Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.8
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
Components of income tax provision
 
 
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):
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
 
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:
 
 
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