INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Components of income tax expense are as follows (in thousands):

 

	Years Ended December 31,
	2021		2020		2019
Current taxes:
Federal	$	180,469	$	99,174	$	41,019
State	39,930		21,012		11,644
	220,399		120,186		52,663
Deferred taxes:
Federal	(4,033)		(9,725)		(8)
State	1,024		(370)		627
	(3,009)		(10,095)		619
Total	$	217,390	$	110,091	$	53,282

Schedule of Income Tax Reconciliation

Income taxes for the years ended December 31, 2021, 2020 and 2019, differ from the expected amounts computed using the federal statutory income tax rate of 21% as a result of the following (in thousands):

	Years Ended December 31,
	2021		2020		2019
Expected taxes at current federal statutory income tax rate	$	200,515	$	112,049	$	63,618
State income taxes, net of federal tax benefit	31,967		16,307		9,999
Federal tax credits	(20,872)		(16,523)		(20,582)
Non-deductible costs and other	5,780		(1,742)		247
Income tax expense	$	217,390	$	110,091	$	53,282

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are comprised of timing differences (in thousands) as follows:

	At December 31,
	2021		2020
Deferred tax assets:
Real estate	$	25,960	$	18,710
Warranty reserve	6,273		5,588
Wages payable	5,834		7,798
Equity-based compensation	5,465		7,114
Accrued expenses	199		193
Other	7,836		5,498
Total deferred tax assets	51,567		44,901
Deferred tax liabilities:
Goodwill	1,611		879
Prepaids	2,498		1,487
Fixed assets	6,786		6,495
Total deferred tax liabilities	10,895		8,861
Deferred tax assets, net	40,672		36,040
Other deferred tax liabilities - state franchise taxes	6,099		4,476
Net deferred tax assets and liabilities	$	34,573	$	31,564