Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	272,971	$	151,532	$	115,610
State	80,650		42,769		34,586
Deferred:
Federal	873		(13,289)		(2,195)
State	(810)		(4,227)		(745)
Income tax expense	$	353,684	$	176,785	$	147,256

Deferred Income Taxes on Consolidated Balance Sheets

Deferred income taxes on our consolidated balance sheets were comprised of the following:

	As of December 31,
	2021		2020
Deferred tax assets:
Other accrued expenses and contract land deposit reserve	$	64,123	$	67,520
Deferred compensation	4,682		4,608
Equity-based compensation expense	46,020		41,839
Inventory	13,014		13,118
Unrecognized tax benefit	10,634		11,705
Other	9,876		8,639
Total deferred tax assets	148,349		147,429
Less: Deferred tax liabilities	7,874		7,184
Net deferred tax asset	$	140,475	$	140,245

Income Tax Expense Reconciliation

A reconciliation of income taxes computed at the federal statutory rate (21% in 2021, 2020, and 2019) to income tax expense is as follows:

	Year Ended December 31,
	2021		2020		2019
Income taxes computed at the federal statutory rate	$	333,985	$	226,387	$	215,417
State income taxes, net of federal income tax benefit (1)	72,082		47,469		45,770
Excess tax benefits from equity-based compensation	(48,369)		(92,234)		(101,466)
Other, net (2)	(4,014)		(4,837)		(12,465)
Income tax expense	$	353,684	$	176,785	$	147,256

(1)Excludes state excess tax benefits from equity-based compensation included in the line below.

(2)Primarily attributable to tax benefits from certain energy credits for the years ended December 31, 2021, 2020 and 2019.

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Year Ended December 31,
	2021		2020
Balance at beginning of year	$	36,817	$	39,356
Additions based on tax positions related to the current year	3,436		3,155
Reductions for tax positions of prior years	(6,763)		(5,694)
Settlements	—		—
Balance at end of year	$	33,490	$	36,817