Income Taxes

3 Months Ended

Mar. 31, 2013

Income Taxes [Abstract]

Income Taxes

7. Income Taxes

The provision for income taxes consists of the following:

	Three Months Ended March 31,
	2013			2012
	(In thousands)
Current:
Federal	$	3,508		$	3,565
State and local		1,079			1,170
Foreign		(128	)		(90	)
Total current provision		4,459			4,645
Deferred:
Federal		3,747			3,545
State and local		679			872
Foreign		102			193
Total deferred provision		4,528			4,610
Provision for income taxes	$	8,987		$	9,255

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

	As of
	March 31, 2013			December 31, 2012
	(In thousands)
Deferred tax assets and liabilities	$	5,361		$	10,169
Valuation allowance		(722	)		(727	)
Deferred tax assets, net	$	4,639		$	9,442

The Company or one of its subsidiaries files U.S. federal, state and foreign income tax returns. No income tax returns have been audited, with the exception of New York city (through 2003) and state (through 2006) and Connecticut state (through 2003) tax returns. An examination of the Company’s New York state franchise tax returns for 2007 through 2009 is currently underway. The Company cannot estimate when the examination will conclude.

Effective January 1, 2013, the Company has determined that unremitted earnings of its foreign subsidiaries will be considered indefinitely reinvested outside of the United States. There were no aggregate unremitted earnings as of December 31, 2012 and the impact of the reinvestment decision was immaterial to the income tax provision for the three months ended March 31, 2013.