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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2012
Income Tax Disclosure [Abstract] |
Components of income tax provision |
|  | Years Ended December 31,
|  | 2012 |  | 2011 |  | 2010
Current taxes: |  |  |  |  |  |
Federal |  | $ | (589 | ) |  | $ | — |  |  | $ | (5,526 | )
State |  | 122 |  |  | 730 |  |  | 860 |
|  | (467 | ) |  | 730 |  |  | (4,666 | )
Deferred taxes: |  |  |  |  |  |
Federal |  | (62,581 | ) |  | — |  |  | — |
State |  | (13,261 | ) |  | — |  |  | — |
|  | (75,842 | ) |  | — |  |  | — |
Total |  | $ | (76,309 | ) |  | $ | 730 |  |  | $ | (4,666 | )
Schedule of income tax reconciliation | Income taxes differ for the years ended December 31, 2012, 2011 and 2010, from the amounts computed using the expected federal statutory income tax rate of 35% as a result of the following (in thousands):
|  | Years Ended December 31,
|  | 2012 |  | 2011 |  | 2010
Expected taxes at current federal statutory income tax rate |  | $ | 10,099 |  |  | $ | (7,132 | ) |  | $ | 869 |
State income taxes, net of federal tax benefit |  | 1,878 |  |  | 475 |  |  | 559 |
Change in valuation allowance |  | (85,460 | ) |  | 4,126 |  |  | (2,570 | )
Change in state effective tax rate |  | (788 | ) |  | 1,750 |  |  | — |
Federal tax credits |  | (2,064 | ) |  | — |  |  | — |
Net interest adjustments |  | (589 | ) |  | — |  |  | — |
Recognition of tax benefits |  | — |  |  | — |  |  | (4,592 | )
Non-deductible costs and other |  | 615 |  |  | 1,511 |  |  | 1,068 |
Income tax (benefit)/expense |  | $ | (76,309 | ) |  | $ | 730 |  |  | $ | (4,666 | )
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities are comprised of timing differences at December 31 (in thousands) as follows:
|  | 2012 |  | 2011
Deferred tax assets: |  |  |  |
Real estate |  | $ | 27,611 |  |  | $ | 30,381 |
Goodwill |  | 10,227 |  |  | 12,485 |
Warranty reserve |  | 8,431 |  |  | 8,684 |
Wages payable |  | 1,092 |  |  | 892 |
Reserves and allowances |  | 931 |  |  | 793 |
Equity-based compensation |  | 5,449 |  |  | 4,317 |
Accrued expenses |  | 6,079 |  |  | 3,826 |
Net operating loss carry-forwards |  | 27,881 |  |  | 37,429 |
Federal tax credits |  | 3,176 |  |  | — |
Other |  | 282 |  |  | — |
Total deferred tax assets |  | 91,159 |  |  | 98,807 |
Deferred tax liabilities: |  |  |  |
Deferred revenue |  | 3,668 |  |  | 3,623 |
Prepaids |  | 586 |  |  | 519 |
Fixed assets |  | 265 |  |  | 474 |
Other |  | — |  |  | 66 |
Total deferred tax liabilities |  | 4,519 |  |  | 4,682 |
Net total deferred tax assets |  | 86,640 |  |  | 94,125 |
Valuation allowance |  | (8,666 | ) |  | (94,125 | )
Deferred tax assets, net |  | 77,974 |  |  | — |
Other deferred tax liability - state franchise taxes |  | 2,132 |  |  | — |
Net deferred tax assets and liabilities |  | $ | 75,842 |  |  | $ | — |
Valuation allowance against deferred tax assets |
| December 31, 2012 |  | December 31, 2011
Federal | $ | — |  |  | $ | 70,228 |
State | 8,666 |  |  | 23,897 |
Total Valuation Allowance | $ | 8,666 |  |  | $ | 94,125 |

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- Definition 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 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 26 -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. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Valuation Allowance -URI http://asc.fasb.org/extlink&oid=6528051 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43 -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. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43 -Subparagraph c -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. + Details
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