Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Tax Provision (Benefit)

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

	Year Ended December 31,
	2022		2021			2020
Current income tax provision:
Federal	$	28,830	$	30,450		$	35,423
State		9,126		15,192			10,455
		37,956		45,642			45,878
Deferred income tax provision:
Federal		20,000		21,607			12,603
State		4,256		(595	)		522
		24,256		21,012			13,125
Total income tax provision	$	62,212	$	66,654		$	59,003

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,
	2022			2021			2020
U.S. Federal statutory taxes	$	51,836		$	57,832		$	49,273
State and local taxes, net of U.S. Federal benefit		10,608			12,174			10,641
Permanent items		(208	)		1,208			1,198
Excess tax benefits from vesting or settlement of stock compensation awards		(11	)		(2,868	)		(1,635	)
Federal credits		(598	)		(686	)		(565	)
Other		585			(1,006	)		91
Total income tax provision	$	62,212		$	66,654		$	59,003

Schedule of Deferred Tax Assets and Liabilities

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

	As of December 31,
	2022			2021
Deferred tax assets:
Net operating losses	$	132		$	64
Tax Cut and Jobs Act capitalization of research and development costs		2,152			—
Residential product warranty reserve		6,469			7,260
Stock-based compensation		1,146			1,305
Accruals not currently deductible and other		373			1,371
Inventories		2,965			2,210
Operating lease liability		7,941			8,965
Deferred revenue		2,921			2,935
Goodwill amortization		—			6,858
State tax credit carryforwards		4,084			3,394
Gross deferred tax assets, before valuation allowance		28,183			34,362
Valuation allowance		(3,026	)		(2,232	)
Gross deferred tax assets, after valuation allowance		25,157			32,130
Deferred tax liabilities:
Depreciation		(74,604	)		(63,483	)
Operating lease right-of-use asset		(7,687	)		(8,635	)
Inventories		(6,749	)		(2,485	)
Goodwill amortization		(2,879	)		—
Other		(1,462	)		(1,494	)
Gross deferred tax liabilities		(93,381	)		(76,097	)
Net deferred tax liability	$	(68,224	)	$	(43,967	)