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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Components of income tax expense are as follows (in thousands):

						Years Ended December 31,
						2020						2019						2018
Current taxes:
Federal						$	99,174					$	41,019					$	37,926
State						21,012						11,644						9,162
						120,186						52,663						47,088
Deferred taxes:
Federal						(9,725)						(8)						6,687
State						(370)						627						2,147
						(10,095)						619						8,834
Total						$	110,091					$	53,282					$	55,922

Schedule of Income Tax Reconciliation

Income taxes for the years ended December 31, 2020, 2019 and 2018, differ from the expected amounts computed using the federal statutory income tax rate of 21% as a result of the following (in thousands):

						Years Ended December 31,
						2020						2019						2018
Expected taxes at current federal statutory income tax rate						$	112,049					$	63,618					$	59,483
State income taxes, net of federal tax benefit						16,307						9,999						8,934
Tax Act revaluation of deferred tax balances						—						—						(2,741)
Federal tax credits						(16,523)						(20,582)						(10,330)
Non-deductible costs and other						(1,742)						247						576
Income tax expense						$	110,091					$	53,282					$	55,922

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are comprised of timing differences (in thousands) as follows:

						At December 31,
						2020						2019
Deferred tax assets:
Real estate						$	18,710					$	12,090
Warranty reserve						5,588						5,190
Wages payable						7,798						6,429
Equity-based compensation						7,114						5,991
Accrued expenses						193						75
Net operating loss carry-forwards						—						752
Other						5,498						4,488
Total deferred tax assets						44,901						35,015
Deferred tax liabilities:
Goodwill						879						3
Prepaids						1,487						2,113
Fixed assets						6,495						6,982
Total deferred tax liabilities						8,861						9,098
Deferred tax assets, net						36,040						25,917
Other deferred tax liabilities - state franchise taxes						4,476						4,449
Net deferred tax assets and liabilities						$	31,564					$	21,468

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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://fasb.org/us-gaap/role/ref/legacyRef
-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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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