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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Provision for Income Taxes

The provision for income taxes consists of the following:

		Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010
Current:
Federal		$	76,599			$	45,112			$	96,449
State			3,066				8,004				12,468
Deferred:
Federal			13,086				21,492				6,352
State			1,738				3,548				1,119
		$	94,489			$	78,156			$	116,388

Income Tax Benefits in Shareholders' Equity

In addition to amounts applicable to income before taxes, the following income tax benefits were recorded in shareholders’ equity:

		Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010
Income tax benefits arising from compensation expense for tax purposes in excess of amounts recognized for financial statement purposes		$	14,319			$	22,835			$	63,558

Deferred Income Taxes on Consolidated Balance Sheets

Deferred income taxes on NVR’s consolidated balance sheets were comprised of the following:

		December 31,
		2012				2011
Deferred tax assets:
Other accrued expenses and contract land deposit reserve		$	77,475			$	83,744
Deferred compensation			10,923				10,939
Equity-based compensation expense			26,151				35,417
Inventory			10,914				6,622
Unrecognized tax benefit			22,295				25,594
Other			5,606				4,228
Total deferred tax assets			153,364				166,544
Less: deferred tax liabilities			1,702				2,128
Net deferred tax position		$	151,662			$	164,416

Income Tax Expense Reconciliation

A reconciliation of income tax expense in the accompanying consolidated statements of income to the amount computed by applying the statutory federal income tax rate of 35% to income before taxes is as follows:

		Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010
Income taxes computed at the federal statutory rate		$	96,277			$	72,652			$	112,838
State income taxes, net of federal income tax benefit			3,226				7,974				7,731
Other, net			(5,014	)			(2,470	)			(4,181	)
		$	94,489			$	78,156			$	116,388

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

		Year Ended December 31, 2012				Year Ended December 31, 2011
Balance at beginning of year		$	45,049			$	44,722
Additions based on tax positions related to the current year			4,185				3,291
Reductions for tax positions of prior years			(8,928	)			(2,964	)
Settlements			(62	)			—
Balance at end of year		$	40,244			$	45,049

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Schedule of income tax benefits recorded in shareholders' equity.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Name Accounting Standards Codification

-Topic 740

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-Section 50

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 48

-Paragraph 21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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