| Accrued Expenses and Other Liabilities |
Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following:
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|
March 31, 2022 |
|
December 31, 2021 |
|
(dollars in thousands) |
| Land development and home construction accrual |
$ |
24,560 |
|
|
$ |
22,082 |
|
| Warranty accrual |
16,757 |
|
|
15,692 |
|
| Accrued compensation and benefits |
9,042 |
|
|
14,913 |
|
| Lease liabilities |
12,547 |
|
|
13,190 |
|
| Sales tax payable |
1,740 |
|
|
2,885 |
|
| Income tax payable |
17,406 |
|
|
12,079 |
|
| Interest payable |
3,220 |
|
|
2,494 |
|
| Deferred revenue |
1,075 |
|
|
3,969 |
|
|
|
|
|
| Homebuyer deposits |
24,439 |
|
|
7,825 |
|
| Other deposits and liabilities |
5,801 |
|
|
2,595 |
|
| Total accrued expenses and other liabilities |
$ |
116,587 |
|
|
$ |
97,724 |
|
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:
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Three Months Ended March 31, |
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|
|
|
|
2022 |
|
2021 |
|
|
|
|
(dollars in thousands) |
| Beginning warranty accrual |
|
|
|
|
$ |
15,692 |
|
|
$ |
11,730 |
|
| Warranty provision |
|
|
|
|
1,601 |
|
|
917 |
|
| Warranty payments |
|
|
|
|
(536) |
|
|
(627) |
|
| Ending warranty accrual |
|
|
|
|
$ |
16,757 |
|
|
$ |
12,020 |
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|