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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Schedule of current and deferred income tax expense (benefit) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
Current: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 32,103 | ​ | $ | 19,067 | ​ | $ | 9,005
State | ​ |  | 4,584 | ​ |  | 832 | ​ |  | —
Total | ​ |  | 36,687 | ​ |  | 19,899 | ​ |  | 9,005
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | (11,413) | ​ |  | 661 | ​ |  | 12,120
State | ​ |  | 735 | ​ |  | 3,829 | ​ |  | 3,857
Total | ​ |  | (10,678) | ​ |  | 4,490 | ​ |  | 15,977
Income tax expense | ​ | $ | 26,009 | ​ | $ | 24,389 | ​ | $ | 24,982
Summary of income tax expense (benefit) allocated in consolidated financial statements | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
Income tax expense | ​ | $ | 26,009 | ​ | $ | 24,389 | ​ | $ | 24,982
Income tax recorded in accumulated other comprehensive income | ​ |  |  | ​ |  |  | ​ |  |
Income tax (benefit) expense | ​ |  | (199) | ​ |  | 957 | ​ |  | 367
Total income tax expense | ​ | $ | 25,810 | ​ | $ | 25,346 | ​ | $ | 25,349
Schedule of effective income tax rate reconciliation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ |  | 2023 | ​ |  | 2022 | ​ |  | 2021 | ​
U.S. federal statutory tax rate | ​ | $ | 21,781 | ​ | 21.0 | % | ​ | $ | 20,016 | ​ | 21.0 | % | ​ | $ | 20,902 | ​ | 21.0 | %
State and local income taxes, net of federal income tax effect (a) | ​ |  | 4,223 | ​ | 4.1 | % | ​ |  | 4,495 | ​ | 4.7 | % | ​ |  | 3,581 | ​ | 3.6 | %
Effect of changes in tax laws or rates enacted | ​ |  | — | ​ | — | % | ​ |  | — | ​ | — | % | ​ |  | 458 | ​ | 0.5 | %
Energy related tax credits | ​ | ​ | (450) | ​ | (0.4) | % | ​ | ​ | (150) | ​ | (0.2) | % | ​ | ​ | (186) | ​ | (0.2) | %
Benefit of Qualified Opportunity Zone investments | ​ | ​ | — | ​ | — | % | ​ | ​ | — | ​ | — | % | ​ | ​ | (195) | ​ | (0.2) | %
Changes in valuation allowance | ​ |  | 22 | ​ | — | % | ​ |  | (21) | ​ | — | % | ​ |  | 275 | ​ | 0.3 | %
Nontaxable or nondeductible items | ​ | ​ | 230 | ​ | 0.2 | % | ​ | ​ | 49 | ​ | 0.1 | % | ​ | ​ | 147 | ​ | 0.1 | %
Other items | ​ |  | 203 | ​ | 0.2 | % | ​ |  | — | ​ | — | % | ​ |  | — | ​ | — | %
Total income tax expense | ​ | $ | 26,009 | ​ | 25.1 | % | ​ | $ | 24,389 | ​ | 25.6 | % | ​ | $ | 24,982 | ​ | 25.1 | %
(a) | State taxes in Florida make up the majority of the tax effect in this category.
Schedule of deferred tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ |  | 2023 |  | 2022
Deferred tax assets: |  | ​ |  |  | ​ |
Net operating loss carryforwards | ​ | $ | 2,862 | ​ | $ | 5,965
Impairment losses | ​ |  | 23,867 | ​ |  | 26,714
Deferred revenue | ​ |  | 12,594 | ​ |  | 9,631
Capitalized costs | ​ | ​ | 3,272 | ​ | ​ | 2,121
Reserves and accruals | ​ | ​ | 1,432 | ​ | ​ | 1,975
Other | ​ |  | 921 | ​ |  | 2,664
Total gross deferred tax assets | ​ |  | 44,948 | ​ |  | 49,070
Valuation allowance | ​ |  | (312) | ​ |  | (290)
Total net deferred tax assets | ​ |  | 44,636 | ​ |  | 48,780
Deferred tax liabilities: | ​ |  | ​ | ​ |  |
Investment in real estate and property and equipment basis differences | ​ |  | 31,165 | ​ |  | 21,713
Deferred gain on land sales and involuntary conversions | ​ |  | 36,988 | ​ |  | 36,977
Installment sales | ​ |  | 45,597 | ​ |  | 70,178
Other | ​ |  | 2,715 | ​ |  | 2,618
Total gross deferred tax liabilities | ​ |  | 116,465 | ​ |  | 131,486
Net deferred tax liabilities | ​ | $ | (71,829) | ​ | $ | (82,706)
Schedule of income tax payments, net by jurisdiction | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
U.S. Federal | ​ | $ | 26,400 | ​ | $ | 16,361 | ​ | $ | 11,070
State of Florida | ​ |  | 4,600 | ​ |  | — | ​ |  | —
State of Georgia | ​ |  | (82) | ​ |  | 750 | ​ |  | —
Total income tax payments, net | ​ | $ | 30,918 | ​ | $ | 17,111 | ​ | $ | 11,070

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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