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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Reconciliation of Effective Income Tax Rate | Income tax expenses shown in the consolidated income statements are reconciled to amounts of tax that would have been payable from the application of the federal tax rate to pre-tax profit, as follows:
(Expressed in thousands) |  |  |  |  |  |  |  |  |  |  |
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| Amount |  | Percentage |  | Amount |  | Percentage |  | Amount |  | Percentage
U.S. federal statutory income tax | $ | 9,497 |  |  | 21.0 | % |  | $ | 47,176 |  |  | 21.0 | % |  | $ | 35,491 |  |  | 21.0 | %
U.S. state and local income taxes, net of U.S. federal income tax benefits | 3,110 |  |  | 6.8 | % |  | 13,585 |  |  | 6.0 | % |  | 8,770 |  |  | 5.2 | %
Unrecognized tax benefit | 180 |  |  | 0.4 | % |  | 59 |  |  | — | % |  | (853) |  |  | -0.5 | %
Valuation allowance | 1,054 |  |  | 2.3 | % |  | 1,121 |  |  | 0.5 | % |  | 517 |  |  | 0.3 | %
Non-taxable income | (1,083) |  |  | (2.4) | % |  | (430) |  |  | (0.2) | % |  | (580) |  |  | (0.3) | %
Provision to return adjustments | (316) |  |  | (0.7) | % |  | 281 |  |  | 0.1 | % |  | 239 |  |  | 0.1 | %
Change in state and foreign tax rates | (660) |  |  | (1.4) | % |  | 1,384 |  |  | 0.6 | % |  | 238 |  |  | 0.1 | %
Foreign tax rate differentials | (285) |  |  | (0.6) | % |  | (223) |  |  | (0.1) | % |  | (469) |  |  | (0.3) | %
Excess tax benefits from share-based awards | (471) |  |  | (1.0) | % |  | (1,542) |  |  | (0.7) | % |  | (1,008) |  |  | (0.6) | %
Non-Deductible Executive Compensation | 1,605 |  |  | 3.5 | % |  | 3,956 |  |  | 1.8 | % |  | 2,831 |  |  | 1.7 | %
Other non-deductible expenses | 813 |  |  | 1.6 | % |  | 310 |  |  | 0.2 | % |  | 838 |  |  | 0.5 | %
Total income taxes | $ | 13,444 |  |  | 29.5 | % |  | $ | 65,677 |  |  | 29.2 | % |  | $ | 46,014 |  |  | 27.2 | %
Schedule of Components of Income Tax Expense (Benefit) | Income tax expenses included in the consolidated income statements represent the following:
(Expressed in thousands) |  |  |  |  |
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
U.S. federal tax | $ | 18,862 |  |  | $ | 47,880 |  |  | $ | 17,794 |
State and local tax | 8,068 |  |  | 18,331 |  |  | 6,498 |
Non-U.S. operations | 1,129 |  |  | 258 |  |  | 386 |
Total Current | 28,059 |  |  | 66,469 |  |  | 24,678 |
Deferred: |  |  |  |  |
U.S. federal tax | (10,420) |  |  | (1,745) |  |  | 17,182 |
State and local tax | (4,538) |  |  | 790 |  |  | 4,310 |
Non-U.S. operations | 343 |  |  | 163 |  |  | (156) |
Total Deferred | (14,615) |  |  | (792) |  |  | 21,336 |
Total | $ | 13,444 |  |  | $ | 65,677 |  |  | $ | 46,014 |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company's deferred tax assets and liabilities as of December 31, 2022 and 2021 were as follows:
(Expressed in thousands) |  |  |
| As of December 31,
| 2022 |  | 2021
Deferred tax assets: |  |  |
Deferred compensation | $ | 27,161 |  |  | $ | 31,083 |
Deferred rent and lease incentives | 9,877 |  |  | 10,828 |
Net operating losses and credits | 9,593 |  |  | 9,304 |
Receivable reserves | 1,294 |  |  | 2,257 |
Accrued expenses | 13,121 |  |  | 3,516 |
Auction rate securities reserves | 1,394 |  |  | 1,387 |
Involuntary conversion | 1,704 |  |  | 1,749 |
Other | 958 |  |  | 986 |
Total deferred tax assets | 65,102 |  |  | 61,110 |
Valuation allowance | (7,036) |  |  | (6,153) |
Deferred tax assets after valuation allowance | 58,066 |  |  | 54,957 |
Deferred tax liabilities: |  |  |
Goodwill | 41,775 |  |  | 42,455 |
Partnership investments | 32,679 |  |  | 37,196 |
Company-owned life insurance | 11,527 |  |  | 16,854 |
Depreciation | 1,617 |  |  | 2,139 |
Other | 272 |  |  | 329 |
Total deferred tax liabilities | 87,870 |  |  | 98,973 |
Deferred tax liabilities, net | $ | (29,804) |  |  | $ | (44,016) |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefit follows:
(Expressed in thousands) |  |  |  |  |
| 2022 |  | 2021 |  | 2020
Balance at beginning of year | $ | 343 |  |  | $ | 212 |  |  | $ | 1,079 |
Additions for tax positions of prior years | 729 |  |  | 343 |  |  | 212 |
Settlements with taxing authorities | — |  |  | (212) |  |  | (1,079) |
Balance at end of year | $ | 1,072 |  |  | $ | 343 |  |  | $ | 212 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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