Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2022, 2021 and 2020 consists of the following (dollars in thousands):

	For the Year Ended December 31,
	2022			2021		2020
Current provision
Federal	$	33,166		$	19,143	$	-
State and local		5,913			4,956		2,110
Total current provision		39,079			24,099		2,110
Deferred (benefit) provision
Federal		(3,767	)		13,389		15,425
State and local		3,090			1,942		4,941
Total deferred (benefit) provision		(677	)		15,331		20,366
Total provision for income taxes	$	38,402		$	39,430	$	22,476

Schedule of Reconciliation of the Statutory U.S. Federal Income Tax Rate to Effective Income Tax Rate

A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate for the years ended December 31, 2022, 2021 and 2020 is as follows:

	For the Year Ended December 31,
	2022				2021				2020
Statutory U.S. federal income tax rate		21.0		%		21.0		%		21.0		%
State and local income taxes		2.7				2.6				2.7
Stock-based compensation		0.6				1.0				(0.3	)
Capital loss		2.3				(2.1	)			-
Valuation allowance		(0.6	)			2.1				(10.9	)
Tax credits		(0.3	)			(0.3	)			(0.1	)
Other		2.9				2.1				2.9
Effective income tax rate		28.6		%		26.4		%		15.3		%

Schedule of Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits as of December 31, 2022, 2021 and 2020 is as follows (dollars in thousands):

	2022			2021			2020
Gross unrecognized tax benefits, beginning of the year	$	15,951		$	11,794		$	9,859
Additions for tax positions of prior years		4,290			941			-
Additions for tax positions related to the current year		5,584			4,250			2,954
Reductions for tax positions of prior years		-			-			(51	)
Reductions due to lapse of applicable statute of limitations		(1,167	)		(1,034	)		(968	)
Subtotal		24,658			15,951			11,794
Interest and penalties		2,451			2,020			1,919
Total gross unrecognized tax benefits, end of the year	$	27,109		$	17,971		$	13,713

Schedule of Components of Deferred Income Tax Assets and Liabilities

Components of deferred income tax assets and liabilities as of December 31, 2022 and 2021 are as follows (dollars in thousands):

	December 31,
	2022			2021
Deferred income tax assets:
Accrued occupancy	$	8,232		$	11,012
Foreign tax credits		7,229			16,958
Valuation allowance foreign tax credits		(7,229	)		(16,958	)
Compensation and employee benefits		9,399			6,371
Tax net operating loss carry forwards		17,530			17,832
Valuation allowance		(13,159	)		(12,090	)
Allowance for doubtful accounts		6,444			5,721
Accrued settlements and legal		159			199
Accrued restructuring and severance		539			343
Equity method for investments		881			401
Equity method for investments valuation allowance		(881	)		-
Available for sale short-term investments		1,267			-
Available for sale short-term investments valuation allowance		(1,267	)		-
Capital loss		-			3,130
Capital loss valuation allowance		-			(3,130	)
Capitalized research and development		2,896			-
Amortization		-			3,486
Depreciation		1,060			851
Other		1,492			1,587
Total deferred income tax assets		34,592			35,713
Deferred income tax liabilities:
Amortization		1,420			-
Right of use asset, net		6,199			9,244
Other		2,360			1,355
Total deferred income tax liabilities		9,979			10,599
Net deferred income tax assets	$	24,613		$	25,114