Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Provision consisted of the following expense/(benefit) components for the years ended December 31:



(in thousands)	2018			2017			2016
Current:
Federal	$	54,447		$	106,710		$	93,538
State	7,359			9,446			8,121
Foreign	(188		)	217			265
Total Current	61,618			116,373			101,924
Deferred:
Federal	7,616			(59,517		)	17,057
State	1,750			638			597
Foreign	2,891			(393		)	(158		)
Total Deferred	12,257			(59,272		)	17,496
Total	$	73,875		$	57,101		$	119,420

Effective Income Tax Rate Reconciliation

The reconciliation between the statutory income tax rate and the effective tax rate consisted of the following for the years ended December 31:



	2018		2017		2016
Expected Federal Statutory Income Tax Rate	21.0	%	35.0	%	35.0	%
Increase/(Decrease):
State and Local Income Taxes, net of Federal Benefit	2.4		1.9		1.7
Non-Deductible Executive Compensation	1.1		0.0		0.0
Federal Rate Adjustment to Deferred Taxes¹	0.0		(20.2	)	0.0
Other	0.4		(0.5	)	(1.7	)
Effective Tax Rate	24.9	%	16.2	%	35.0	%


1	Represents the impact of revaluing the net deferred tax liability due to the enactment of the Tax Act, and includes the federal tax benefit of any state and local deferred taxes.

Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities consisted of the following at December 31:



(in thousands)	2018			2017
Deferred Tax Assets
Tax Net Operating Loss Carryforwards	$	74,213		$	48,722
Compensation Related	12,514			7,212
Other	2,553			2,564
Total Deferred Tax Assets	89,280			58,498
Valuation Allowance	(56,925		)	(47,955		)
Total Deferred Tax Asset, net of Valuation Allowance	$	32,355		$	10,543
Deferred Tax Liabilities
Intangible Assets	$	174,812		$	119,885
Property and Equipment	4,646			5,601
Other	1,061			1,926
Total Gross Deferred Tax Liability	$	180,519		$	127,412
Net Deferred Tax Liability	$	148,164		$	116,869