XML 40 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Summary of consolidated provision for income taxes

The provision for income taxes consists of:

	As of December 31,
	2018				2017				2016
Current federal income tax provision	$	15,731,258			$	24,749,832			$	24,234,050
Current state and local income tax provision	8,560,479				1,774,395				1,964,273
Deferred income tax expense (benefit)	(5,622,396		)		2,893,063				469,312
Provision for income taxes	$	18,669,341			$	29,417,290			$	26,667,635

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:

	2018				2017				2016
Income tax computed at statutory rate	$	13,646,583			$	28,356,636			$	25,641,618
Expense (benefit) attributable to redeemable noncontrolling interests(a)	222,624				(564,449		)		(189,773		)
State and local income taxes, net of federal benefit	2,993,730				1,153,357				1,276,777
Change in uncertain state and local tax positions, net of federal benefit	2,982,337				—				—
Revaluation adjustment of net deferred tax assets(b)	(917,288		)		3,557,039				—
Excess tax benefits on vesting of Restricted Stock	(667,697		)		(2,420,250		)		—
Income tax benefit from dividends paid on Restricted Stock	(340,200		)		(418,583		)		—
Interest and Penalties	786,711				—				15,748
Other	(37,459		)		(246,460		)		(76,735		)
Income tax expense	$	18,669,341			$	29,417,290			$	26,667,635

(a) The provision for income taxes includes expense (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.

(b) The provision for income taxes for 2018 includes the remeasurement of our net deferred tax assets of $0.9 million due to the additional state and local tax we expect to pay in future tax periods. The provision for income taxes for 2017 includes a non-recurring charge of $3.6 million for the remeasurement of our net deferred tax assets to reflect the effect of the U.S. tax law changes enacted on December 22, 2017.

Summary of deferred tax assets and liabilities

Net deferred tax assets consisted of the following at December 31, 2018 and 2017:

	2018				2017
Stock-based compensation	$	4,025,255			$	2,868,719
Accrued compensation	6,684,531				5,795,204
Unrealized losses (gains)	1,323,181				(2,260,673		)
Property and equipment	(498,271		)		(467,127		)
Other assets and liabilities	(68,596		)		(92,419		)
Net deferred tax assets	$	11,466,100			$	5,843,704

Reconciliation of uncertain tax positions

The amount of uncertain tax positions as of December 31, 2018, 2017 and 2016, respectively, which would impact the Company’s effective tax rate if recognized and a reconciliation of the beginning and ending amounts of uncertain tax positions is as follows:

	2018				2017				2016
Uncertain tax positions, beginning of the year	$	—			$	—			$	—
Gross addition for tax positions of the current year	—				—				—
Gross additions for tax positions of prior years	2,982,337				—				—
Uncertain tax positions, end of year	$	2,982,337			$	—			$	—

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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-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

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=109238393&loc=d3e36027-109320

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

+ Details

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