186.74 356.10 Td (, ) Tj ET Q q 0 0 0 rg BT 192.05 356.10 Td (or ) Tj ET Q q 0 0 0 rg BT 203.20 356.10 Td (on ) Tj ET Q q 0 0 0 rg BT 216.01 356.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 243.81 356.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 257.45 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.48 356.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 314.18 356.10 Td (or ) Tj ET Q q 0 0 0 rg BT 325.32 356.10 Td (any ) Tj ET Q q 0 0 0 rg BT 342.57 356.10 Td (af) Tj ET Q q 0 0 0 rg BT 354.60 356.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 385.73 356.10 Td (purchaser ) Tj ET Q q 0 0 0 rg BT 431.85 356.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 446.32 356.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 479.12 356.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.71 356.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 511.41 356.10 Td (10b-18\(a\)\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (under ) Tj ET Q q 0 0 0 rg BT 75.00 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.94 344.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 132.11 344.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 173.66 344.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 190.83 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.89 344.10 Td (1934, ) Tj ET Q q 0 0 0 rg BT 227.12 344.10 Td (as ) Tj ET Q q 0 0 0 rg BT 238.17 344.10 Td (amended\) ) Tj ET Q q 0 0 0 rg BT 280.33 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.39 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.33 344.10 Td (Company) Tj ET Q q 0 0 0 rg BT 348.00 344.10 Td (s ) Tj ET Q q 0 0 0 rg BT 354.62 344.10 Td (common ) Tj ET Q q 0 0 0 rg BT 392.34 344.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 420.06 344.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.12 344.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 457.69 344.10 Td (A) Tj ET Q q 0 0 0 rg BT 464.36 344.10 Td ( ) Tj ET Q q 0 0 0 rg BT 467.09 344.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 507.02 344.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 536.41 344.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.22 332.10 Td (three ) Tj ET Q q 0 0 0 rg BT 86.70 332.10 Td (months ) Tj ET Q q 0 0 0 rg BT 118.65 332.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 145.03 332.10 Td (September ) Tj ET Q q 0 0 0 rg BT 190.29 332.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 205.29 332.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.29 332.10 Td (. ) Tj ET Q q 0 0 0 rg BT 230.29 332.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 67.0869140625 306.7669921875 m 94.673828125 306.7669921875 l s q 0 0 1 rg BT 67.09 308.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 89.67 308.10 Td (7) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 94.67 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.82 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.41 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.77 308.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 175.58 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.17 308.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 225.20 308.10 Td (Resources ) Tj ET Q q 0 0 0 rg BT 273.89 308.10 Td (section ) Tj ET Q q 0 0 0 rg BT 305.36 308.10 Td (above ) Tj ET Q q 0 0 0 rg BT 332.38 308.10 Td (for ) Tj ET Q q 0 0 0 rg BT 347.19 308.10 Td (more ) Tj ET Q q 0 0 0 rg BT 370.89 308.10 Td (information ) Tj ET Q q 0 0 0 rg BT 421.25 308.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 462.71 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.08 308.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 500.12 308.10 Td (imposed ) Tj ET Q q 0 0 0 rg BT 537.15 308.10 Td (by ) Tj ET Q q 0 0 0 rg BT 550.30 308.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 89.81 296.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 132.90 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 148.78 296.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 171.32 296.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 199.98 296.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 225.85 296.10 Td (on ) Tj ET Q q 0 0 0 rg BT 238.40 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 254.27 296.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 282.37 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.69 296.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 309.68 296.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 351.11 296.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 366.15 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.14 296.10 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 431.49 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 447.37 296.10 Td (common ) Tj ET Q q 0 0 0 rg BT 484.91 296.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 512.44 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.43 296.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 555.85 296.10 Td (A) Tj ET Q q 0 0 0 rg BT 562.52 296.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 89.20 284.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 118.36 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.64 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.35 284.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 175.85 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.68 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.39 284.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 235.56 284.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 268.59 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.87 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 294.70 284.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 338.84 284.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 379.67 284.10 Td (basket, ) Tj ET Q q 0 0 0 rg BT 414.65 284.10 Td (as ) Tj ET Q q 0 0 0 rg BT 425.48 284.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 457.97 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.25 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.96 284.10 Td (indenture. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 258.7669921875 m 209.4658203125 258.7669921875 l s q 0 0 0 rg BT 49.50 260.10 Td (Item 3. Defaults Upon Senior Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.47 260.10 Td ( - None.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 234.76699218750002 m 178.640625 234.76699218750002 l s q 0 0 0 rg BT 49.50 236.10 Td (Item 4. Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.64 236.10 Td ( - None.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 210.76699218750002 m 153.357421875 210.76699218750002 l s q 0 0 0 rg BT 49.50 212.10 Td (Item 5. Other Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.36 212.10 Td ( - None.) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (55) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 738.7669921875 m 116.16015625 738.7669921875 l s q 0 0 0 rg BT 49.50 740.10 Td (Item 6. Exhibits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (The exhibits required to be filed herewith are set forth below) Tj ET Q q 0 0 0 rg BT 292.10 716.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 60.15 682.7125976562501 m 91.8296875 682.7125976562501 l s q 0 0 0 rg BT 60.15 684.28 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 58.3 672.7125976562501 m 93.76142578125 672.7125976562501 l s q 0 0 0 rg BT 58.30 674.28 Td (Number) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 312.75 672.7125976562501 m 362.1884765625 672.7125976562501 l s q 0 0 0 rg BT 312.75 674.28 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.25 656.17 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 656.17 Td (T) Tj ET Q q 0 0 0 rg BT 122.76 656.17 Td (ermination ) Tj ET Q q 0 0 0 rg BT 168.78 656.17 Td (of ) Tj ET Q q 0 0 0 rg BT 180.16 656.17 Td (Letter ) Tj ET Q q 0 0 0 rg BT 207.08 656.17 Td (of ) Tj ET Q q 0 0 0 rg BT 218.47 656.17 Td (Credit ) Tj ET Q q 0 0 0 rg BT 246.11 656.17 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 293.31 656.17 Td (by ) Tj ET Q q 0 0 0 rg BT 306.36 656.17 Td (and ) Tj ET Q q 0 0 0 rg BT 323.85 656.17 Td (between ) Tj ET Q q 0 0 0 rg BT 360.09 656.17 Td (W) Tj ET Q q 0 0 0 rg BT 369.04 656.17 Td (ells ) Tj ET Q q 0 0 0 rg BT 385.57 656.17 Td (Far) Tj ET Q q 0 0 0 rg BT 398.81 656.17 Td (go ) Tj ET Q q 0 0 0 rg BT 411.77 656.17 Td (Bank, ) Tj ET Q q 0 0 0 rg BT 438.43 656.17 Td (National ) Tj ET Q q 0 0 0 rg BT 475.52 656.17 Td (Association ) Tj ET Q q 0 0 0 rg BT 525.51 656.17 Td (and ) Tj ET Q q 0 0 0 rg BT 543.00 656.17 Td (M/I ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 646.17 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 150.33 646.17 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 170.60 646.17 Td (dated ) Tj ET Q q 0 0 0 rg BT 194.75 646.17 Td (as ) Tj ET Q q 0 0 0 rg BT 205.58 646.17 Td (of ) Tj ET Q q 0 0 0 rg BT 216.14 646.17 Td (August ) Tj ET Q q 0 0 0 rg BT 247.25 646.17 Td (1, ) Tj ET Q q 0 0 0 rg BT 257.25 646.17 Td (2016. ) Tj ET Q q 0 0 0 rg BT 282.25 646.17 Td (\(Filed ) Tj ET Q q 0 0 0 rg BT 308.64 646.17 Td (herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.25 627.17 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 627.17 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 168.71 627.17 Td (No. ) Tj ET Q q 0 0 0 rg BT 185.70 627.17 Td (2 ) Tj ET Q q 0 0 0 rg BT 192.97 627.17 Td (to ) Tj ET Q q 0 0 0 rg BT 202.80 627.17 Td (Amended ) Tj ET Q q 0 0 0 rg BT 243.67 627.17 Td (and ) Tj ET Q q 0 0 0 rg BT 260.38 627.17 Td (Restated ) Tj ET Q q 0 0 0 rg BT 297.08 627.17 Td (Master ) Tj ET Q q 0 0 0 rg BT 327.13 627.17 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 375.82 627.17 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 422.24 627.17 Td (by ) Tj ET Q q 0 0 0 rg BT 434.51 627.17 Td (and ) Tj ET Q q 0 0 0 rg BT 451.22 627.17 Td (between ) Tj ET Q q 0 0 0 rg BT 486.81 627.17 Td (M/I ) Tj ET Q q 0 0 0 rg BT 504.08 627.17 Td (Financial ) Tj ET Q q 0 0 0 rg BT 543.56 627.17 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 617.17 Td (Sterling ) Tj ET Q q 0 0 0 rg BT 151.17 617.17 Td (National ) Tj ET Q q 0 0 0 rg BT 188.10 617.17 Td (Bank, ) Tj ET Q q 0 0 0 rg BT 214.21 617.17 Td (dated ) Tj ET Q q 0 0 0 rg BT 238.36 617.17 Td (as ) Tj ET Q q 0 0 0 rg BT 249.19 617.17 Td (of ) Tj ET Q q 0 0 0 rg BT 259.75 617.17 Td (August ) Tj ET Q q 0 0 0 rg BT 290.86 617.17 Td (8, ) Tj ET Q q 0 0 0 rg BT 300.86 617.17 Td (2016 ) Tj ET Q q 0 0 0 rg BT 323.36 617.17 Td (. ) Tj ET Q q 0 0 0 rg BT 328.36 617.17 Td (\(Filed ) Tj ET Q q 0 0 0 rg BT 354.75 617.17 Td (herewith\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.25 599.17 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 599.17 Td (Seventh ) Tj ET Q q 0 0 0 rg BT 151.75 599.17 Td (Amended ) Tj ET Q q 0 0 0 rg BT 193.26 599.17 Td (and ) Tj ET Q q 0 0 0 rg BT 210.60 599.17 Td (Restated ) Tj ET Q q 0 0 0 rg BT 247.93 599.17 Td (Master ) Tj ET Q q 0 0 0 rg BT 278.60 599.17 Td (Letter ) Tj ET Q q 0 0 0 rg BT 305.38 599.17 Td (of ) Tj ET Q q 0 0 0 rg BT 316.61 599.17 Td (Credit ) Tj ET Q q 0 0 0 rg BT 344.51 599.17 Td (Facility ) Tj ET Q q 0 0 0 rg BT 377.59 599.17 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 424.64 599.17 Td (by ) Tj ET Q q 0 0 0 rg BT 437.55 599.17 Td (and ) Tj ET Q q 0 0 0 rg BT 454.89 599.17 Td (between ) Tj ET Q q 0 0 0 rg BT 491.10 599.17 Td (M/I ) Tj ET Q q 0 0 0 rg BT 509.01 599.17 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 542.74 599.17 Td (Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 589.17 Td (and ) Tj ET Q q 0 0 0 rg BT 133.94 589.17 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 154.22 589.17 Td (Bank ) Tj ET Q q 0 0 0 rg BT 177.83 589.17 Td (National ) Tj ET Q q 0 0 0 rg BT 214.49 589.17 Td (Association, ) Tj ET Q q 0 0 0 rg BT 266.43 589.17 Td (dated ) Tj ET Q q 0 0 0 rg BT 290.58 589.17 Td (as ) Tj ET Q q 0 0 0 rg BT 301.41 589.17 Td (of ) Tj ET Q q 0 0 0 rg BT 312.24 589.17 Td (September ) Tj ET Q q 0 0 0 rg BT 357.51 589.17 Td (30, ) Tj ET Q q 0 0 0 rg BT 372.51 589.17 Td (2016. ) Tj ET Q q 0 0 0 rg BT 397.51 589.17 Td (\(Filed ) Tj ET Q q 0 0 0 rg BT 423.89 589.17 Td (herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.25 570.17 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 570.17 Td (Certification ) Tj ET Q q 0 0 0 rg BT 170.33 570.17 Td (by ) Tj ET Q q 0 0 0 rg BT 183.13 570.17 Td (Robert ) Tj ET Q q 0 0 0 rg BT 213.15 570.17 Td (H. ) Tj ET Q q 0 0 0 rg BT 225.67 570.17 Td (Schottenstein, ) Tj ET Q q 0 0 0 rg BT 284.85 570.17 Td (Chief ) Tj ET Q q 0 0 0 rg BT 309.86 570.17 Td (Executive ) Tj ET Q q 0 0 0 rg BT 352.64 570.17 Td (Of) Tj ET Q q 0 0 0 rg BT 363.10 570.17 Td (ficer) Tj ET Q q 0 0 0 rg BT 381.13 570.17 Td (, ) Tj ET Q q 0 0 0 rg BT 386.22 570.17 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 423.46 570.17 Td (to ) Tj ET Q q 0 0 0 rg BT 434.04 570.17 Td (Item ) Tj ET Q q 0 0 0 rg BT 455.16 570.17 Td (601 ) Tj ET Q q 0 0 0 rg BT 472.96 570.17 Td (of ) Tj ET Q q 0 0 0 rg BT 484.08 570.17 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 530.76 570.17 Td (S-K ) Tj ET Q q 0 0 0 rg BT 549.68 570.17 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 560.17 Td (Adopted ) Tj ET Q q 0 0 0 rg BT 153.94 560.17 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 191.44 560.17 Td (to ) Tj ET Q q 0 0 0 rg BT 201.72 560.17 Td (Section ) Tj ET Q q 0 0 0 rg BT 234.21 560.17 Td (302 ) Tj ET Q q 0 0 0 rg BT 251.71 560.17 Td (of ) Tj ET Q q 0 0 0 rg BT 262.54 560.17 Td (the ) Tj ET Q q 0 0 0 rg BT 277.26 560.17 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 343.35 560.17 Td (Act ) Tj ET Q q 0 0 0 rg BT 360.01 560.17 Td (of ) Tj ET Q q 0 0 0 rg BT 370.84 560.17 Td (2002. ) Tj ET Q q 0 0 0 rg BT 395.84 560.17 Td (\(Filed ) Tj ET Q q 0 0 0 rg BT 422.23 560.17 Td (herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.25 542.17 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 542.17 Td (Certification ) Tj ET Q q 0 0 0 rg BT 170.13 542.17 Td (by ) Tj ET Q q 0 0 0 rg BT 182.71 542.17 Td (Phillip ) Tj ET Q q 0 0 0 rg BT 211.98 542.17 Td (G. ) Tj ET Q q 0 0 0 rg BT 224.29 542.17 Td (Creek, ) Tj ET Q q 0 0 0 rg BT 253.25 542.17 Td (Chief ) Tj ET Q q 0 0 0 rg BT 278.05 542.17 Td (Financial ) Tj ET Q q 0 0 0 rg BT 317.85 542.17 Td (Of) Tj ET Q q 0 0 0 rg BT 328.32 542.17 Td (ficer) Tj ET Q q 0 0 0 rg BT 346.34 542.17 Td (, ) Tj ET Q q 0 0 0 rg BT 351.23 542.17 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 388.25 542.17 Td (to ) Tj ET Q q 0 0 0 rg BT 398.62 542.17 Td (Item ) Tj ET Q q 0 0 0 rg BT 419.53 542.17 Td (601 ) Tj ET Q q 0 0 0 rg BT 437.12 542.17 Td (of ) Tj ET Q q 0 0 0 rg BT 448.04 542.17 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 494.51 542.17 Td (S-K ) Tj ET Q q 0 0 0 rg BT 513.21 542.17 Td (as ) Tj ET Q q 0 0 0 rg BT 523.83 542.17 Td (Adopted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 532.17 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 154.50 532.17 Td (to ) Tj ET Q q 0 0 0 rg BT 164.78 532.17 Td (Section ) Tj ET Q q 0 0 0 rg BT 197.27 532.17 Td (302 ) Tj ET Q q 0 0 0 rg BT 214.77 532.17 Td (of ) Tj ET Q q 0 0 0 rg BT 225.60 532.17 Td (the ) Tj ET Q q 0 0 0 rg BT 240.32 532.17 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 306.41 532.17 Td (Act ) Tj ET Q q 0 0 0 rg BT 323.07 532.17 Td (of ) Tj ET Q q 0 0 0 rg BT 333.90 532.17 Td (2002. ) Tj ET Q q 0 0 0 rg BT 358.90 532.17 Td (\(Filed ) Tj ET Q q 0 0 0 rg BT 385.29 532.17 Td (herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.25 514.17 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 514.17 Td (Certification ) Tj ET Q q 0 0 0 rg BT 169.04 514.17 Td (by ) Tj ET Q q 0 0 0 rg BT 180.54 514.17 Td (Robert ) Tj ET Q q 0 0 0 rg BT 209.27 514.17 Td (H. ) Tj ET Q q 0 0 0 rg BT 220.49 514.17 Td (Schottenstein, ) Tj ET Q q 0 0 0 rg BT 278.38 514.17 Td (Chief ) Tj ET Q q 0 0 0 rg BT 302.10 514.17 Td (Executive ) Tj ET Q q 0 0 0 rg BT 343.58 514.17 Td (Of) Tj ET Q q 0 0 0 rg BT 354.04 514.17 Td (ficer) Tj ET Q q 0 0 0 rg BT 372.07 514.17 Td (, ) Tj ET Q q 0 0 0 rg BT 375.87 514.17 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 411.81 514.17 Td (to ) Tj ET Q q 0 0 0 rg BT 421.10 514.17 Td (18 ) Tj ET Q q 0 0 0 rg BT 432.60 514.17 Td (U.S.C. ) Tj ET Q q 0 0 0 rg BT 461.06 514.17 Td (Section ) Tj ET Q q 0 0 0 rg BT 492.56 514.17 Td (1350 ) Tj ET Q q 0 0 0 rg BT 514.06 514.17 Td (as ) Tj ET Q q 0 0 0 rg BT 523.84 514.17 Td (Adopted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 504.17 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 154.50 504.17 Td (to ) Tj ET Q q 0 0 0 rg BT 164.78 504.17 Td (Section ) Tj ET Q q 0 0 0 rg BT 197.27 504.17 Td (906 ) Tj ET Q q 0 0 0 rg BT 214.77 504.17 Td (of ) Tj ET Q q 0 0 0 rg BT 225.60 504.17 Td (the ) Tj ET Q q 0 0 0 rg BT 240.32 504.17 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 306.41 504.17 Td (Act ) Tj ET Q q 0 0 0 rg BT 323.07 504.17 Td (of ) Tj ET Q q 0 0 0 rg BT 333.90 504.17 Td (2002. ) Tj ET Q q 0 0 0 rg BT 358.90 504.17 Td (\(Filed ) Tj ET Q q 0 0 0 rg BT 385.29 504.17 Td (herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.25 486.17 Td (32.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 486.17 Td (Certification ) Tj ET Q q 0 0 0 rg BT 168.84 486.17 Td (by ) Tj ET Q q 0 0 0 rg BT 180.14 486.17 Td (Phillip ) Tj ET Q q 0 0 0 rg BT 208.12 486.17 Td (G. ) Tj ET Q q 0 0 0 rg BT 219.14 486.17 Td (Creek, ) Tj ET Q q 0 0 0 rg BT 246.82 486.17 Td (Chief ) Tj ET Q q 0 0 0 rg BT 270.34 486.17 Td (Financial ) Tj ET Q q 0 0 0 rg BT 308.86 486.17 Td (Of) Tj ET Q q 0 0 0 rg BT 319.23 486.17 Td (ficer) Tj ET Q q 0 0 0 rg BT 337.14 486.17 Td (, ) Tj ET Q q 0 0 0 rg BT 340.95 486.17 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 376.69 486.17 Td (to ) Tj ET Q q 0 0 0 rg BT 385.77 486.17 Td (18 ) Tj ET Q q 0 0 0 rg BT 397.07 486.17 Td (U.S.C. ) Tj ET Q q 0 0 0 rg BT 425.33 486.17 Td (Section ) Tj ET Q q 0 0 0 rg BT 456.63 486.17 Td (1350 ) Tj ET Q q 0 0 0 rg BT 477.93 486.17 Td (as ) Tj ET Q q 0 0 0 rg BT 487.27 486.17 Td (Adopted ) Tj ET Q q 0 0 0 rg BT 523.02 486.17 Td (Pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 476.17 Td (to ) Tj ET Q q 0 0 0 rg BT 127.28 476.17 Td (Section ) Tj ET Q q 0 0 0 rg BT 159.77 476.17 Td (906 ) Tj ET Q q 0 0 0 rg BT 177.27 476.17 Td (of ) Tj ET Q q 0 0 0 rg BT 188.10 476.17 Td (the ) Tj ET Q q 0 0 0 rg BT 202.82 476.17 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 268.64 476.17 Td (Act ) Tj ET Q q 0 0 0 rg BT 285.57 476.17 Td (of ) Tj ET Q q 0 0 0 rg BT 296.40 476.17 Td (2002. ) Tj ET Q q 0 0 0 rg BT 321.40 476.17 Td (\(Filed ) Tj ET Q q 0 0 0 rg BT 347.79 476.17 Td (herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.15 458.17 Td (101.INS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 458.17 Td (XBRL Instance Document. \(Furnished herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 440.17 Td (101.SCH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 440.17 Td (XBRL Taxonomy Extension Schema Document. \(Furnished herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.40 422.17 Td (101.CAL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 422.17 Td (XBRL Taxonomy Extension Calculation Linkbase Document. \(Furnished herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.25 404.17 Td (101.LAB) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 404.17 Td (XBRL Taxonomy Extension Label Linkbase Document. \(Furnished herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.05 386.17 Td (101.PRE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 386.17 Td (XBRL Taxonomy Extension Presentation Linkbase Document. \(Furnished herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.80 368.17 Td (101.DEF) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 368.17 Td (XBRL Taxonomy Extension Definition Linkbase Document. \(Furnished herewith.\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 80.43 740.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 86.88 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.03 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.62 716.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 166.20 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.90 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.50 716.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 233.31 716.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 274.58 716.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 291.40 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 302.10 716.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 326.98 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 341.57 716.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 381.71 716.25 Td (has ) Tj ET Q q 0 0 0 rg BT 397.41 716.25 Td (duly ) Tj ET Q q 0 0 0 rg BT 417.57 716.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 447.15 716.25 Td (this ) Tj ET Q q 0 0 0 rg BT 463.97 716.25 Td (report ) Tj ET Q q 0 0 0 rg BT 490.23 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 500.38 716.25 Td (be ) Tj ET Q q 0 0 0 rg BT 512.19 716.25 Td (signed ) Tj ET Q q 0 0 0 rg BT 540.68 716.25 Td (on ) Tj ET Q q 0 0 0 rg BT 553.05 716.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (behalf ) Tj ET Q q 0 0 0 rg BT 76.99 704.25 Td (by ) Tj ET Q q 0 0 0 rg BT 89.49 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.20 704.25 Td (undersigned ) Tj ET Q q 0 0 0 rg BT 155.58 704.25 Td (thereunto ) Tj ET Q q 0 0 0 rg BT 195.84 704.25 Td (duly ) Tj ET Q q 0 0 0 rg BT 216.12 704.25 Td (authorized.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 630.75 m 562 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 630.75 m 562 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 557.75 m 562 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 557.75 m 562 557.75 l s BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 375.95 670.9833984375 m 442.0486328125 670.9833984375 l s q 0 0 0 rg BT 375.95 672.32 Td (M/I Homes, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.10 658.32 Td (\(Registrant\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 635.32 Td (Date:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 635.32 Td (October ) Tj ET Q q 0 0 0 rg BT 137.21 635.32 Td (28, ) Tj ET Q q 0 0 0 rg BT 152.21 635.32 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 635.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 635.32 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 296.45 635.32 Td (Robert ) Tj ET Q q 0 0 0 rg BT 326.17 635.32 Td (H. ) Tj ET Q q 0 0 0 rg BT 338.39 635.32 Td (Schottenstein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 621.37 Td (Robert ) Tj ET Q q 0 0 0 rg BT 314.22 621.37 Td (H. ) Tj ET Q q 0 0 0 rg BT 326.44 621.37 Td (Schottenstein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 610.37 Td (Chairman, ) Tj ET Q q 0 0 0 rg BT 328.93 610.37 Td (Chief ) Tj ET Q q 0 0 0 rg BT 353.65 610.37 Td (Executive ) Tj ET Q q 0 0 0 rg BT 396.13 610.37 Td (Of) Tj ET Q q 0 0 0 rg BT 406.59 610.37 Td (ficer ) Tj ET Q q 0 0 0 rg BT 427.32 610.37 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 598.37 Td (President) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 587.37 Td (\(Principal ) Tj ET Q q 0 0 0 rg BT 326.43 587.37 Td (Executive ) Tj ET Q q 0 0 0 rg BT 368.91 587.37 Td (Of) Tj ET Q q 0 0 0 rg BT 379.38 587.37 Td (ficer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 562.32 Td (Date:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 562.32 Td (October ) Tj ET Q q 0 0 0 rg BT 137.21 562.32 Td (28, ) Tj ET Q q 0 0 0 rg BT 152.21 562.32 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 562.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 562.32 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 296.17 562.32 Td (Ann ) Tj ET Q q 0 0 0 rg BT 315.62 562.32 Td (Marie ) Tj ET Q q 0 0 0 rg BT 341.90 562.32 Td (W) Tj ET Q q 0 0 0 rg BT 350.79 562.32 Td (. ) Tj ET Q q 0 0 0 rg BT 355.33 562.32 Td (Hunker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 548.37 Td (Ann ) Tj ET Q q 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(Bank, ) Tj ET Q q 0 0 0 rg BT 237.15 652.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 261.30 652.07 Td (as ) Tj ET Q q 0 0 0 rg BT 272.13 652.07 Td (of ) Tj ET Q q 0 0 0 rg BT 282.69 652.07 Td (August ) Tj ET Q q 0 0 0 rg BT 313.80 652.07 Td (8, ) Tj ET Q q 0 0 0 rg BT 323.80 652.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 346.30 652.07 Td (. ) Tj ET Q q 0 0 0 rg BT 351.30 652.07 Td (\(Filed ) Tj ET Q q 0 0 0 rg BT 377.69 652.07 Td (herewith\).) 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623.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 183.83 623.07 Td (National ) Tj ET Q q 0 0 0 rg BT 220.49 623.07 Td (Association, ) Tj ET Q q 0 0 0 rg BT 272.43 623.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 296.58 623.07 Td (as ) Tj ET Q q 0 0 0 rg BT 307.41 623.07 Td (of ) Tj ET Q q 0 0 0 rg BT 318.24 623.07 Td (September ) Tj ET Q q 0 0 0 rg BT 363.51 623.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 378.51 623.07 Td (2016. ) Tj ET Q q 0 0 0 rg BT 403.51 623.07 Td (\(Filed ) Tj ET Q q 0 0 0 rg BT 429.89 623.07 Td (herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.25 604.07 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.00 604.07 Td (Certification ) Tj ET Q q 0 0 0 rg BT 175.93 604.07 Td (by ) Tj ET Q q 0 0 0 rg BT 188.33 604.07 Td (Robert ) Tj ET Q q 0 0 0 rg BT 217.95 604.07 Td (H. ) Tj ET Q q 0 0 0 rg BT 230.07 604.07 Td (Schottenstein, ) Tj ET Q q 0 0 0 rg BT 288.84 604.07 Td (Chief ) Tj ET Q q 0 0 0 rg BT 313.46 604.07 Td (Executive ) Tj ET Q q 0 0 0 rg BT 355.84 604.07 Td (Of) Tj ET Q q 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