7. Income Taxes

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

	Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014		2013
	(In thousands)
Current:
Federal	$	8,023		$	9,020		$	13,017	$	13,262
State and local		1,587			1,806			2,773		2,894
Foreign		561			418			294		290
Total current provision		10,171			11,244			16,084		16,446
Deferred:
Federal		1,002			1,029			4,333		4,265
State and local		74			191			585		777
Foreign		(367	)		(331	)		111		(229	)
Total deferred provision		709			889			5,029		4,813
Provision for income taxes	$	10,880		$	12,133		$	21,113	$	21,259

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

	As of
	June 30, 2014			December 31, 2013
	(In thousands)
Deferred tax assets and liabilities	$	10,258		$	12,690
Valuation allowance		(7,641	)		(7,743	)
Deferred tax assets, net	$	2,617		$	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 determined that unremitted earnings of its foreign subsidiaries will be considered indefinitely reinvested outside of the United States.