7. Income Taxes

The provision for income taxes from continuing operations consists of the following:


	Three Months Ended March 31,
	2014			2013
	(In thousands)
Current:
Federal	$	4,994		$	4,241
State and local		1,186			1,088
Foreign		(267	)		(127	)

Total current provision		5,913			5,202

Deferred:
Federal		3,331			3,235
State and local		511			586
Foreign		478			103

Total deferred provision		4,320			3,924

Provision for income taxes	$	10,233		$	9,126

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


	As of
	March 31, 2014			December 31, 2013
	(In thousands)
Deferred tax assets and liabilities	$	10,634		$	12,690
Valuation allowance		(7,719	)		(7,743	)

Deferred tax assets, net	$	2,915		$	4,947

The Company or one of its subsidiaries files U.S. federal, state and foreign income tax returns. Income tax returns for New York City (through 2003) and state (through 2006) and Connecticut state (through 2003) tax returns have been audited. Examinations of the Company’s federal tax return for 2011 and 2012 and New York state franchise tax returns for 2007 through 2009 are currently underway. The Company cannot estimate when the examinations 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.