INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| 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, |
|
|
2015 |
|
2014 |
|
2013 |
Current taxes: |
|
|
|
|
|
|
Federal |
|
$ |
53,510 |
|
|
$ |
58,461 |
|
|
$ |
43,675 |
|
State |
|
2,726 |
|
|
1,133 |
|
|
1,345 |
|
|
|
56,236 |
|
|
59,594 |
|
|
45,020 |
|
Deferred taxes: |
|
|
|
|
|
|
Federal |
|
(1,652 |
) |
|
(3,470 |
) |
|
10,232 |
|
State |
|
6,142 |
|
|
10,052 |
|
|
(2,044 |
) |
|
|
4,490 |
|
|
6,582 |
|
|
8,188 |
|
Total |
|
$ |
60,726 |
|
|
$ |
66,176 |
|
|
$ |
53,208 |
|
|
| Schedule of Income Tax Reconciliation |
Income taxes differ for the years ended December 31, 2015, 2014 and 2013, 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, |
|
|
2015 |
|
2014 |
|
2013 |
Expected taxes at current federal statutory income tax rate |
|
$ |
66,312 |
|
|
$ |
72,946 |
|
|
$ |
62,185 |
|
State income taxes, net of federal tax benefit |
|
5,764 |
|
|
7,271 |
|
|
7,967 |
|
Change in valuation allowance |
|
— |
|
|
— |
|
|
(8,666 |
) |
Manufacturing deduction |
|
(5,917 |
) |
|
(6,499 |
) |
|
(4,910 |
) |
Federal tax credits |
|
(6,172 |
) |
|
(7,835 |
) |
|
(3,614 |
) |
Non-deductible costs and other |
|
739 |
|
|
293 |
|
|
246 |
|
Income tax expense |
|
$ |
60,726 |
|
|
$ |
66,176 |
|
|
$ |
53,208 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
Deferred tax assets and liabilities are comprised of timing differences at December 31 (in thousands) as follows:
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
Deferred tax assets: |
|
|
|
|
Real estate |
|
$ |
19,622 |
|
|
$ |
15,002 |
|
Goodwill |
|
9,263 |
|
|
13,728 |
|
Warranty reserve |
|
8,115 |
|
|
8,511 |
|
Wages payable |
|
10,633 |
|
|
12,329 |
|
Reserves and allowances |
|
1,161 |
|
|
1,022 |
|
Equity-based compensation |
|
7,040 |
|
|
6,005 |
|
Accrued expenses |
|
7,063 |
|
|
6,208 |
|
Net operating loss carry-forwards |
|
1,495 |
|
|
4,603 |
|
Other |
|
1,164 |
|
|
1,171 |
|
Total deferred tax assets |
|
65,556 |
|
|
68,579 |
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
Deferred revenue |
|
2,209 |
|
|
2,935 |
|
Prepaids |
|
925 |
|
|
753 |
|
Fixed assets |
|
3,275 |
|
|
754 |
|
Total deferred tax liabilities |
|
6,409 |
|
|
4,442 |
|
|
|
|
|
|
Deferred tax assets, net |
|
59,147 |
|
|
64,137 |
|
Other deferred tax liability - state franchise taxes |
|
3,058 |
|
|
3,559 |
|
|
|
|
|
|
Net deferred tax assets and liabilities |
|
$ |
56,089 |
|
|
$ |
60,578 |
|
|