Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses and Other Liabilities

v3.21.2
Accrued Expenses and Other Liabilities
 6 Months Ended
Jun. 30, 2021
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following:
June 30, 2021 December 31, 2020
(dollars in thousands)
Land development and home construction accrual $ 23,668  $ 25,910 
Warranty accrual 13,595  11,730 
Accrued compensation and benefits 5,653  10,966 
Lease liabilities 6,949  6,396 
Interest payable 2,080  1,134 
Income tax payable 2,839  1,355 
Deferred revenue 6,173  — 
Sales tax payable 916  1,867 
Other deposits and liabilities 8,913  3,511 
Total accrued expenses and other liabilities $ 70,786  $ 62,869 

Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Changes in the Company’s warranty accrual are detailed in the table below:
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
(dollars in thousands)
Beginning warranty accrual $ 12,020  $ 9,296  $ 11,730  $ 8,693 
Warranty provision 1,948  686  2,865  1,393 
Warranty payments (373) (97) (1,000) (201)
Ending warranty accrual $ 13,595  $ 9,885  $ 13,595  $ 9,885