Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2021
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,
  2021 2020 2019
Current taxes:
Federal $ 180,469  $ 99,174  $ 41,019 
State 39,930  21,012  11,644 
220,399  120,186  52,663 
Deferred taxes:
Federal (4,033) (9,725) (8)
State 1,024  (370) 627 
(3,009) (10,095) 619 
Total $ 217,390  $ 110,091  $ 53,282 
Schedule of Income Tax Reconciliation Income taxes for the years ended December 31, 2021, 2020 and 2019, 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,
  2021 2020 2019
Expected taxes at current federal statutory income tax rate $ 200,515  $ 112,049  $ 63,618 
State income taxes, net of federal tax benefit 31,967  16,307  9,999 
Federal tax credits (20,872) (16,523) (20,582)
Non-deductible costs and other 5,780  (1,742) 247 
Income tax expense $ 217,390  $ 110,091  $ 53,282 
Schedule of Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are comprised of timing differences (in thousands) as follows:
At December 31,
2021 2020
Deferred tax assets:
Real estate $ 25,960  $ 18,710 
Warranty reserve 6,273  5,588 
Wages payable 5,834  7,798 
Equity-based compensation 5,465  7,114 
Accrued expenses 199  193 
Other 7,836  5,498 
Total deferred tax assets 51,567  44,901 
Deferred tax liabilities:
Goodwill 1,611  879 
Prepaids 2,498  1,487 
Fixed assets 6,786  6,495 
Total deferred tax liabilities 10,895  8,861 
Deferred tax assets, net 40,672  36,040 
Other deferred tax liabilities - state franchise taxes 6,099  4,476 
Net deferred tax assets and liabilities $ 34,573  $ 31,564