Note 14 - Income Taxes

6 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

14. Income Taxes

At the end of each interim period, we are required to estimate our annual effective tax rate for the fiscal year and use that rate to provide for income taxes for the current year-to-date reporting period. As a result, we recorded income tax expense of $12.5 million and $19.6 million for the three and six months ended June 30, 2014, respectively, compared to a benefit of $186.9 million and $186.8 million for the same respective periods in 2013. Our overall effective income tax rates were 36.7% and 37.3% for the three and six months ended June 30, 2014, respectively, while our effective tax rates for the same periods in 2013 were not meaningful as the income tax benefit was not directly correlated to the amount of pretax income in such periods due to a $187.6 million benefit from the reversal of our deferred tax asset valuation allowance in the 2013 second quarter.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant temporary differences that give rise to our net deferred tax asset are as follows:

	June 30,			December 31,
	2014			2013
	(Dollars in thousands)
Deferred tax assets:
Federal net operating loss carryforwards	$	60,887		$	70,770
State net operating loss carryforwards		41,625			40,012
Alternative minimum tax and other tax credit carryforwards		24,772			24,196
Stock-based compensation expense		25,923			26,651
Warranty, litigation and other reserves		14,186			15,543
Receivables from related party		12,081			12,132
Deferred compensation retirement plans and accrued compensation		4,313			11,136
Asset impairment charges		4,099			5,496
Inventory, additional costs capitalized for tax purposes		1,914			1,700
Other, net		4,070			3,446
Total deferred tax assets		193,870			211,082
Valuation allowance		(14,988	)		(14,669	)
Total deferred tax assets, net of valuation allowance		178,882			196,413
Deferred tax liabilities:
Property, equipment and other assets		5,242			5,512
Discount on notes receivable		4,204			4,204
Deferred revenue		3,715			3,985
Unrealized gain on marketable securities		3,388			4,915
Other, net		1,461			1,535
Total deferred tax liabilities		18,010			20,151
Net deferred tax asset	$	160,872		$	176,262