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Payables and Accruals

3 Months Ended

Mar. 31, 2023

Accounts Payable and Accrued Liabilities Disclosure

4. ACCRUED EXPENSES

A summary of the Company’s accrued expenses is as follows (in thousands):


	March 31, 2023		December 31, 2022
Real estate development reserve to complete(1)	$	32,554	$	28,793
Warranty reserve	19,532		17,945
Federal income tax payable	19,293		6,334
Accrued compensation	4,970		13,917
Other accrued expenses	32,143		24,292
Total accrued expenses	$	108,492	$	91,281

(1)Our real estate development reserve to complete consists of estimated future costs to complete the development of our communities.

Warranties

Warranty accruals are included within accrued expenses on the condensed consolidated balance sheets. Warranty activity during the three months ended March 31, 2023 and 2022 consisted of the following (in thousands):


	Three Months Ended March 31,
	2023		2022
Warranty accrual, beginning of period	$	17,945	$	9,378
Warranties issued	2,045		1,814
Changes in liability for existing warranties	633		295
Settlements made	(1,091)		(874)
Warranty accrual, end of period	$	19,532	$	10,613