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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023 |  | 2022
| Amount |  | Percentage |  | Amount |  | Percentage |  | Amount |  | Percentage
U.S. federal statutory income tax | $ | 22,194 |  |  | 21.0 | % |  | $ | 9,806 |  |  | 21.0 | % |  | $ | 9,497 |  |  | 21.0 | %
U.S. state and local income taxes, net of U.S. federal income tax benefits | 6,837 |  |  | 6.5 | % |  | 4,150 |  |  | 8.9 | % |  | 3,110 |  |  | 6.8 | %
Unrecognized tax benefit | 15 |  |  | — | % |  | 45 |  |  | 0.1 | % |  | 180 |  |  | 0.4 | %
Valuation allowance | 2,079 |  |  | 2.0 | % |  | 964 |  |  | 2.1 | % |  | 1,054 |  |  | 2.3 | %
Non-taxable income | (1,094) |  |  | (1.0) | % |  | (964) |  |  | (2.1) | % |  | (1,083) |  |  | (2.4) | %
Provision to return adjustments | (95) |  |  | (0.1) | % |  | (812) |  |  | (1.7) | % |  | (316) |  |  | (0.7) | %
Change in state and foreign tax rates | 451 |  |  | 0.4 | % |  | (514) |  |  | (1.1) | % |  | (660) |  |  | (1.4) | %
Foreign tax rate differentials | (339) |  |  | (0.3) | % |  | (146) |  |  | (0.3) | % |  | (285) |  |  | (0.6) | %
Excess tax benefits from share-based awards | (647) |  |  | (0.6) | % |  | (1,378) |  |  | (2.9) | % |  | (471) |  |  | (1.0) | %
Non-deductible executive compensation | 2,747 |  |  | 2.6 | % |  | 1,514 |  |  | 3.2 | % |  | 1,605 |  |  | 3.5 | %
Other non-deductible expenses | 2,362 |  |  | 2.1 | % |  | 3,833 |  |  | 8.1 | % |  | 813 |  |  | 1.6 | %
Total income taxes | $ | 34,510 |  |  | 32.6 | % |  | $ | 16,498 |  |  | 35.3 | % |  | $ | 13,444 |  |  | 29.5 | %
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,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
U.S. federal tax | $ | 22,249 |  |  | $ | 6,967 |  |  | $ | 18,862 |
State and local tax | 7,459 |  |  | 2,137 |  |  | 8,068 |
Non-U.S. operations | 1,250 |  |  | 937 |  |  | 1,129 |
Total Current | 30,958 |  |  | 10,041 |  |  | 28,059 |
Deferred: |  |  |  |  |
U.S. federal tax | 2,323 |  |  | 5,207 |  |  | (10,420) |
State and local tax | 1,262 |  |  | 919 |  |  | (4,538) |
Non-U.S. operations | (33) |  |  | 331 |  |  | 343 |
Total Deferred | 3,552 |  |  | 6,457 |  |  | (14,615) |
Total | $ | 34,510 |  |  | $ | 16,498 |  |  | $ | 13,444 |
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, 2024 and 2023 were as follows:
(Expressed in thousands) |  |  |
| As of December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Deferred compensation | $ | 35,846 |  |  | $ | 27,780 |
Deferred rent and lease incentives | 7,504 |  |  | 8,772 |
Net operating losses and credits | 13,822 |  |  | 12,124 |
Receivable reserves | 925 |  |  | 1,259 |
Accrued expenses | 1,284 |  |  | 4,762 |
Auction rate securities reserves | — |  |  | 62 |
Involuntary conversion | 1,696 |  |  | 1,671 |
Other | 1,028 |  |  | 981 |
Total deferred tax assets | 62,105 |  |  | 57,411 |
Valuation allowance | (11,516) |  |  | (9,581) |
Deferred tax assets after valuation allowance | 50,589 |  |  | 47,830 |
Deferred tax liabilities: |  |  |
Goodwill | 41,560 |  |  | 40,984 |
Partnership investments | 28,967 |  |  | 27,181 |
Corporate-owned life insurance | 16,619 |  |  | 14,180 |
Depreciation | 3,151 |  |  | 1,517 |
Other | 198 |  |  | 303 |
Total deferred tax liabilities | 90,495 |  |  | 84,165 |
Deferred tax liabilities, net | $ | (39,906) |  |  | $ | (36,335) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefit follows:
(Expressed in thousands) |  |  |  |  |
| 2024 |  | 2023 |  | 2022
Balance at beginning of year | $ | 1,236 |  |  | $ | 1,072 |  |  | $ | 343 |
Additions for tax positions of prior years | 217 |  |  | 224 |  |  | 729 |
Lapse in statute of limitations | (136) |  |  | — |  |  | — |
Settlements with taxing authorities | (59) |  |  | (60) |  |  | — |
Balance at end of year | $ | 1,258 |  |  | $ | 1,236 |  |  | $ | 1,072 |

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