Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The provision for income taxes for 2016, 2015 and 2014 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
State and Local |
|
Total |
|
2016: |
|
|
|
|
|
|
Current |
$ |
— |
|
|
$ |
929 |
|
|
$ |
929 |
|
|
Deferred |
8,992 |
|
|
104 |
|
|
9,096 |
|
|
|
$ |
8,992 |
|
|
$ |
1,033 |
|
|
$ |
10,025 |
|
|
2015: |
|
|
|
|
|
|
Current |
$ |
(1,491 |
) |
|
$ |
1,331 |
|
|
$ |
(160 |
) |
|
Deferred |
(1,623 |
) |
|
1,223 |
|
|
(400 |
) |
|
Benefit applied to reduce goodwill |
— |
|
|
78 |
|
|
78 |
|
|
|
$ |
(3,114 |
) |
|
$ |
2,632 |
|
|
$ |
(482 |
) |
|
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 |
) |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
The difference between the income taxes expected at the U.S. federal statutory income tax rate of 35% and the reported income tax expense (benefit) is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
2014 |
(Loss) income before income taxes |
$ |
(12,286 |
) |
|
$ |
(11,695 |
) |
|
$ |
10,006 |
|
(Benefit) expense under statutory U.S. tax rates |
(4,300 |
) |
|
(4,093 |
) |
|
3,502 |
|
Increase (decrease) in taxes resulting from: |
|
|
|
|
|
Increase (decrease) in valuation allowance |
12,540 |
|
|
79 |
|
|
(28,590 |
) |
Nondeductible items |
1,323 |
|
|
1,701 |
|
|
818 |
|
State taxes, net of federal benefit |
671 |
|
|
1,600 |
|
|
689 |
|
Other, net |
(209 |
) |
|
231 |
|
|
235 |
|
Income tax expense (benefit) |
$ |
10,025 |
|
|
$ |
(482 |
) |
|
$ |
(23,346 |
) |
|
| Schedule of Deferred Tax Assets and Liabilities |
Significant components of the Company's deferred tax assets and liabilities as of December 31, 2016 and December 31, 2015 are as follows:
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
Deferred tax assets (liabilities): |
|
|
|
|
Net operating loss carryforwards |
$ |
14,132 |
|
|
$ |
13,197 |
|
* |
AMT credit carryforward |
76 |
|
|
76 |
|
|
Accrued expenses |
5,084 |
|
|
4,501 |
|
|
Compensation and benefits |
18,333 |
|
|
19,674 |
|
|
Deferred compensation liability |
6,496 |
|
|
6,494 |
|
|
Securities owned |
900 |
|
|
770 |
|
|
Total deferred tax assets |
45,021 |
|
|
44,712 |
|
|
Valuation allowance |
(13,766 |
) |
|
(1,226 |
) |
* |
Net deferred tax assets |
31,255 |
|
|
43,486 |
|
|
Fixed assets |
(6,025 |
) |
|
(4,699 |
) |
|
Intangibles |
(25,097 |
) |
|
(34,100 |
) |
|
Goodwill |
(10,775 |
) |
|
(9,103 |
) |
|
Total deferred liabilities |
(41,897 |
) |
|
(47,902 |
) |
|
Net deferred tax liability |
$ |
(10,642 |
) |
|
$ |
(4,416 |
) |
|
* Reclassified from amounts previously reported.
|
| Schedule of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|
|
|
|
|
|
|
|
|
2016 |
2015 |
Balance at January 1, |
$ |
423 |
|
$ |
— |
|
Increases in tax positions for prior years |
9 |
|
268 |
|
Increases in tax positions for current years |
71 |
|
155 |
|
Balance at December 31, |
$ |
503 |
|
$ |
423 |
|
|