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Income taxes (Tables)

12 Months Ended

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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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.

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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 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.

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