Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses and Other Liabilities

v3.21.2
Accrued Expenses and Other Liabilities
 9 Months Ended
Sep. 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:
September 30, 2021 December 31, 2020
(dollars in thousands)
Land development and home construction accrual $ 12,485  $ 25,910 
Warranty accrual 14,266  11,730 
Accrued compensation and benefits 6,935  10,966 
Lease liabilities 6,605  6,396 
Interest payable 2,438  1,134 
Income tax payable 4,662  1,355 
Deferred revenue 575  — 
Sales tax payable 848  1,867 
Other deposits and liabilities 10,789  3,511 
Total accrued expenses and other liabilities $ 59,603  $ 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 September 30, Nine Months Ended September 30,
2021 2020 2021 2020
(dollars in thousands)
Beginning warranty accrual $ 13,595  $ 9,885  $ 11,730  $ 8,693 
Warranty provision 1,107  1,327  3,972  2,720 
Warranty payments (436) (183) (1,436) (384)
Ending warranty accrual $ 14,266  $ 11,029  $ 14,266  $ 11,029