Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income tax provision (benefit) for the years ended December 31, 2015, 2014 and 2013 consists of the following (in thousands):


	Year Ended December 31,
	2015		2014		2013
Current income tax provision:
Federal	$	25,105	$	18,722	$	1,745
State		2,560		3,131		404

		27,665		21,853		2,149

Deferred income tax provision (benefit):
Federal		987		3,118		(11,182	)
State		37		456		(1,516	)

		1,024		3,574		(12,698	)

Total income tax provision (benefit)	$	28,689	$	25,427	$	(10,549	)

Reconciliation of Differences between Income Tax Provision (Benefit) and Income Tax Determined by Applying US Federal Statutory Rate

The income tax provision (benefit) differs from the amount of income tax determined by applying the U.S. Federal statutory rate to income before taxes as a result of the following (in thousands):


	Year Ended December 31,
	2015			2014			2013
U.S. Federal statutory taxes	$	26,876		$	23,432		$	8,417
State and local taxes, net of U.S. Federal benefit		2,806			2,856			1,061
Permanent items		1,308			249			225
Domestic production activities deduction		(2,262	)		(1,117	)		—
Federal credits		(328	)		(214	)		(566	)
Other		172			(43	)		244
Increase (decrease) in valuation allowance		117			264			(19,930	)

Total income tax provision (benefit)	$	28,689		$	25,427		$	(10,549	)

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities as of December 31, 2015 and 2014 consist of the following (in thousands):


	As of December 31,
	2015			2014
Deferred tax assets:
Net operating losses	$	138		$	347
Warranty reserve		12,904			13,032
Stock-based compensation		1,554			2,931
Accruals not currently deductible and other		6,195			5,221
Inventories		4,406			4,437
State tax credit carryforwards		4,350			4,050

Gross deferred tax assets, before valuation allowance		29,547			30,018
Valuation allowance		(4,582	)		(4,465	)

Gross deferred tax assets, after valuation allowance		24,965			25,553

Deferred tax liabilities:
Depreciation and other		(20,426	)		(19,990	)

Gross deferred tax liabilities		(20,426	)		(19,990	)

Net deferred tax asset	$	4,539		$	5,563