Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Tax Provision (Benefit)

Income tax provision (benefit) for the years ended December 31, 2014, 2013 and 2012 consists of the following (in thousands):

	Year Ended December 31,
	2014		2013			2012
Current income tax provision:
Federal	$	18,722	$	1,745		$	303
State		3,131		404			88
		21,853		2,149			391
Deferred income tax provision (benefit):
Federal		3,118		(11,182	)		510
State		456		(1,516	)		108
		3,574		(12,698	)		618
Total income tax provision (benefit)	$	25,427	$	(10,549	)	$	1,009

Reconciliation of Differences between Income Tax Provision (Benefit) and Income Tax Determined by Applying US Federal Statutory Rate

The income tax provision (benefit) differs from the amount of income tax determined by applying the U.S. federal statutory rate to income before taxes as a result of the following (in thousands):

	Year Ended December 31,
	2014			2013			2012
U.S. federal statutory taxes	$	23,432		$	8,417		$	1,305
State and local taxes, net of U.S. federal benefit		2,856			1,061			(418	)
Permanent items		(868	)		225			198
Federal credits		(214	)		(566	)		(54	)
Other		(43	)		244			46
Increase (decrease) in valuation allowance		264			(19,930	)		(68	)
Total income tax provision (benefit)	$	25,427		$	(10,549	)	$	1,009

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities as of December 31, 2014 and 2013 consist of the following (in thousands):

	As of December 31,
	2014			2013
Deferred tax assets:
Net operating losses	$	347		$	483
Warranty reserve		13,032			16,085
Stock-based compensation		2,931			2,383
Accruals not currently deductible and other		5,221			6,210
Inventories		4,437			3,843
State tax credit carryforwards		4,050			3,714
Gross deferred tax assets, before valuation allowance		30,018			32,718
Valuation allowance		(4,465	)		(4,201	)
Gross deferred tax assets, after valuation allowance		25,553			28,517
Deferred tax liabilities:
Depreciation and other		(19,990	)		(19,380	)
Gross deferred tax liabilities		(19,990	)		(19,380	)
Net deferred tax asset	$	5,563		$	9,137