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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

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

 

						Years Ended December 31,
						2024						2023						2022
Current taxes:
Federal						$	166,028					$	170,306					$	246,077
State						41,101						41,837						54,576
						207,129						212,143						300,653
Deferred taxes:
Federal						6,013						(1,888)						(4,573)
State						3,542						427						1,046
						9,555						(1,461)						(3,527)
Total						$	216,684					$	210,682					$	297,126

Schedule of Income Tax Reconciliation

Income taxes for the years ended December 31, 2024, 2023 and 2022, 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,
						2024						2023						2022
Expected taxes at current federal statutory income tax rate						$	210,603					$	199,380					$	270,757
State income taxes, net of federal tax benefit						35,268						33,389						43,941
Federal tax credits						(30,071)						(25,219)						(19,676)
Non-deductible costs and other						884						3,132						2,104
Income tax expense						$	216,684					$	210,682					$	297,126

Schedule of Deferred Tax Assets and Liabilities

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

						At December 31,
						2024						2023
Deferred tax assets:
Real estate						$	24,633					$	27,049
Warranty reserve						7,768						8,902
Wages payable						6,490						10,669
Equity-based compensation						7,575						7,306
Accrued expenses						94						36
Lease liabilities						13,264						—
Capped Calls cost						12,545						—
Other						8,479						7,393
Total deferred tax assets						80,848						61,355
Deferred tax liabilities:
Goodwill						4,181						3,331
Prepaids						1,367						2,288
ROU assets						13,071						—
Fixed assets						7,705						8,163
Total deferred tax liabilities						26,324						13,782
Deferred tax assets, net						54,524						47,573
Other deferred tax liabilities - state franchise taxes						9,795						8,012
Net deferred tax assets and liabilities						$	44,729					$	39,561

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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.

+ References

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-Topic 740
-SubTopic 10
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-Section 50
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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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