Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income (Loss) Before Income Taxes by Jurisdiction

Income before income taxes by jurisdiction is as follows (in thousands):



	Years ended December 31,
	2017		2016		2015
United States	$	17,531	$	21,539	$	27,324
Canada	16,362		12,471		14,896
Total	$	33,893	$	34,010	$	42,220

Difference between the Federal Corporate Tax Rate and the Effective Tax Rate

The difference between the Federal corporate tax rate and the effective tax rate is comprised of the following (in thousands):



	Years ended December 31,
	2017					2016					2015
Income tax provision computed at US federal statutory rate	$	11,859		35.0	%	$	11,893		35.0	%	$	14,777		35.0	%
Canadian rate differential	(1,398		)	(4.1	)	(1,050		)	(3.1	)	(1,287		)	(3.0	)
Change in uncertain tax positions, net of federal benefit	(3		)	—		542			1.6		1,059			2.5
State and local income taxes, net of federal benefit	626			1.9		230			0.6		465			1.1
Rate changes	1,578			4.6		—			—		—			—
Tax on deemed repatriation	1,767			5.2		—			—		—			—
Other, net	(525		)	(1.6	)	(252		)	(0.7	)	101			0.2
Total income tax expense	$	13,904		41.0	%	$	11,363		33.4	%	$	15,115		35.8	%
Effective income tax rate	41.0		%			33.4		%			35.8		%

Income Tax Provision (Benefit) as Set Forth in the Consolidated Statements of Income

Income tax provision (benefit) as set forth in the Consolidated Statements of Comprehensive Income consisted of the following components (in thousands):



	Years ended December 31,
	2017			2016			2015
Current taxes:
US Federal	$	1,122		$	6,765		$	12,015
State and local	662			1,136			2,564
Foreign	4,578			3,313			3,821
Total current taxes	6,362			11,214			18,400
Deferred taxes:
US Federal	7,569			314			(3,331		)
State and local	22			36			(156		)
Foreign	(49		)	(201		)	202
Total deferred taxes	7,542			149			(3,285		)
Total income tax expense	$	13,904		$	11,363		$	15,115

Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below (in thousands):



	As of December 31,
	2017			2016
Deferred tax assets:
Share-based compensation expense	$	3,851		$	6,325
Deferred rent	441			762
Compensation and benefits payable	719			4,907
Federal unrecognized tax benefit	46			942
Other	140			74
Total deferred tax assets	5,197			13,010
Deferred tax liabilities:
Property and equipment	(586		)	(1,013		)
Intangibles	(1,029		)	(1,023		)
Unrealized gains on investments	(175		)	(71		)
Total deferred tax liabilities	(1,790		)	(2,107		)
Net deferred tax assets	$	3,407		$	10,903

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the change in recorded uncertain tax positions during the years ended December 31, 2017 and 2016 is as follows (in thousands):



Balance at January 1, 2016	$	1,629
Additions for tax positions related to the current year	354
Additions for tax positions related to prior years	580
Reductions for tax positions related to prior years	(101		)
Balance at December 31, 2016	$	2,462
Additions for tax positions related to the current year	67
Reductions for tax positions related to prior years	(776		)
Payments for tax positions related to prior years	(1,593		)
Balance at December 31, 2017	$	160