Income Taxes

9 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

In December 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law which made significant changes to the Internal Revenue Code. These changes included a corporate tax rate decrease from 35.0% to 21.0% effective after December 31, 2017. Reconciliations of the statutory federal income tax rate to the effective income tax rate are as follows:

	Three Months Ended September 30,
	2017		2018
Federal income tax at statutory rate	35.0	%	21.0	%
State and local income taxes, less federal income tax benefit	4.0		5.0
Permanent differences	0.8		2.7
Valuation allowance	0.1		(0.1	)
Uncertain tax positions	0.2		0.2
Non-controlling interest	(1.6	)	(1.0	)
Stock-based compensation	(2.3	)	(2.7	)
Other	(0.1	)	(0.3	)
Total effective income tax rate	36.1	%	24.8	%

	Nine Months Ended September 30,
	2017		2018
Federal income tax at statutory rate	35.0	%	21.0	%
State and local income taxes, less federal income tax benefit	3.8		4.7
Permanent differences	1.1		2.1
Valuation allowance	0.2		(0.1	)
Uncertain tax positions	0.2		0.2
Non-controlling interest	(1.8	)	(1.8	)
Stock-based compensation	(0.9	)	(2.6	)
Other	(0.2	)	0.9
Total effective income tax rate	37.4	%	24.4	%