XML 38 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Summary of consolidated Federal income tax return

The following table represents the Company's provision for income taxes:

	As of December 31,
	2017				2016				2015
Current city income tax provision	$	1,463,669			$	1,321,675			$	1,245,285
Current state income tax provision	310,726				642,598				335,897
Current federal income tax provision	24,749,832				24,234,050				22,874,571
Deferred federal income tax expense (benefit)	2,893,063				469,312				(3,547,088		)
Provision for income taxes	$	29,417,290			$	26,667,635			$	20,908,665

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:

	2017				2016				2015
Income tax computed at statutory rate	$	28,356,636			$	25,641,618			$	20,294,107
Benefit attributable to redeemable noncontrolling interests(a)	(564,449		)		(189,773		)		—
City and state income taxes, net of federal benefit	1,153,357				1,276,777				1,027,768
Revaluation adjustment of net deferred tax assets	3,557,039				—				—
Excess tax benefits on vesting of Restricted Stock	(2,420,250		)		—				—
Income tax benefit from dividends paid on Restricted Stock	(418,583		)		—				—
Other	(246,460		)		(60,987		)		(413,210		)
Income tax expense	$	29,417,290			$	26,667,635			$	20,908,665

(a) The provision for income taxes includes a benefit attributable to the fact that the Company's operations include the Consolidated Funds which are not subject to federal income taxes. Accordingly, a portion of the Company's earnings are not subject to corporate tax levels.

Summary of Deferred tax assets and liabilities

Net deferred tax assets consisted of the following at December 31, 2017 and 2016:

	2017				2016
Stock-based compensation	$	2,868,719			$	4,450,129
Accrued compensation	5,795,204				7,355,744
Unrealized gains	(2,260,673		)		(1,802,708		)
Property and equipment	(467,127		)		(779,391		)
Other assets and liabilities	(92,419		)		(487,007		)
Net deferred tax assets	$	5,843,704			$	8,736,767

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://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=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration