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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Components of Current and Deferred Income Tax Expense

The components of current and deferred income tax expense included in the Consolidated Statement of Operations for years ended December 31, 2016, 2015 and 2014 as determined in accordance with ASC 740, Income Taxes (“ASC 740”), are as follows:

		Year Ended December 31,
		2016				2015				2014
Current:
Federal		$	14,515			$	1,598			$	—
State and local			1,425				2,431				94
Foreign			567				210				—
			16,507				4,239				94
Deferred:
Federal			10,629				46,784				10,739
State and local			2,296				6,233				1,664
Foreign			(25	)			(123	)			—
			12,900				52,894				12,403
Income tax expense from operations		$	29,407			$	57,133			$	12,497

Reconciliation of Statutory Federal Income Tax Rate and Company's Effective Rate

A reconciliation of the statutory federal income tax rate of 35% and the Company’s effective rate is as follows:

		December 31,
		2016				2015				2014
Federal statutory rate			35.00	%			35.00	%			35.00	%
Change in valuation allowance			8.16	%			0.90	%			(27.74	%)
State income tax rate, net of federal benefit			4.17	%			4.11	%			1.55	%
Acquisition expense			4.06	%			0.61	%			—
Goodwill impairment			1.16	%			—				—
Foreign tax differential			0.68	%			0.82	%			0.82	%
Change in effective state rate			0.22	%			(0.06	%)			6.86	%
Other differences, net			(0.52	%)			0.27	%			0.50	%
Effective rate			52.93	%			41.65	%			16.99	%

Summary of Deferred Tax Asset Recorded

A summary of the components of the Company’s deferred tax assets at December 31, 2016 and 2015 are as follows:

		December 31,
		2016				2015
Deferred tax assets:
Stock-based compensation		$	5,382			$	4,868
Accrued expenses			4,552				10,197
NOLs – Foreign			4,551				2,051
Deferred rent liability			2,024				2,116
NOLs – U.S.			1,611				1,828
Unrealized losses			101				5
Other			227				82
Deferred tax assets			18,448				21,147
Deferred tax liabilities
Fixed assets			2,405				2,272
Incentive compensation			1,365				2,753
Goodwill and intangible assets			301				—
Deferred tax liabilities			4,071				5,025
Total deferred tax assets less deferred tax liabilities			14,377				16,122
Less: valuation allowance			(4,551	)			(2,051	)
Deferred tax assets, net		$	9,826			$	14,071

European and Canadian Subsidiaries [Member]

Schedule of Net Operating Losses for Tax Purposes

The Company’s European and Canadian subsidiaries generated NOLs outside the U.S. The following table summarizes the activity for these NOLs for the years ended December 31, 2016, 2015 and 2014, respectively.

		December 31,
		2016				2015				2014
Balance – Beginning of year (pre-tax)		$	10,746			$	4,061			$	—
Foreign subsidiaries tax losses			12,960				6,685				4,061
Balance – End of year (pre-tax)		$	23,706			$	10,746			$	4,061
Tax Rate – Blended			19.2	%			19.1	%			20.1	%
Balance – End of year (tax effected)		$	4,551			$	2,051			$	816

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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+ References

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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