Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Tax Provision (Benefit)

Income tax provision (benefit) consists of the following (in thousands):

	Year Ended December 31,
	2017			2016		2015
Current income tax provision:
Federal	$	41,177		$	26,752	$	25,105
State		5,420			2,798		2,560
		46,597			29,550		27,665
Deferred income tax provision:
Federal		1,177			5,217		987
State		(983	)		216		37
		194			5,433		1,024
Total income tax provision	$	46,791		$	34,983	$	28,689

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,
	2017			2016			2015
U.S. Federal statutory taxes	$	49,671		$	35,990		$	26,876
State and local taxes, net of U.S. Federal benefit		5,110			3,747			2,806
Permanent items		576			396			1,308
Excess tax benefits from vesting or settlement of stock compensation awards		(1,454	)		(1,749	)		—
Domestic production activities deduction		(4,376	)		(2,740	)		(2,262	)
Federal credits		(534	)		(488	)		(328	)
Other		(2,202	)		(173	)		289
Total income tax provision	$	46,791		$	34,983		$	28,689

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the following (in thousands):

	As of December 31,
	2017			2016
Deferred tax assets:
Net operating losses	$	123		$	93
Residential product warranty reserve		8,876			14,510
Stock-based compensation		1,823			2,186
Accruals not currently deductible and other		1,838			2,261
Inventories		3,783			5,785
State tax credit carryforwards		3,619			4,020
Gross deferred tax assets, before valuation allowance		20,062			28,855
Valuation allowance		(3,096	)		(4,061	)
Gross deferred tax assets, after valuation allowance		16,966			24,794
Deferred tax liabilities:
Depreciation and other		(18,055	)		(25,688	)
Gross deferred tax liabilities		(18,055	)		(25,688	)
Net deferred tax (liability) asset	$	(1,089	)	$	(894	)