Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of current and deferred income tax expense (benefit)

	Year Ended December 31,
	2022		2021		2020
Current:
Federal	$	19,067	$	9,005	$	5,146
State		832		—		—
Total		19,899		9,005		5,146
Deferred:
Federal		661		12,120		6,321
State		3,829		3,857		2,203
Total		4,490		15,977		8,524
Income tax expense	$	24,389	$	24,982	$	13,670

Summary of income tax expense (benefit) allocated in consolidated financial statements

	Year Ended December 31,
	2022		2021		2020
Income tax expense	$	24,389	$	24,982	$	13,670
Income tax recorded in accumulated other comprehensive income (loss)
Income tax expense (benefit)		957		367		(386)
Total income tax expense	$	25,346	$	25,349	$	13,284

Schedule of effective income tax rate reconciliation

	Year Ended December 31,
	2022		2021		2020
Tax at the statutory federal rate	$	20,016	$	20,902	$	12,385
State income taxes (net of federal benefit)		4,495		3,581		2,203
(Decrease) increase in valuation allowance		(21)		275		—
Change in US and State tax rates		—		458		—
Income tax credits		(150)		(186)		(454)
Benefit of Qualified Opportunity Zone investments		—		(195)		(161)
Dividend received deduction		—		—		(33)
Other permanent items		49		147		(270)
Total income tax expense	$	24,389	$	24,982	$	13,670

Schedule of deferred tax assets and liabilities

	December 31,		December 31,
	2022		2021
Deferred tax assets:
State net operating loss carryforwards	$	5,965	$	10,617
Impairment losses		26,714		28,496
Prepaid income from land sales		6,871		6,177
Capital loss carryforwards		—		4,090
Capitalized costs		2,121		2,462
Reserves and accruals		1,975		1,950
Unrealized losses on investments		—		359
Other		2,685		1,446
Total gross deferred tax assets		46,331		55,597
Valuation allowance		(290)		(305)
Total net deferred tax assets		46,041		55,292
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences		21,713		14,014
Deferred gain on land sales and involuntary conversions		36,977		33,643
Installment sales		67,418		83,498
Other		2,639		1,396
Total gross deferred tax liabilities		128,747		132,551
Net deferred tax liabilities	$	(82,706)	$	(77,259)