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Income Taxes | 3 Months Ended
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Mar. 31, 2018
Income Tax Disclosure [Abstract] |
Income Taxes | 15. Income Taxes Effective Income Tax Rate – Three Months Ended March 31, 2018 and March 31, 2017 The Company’s estimated effective income tax rate for the three months ended March 31, 2018 of 32.3% resulted in income tax expense of $4,498. The Company’s tax rate differs from the federal statutory tax rate of 21% (reduced from 35% due to the passage of the Tax Cuts and Jobs Act in December 2017) primarily due to a valuation allowance on foreign net operating losses and state and local income taxes, partly offset by tax windfalls associated with the vesting of stock-based compensation awards. The Company’s estimated effective income tax rate for the three months ended March 31, 2017 of 53.6% resulted in income tax expense of $7,942. The Company’s tax rate differs from the federal statutory tax rate of 35% primarily due to a valuation allowance on foreign net operating losses, tax shortfalls associated with the vesting of stock-based compensation awards and state and local income taxes. Net Operating Losses – U.S. The Company’s pre-tax federal net operating losses for tax purposes (“NOLs”) at March 31, 2018 was $3,147 which expire in 2024. The net operating loss carryforwards have been reduced by the impact of annual limitations described in the Internal Revenue Code Section 382 that arose as a result of an ownership change. Net Operating Losses – International The Company’s European and Canadian subsidiaries generated NOLs outside the U.S. These tax effected NOLs were $4,347 at March 31, 2018. The Company established a full valuation allowance related to these NOLs as it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. Deferred Tax Assets A summary of the components of the Company’s deferred tax assets at March 31, 2018 and December 31, 2017 are as follows:
|  | March 31, 2018 |  |  | December 31, 2017 |
Deferred tax assets: |  |  |  |  |  |  |  |
NOLs – Foreign |  | $ | 4,347 |  |  | $ | 3,841 |
Stock-based compensation |  |  | 1,655 |  |  |  | 1,474 |
Deferred rent liability |  |  | 1,245 |  |  |  | 1,257 |
NOLs – U.S. |  |  | 779 |  |  |  | 909 |
Accrued expenses |  |  | 769 |  |  |  | 526 |
Other |  |  | 255 |  |  |  | 488 |
Deferred tax assets |  |  | 9,050 |  |  |  | 8,495 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Unrealized gains |  |  | 1,716 |  |  |  | 1,718 |
Fixed assets |  |  | 1,498 |  |  |  | 1,498 |
Goodwill and intangible assets |  |  | 436 |  |  |  | 388 |
Deferred tax liabilities |  |  | 3,650 |  |  |  | 3,604 |
Total deferred tax assets less deferred tax liabilities |  |  | 5,400 |  |  |  | 4,891 |
Less: valuation allowance |  |  | (4,347 | ) |  |  | (3,841 | )
Deferred tax assets, net |  | $ | 1,053 |  |  | $ | 1,050 |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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