6. Income Taxes

The provision for income taxes consists of the following:

	Three Months Ended June 30,						Six Months Ended June 30,
		2015			2014			2015			2014
	(In thousands)
Current:
Federal	$	9,774		$	8,023		$	17,090		$	13,017
State and local		1,720			1,587			3,198			2,773
Foreign		1,434			561			1,955			294
Total current provision		12,928			10,171			22,243			16,084
Deferred:
Federal		64			1,002			3,904			4,333
State and local		6			74			630			585
Foreign		(177	)		(367	)		(47	)		111
Total deferred provision		(107	)		709			4,487			5,029
Provision for income taxes	$	12,821		$	10,880		$	26,730		$	21,113

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

	As of
	June 30, 2015			December 31, 2014
Deferred tax assets and liabilities	$	11,717		$	12,468
Valuation allowance		(7,371	)		(7,428	)
Deferred tax assets, net	$	4,346		$	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 2009) and Connecticut state (through 2003) tax returns have been audited. Examinations of the Company’s federal tax returns for 2011 and 2012 is 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.