Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.10.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2018
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,
 
 
2018
 
2017
 
2016
Current taxes:
 
 
 
 
 
 
Federal
 
$
37,926

 
$
76,988

 
$
55,547

State
 
9,162

 
8,006

 
7,075

 
 
47,088

 
84,994

 
62,622

Deferred taxes:
 
 
 
 
 
 
Federal
 
6,687

 
18,916

 
4,064

State
 
2,147

 
354

 
1,833

 
 
8,834

 
19,270

 
5,897

Total
 
$
55,922

 
$
104,264

 
$
68,519

Schedule of Income Tax Reconciliation
Income taxes differ for the years ended December 31, 2018, 2017 and 2016, from the amounts computed using the expected federal statutory income tax rate of 21%, 35% and 35%, respectively, as a result of the following (in thousands):
 
 
Years Ended December 31,
 
 
2018
 
2017
 
2016
Expected taxes at current federal statutory income tax rate
 
$
59,483

 
$
86,632

 
$
76,321

State income taxes, net of federal tax benefit
 
8,934

 
5,434

 
5,791

Tax Act revaluation of deferred tax balances
 
(2,741
)
 
19,687

 

Manufacturing deduction
 

 
(7,580
)
 
(6,708
)
Federal tax credits
 
(10,330
)
 
(484
)
 
(7,229
)
Non-deductible costs and other
 
576

 
575

 
344

Income tax expense
 
$
55,922

 
$
104,264

 
$
68,519

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

 
 
At December 31,
 
 
2018
 
2017
Deferred tax assets:
 
 
 
 
Real estate
 
$
11,053

 
$
14,648

Goodwill
 
862

 
2,076

Warranty reserve
 
5,824

 
5,499

Wages payable
 
4,908

 
5,796

Equity-based compensation
 
5,153

 
4,486

Accrued expenses
 
104

 
141

Net operating loss carry-forwards
 
1,005

 
1,813

Other
 
4,946

 
4,982

Total deferred tax assets
 
33,855

 
39,441

 
 
 
 
 
Deferred tax liabilities:
 
 
 
 
Deferred revenue
 

 
462

Prepaids
 
1,409

 
759

Fixed assets
 
5,981

 
3,058

Total deferred tax liabilities
 
7,390

 
4,279

 
 
 
 
 
Deferred tax assets, net
 
26,465

 
35,162

Other deferred tax liability - state franchise taxes
 
4,378

 
4,240

 
 
 
 
 
Net deferred tax assets and liabilities
 
$
22,087

 
$
30,922