Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended December 31,
	2021		2020		2019
	(In thousands)
Current:
Federal	$	36,661	$	30,215	$	28,928
State and local		17,238		19,130		7,686
Foreign		19,018		15,538		13,234
Total current provision		72,917		64,883		49,848
Deferred:
Federal		2,249		7,474		2,579
State and local		778		1,439		403
Foreign		91		1,186		(308	)
Total deferred provision		3,118		10,099		2,674
Provision for income taxes	$	76,035	$	74,982	$	52,522

Difference Between the Company's Reported Provision for Income Taxes and the U.S. Federal Statutory Rate

The difference between the Company’s reported provision for income taxes and the U.S. federal statutory rate of 21% is as follows:

	Year Ended December 31,
	2021				2020				2019
U.S. federal tax at statutory rate		21.0		%		21.0		%		21.0		%
State and local taxes - net of federal benefit		4.4				4.4				2.5
Credits and deductions related to research activities		(0.4	)			(0.3	)			(0.3	)
Foreign rate differential benefit		(0.2	)			(0.4	)			(0.5	)
Excess tax benefit from stock-based compensation		(2.9	)			(5.4	)			(3.5	)
Other, net		0.9				0.7				1.2
Provision for income taxes		22.8		%		20.0		%		20.4		%

Summary of Company's Net Deferred Tax Assets

The following is a summary of the Company’s net deferred tax assets:

	As of December 31,
	2021			2020
	(In thousands)
Deferred tax assets:
Stock compensation expense	$	2,683		$	3,682
Operating lease liabilities		18,688			19,339
Other		3,004			1,968
Total deferred tax assets		24,375			24,989
Valuation allowance		—			—
Net deferred tax assets		24,375			24,989
Deferred tax liabilities:
Depreciation and amortization		(9,847	)		(9,729	)
Capitalized software development costs		(9,417	)		(7,828	)
Goodwill and intangible assets		(4,311	)		(2,852	)
Operating lease right-of-use assets		(14,940	)		(15,600	)
Deferred tax (liability) asset, net	$	(14,140	)	$	(11,020	)

Reconciliation of the Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits is as follows:

	Year Ended December 31,
	2021			2020		2019
	(In thousands)
Balance at beginning of year	$	16,317		$	6,831	$	4,718
(Decrease) increase attributable to state and local tax apportionment		(1,228	)		9,486		2,113
Balance at end of year	$	15,089		$	16,317	$	6,831