|
Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Income Tax Disclosure [Abstract] |
|
| Components of income tax provision |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
2012 |
|
2011 |
|
2010 |
Current taxes: |
|
|
|
|
|
|
Federal |
|
$ |
(589 |
) |
|
$ |
— |
|
|
$ |
(5,526 |
) |
State |
|
122 |
|
|
730 |
|
|
860 |
|
|
|
(467 |
) |
|
730 |
|
|
(4,666 |
) |
Deferred taxes: |
|
|
|
|
|
|
Federal |
|
(62,581 |
) |
|
— |
|
|
— |
|
State |
|
(13,261 |
) |
|
— |
|
|
— |
|
|
|
(75,842 |
) |
|
— |
|
|
— |
|
Total |
|
$ |
(76,309 |
) |
|
$ |
730 |
|
|
$ |
(4,666 |
) |
|
| Schedule of income tax reconciliation |
Income taxes differ for the years ended December 31, 2012, 2011 and 2010, 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, |
|
|
2012 |
|
2011 |
|
2010 |
Expected taxes at current federal statutory income tax rate |
|
$ |
10,099 |
|
|
$ |
(7,132 |
) |
|
$ |
869 |
|
State income taxes, net of federal tax benefit |
|
1,878 |
|
|
475 |
|
|
559 |
|
Change in valuation allowance |
|
(85,460 |
) |
|
4,126 |
|
|
(2,570 |
) |
Change in state effective tax rate |
|
(788 |
) |
|
1,750 |
|
|
— |
|
Federal tax credits |
|
(2,064 |
) |
|
— |
|
|
— |
|
Net interest adjustments |
|
(589 |
) |
|
— |
|
|
— |
|
Recognition of tax benefits |
|
— |
|
|
— |
|
|
(4,592 |
) |
Non-deductible costs and other |
|
615 |
|
|
1,511 |
|
|
1,068 |
|
Income tax (benefit)/expense |
|
$ |
(76,309 |
) |
|
$ |
730 |
|
|
$ |
(4,666 |
) |
|
| Schedule of deferred tax assets and liabilities |
Deferred tax assets and liabilities are comprised of timing differences at December 31 (in thousands) as follows:
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
Deferred tax assets: |
|
|
|
|
Real estate |
|
$ |
27,611 |
|
|
$ |
30,381 |
|
Goodwill |
|
10,227 |
|
|
12,485 |
|
Warranty reserve |
|
8,431 |
|
|
8,684 |
|
Wages payable |
|
1,092 |
|
|
892 |
|
Reserves and allowances |
|
931 |
|
|
793 |
|
Equity-based compensation |
|
5,449 |
|
|
4,317 |
|
Accrued expenses |
|
6,079 |
|
|
3,826 |
|
Net operating loss carry-forwards |
|
27,881 |
|
|
37,429 |
|
Federal tax credits |
|
3,176 |
|
|
— |
|
Other |
|
282 |
|
|
— |
|
Total deferred tax assets |
|
91,159 |
|
|
98,807 |
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
Deferred revenue |
|
3,668 |
|
|
3,623 |
|
Prepaids |
|
586 |
|
|
519 |
|
Fixed assets |
|
265 |
|
|
474 |
|
Other |
|
— |
|
|
66 |
|
Total deferred tax liabilities |
|
4,519 |
|
|
4,682 |
|
|
|
|
|
|
Net total deferred tax assets |
|
86,640 |
|
|
94,125 |
|
Valuation allowance |
|
(8,666 |
) |
|
(94,125 |
) |
Deferred tax assets, net |
|
77,974 |
|
|
— |
|
|
|
|
|
|
Other deferred tax liability - state franchise taxes |
|
2,132 |
|
|
— |
|
Net deferred tax assets and liabilities |
|
$ |
75,842 |
|
|
$ |
— |
|
|
| Valuation allowance against deferred tax assets |
|
|
|
|
|
|
|
|
|
|
December 31, 2012 |
|
December 31, 2011 |
Federal |
$ |
— |
|
|
$ |
70,228 |
|
State |
8,666 |
|
|
23,897 |
|
Total Valuation Allowance |
$ |
8,666 |
|
|
$ |
94,125 |
|
|