Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes

Reconciliation of the federal income tax statutory rate to the Company's effective income tax rate

	2014		2013		2012
Federal income tax statutory rate	35.0	%	35.0	%	35.0	%
State income taxes, net of federal tax	3.2		3.2		3.5
Deferred tax valuation allowance	–		(132.2	)	(39.3	)
Compensation expense	0.1		0.1		2.7
Other	(0.1	)	0.2		1.9
Effective income tax rate	38.2	%	(93.7	)%	3.8	%

Summary of the Company's income tax expense (benefit)

(in thousands)		2014		2013			2012
CURRENT TAX EXPENSE (BENEFIT)
Federal	$	1,891	$	(75	)	$	568
State		1,731		471			1,017
Total current tax expense		3,622		396			1,585
DEFERRED TAX EXPENSE (BENEFIT)
Federal		97,210		(139,207	)		–
State		7,833		(44,597	)		–
Total deferred tax expense (benefit)		105,043		(183,804	)		–
Total income tax expense (benefit)	$	108,665	$	(183,408	)	$	1,585

Significant components of the Company's deferred tax assets and liabilities

	DECEMBER 31,
(in thousands)		2014			2013
DEFERRED TAX ASSETS
Warranty, legal and other accruals	$	16,653		$	19,900
Employee benefits		18,661			19,054
Noncash tax charge for impairment of long-lived assets		47,018			59,608
Joint ventures		3,938			4,038
Federal NOL carryforwards		–			72,248
Other carryforwards		6,293			994
State NOL carryforwards		32,524			37,971
Other		993			1,131
Total deferred tax assets		126,080			214,944
DEFERRED TAX LIABILITIES
Deferred recognition of income and gains		(752	)		(1,196	)
Capitalized expenses		(31,265	)		(26,630	)
Goodwill amortization		(1,755	)		(809	)
Other		(542	)		(405	)
Total deferred tax liabilities		(34,314	)		(29,040	)
NET DEFERRED TAX ASSET	$	91,766		$	185,904

Reconciliation of changes in the Company's tax uncertainties

(in thousands)		2014		2013
Balance at January 1	$	553	$	318
Additions related to prior year positions		171		235
Balance at December 31	$	724	$	553