Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income tax provision (benefit) for the years ended December 31, 2016, 2015 and 2014 consists of the following (in thousands):


	Year Ended December 31,
	2016		2015		2014
Current income tax provision:
Federal	$	26,752	$	25,105	$	18,722
State		2,798		2,560		3,131

		29,550		27,665		21,853

Deferred income tax provision:
Federal		5,217		987		3,118
State		216		37		456

		5,433		1,024		3,574

Total income tax provision	$	34,983	$	28,689	$	25,427

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

The income tax provision 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,
	2016			2015			2014
U.S. Federal statutory taxes	$	35,990		$	26,876		$	23,432
State and local taxes, net of U.S. Federal benefit		3,747			2,806			2,856
Permanent items		396			1,308			249
Excess tax benefits from vesting or settlement of stock compensation awards		(1,749	)		—			—
Domestic production activities deduction		(2,740	)		(2,262	)		(1,117	)
Federal credits		(488	)		(328	)		(214	)
Other		(173	)		289			221

Total income tax provision	$	34,983		$	28,689		$	25,427

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities as of December 31, 2016 and 2015 consist of the following (in thousands):


	As of December 31,
	2016			2015
Deferred tax assets:
Net operating losses	$	93		$	138
Warranty reserve		14,510			12,904
Stock-based compensation		2,186			1,554
Accruals not currently deductible and other		2,261			6,195
Inventories		5,785			4,406
State tax credit carryforwards		4,020			4,350

Gross deferred tax assets, before valuation allowance		28,855			29,547
Valuation allowance		(4,061	)		(4,582	)

Gross deferred tax assets, after valuation allowance		24,794			24,965

Deferred tax liabilities:
Depreciation and other		(25,688	)		(20,426	)

Gross deferred tax liabilities		(25,688	)		(20,426	)

Net deferred tax (liability) asset	$	(894	)	$	4,539