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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
The provision for income taxes for the years ended December 31, 2024, 2023 and 2022 consisted of the following:
 Year Ended December 31,
(Dollars in thousands)202420232022
Current:
Federal$231,758 $196,464 $203,119 
State46,902 51,009 48,134 
Current tax provision$278,660 $247,473 $251,253 
Deferred:
Federal$(8,951)$(1,003)$66,667 
State(161)1,627 18,508 
Deferred tax provision$(9,112)$624 $85,175 
Total income tax provision$269,548 $248,097 $336,428 
Schedule of Reconciliation of Provision (Benefit) for Income Taxes
A reconciliation of the provision for income taxes and the amount computed by applying the federal statutory income tax rate of 21% to income before provision for income taxes is as follows:
 Year Ended December 31,
 202420232022
Tax at federal statutory rate21.0 %21.0 %21.0 %
State income taxes (net of federal benefit)3.6 4.1 3.9 
Non-controlling interest— (0.3)(0.1)
Energy tax credits(0.7)(0.4)(1.3)
Disallowed compensation expense0.6 0.6 0.4 
Excess stock compensation benefit(0.6)(0.5)— 
Other(0.6)(0.1)0.3 
Effective Rate23.3 %24.4 %24.2 %
Summary of Components of Deferred Tax Assets and Liabilities A summary of these components for the years ending December 31, 2024 and 2023 is as follows:
 Year Ended December 31,
(Dollars in thousands)20242023
Deferred tax assets:
Real estate inventory$26,483 $41,660 
Accruals and reserves73,418 58,864 
Net operating losses (1)
48,996 54,845 
Total deferred tax assets$148,897 $155,369 
Deferred tax liabilities:
Real estate inventory, intangibles, other$(6,223)$(8,414)
Other(5,512)(2,274)
Deferred income(55,186)(76,856)
Total Deferred Tax Liabilities$(66,921)$(87,544)
Valuation allowance(5,728)— 
Total net deferred tax assets$76,248 $67,825 
(1)A portion of our net operating losses is limited by Section 382 of the Internal Revenue Code, stemming from three business acquisitions: 1) the 2011 acquisition of the Company by our former principal equity holders, 2) the 2018 acquisition of AV Homes and 3) the 2021 acquisition of William Lyon Homes. All three acquisitions were deemed to be a change in control as defined by Section 382.