Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Components of Income Tax Expense (Benefit)

Income taxes consist of the following:



	Federal			State and Local			Total
2014:
Current	$	947		$	1,160		$	2,107
Deferred	(21,012		)	(4,509		)	(25,521		)
Benefit applied to reduce goodwill	—			68			68
	$	(20,065	)	$	(3,281	)	$	(23,346	)
2013:
Current	$	403		$	1,492		$	1,895
Deferred	731			223			954
Benefit applied to reduce goodwill	—			77			77
	$	1,134		$	1,792		$	2,926
2012:
Current	$	—		$	514		$	514
Deferred	527			350			877
Benefit applied to reduce goodwill	—			71			71
	$	527		$	935		$	1,462

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate (35%) in 2014 and (34%) in 2013 and 2012 to income (loss) before income taxes as a result of the following differences:



	2014			2013			2012
Income (loss) before income taxes	$	10,006		$	2,404		$	(14,892	)
Expense (benefit) under statutory U.S. tax rates	3,502			817			(5,063		)
Increase (decrease) in taxes resulting from:
(Decrease) increase in valuation allowance	(28,590		)	(272		)	8,500
Change in fair value of contingent consideration, not taxable	—			41			(2,844		)
Other nondeductible items	818			1,085			346
State taxes, net of federal benefit	689			1,183			340
Other, net	235			72			183
Income tax expense (benefit)	$	(23,346	)	$	2,926		$	1,462

Schedule of Deferred Tax Assets and Liabilities

Deferred tax amounts are comprised of the following at December 31:



	2014			2013			*
Deferred tax assets (liabilities):
Net operating loss carryforwards	$	19,593		$	25,353
AMT credit carryforward	1,045			706
Accrued expenses	2,111			3,104
Compensation and benefits	16,592			13,666
Deferred compensation liability	6,421			6,937
Securities owned	867			701
Total deferred tax assets	46,629			50,467
Valuation allowance	—			(28,590		)
Net deferred tax assets	46,629			21,877
Fixed assets	(4,422		)	(2,781		)
Intangibles	(37,859		)	(20,206		)
Goodwill	(7,564		)	(6,389		)
Total deferred liabilities	(49,845		)	(29,376		)
Net deferred tax liability	$	(3,216	)	$	(7,499	)

*Deferred tax assets net of deferred tax liabilities were decreased $7,801 with a corresponding decrease in the valuation allowance previously recorded.