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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The provision for income taxes consists of the following:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
Federal |  | $ | 326,357 |  |  | $ | 261,481 |  |  | $ | 412,036 |
State |  | 101,428 |  |  | 79,023 |  |  | 126,686 |
Deferred: |  |  |  |  |  |
Federal |  | 5,470 |  |  | (3,986) |  |  | (6,753) |
State |  | 323 |  |  | 244 |  |  | (4,350) |
Income tax expense |  | $ | 433,578 |  |  | $ | 336,762 |  |  | $ | 527,619 |
Deferred income taxes on our consolidated balance sheets were comprised of the following:
|  | As of December 31,
|  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Other accrued expenses and contract land deposit allowance |  | $ | 68,784 |  |  | $ | 71,466 |
Deferred compensation |  | 4,349 |  |  | 4,347 |
Equity-based compensation expense |  | 47,467 |  |  | 48,088 |
Inventory |  | 18,468 |  |  | 18,181 |
Unrecognized tax benefit |  | 6,998 |  |  | 8,049 |
Other |  | 13,595 |  |  | 14,703 |
Total deferred tax assets |  | 159,661 |  |  | 164,834 |
Less: Deferred tax liabilities |  | 10,135 |  |  | 9,515 |
Net deferred tax asset |  | $ | 149,526 |  |  | $ | 155,319 |
Deferred tax assets arise principally as a result of various accruals required for financial reporting purposes and equity-based compensation expense, which are not currently deductible for tax return purposes. Management believes that we will have sufficient future taxable income to make it more likely than not that the net deferred tax assets will be realized. Federal taxable income is estimated to be approximately $1,683,027 for the year ended December 31, 2024, and was $1,300,105 for the year ended December 31, 2023. A reconciliation of income taxes computed at the federal statutory rate (21% in 2024, 2023, and 2022) to income tax expense is as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Income taxes computed at the federal statutory rate |  | $ | 444,256 |  |  | $ | 404,958 |  |  | $ | 473,171 |
State income taxes, net of federal income tax benefit (1) |  | 98,746 |  |  | 92,163 |  |  | 105,867 |
Excess tax benefits from equity-based compensation |  | (95,057) |  |  | (153,554) |  |  | (50,324) |
Other, net (2) |  | (14,367) |  |  | (6,805) |  |  | (1,095) |
Income tax expense |  | $ | 433,578 |  |  | $ | 336,762 |  |  | $ | 527,619 |
(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, 2024, 2023 and 2022. Our effective tax rate in 2024, 2023 and 2022 was 20.50%, 17.46% and 23.42%, respectively. We file a consolidated U.S. federal income tax return, as well as state and local tax returns in all jurisdictions where we maintain operations. With few exceptions, we are no longer subject to income tax examinations by tax authorities for years prior to 2021. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023
Balance at beginning of year |  | $ | 25,588 |  |  | $ | 29,526 |
Additions based on tax positions related to the current year |  | 572 |  |  | 782 |
Reductions for tax positions of prior years |  | (5,251) |  |  | (4,720) |
Settlements |  | — |  |  | — |
Balance at end of year |  | $ | 20,909 |  |  | $ | 25,588 |
If recognized, the total amount of unrecognized tax benefits that would affect the effective tax rate (net of the federal tax benefit) is $16,518 as of December 31, 2024. We recognize interest related to unrecognized tax benefits as a component of income tax expense. For the year ended December 31, 2024, we recognized a net reversal of accrued interest on unrecognized tax benefits in the amount of $264. For the year ended December 31, 2023, we recognized a net addition of accrued interest on unrecognized tax benefits in the amount of $106. For the year ended December 31, 2022, we recognized a net reversal of accrued interest on unrecognized tax benefits in the amount of $3,662. As of December 31, 2024 and 2023, we had a total of $10,028 and $10,292, respectively, of accrued interest on unrecognized tax benefits which are included in “Accrued expenses and other liabilities” on the accompanying consolidated balance sheets. We believe that within the next 12 months, it is reasonably possible that the unrecognized tax benefits, excluding interest, as of December 31, 2024 will be reduced by approximately $5,110 due to statute expiration and effectively settled positions in various state jurisdictions.

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