XML 43 R28.htm IDEA: XBRL DOCUMENT
v3.22.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Summary of consolidated provision for income taxes | The provision for income taxes consists of:
| For the year ended December 31,
| 2022 |  | 2021 |  | 2020
Current federal income tax provision | $ | 14,494,857 |  |  | $ | 20,987,801 |  |  | $ | 9,633,927 |
Current state and local income tax provision | 4,119,580 |  |  | 6,472,120 |  |  | 2,374,534 |
Deferred income tax expense (benefit) | (4,526,654) |  |  | (1,410,106) |  |  | 1,949,407 |
Provision for income taxes | $ | 14,087,783 |  |  | $ | 26,049,815 |  |  | $ | 13,957,868 |
Summary of reconciliation of income tax expense | The following table reconciles the statutory federal income tax rate to the Company’s effective income tax rate:
| 2022 |  | 2021 |  | 2020
Statutory U.S. federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes, net of federal benefit | 4.7 |  |  | 4.8 |  |  | 4.5 |
Internal revenue code section 162 limitations | 1.5 |  |  | 0.9 |  |  | 1.2 |
Excess tax deficit on vesting of restricted stock | 0.1 |  |  | 0.1 |  |  | 1.2 |
Income tax benefit from dividends paid on restricted stock | (0.9) |  |  | (1.0) |  |  | (0.9) |
Other | (0.6) |  |  | 0.2 |  |  | (0.5) |
Unconsolidated effective income tax rate | 25.8 | % |  | 26.0 | % |  | 26.5 | %
Impact attributable to redeemable noncontrolling interest (a) | 1.8 |  |  | (0.4) |  |  | 0.3 |
Effective income tax rate | 27.6 | % |  | 25.6 | % |  | 26.8 | %
(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.
Summary of deferred tax assets and liabilities | Net deferred tax assets consisted of the following as of December 31, 2022 and 2021:
| 2022 |  | 2021
Stock-based compensation | $ | 3,416,038 |  |  | $ | 3,446,638 |
Accrued compensation | 9,297,425 |  |  | 10,527,397 |
Unrealized losses (gains) | 2,362,688 |  |  | (3,255,684) |
Property and equipment | (712,794) |  |  | (886,164) |
Other assets and liabilities | 10,849 |  |  | 15,365 |
Net deferred tax assets | $ | 14,374,206 |  |  | $ | 9,847,552 |

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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration