Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
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,
  2024 2023 2022
Current taxes:
Federal $ 166,028  $ 170,306  $ 246,077 
State 41,101  41,837  54,576 
207,129  212,143  300,653 
Deferred taxes:
Federal 6,013  (1,888) (4,573)
State 3,542  427  1,046 
9,555  (1,461) (3,527)
Total $ 216,684  $ 210,682  $ 297,126 
Schedule of Income Tax Reconciliation
Income taxes for the years ended December 31, 2024, 2023 and 2022, 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,
  2024 2023 2022
Expected taxes at current federal statutory income tax rate $ 210,603  $ 199,380  $ 270,757 
State income taxes, net of federal tax benefit 35,268  33,389  43,941 
Federal tax credits (30,071) (25,219) (19,676)
Non-deductible costs and other 884  3,132  2,104 
Income tax expense $ 216,684  $ 210,682  $ 297,126 
Schedule of Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are comprised of timing differences (in thousands) as follows:
At December 31,
2024 2023
Deferred tax assets:
Real estate $ 24,633  $ 27,049 
Warranty reserve 7,768  8,902 
Wages payable 6,490  10,669 
Equity-based compensation 7,575  7,306 
Accrued expenses 94  36 
Lease liabilities 13,264  — 
Capped Calls cost
 12,545  — 
Other 8,479  7,393 
Total deferred tax assets 80,848  61,355 
Deferred tax liabilities:
Goodwill 4,181  3,331 
Prepaids 1,367  2,288 
ROU assets
 13,071  — 
Fixed assets 7,705  8,163 
Total deferred tax liabilities 26,324  13,782 
Deferred tax assets, net 54,524  47,573 
Other deferred tax liabilities - state franchise taxes 9,795  8,012 
Net deferred tax assets and liabilities $ 44,729  $ 39,561