v3.8.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

Components of income tax expense (benefit)

The components of income tax expense (benefit) for the years ended December 31, 2017,  2016 and 2015 are as follows (in thousands):

		For the Years Ended December 31,
		2017			2016			2015
Current:
Federal		$	80		$	542		$	253
State			296			364			183
Total current			376			906			436
Deferred:
Federal			38,303			(93,383)			—
State			1,589			(17,044)			—
Total deferred			39,892			(110,427)			—
Total income tax expense (benefit)		$	40,268		$	(109,521)		$	436

Components of deferred income tax assets and liabilities

Significant components of deferred income tax assets and liabilities as of December 31, 2017 and 2016 are as follows (in thousands):

		December 31,
		2017			2016
Deferred tax assets:
Net operating loss carryforward and credits		$	32,829		$	47,529
Impairment charges			28,926			48,311
Other inventory valuation adjustments			7,929			13,819
Other reserves and accruals			3,366			5,028
Land development reserves			3,180			5,270
Executive incentive compensation			1,875			2,352
Total deferred tax assets			78,105			122,309
Valuation allowance for deferred tax assets			—			—
Deferred tax assets, net of valuation allowance			78,105			122,309
Deferred tax liabilities:
Deferred gain			(3,495)			(6,246)
Goodwill			(1,524)			(1,013)
State taxes			(1,426)			(2,800)
Depreciation			(844)			(1,222)
Capitalized expenses			(451)			(771)
Total deferred tax liabilities			(7,740)			(12,052)
Deferred tax assets, net		$	70,365		$	110,257

Reconciliation of income tax expense (benefit)

A reconciliation of income tax expense (benefit) to the expected income tax expense (benefit) at the federal statutory rate of 35% for each of the years ended December 31, 2017,  2016 and 2015 is as follows (in thousands): 

		For the Years Ended December 31,
		2017			2016			2015
Income tax expense computed at statutory rate		$	6,416		$	13,155		$	4,320
State income tax expense, net of federal benefit			506			1,201			1,452
Remeasurement of deferred tax assets (lower federal rate)			32,484			—			—
Change in valuation allowance on deferred tax assets			—			(124,525)			(5,336)
Change in state rate			395			688			—
Share-based compensation costs			470			—			—
Other			(3)			(40)			—
Income tax expense (benefit)		$	40,268		$	(109,521)		$	436

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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=84230637&loc=d3e32639-109319

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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- Definition

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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