Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
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.