Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Components of Income Tax Expense (Benefit)

The components of income before income taxes attributable to our operations are as follows (in thousands):



	Years Ended December 31,
	2016		2015			2014
Current:
Federal	$	158	$	—		$	—
State	2,076		819			485
Total current	2,234		819			485
Deferred
Federal	13,146		8,412			(23,308		)
State	1		(60		)	(2,030		)
Total deferred	13,147		8,352			(25,338		)
Total income tax provision (benefit)	$	15,381	$	9,171		$	(24,853	)

Schedule of Deferred Tax Assets and Liabilities

The primary differences between the financial statement and tax bases of assets and liabilities are as follows (in thousands):



	December 31, 2016			December 31, 2015
Deferred tax assets:
Accrued bonuses	$	1,120		$	39
Accrued payroll	101			49
Stock-based compensation	291			125
Federal net operating loss carryover	40,800			55,622
State net operating loss carryover	1,147			1,161
Basis in partnerships	22,922			24,773
Warranty accrual	444			166
Inventory (Section 263A)	945			—
Accrued job costs	503			—
Reserve to complete	345			—
Alternative minimum tax credit carryover	158			—
Other	126			40
	68,902			81,975
Valuation allowance	(1,147		)	(1,161		)
Deferred tax assets, net	$	67,755		$	80,814

Deferred tax liabilities:
Prepaid insurance	$	(43	)	$	(34	)
Noncontrolling interests impact of M-1s	—			(117		)
Other	(114		)	—
Deferred tax liabilities, net	$	(157	)	$	(151	)

Schedule of Effective Tax Rate Reconciliation

A reconciliation between our effective tax rate on income before income tax provision (benefit) and the U.S. federal statutory rate is as follows (amounts in thousands):



	Years Ended December 31,
	2016			2015			2014
Tax on pre-tax book income (before reduction for noncontrolling interests)	$	17,693		$	12,151		$	12,673
Pre-Transaction earnings taxed to partners	—			—			(10,634		)
Tax effect of non-controlled earnings post Transaction	(3,996		)	(3,577		)	(644		)
Change in partnership tax status	—			—			(25,244		)
Change in partnership tax status - state benefit	—			—			(1,320		)
State tax expense, net	1,153			533			315
Deferred other	—			(36		)	—
Other	531			100			1
Total tax expense	$	15,381		$	9,171		$	(24,853	)
	30.4		%	26.4		%	(68.6		)%

Rollforward of Valuation Allowances

The rollforward of valuation allowances is as follows (amounts in thousands):



	Years Ended December 31,
	2016			2015
Valuation allowance at beginning of the year	$	1,161		$	1,161
Expiration to state net operating losses	(14		)	—
Valuation allowance at end of the year	$	1,147		$	1,161

Reconciliation of Uncertain Tax Positions

A reconciliation of the beginning and ending amount of total uncertain tax positions is as follows (in thousands):



Balance as of December 31, 2015	$	—
Increase related to Georgia state income tax	249
Balance as of December 31, 2016	$	249