Company: LGIH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001580670-25-000016
Chunk: 510

Company: LGI Homes, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 510
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Capitalized Interest Interest activity, including other financing costs, for notes payable and financing arrangements for the periods presented is as follows (in thousands):   Year Ended December 31,   202420232022Interest incurred$119,009 $87,604 $49,281 Less: Amounts capitalized(119,009)(87,604)(49,281)Interest expense$— $— $— Cash paid for interest$112,984 $80,963 $41,593 

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Included in interest incurred was amortization of deferred financing costs and applicable discounts for notes payable and financing arrangements of $14.0 million, $13.6 million and $5.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. 

7.     INCOME TAXES

The provision for income taxes consisted of the following (in thousands):Year ended December 31,  202420232022Current:   Federal$53,114 $54,013 $77,922   State10,836 10,492 13,615 Current tax provision63,950 64,505 91,537 Deferred:   Federal(931)(1,638)33   State(177)(340)(21)Deferred tax provision (benefit)(1,108)(1,978)12 Total income tax provision$62,842 $62,527 $91,549  Income taxes paid were $35.3 million, $96.5 million and $56.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.A reconciliation of the provision for income taxes and the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the years ended December 31, 2024, 2023 and 2022 (in thousands): Year Ended December 31, 202420232022Tax at federal statutory rate$54,372 21.0 %$54,968 21.0 %$87,805 21.0 %State income taxes (net of federal benefit)8,448 3.3 8,052 3.1 10,749 2.6 Stock-based compensation(93)— (2,230)(0.9)(2,199)(0.5)Non deductible