6. Income Taxes

The provision for income taxes consists of the following:

	Three Months Ended March 31,
		2015		2014
	(In thousands)
Current:
Federal	$	7,316	$	4,994
State and local		1,478		1,186
Foreign		520		(267	)
Total current provision		9,314		5,913
Deferred:
Federal		3,840		3,331
State and local		624		511
Foreign		131		478
Total deferred provision		4,595		4,320
Provision for income taxes	$	13,909	$	10,233

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

	As of
	March 31, 2015			December 31, 2014
	(In thousands)
Deferred tax assets and liabilities	$	10,648		$	12,468
Valuation allowance		(7,371	)		(7,428	)
Deferred tax assets, net	$	3,277		$	5,040

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.

The Company has determined that unremitted earnings of the Company’s foreign subsidiaries are considered indefinitely reinvested outside of the United States.