Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The provision for income taxes for 2018, 2017 and 2016 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
State and Local |
|
Total |
|
2018: |
|
|
|
|
|
|
Current |
$ |
2,933 |
|
|
$ |
1,776 |
|
|
$ |
4,709 |
|
|
Deferred |
8,329 |
|
|
341 |
|
|
8,670 |
|
|
|
$ |
11,262 |
|
|
$ |
2,117 |
|
|
$ |
13,379 |
|
|
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 |
|
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
The difference between the income taxes expected at the U.S. federal statutory income tax rate of 21% for 2018 and 35% for 2017 and 2016 and the reported income tax expense (benefit) is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
Income (loss) before income taxes |
$ |
47,165 |
|
|
$ |
1,180 |
|
|
$ |
(12,286 |
) |
Expense (benefit) under statutory U.S. tax rates |
9,905 |
|
|
413 |
|
|
(4,300 |
) |
Increase (decrease) in taxes resulting from: |
|
|
|
|
|
(Decrease) increase in valuation allowance |
(66 |
) |
|
(11,261 |
) |
|
12,540 |
|
Nondeductible items |
1,867 |
|
|
4,475 |
|
|
1,323 |
|
State taxes, net of federal benefit |
1,625 |
|
|
431 |
|
|
671 |
|
Impact of tax reform |
— |
|
|
(660 |
) |
|
— |
|
Other, net |
48 |
|
|
100 |
|
|
(209 |
) |
Income tax expense (benefit) |
$ |
13,379 |
|
|
$ |
(6,502 |
) |
|
$ |
10,025 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
Significant components of the Company's deferred tax assets and liabilities as of December 31, 2018 and December 31, 2017 are as follows:
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
Deferred tax assets (liabilities): |
|
|
|
|
Net operating loss carryforwards |
$ |
2,938 |
|
|
$ |
8,642 |
|
|
AMT credit carryforward |
— |
|
|
440 |
|
|
Accrued expenses |
4,731 |
|
|
4,105 |
|
|
Compensation and benefits |
9,370 |
|
|
10,877 |
|
|
Deferred compensation liability |
5,164 |
|
|
4,492 |
|
|
Securities owned |
780 |
|
|
514 |
|
|
Total deferred tax assets |
22,983 |
|
|
29,070 |
|
|
Valuation allowance |
(1,863 |
) |
|
(5,520 |
) |
|
Net deferred tax assets |
21,120 |
|
|
23,550 |
|
|
Fixed assets |
(6,081 |
) |
|
(4,707 |
) |
|
Intangibles |
(4,160 |
) |
|
(13,589 |
) |
|
Contract acquisition costs |
(7,108 |
) |
|
— |
|
|
Deferred revenues |
(8,576 |
) |
|
— |
|
|
Goodwill |
(9,263 |
) |
|
(8,222 |
) |
|
Total deferred liabilities |
(35,188 |
) |
|
(26,518 |
) |
|
Net deferred tax liability |
$ |
(14,068 |
) |
|
$ |
(2,968 |
) |
|
|
| Schedule of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|
|
|
|
|
|
|
|
|
2018 |
2017 |
Balance at January 1, |
$ |
526 |
|
$ |
503 |
|
Increases in tax positions for prior years |
— |
|
(33 |
) |
Increases in tax positions for current years |
97 |
|
56 |
|
Balance at December 31, |
$ |
623 |
|
$ |
526 |
|
|