Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
Components of the income tax provision are as follows (in thousands):
 
  Years Ended December 31,
  2022 2021 2020
Current taxes:
Federal $ 246,077  $ 180,469  $ 99,174 
State 54,576  39,930  21,012 
300,653  220,399  120,186 
Deferred taxes:
Federal (4,573) (4,033) (9,725)
State 1,046  1,024  (370)
(3,527) (3,009) (10,095)
Total $ 297,126  $ 217,390  $ 110,091 
Schedule of Income Tax Reconciliation Income taxes for the years ended December 31, 2022, 2021 and 2020, 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,
  2022 2021 2020
Expected taxes at current federal statutory income tax rate $ 270,757  $ 200,515  $ 112,049 
State income taxes, net of federal tax benefit 43,941  31,967  16,307 
Federal tax credits (19,676) (20,872) (16,523)
Non-deductible costs and other 2,104  5,780  (1,742)
Income tax expense $ 297,126  $ 217,390  $ 110,091 
Schedule of Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are comprised of timing differences (in thousands) as follows:
At December 31,
2022 2021
Deferred tax assets:
Real estate $ 24,199  $ 25,960 
Warranty reserve 8,489  6,273 
Wages payable 8,240  5,834 
Equity-based compensation 6,597  5,465 
Accrued expenses 114  199 
Other 8,650  7,836 
Total deferred tax assets 56,289  51,567 
Deferred tax liabilities:
Goodwill 2,473  1,611 
Prepaids 1,282  2,498 
Fixed assets 7,082  6,786 
Total deferred tax liabilities 10,837  10,895 
Deferred tax assets, net 45,452  40,672 
Other deferred tax liabilities - state franchise taxes 7,351  6,099 
Net deferred tax assets and liabilities $ 38,101  $ 34,573