Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2023, 2022 and 2021 consists of the following (dollars in thousands):

	For the Year Ended December 31,
	2023		2022			2021
Current provision
Federal	$	32,792	$	33,166		$	19,143
State and local		7,903		5,913			4,956
Foreign		13		-			-
Total current provision		40,708		39,079			24,099
Deferred provision (benefit)
Federal		2,640		(3,767	)		13,389
State and local		1,121		3,090			1,942
Total deferred provision (benefit)		3,761		(677	)		15,331
Total provision for income taxes	$	44,469	$	38,402		$	39,430

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, 2023, 2022 and 2021 is as follows:

	For the Year Ended December 31,
	2023				2022				2021
Statutory U.S. federal income tax rate		21.0		%		21.0		%		21.0		%
State and local income taxes		2.9				2.7				2.6
Stock-based compensation		(0.1	)			0.6				1.0
Capital loss		-				2.3				(2.1	)
Valuation allowance		(0.1	)			(0.6	)			2.1
Worthless stock deduction		(2.4	)			-				-
Tax credits		(0.4	)			(0.3	)			(0.3	)
Other		2.2				2.9				2.1
Effective income tax rate		23.1		%		28.6		%		26.4		%

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, 2023, 2022 and 2021 is as follows (dollars in thousands):

	2023			2022			2021
Gross unrecognized tax benefits, beginning of the year	$	24,658		$	15,951		$	11,794
Additions for tax positions of prior years		16			4,290			941
Additions for tax positions related to the current year		7,325			5,584			4,250
Reductions for tax positions of prior years		(5,083	)		-			-
Reductions due to lapse of applicable statute of limitations		(1,230	)		(1,167	)		(1,034	)
Subtotal		25,686			24,658			15,951
Interest and penalties		3,257			2,451			2,020
Total gross unrecognized tax benefits, end of the year	$	28,943		$	27,109		$	17,971

Schedule of Components of Deferred Income Tax Assets and Liabilities

Components of deferred income tax assets and liabilities as of December 31, 2023 and 2022 are as follows (dollars in thousands):

	December 31,
	2023			2022
Deferred income tax assets:
Accrued occupancy	$	6,635		$	8,232
Foreign tax credits		-			7,229
Valuation allowance foreign tax credits		-			(7,229	)
Compensation and employee benefits		6,921			9,399
Tax net operating loss carry forwards		16,446			17,530
Valuation allowance		(13,003	)		(13,159	)
Allowance for doubtful accounts		6,227			6,444
Accrued settlements and legal		462			159
Accrued severance		1,095			539
Equity method for investments		873			881
Equity method for investments valuation allowance		(873	)		(881	)
Available for sale short-term investments		146			1,267
Available for sale short-term investments valuation allowance		(146	)		(1,267	)
Capitalized research and development		5,189			2,896
Depreciation		1,262			1,060
Other		1,846			1,492
Total deferred income tax assets		33,080			34,592
Deferred income tax liabilities:
Amortization		1,710			1,420
Right of use asset, net		4,564			6,199
Other		3,002			2,360
Total deferred income tax liabilities		9,276			9,979
Net deferred income tax assets	$	23,804		$	24,613