Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax Provision (Benefit)

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

	Year Ended December 31,
	2021			2020		2019
Current income tax provision:
Federal	$	30,450		$	35,423	$	30,306
State		15,192			10,455		6,952
		45,642			45,878		37,258
Deferred income tax provision:
Federal		21,607			12,603		6,928
State		(595	)		522		778
		21,012			13,125		7,706
Total income tax provision	$	66,654		$	59,003	$	44,964

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,
	2021			2020			2019
U.S. Federal statutory taxes	$	57,832		$	49,273		$	39,838
State and local taxes, net of U.S. Federal benefit		12,174			10,641			8,412
Permanent items		1,208			1,198			1,266
Excess tax benefits from vesting or settlement of stock compensation awards		(2,868	)		(1,635	)		(3,540	)
Federal credits		(686	)		(565	)		(654	)
Other		(1,006	)		91			(358	)
Total income tax provision	$	66,654		$	59,003		$	44,964

Schedule of Deferred Tax Assets and Liabilities

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

	As of December 31,
	2021		2020
Deferred tax assets:
Net operating losses	$	64	$	43
Residential product warranty reserve		7,260		7,532
Stock-based compensation		1,305		1,071
Accruals not currently deductible and other		1,371		2,041
Inventories		2,210		5,548
Operating lease liability		8,965		9,081
Deferred revenue		2,935		—
Goodwill amortization		6,858		—
State tax credit carryforwards		3,394		3,345

	As of December 31,
	2021			2020
Gross deferred tax assets, before valuation allowance		34,362			28,661
Valuation allowance		(2,232	)		(2,775	)
Gross deferred tax assets, after valuation allowance		32,130			25,886
Deferred tax liabilities:
Depreciation		(63,483	)		(29,792	)
Operating lease right-of-use asset		(8,635	)		(8,755	)
Goodwill amortization		—			(5,775	)
Other		(3,979	)		(4,520	)
Gross deferred tax liabilities		(76,097	)		(48,842	)
Net deferred tax liability	$	(43,967	)	$	(22,956	)