Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2020
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,
  2020 2019 2018
Current taxes:
Federal $ 99,174  $ 41,019  $ 37,926 
State 21,012  11,644  9,162 
120,186  52,663  47,088 
Deferred taxes:
Federal (9,725) (8) 6,687 
State (370) 627  2,147 
(10,095) 619  8,834 
Total $ 110,091  $ 53,282  $ 55,922 
Schedule of Income Tax Reconciliation
Income taxes for the years ended December 31, 2020, 2019 and 2018, 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,
  2020 2019 2018
Expected taxes at current federal statutory income tax rate $ 112,049  $ 63,618  $ 59,483 
State income taxes, net of federal tax benefit 16,307  9,999  8,934 
Tax Act revaluation of deferred tax balances —  —  (2,741)
Federal tax credits (16,523) (20,582) (10,330)
Non-deductible costs and other (1,742) 247  576 
Income tax expense $ 110,091  $ 53,282  $ 55,922 
Schedule of Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are comprised of timing differences (in thousands) as follows:
At December 31,
2020 2019
Deferred tax assets:
Real estate $ 18,710  $ 12,090 
Warranty reserve 5,588  5,190 
Wages payable 7,798  6,429 
Equity-based compensation 7,114  5,991 
Accrued expenses 193  75 
Net operating loss carry-forwards —  752 
Other 5,498  4,488 
Total deferred tax assets 44,901  35,015 
Deferred tax liabilities:
Goodwill 879  3 
Prepaids 1,487  2,113 
Fixed assets 6,495  6,982 
Total deferred tax liabilities 8,861  9,098 
Deferred tax assets, net 36,040  25,917 
Other deferred tax liabilities - state franchise taxes 4,476  4,449 
Net deferred tax assets and liabilities $ 31,564  $ 21,468