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Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021
Income Tax Disclosure [Abstract] |  |  |
Income Taxes | INCOME TAXES Income Tax Expense The components of current and deferred income tax expense are as follows (in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Current income tax expense: |  |  |  |  |
Federal | $ | 73,299 |  |  | $ | 73,747 |  |  | $ | 47,688 |
State | 10,197 |  |  | 9,428 |  |  | 5,282 |
Total current income tax expense | 83,496 |  |  | 83,175 |  |  | 52,970 |
Deferred income tax expense (benefit): |  |  |  |  |
Federal | 993 |  |  | (630) |  |  | (604) |
State | 149 |  |  | (77) |  |  | 239 |
Total deferred income tax expense (benefit) | 1,142 |  |  | (707) |  |  | (365) |
Total income tax expense | $ | 84,638 |  |  | $ | 82,468 |  |  | $ | 52,605 |
Effective Income Tax Rate Reconciliation The income tax expense differs from the amount that would be computed by applying the statutory federal income tax rates of 21% for each of the years ended December 31, 2023, 2022 and 2021, respectively, to income before income taxes as a result of the following (amounts in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Tax on pre-tax book income (before reduction of noncontrolling interests) | $ | 82,176 |  |  | $ | 83,258 |  |  | $ | 53,967 |
Tax effect of non-controlled earnings | (4,630) |  |  | (4,640) |  |  | (2,976) |
State income tax expense, net of federal benefit | 8,220 |  |  | 7,353 |  |  | 4,425 |
Tax credits | (3,033) |  |  | (5,861) |  |  | (3,629) |
Other | 1,905 |  |  | 2,358 |  |  | 818 |
Total income tax expense | $ | 84,638 |  |  | $ | 82,468 |  |  | $ | 52,605 |
Effective income tax rate | 21.6 | % |  | 20.8 | % |  | 20.5 | %
The change in the effective tax rate for year ended December 31, 2023 relates primarily to a decreased rate benefit in the Energy Efficient Homes Tax credit as compared to pre-tax book income and increased state income tax expense. Deferred Income Taxes The primary differences between the financial statement and tax bases of assets and liabilities are as follows (in thousands):
| December 31, 2023 |  | December 31, 2022
Deferred tax assets: |  |  |
Basis in partnerships | $ | 3,193 |  |  | $ | 5,672 |
Accrued expenses | 7,550 |  |  | 6,563 |
Inventory | 2,740 |  |  | 2,966 |
Change in fair value of contingent consideration | 996 |  |  | 1,122 |
Lease liabilities - operating leases | 1,797 |  |  | 826 |
Stock-based compensation | 584 |  |  | 418 |
Other | 324 |  |  | 229 |
Deferred tax assets, gross | 17,184 |  |  | 17,796 |
Valuation allowance | — |  |  | — |
Deferred tax assets, net | $ | 17,184 |  |  | $ | 17,796 |
Deferred tax liabilities: |  |  |
Right-of-use assets - operating leases | $ | (1,668) |  |  | $ | (810) |
Prepaid insurance | (107) |  |  | (108) |
Other | (103) |  |  | (430) |
Deferred tax liabilities | $ | (1,878) |  |  | $ | (1,348) |
Total deferred income tax assets, net | $ | 15,306 |  |  | $ | 16,448 |
Uncertain Tax Positions The Company establishes accruals for uncertain tax positions that reflect management’s best estimate of deductions and credits that may not be sustained on a more-likely-than-not basis. In accordance with ASC 740, Income Taxes, the Company recognizes the effect of income tax positions only if those positions have a more-likely-than-not chance of being sustained by the Company. Recognized income tax positions are measured at the largest amount that is considered greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. There were no uncertain tax positions as of December 31, 2023. There were no expenses for interest and penalties related to uncertain tax positions for the years ended December 31, 2023, 2022, and 2021. There were no accrued liabilities related to uncertain tax positions as of December 31, 2023 and 2022, respectively. Statutes of Limitations The U.S. federal statute of limitations remains open for our 2020 and subsequent tax years. The Company and its subsidiaries file returns in Texas, Georgia, Florida and Colorado. The Texas statute of limitations remains open for the 2019 and subsequent tax years. Any adjustments relating to returns filed by the subsidiary partnerships would be borne by the subsidiary partnership entities. The Georgia and Florida statute of limitations remains open for 2020 and subsequent tax years. Any adjustments relating to returns filed by the subsidiary partnerships would be borne by the partner. The Company is not presently under examination by the Internal Revenue Service or state tax authority. |  |
Schedule of Components of Income Tax Expense (Benefit) | Income Tax Expense The components of current and deferred income tax expense are as follows (in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Current income tax expense: |  |  |  |  |
Federal | $ | 73,299 |  |  | $ | 73,747 |  |  | $ | 47,688 |
State | 10,197 |  |  | 9,428 |  |  | 5,282 |
Total current income tax expense | 83,496 |  |  | 83,175 |  |  | 52,970 |
Deferred income tax expense (benefit): |  |  |  |  |
Federal | 993 |  |  | (630) |  |  | (604) |
State | 149 |  |  | (77) |  |  | 239 |
Total deferred income tax expense (benefit) | 1,142 |  |  | (707) |  |  | (365) |
Total income tax expense | $ | 84,638 |  |  | $ | 82,468 |  |  | $ | 52,605 |
Schedule of Deferred Tax Assets and Liabilities | The primary differences between the financial statement and tax bases of assets and liabilities are as follows (in thousands):
| December 31, 2023 |  | December 31, 2022
Deferred tax assets: |  |  |
Basis in partnerships | $ | 3,193 |  |  | $ | 5,672 |
Accrued expenses | 7,550 |  |  | 6,563 |
Inventory | 2,740 |  |  | 2,966 |
Change in fair value of contingent consideration | 996 |  |  | 1,122 |
Lease liabilities - operating leases | 1,797 |  |  | 826 |
Stock-based compensation | 584 |  |  | 418 |
Other | 324 |  |  | 229 |
Deferred tax assets, gross | 17,184 |  |  | 17,796 |
Valuation allowance | — |  |  | — |
Deferred tax assets, net | $ | 17,184 |  |  | $ | 17,796 |
Deferred tax liabilities: |  |  |
Right-of-use assets - operating leases | $ | (1,668) |  |  | $ | (810) |
Prepaid insurance | (107) |  |  | (108) |
Other | (103) |  |  | (430) |
Deferred tax liabilities | $ | (1,878) |  |  | $ | (1,348) |
Total deferred income tax assets, net | $ | 15,306 |  |  | $ | 16,448 |
Schedule of Effective Tax Rate Reconciliation | Effective Income Tax Rate Reconciliation The income tax expense differs from the amount that would be computed by applying the statutory federal income tax rates of 21% for each of the years ended December 31, 2023, 2022 and 2021, respectively, to income before income taxes as a result of the following (amounts in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Tax on pre-tax book income (before reduction of noncontrolling interests) | $ | 82,176 |  |  | $ | 83,258 |  |  | $ | 53,967 |
Tax effect of non-controlled earnings | (4,630) |  |  | (4,640) |  |  | (2,976) |
State income tax expense, net of federal benefit | 8,220 |  |  | 7,353 |  |  | 4,425 |
Tax credits | (3,033) |  |  | (5,861) |  |  | (3,629) |
Other | 1,905 |  |  | 2,358 |  |  | 818 |
Total income tax expense | $ | 84,638 |  |  | $ | 82,468 |  |  | $ | 52,605 |
Effective income tax rate | 21.6 | % |  | 20.8 | % |  | 20.5 | %
Operating Loss Carryforwards [Line Items] |  |  |
Basis in partnerships | $ 3,193 | $ 5,672 |
Deferred tax assets | 17,184 | 17,796 |
Deferred Tax Assets, Valuation Allowance | 0 | 0 |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ (3,033) | $ (5,861) | $ (3,629)

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