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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Reconciliation of Effective Income Tax Rate

The income tax provision shown in the consolidated statements of operations is reconciled to amounts of tax that would have been payable (recoverable) from the application of the federal tax rate to pre-tax profit as follows:

Amounts are expressed in thousands of dollars.

		Year ended December 31,
		2012								2011								2010
		Amount				Percentage				Amount				Percentage				Amount				Percentage
U.S. federal statutory income tax rate		$	(184	)			35.0	%		$	6,246				35.0	%		$	23,797				35.0	%
U.S. state and local income taxes, net of U.S. federal income tax benefits			(1,585	)							840				4.7	%			3,569				5.2	%
Unrecognized tax benefits			1,524								—				0.0	%			—				0.0	%
Tax exempt income, net of interest expense			(561	)							(647	)			-3.6	%			(473	)			-0.7	%
Business promotion and other non-deductible expenses			851								620				3.5	%			616				0.9	%
Adjustments to reflect prior year tax return filings			(294	)							(552	)			-3.1	%			24				0.0	%
Tax rate change on deferred income taxes			390								(734	)			-4.1	%			955				1.4	%
Insurance proceeds, non-taxable			(349	)							(821	)			-4.6	%			—				0.0	%
Non-U.S. Operations			678								348				1.9	%			(232	)			-0.3	%
Other			(146	)							(69	)			-0.4	%			(1,045	)			-1.5	%
Total Income Tax Expense		$	324				n/m			$	5,231				29.3	%		$	27,211				40.0	%

n/m = not meaningful

Schedule of Current and Deferred Income Tax (Benefit)

Income taxes included in the consolidated statements of operations represent the following:

Expressed in thousands of dollars.

		Year ended December 31,
		2012				2011				2010
Current:
U.S. federal tax (benefit)		$	19,918			$	5,312			$	(11,471	)
State and local tax (benefit)			2,765				19				6,390
Non-U.S. operations			(61	)			113				685
			22,622				5,444				(4,396	)
Deferred:
U.S. federal tax (benefit)			(17,303	)			143				27,799
State and local tax (benefit)			(4,890	)			(1,029	)			3,356
Non U.S. operations (benefit)			(105	)			673				452
			(22,298	)			(213	)			31,607
		$	324			$	5,231			$	27,211

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2012 and 2011 were as follows:

Expressed in thousands of dollars.

		December 31,
		2012				2011
Deferred tax assets:
Employee deferred compensation plans		$	22,819			$	17,280
Reserve for litigation and legal fees			17,019				5,469
Book versus tax depreciation differences			5,931				3,675
Involuntary conversion			1,686				1,534
Allowance for doubtful accounts			941				1,044
Other			18,973				16,317
Total deferred tax assets			67,369				45,319
Deferred tax liabilities:
Goodwill amortization (Section 197)			39,391				34,915
Change in accounting method			—				8,075
Partnership investments			6,273				7,020
Capital markets acquisition (2008)			—				4,801
Mortgage Servicing Rights			6,679				3,387
Other			2,559				1,247
Total deferred tax liabilities			54,902				59,445
U.S. deferred tax asset/(liabilities) , net			12,467				(14,126	)
Non U.S. deferred tax asset/(liabilities), net			3,873				3,824
Deferred tax asset/(liabilities), net		$	16,340			$	(10,302	)

Schedule of Unrecognized Tax Benefits

Expressed in thousands of dollars

		2012				2011
Balance at January 1		$	2,317			$	—
Additions for tax positions of prior years			2,919				2,317
Balance at December 31		$	5,236			$	2,317

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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