The company attributes this to higher cash taxes paidin 2012 as a result of higher earnings as well as not receiving any cash dividends from the Alumbrera Mine.
Many see that as both good and bad news--good news for investors in the short run, since it raises the dividend yield, but bad news in the long run, since it means Lennar sees less likelihood that it will need the cash it paidin dividends to finance the building of more new homes.