|
Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Income Tax Disclosure [Abstract] |
|
| Components of income tax provision |
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Years Ended December 31, |
|
|
2013 |
|
2012 |
|
2011 |
Current taxes: |
|
|
|
|
|
|
Federal |
|
$ |
43,675 |
|
|
$ |
(589 |
) |
|
$ |
— |
|
State |
|
1,345 |
|
|
122 |
|
|
730 |
|
|
|
45,020 |
|
|
(467 |
) |
|
730 |
|
Deferred taxes: |
|
|
|
|
|
|
Federal |
|
10,232 |
|
|
(62,581 |
) |
|
— |
|
State |
|
(2,044 |
) |
|
(13,261 |
) |
|
— |
|
|
|
8,188 |
|
|
(75,842 |
) |
|
— |
|
Total |
|
$ |
53,208 |
|
|
$ |
(76,309 |
) |
|
$ |
730 |
|
|
| Schedule of income tax reconciliation |
Income taxes differ for the years ended December 31, 2013, 2012 and 2011, from the amounts computed using the expected federal statutory income tax rate of 35% as a result of the following (in thousands):
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Years Ended December 31, |
|
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2013 |
|
2012 |
|
2011 |
Expected taxes at current federal statutory income tax rate |
|
$ |
62,185 |
|
|
$ |
10,099 |
|
|
$ |
(7,132 |
) |
State income taxes, net of federal tax benefit |
|
7,967 |
|
|
1,878 |
|
|
475 |
|
Change in valuation allowance |
|
(8,666 |
) |
|
(85,460 |
) |
|
4,126 |
|
Change in state effective tax rate |
|
— |
|
|
(788 |
) |
|
1,750 |
|
Manufacturing deduction |
|
(4,910 |
) |
|
— |
|
|
— |
|
Federal tax credits |
|
(3,614 |
) |
|
(2,064 |
) |
|
— |
|
Net interest adjustments |
|
— |
|
|
(589 |
) |
|
— |
|
Non-deductible costs and other |
|
246 |
|
|
615 |
|
|
1,511 |
|
Income tax expense/(benefit) |
|
$ |
53,208 |
|
|
$ |
(76,309 |
) |
|
$ |
730 |
|
|
| Schedule of deferred tax assets and liabilities |
Deferred tax assets and liabilities are comprised of timing differences at December 31 (in thousands) as follows:
|
|
|
|
|
|
|
|
|
|
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|
2013 |
|
2012 |
Deferred tax assets: |
|
|
|
|
Real estate |
|
$ |
23,895 |
|
|
$ |
27,611 |
|
Goodwill |
|
8,077 |
|
|
10,227 |
|
Warranty reserve |
|
8,414 |
|
|
8,431 |
|
Wages payable |
|
9,956 |
|
|
1,092 |
|
Reserves and allowances |
|
1,102 |
|
|
931 |
|
Equity-based compensation |
|
4,995 |
|
|
5,449 |
|
Accrued expenses |
|
6,235 |
|
|
6,079 |
|
Net operating loss carry-forwards |
|
11,471 |
|
|
27,881 |
|
Federal tax credits |
|
— |
|
|
3,176 |
|
Other |
|
279 |
|
|
282 |
|
Total deferred tax assets |
|
74,424 |
|
|
91,159 |
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
Deferred revenue |
|
3,670 |
|
|
3,668 |
|
Prepaids |
|
690 |
|
|
586 |
|
Fixed assets |
|
(340 |
) |
|
265 |
|
Total deferred tax liabilities |
|
4,020 |
|
|
4,519 |
|
|
|
|
|
|
Net total deferred tax assets |
|
70,404 |
|
|
86,640 |
|
Valuation allowance |
|
— |
|
|
(8,666 |
) |
Deferred tax assets, net |
|
70,404 |
|
|
77,974 |
|
|
|
|
|
|
Other deferred tax liability - state franchise taxes |
|
2,750 |
|
|
2,132 |
|
Net deferred tax assets and liabilities |
|
$ |
67,654 |
|
|
$ |
75,842 |
|
|
| Valuation allowance against deferred tax assets |
|
|
|
|
|
|
|
|
|
|
December 31, 2013 |
|
December 31, 2012 |
State |
— |
|
|
8,666 |
|
Total Valuation Allowance |
$ |
— |
|
|
$ |
8,666 |
|
|