Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefits)
The provision for income taxes are as follows:
Year Ended December 31,
2024 2023 2022
(dollars in thousands)
Current:
Federal $ 3,912  $ 12,418  $ 22,350 
State 1,464  4,394  9,350 
Current tax provision 5,376  16,812  31,700 
 
Deferred:
Federal 1,740  (3,967) (4,681)
State 1,025  (950) (1,619)
Deferred tax benefit 2,765  (4,917) (6,300)
 
Total income tax provision, net $ 8,141  $ 11,895  $ 25,400 
Schedule of Effective Income Tax Rate Reconciliation
The provision for income taxes varies from the U.S. federal statutory rate. The following reconciliation shows the significant differences in the tax at statutory and effective rates:
Year Ended December 31,
2024 2023 2022
Federal income tax expense 21.0  % 21.0  % 21.0  %
State income tax expense, net of federal tax effect 5.8  5.6  6.4 
162(m) limitation 4.2  1.9  1.0 
Fair market value of warrant —  —  1.5 
Noncontrolling interest (1.6) (1.8) (0.5)
Energy efficient home credits (2.0) (1.4) (3.6)
Other permanent differences 0.6  0.4  — 
Return to provision adjustment (0.2) (0.4) (0.7)
Rate change 2.2  1.0  (0.1)
Change of valuation allowance —  —  (0.1)
Other 0.5  0.4  0.2 
Effective tax rate 30.5  % 26.7  % 25.1  %
Schedule of Deferred Tax Assets and Liabilities The tax effects of significant temporary differences that give rise to the deferred tax assets, net of deferred tax liabilities, are as follows:
December 31,
2024 2023
(dollars in thousands)
Deferred tax assets
Accrued expenses $ 14,776  $ 16,519 
Lease liability 6,136  3,371 
State tax liability 304  963 
Allowances, reserves, and other 955  244 
Stock compensation 1,007  948 
UNICAP 7,784  6,967 
Basis difference in investments 1,880  2,699 
Deferred tax asset 32,842  31,711 
 
Deferred tax liabilities
Right-of-use asset (5,851) (3,061)
Basis difference in fixed assets and intangible assets (4,436) (3,097)
Warranty receivables (6,834) (7,067)
Deferred tax liability (17,121) (13,225)
 
Net deferred tax asset $ 15,721  $ 18,486