Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The provision for income taxes for 2017, 2016 and 2015 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
State and Local |
|
Total |
|
2017: |
|
|
|
|
|
|
Current |
$ |
364 |
|
|
$ |
807 |
|
|
$ |
1,171 |
|
|
Deferred |
(7,695 |
) |
|
22 |
|
|
(7,673 |
) |
|
|
$ |
(7,331 |
) |
|
$ |
829 |
|
|
$ |
(6,502 |
) |
|
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 |
) |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2015 |
Income (loss) before income taxes |
$ |
1,180 |
|
|
$ |
(12,286 |
) |
|
$ |
(11,695 |
) |
Expense (benefit) under statutory U.S. tax rates |
413 |
|
|
(4,300 |
) |
|
(4,093 |
) |
Increase (decrease) in taxes resulting from: |
|
|
|
|
|
(Decrease) increase in valuation allowance |
(11,261 |
) |
|
12,540 |
|
|
79 |
|
Nondeductible items |
4,475 |
|
|
1,323 |
|
|
1,701 |
|
State taxes, net of federal benefit |
431 |
|
|
671 |
|
|
1,600 |
|
Impact of tax reform |
(660 |
) |
|
— |
|
|
— |
|
Other, net |
100 |
|
|
(209 |
) |
|
231 |
|
Income tax (benefit) expense |
$ |
(6,502 |
) |
|
$ |
10,025 |
|
|
$ |
(482 |
) |
|
| Schedule of Deferred Tax Assets and Liabilities |
Significant components of the Company's deferred tax assets and liabilities as of December 31, 2017 and December 31, 2016 are as follows:
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
Deferred tax assets (liabilities): |
|
|
|
|
Net operating loss carryforwards |
$ |
8,642 |
|
|
$ |
14,132 |
|
|
AMT credit carryforward |
440 |
|
|
76 |
|
|
Accrued expenses |
4,105 |
|
|
5,084 |
|
|
Compensation and benefits |
10,877 |
|
|
18,333 |
|
|
Deferred compensation liability |
4,492 |
|
|
6,496 |
|
|
Securities owned |
514 |
|
|
900 |
|
|
Total deferred tax assets |
29,070 |
|
|
45,021 |
|
|
Valuation allowance |
(5,520 |
) |
|
(13,766 |
) |
|
Net deferred tax assets |
23,550 |
|
|
31,255 |
|
|
Fixed assets |
(4,707 |
) |
|
(6,025 |
) |
|
Intangibles |
(13,589 |
) |
|
(25,097 |
) |
|
Goodwill |
(8,222 |
) |
|
(10,775 |
) |
|
Total deferred liabilities |
(26,518 |
) |
|
(41,897 |
) |
|
Net deferred tax liability |
$ |
(2,968 |
) |
|
$ |
(10,642 |
) |
|
|
| Schedule of Unrecognized Tax Benefits |
|
|
|
|
|
|
|
|
|
2017 |
2016 |
Balance at January 1, |
$ |
503 |
|
$ |
423 |
|
Increases in tax positions for prior years |
(33 |
) |
9 |
|
Increases in tax positions for current years |
56 |
|
71 |
|
Balance at December 31, |
$ |
526 |
|
$ |
503 |
|
|