Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	261,481	$	412,036	$	272,971
State	79,023		126,686		80,650
Deferred:
Federal	(3,986)		(6,753)		873
State	244		(4,350)		(810)
Income tax expense	$	336,762	$	527,619	$	353,684

Deferred Income Taxes on Consolidated Balance Sheets

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

	As of December 31,
	2023		2022
Deferred tax assets:
Other accrued expenses and contract land deposit reserve	$	71,466	$	73,555
Deferred compensation	4,347		4,728
Equity-based compensation expense	48,088		47,605
Inventory	18,181		13,981
Unrecognized tax benefit	8,049		8,849
Other	14,703		11,364
Total deferred tax assets	164,834		160,082
Less: Deferred tax liabilities	9,515		8,505
Net deferred tax asset	$	155,319	$	151,577

Income Tax Expense Reconciliation

A reconciliation of income taxes computed at the federal statutory rate (21% in 2023, 2022, and 2021) to income tax expense is as follows:

	Year Ended December 31,
	2023		2022		2021
Income taxes computed at the federal statutory rate	$	404,958	$	473,171	$	333,985
State income taxes, net of federal income tax benefit (1)	92,163		105,867		72,082
Excess tax benefits from equity-based compensation	(153,554)		(50,324)		(48,369)
Other, net (2)	(6,805)		(1,095)		(4,014)
Income tax expense	$	336,762	$	527,619	$	353,684

(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, 2023, 2022 and 2021.

Reconciliation of Unrecognized Tax Benefits

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

	Year Ended December 31,
	2023		2022
Balance at beginning of year	$	29,526	$	33,490
Additions based on tax positions related to the current year	782		1,326
Reductions for tax positions of prior years	(4,720)		(5,290)
Settlements	—		—
Balance at end of year	$	25,588	$	29,526