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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Summary of consolidated Federal income tax return

As part of the consolidated group, subsidiaries transfer to the Company their current federal tax liabilities or assets.

	As of December 31,
	2013				2012				2011
Current city income tax provision	$	952,957			$	406,814			$	658,106
Current state income tax provision	268,920				122,704				271,776
Current federal income tax provision	17,866,911				8,990,777				8,921,527
Deferred federal income tax benefit	(5,611,451		)		(368,572		)		(1,209,928		)
Provision for income taxes	$	13,477,337			$	9,151,723			$	8,641,481

Summary of reconciliation of income tax expense

A reconciliation of income tax expense at the statutory federal rate to the Company’s income tax expense is as follows:

	2013				2012				2011
Income tax computed at statutory rate	$	12,471,258			$	9,128,915			$	8,048,057
City and state income taxes, net of federal benefit	794,220				344,187				604,423
Other	211,859				(321,379		)		(10,999		)
Income tax expense	$	13,477,337			$	9,151,723			$	8,641,481

Summary of Deferred tax assets and liabilities

Deferred tax assets and liabilities consist of the following at December 31, 2013 and 2012:

	2013				2012
Stock-based compensation	$	4,433,293			$	3,289,885
Accrued incentive compensation	4,075,735				—
Unrealized (gains) losses	(316,926		)		(763,235		)
Other assets and liabilities	(128,677		)		(74,676		)
Net deferred tax assets	$	8,063,425			$	2,451,974

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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