INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Components of income tax expense are as follows (in thousands):

	Years Ended December 31,
	2019		2018		2017
Current taxes:
Federal	$	41,019	$	37,926	$	76,988
State	11,644		9,162		8,006
	52,663		47,088		84,994
Deferred taxes:
Federal	(8)		6,687		18,916
State	627		2,147		354
	619		8,834		19,270
Total	$	53,282	$	55,922	$	104,264

Schedule of Income Tax Reconciliation

Income taxes differ for the years ended December 31, 2019, 2018 and 2017, from the amounts computed using the expected federal statutory income tax rate of 21%, 21% and 35%, respectively, as a result of the following (in thousands):

	Years Ended December 31,
	2019		2018		2017
Expected taxes at current federal statutory income tax rate	$	63,618	$	59,483	$	86,632
State income taxes, net of federal tax benefit	9,999		8,934		5,434
Tax Act revaluation of deferred tax balances	—		(2,741)		19,687
Manufacturing deduction	—		—		(7,580)
Federal tax credits	(20,582)		(10,330)		(484)
Non-deductible costs and other	247		576		575
Income tax expense	$	53,282	$	55,922	$	104,264

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are comprised of timing differences (in thousands) as follows:

	At December 31,
	2019		2018
Deferred tax assets:
Real estate	$	12,090	$	11,053
Goodwill	—		862
Warranty reserve	5,190		5,824
Wages payable	6,429		4,908
Equity-based compensation	5,991		5,153
Accrued expenses	75		104
Net operating loss carry-forwards	752		1,005
Other	4,488		4,946
Total deferred tax assets	35,015		33,855
Deferred tax liabilities:
Goodwill	3		—
Prepaids	2,113		1,409
Fixed assets	6,982		5,981
Total deferred tax liabilities	9,098		7,390
Deferred tax assets, net	25,917		26,465
Other deferred tax liability - state franchise taxes	4,449		4,378
Net deferred tax assets and liabilities	$	21,468	$	22,087