| Accrued Expenses and Other Liabilities |
| |
8. |
Accrued Expenses and Other Liabilities |
Accrued expenses and other liabilities consist of the following:
| |
|
September 30, 2020 |
|
|
December 31, 2019 |
|
| |
|
(dollars in thousands) |
|
| Land development and home construction accrual |
|
$ |
18,573 |
|
|
$ |
15,353 |
|
| Warranty accrual |
|
|
11,029 |
|
|
|
8,693 |
|
| Accrued compensation and benefits |
|
|
7,187 |
|
|
|
9,198 |
|
| Lease liabilities |
|
|
6,760 |
|
|
|
6,711 |
|
| Interest payable |
|
|
1,104 |
|
|
|
425 |
|
| Income tax payable |
|
|
— |
|
|
|
5,741 |
|
| Other deposits and liabilities |
|
|
4,558 |
|
|
|
1,925 |
|
| Total accrued expenses and other liabilities |
|
$ |
49,211 |
|
|
$ |
48,046 |
|
Changes in the Company’s warranty accrual are detailed in
the table below:
| |
|
September 30, 2020 |
|
|
December 31, 2019 |
|
| |
|
(dollars in thousands) |
|
| Beginning warranty accrual |
|
$ |
8,693 |
|
|
$ |
3,616 |
|
| Warranty provision |
|
|
2,720 |
|
|
|
5,381 |
|
| Warranty payments |
|
|
(384 |
) |
|
|
(304 |
) |
| Ending warranty accrual |
|
$ |
11,029 |
|
|
$ |
8,693 |
|
|
| |
8. |
Accrued Expenses and Other Liabilities |
Accrued expenses and other liabilities consist of the following:
| |
|
December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| |
|
(dollars in thousands) |
|
| Land development and home construction accrual |
|
$ |
15,353 |
|
|
$ |
1,751 |
|
| Accrued compensation and benefits |
|
|
9,198 |
|
|
|
6,470 |
|
| Warranty accrual |
|
|
8,693 |
|
|
|
3,616 |
|
| Lease liabilities |
|
|
6,711 |
|
|
|
— |
|
| Income tax payable |
|
|
5,741 |
|
|
|
7,708 |
|
| Interest payable (1) |
|
|
425 |
|
|
|
4,822 |
|
| Deferred revenue from lot sales |
|
|
— |
|
|
|
15,949 |
|
| Lot sale option deposit |
|
|
— |
|
|
|
8,310 |
|
| Other deposits and liabilities |
|
|
1,925 |
|
|
|
2,073 |
|
| Total accrued expenses and other liabilities |
|
$ |
48,046 |
|
|
$ |
50,699 |
|
| |
(1) |
Interest payable at December 31, 2019 and 2018 includes $0.0 million and $4.1 million, respectively, of imputed interest related to the Company's liabilities from real estate inventories not owned. |
Changes in the Company's warranty accrual are
detailed in the table below:
| |
|
December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| |
|
(dollars in thousands) |
|
| Beginning warranty accrual |
|
$ |
3,616 |
|
|
$ |
691 |
|
| Warranty provision |
|
|
5,381 |
|
|
|
2,960 |
|
| Warranty payments |
|
|
(304 |
) |
|
|
(35 |
) |
| Ending warranty accrual |
|
$ |
8,693 |
|
|
$ |
3,616 |
|
|