7. Income Taxes

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

	Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013			2014		2013
	(In thousands)
Current:
Federal	$	9,280		$	6,742		$	22,297	$	20,004
State and local		1,583			1,823			4,356		4,717
Foreign		227			312			520		602
Total current provision		11,090			8,877			27,173		25,323
Deferred:
Federal		(354	)		(380	)		3,979		3,885
State and local		(73	)		(79	)		512		699
Foreign		101			(289	)		213		(519	)
Total deferred provision		(326	)		(748	)		4,704		4,065
Provision for income taxes	$	10,764		$	8,129		$	31,877	$	29,388

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

	As of
	September 30, 2014			December 31, 2013
	(In thousands)
Deferred tax assets and liabilities	$	10,699		$	12,690
Valuation allowance		(7,582	)		(7,743	)
Deferred tax assets, net	$	3,117		$	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 or the impact such examinations will have on the Company’s Consolidated Financial Statements, if any.

Effective January 1, 2013, the Company determined that unremitted earnings of its foreign subsidiaries will be considered indefinitely reinvested outside of the United States.