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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Provision for 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 Consolidated Balance Sheets | 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 |
Income Tax Expense Reconciliation | 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.
Reconciliation of Unrecognized Tax Benefits | 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 |

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