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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following:

						Year Ended December 31,
						2022						2021						2020
Current:
Federal						$	412,036					$	272,971					$	151,532
State						126,686						80,650						42,769
Deferred:
Federal						(6,753)						873						(13,289)
State						(4,350)						(810)						(4,227)
Income tax expense						$	527,619					$	353,684					$	176,785

Deferred Income Taxes on Consolidated Balance Sheets

Deferred income taxes on our consolidated balance sheets were comprised of the following:

						As of December 31,
						2022						2021
Deferred tax assets:
Other accrued expenses and contract land deposit reserve						$	73,555					$	64,123
Deferred compensation						4,728						4,682
Equity-based compensation expense						47,605						46,020
Inventory						13,981						13,014
Unrecognized tax benefit						8,849						10,634
Other						11,364						9,876
Total deferred tax assets						160,082						148,349
Less: Deferred tax liabilities						8,505						7,874
Net deferred tax asset						$	151,577					$	140,475

Income Tax Expense Reconciliation

A reconciliation of income taxes computed at the federal statutory rate (21% in 2022, 2021, and 2020) to income tax expense is as follows:

						Year Ended December 31,
						2022						2021						2020
Income taxes computed at the federal statutory rate						$	473,171					$	333,985					$	226,387
State income taxes, net of federal income tax benefit (1)						105,867						72,082						47,469
Excess tax benefits from equity-based compensation						(50,324)						(48,369)						(92,234)
Other, net (2)						(1,095)						(4,014)						(4,837)
Income tax expense						$	527,619					$	353,684					$	176,785

(1)Excludes state excess tax benefits from equity-based compensation included in the line below.

(2)Primarily attributable to tax benefits from certain energy credits for the years ended December 31, 2022, 2021 and 2020.

Reconciliation of Unrecognized Tax Benefits

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

						Year Ended December 31,
						2022						2021
Balance at beginning of year						$	33,490					$	36,817
Additions based on tax positions related to the current year						1,326						3,436
Reductions for tax positions of prior years						(5,290)						(6,763)
Settlements						—						—
Balance at end of year						$	29,526					$	33,490

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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.

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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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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.

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Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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