Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended December 31,
	2017			2016			2015
	(In thousands)
Current:
Federal	$	36,045		$	45,455		$	38,357
State and local		3,848			7,087			7,180
Foreign		7,234			6,166			4,346
Total current provision		47,127			58,708			49,883
Deferred:
Federal		6,171			5,884			1,492
State and local		661			1,141			299
Foreign		(280	)		(303	)		189
Total deferred provision		6,552			6,722			1,980
Provision for income taxes	$	53,679		$	65,430		$	51,863

Difference Between the Company's Reported Provision for Income Taxes and the U.S. Federal Statutory Rate

The difference between the Company’s reported provision for income taxes and the U.S. federal statutory rate of 35% is as follows:

	Year Ended December 31,
	2017				2016				2015
U.S. federal tax at statutory rate		35.0		%		35.0		%		35.0		%
State and local taxes - net of federal benefit		1.5				2.9				3.4
Credits and deductions related to research activities		(1.2	)			(1.3	)			(1.3	)
Foreign rate differential benefit		(2.9	)			(2.3	)			(2.0	)
Excess tax benefit from stock-based compensation		(11.6	)			—				—
Tax Cuts and Jobs Act provisional tax charge		5.8				—				—
Other, net		—				(0.2	)			—
Provision for income taxes		26.6		%		34.1		%		35.1		%

Summary of Company's Net Deferred Tax Assets

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

	As of December 31,
	2017			2016
	(In thousands)
Deferred tax assets:
U.S. net operating loss carryforwards	$	872		$	1,909
Capital loss carryforwards		4,648			7,235
Stock compensation expense		4,534			11,307
Other		1,143			1,468
Total deferred tax assets		11,197			21,919
Valuation allowance		(4,648	)		(7,235	)
Net deferred tax assets		6,549			14,684
Deferred tax liabilities:
Depreciation and amortization		(1,369	)		(1,456	)
Capitalized software development costs		(3,479	)		(4,923	)
Intangible assets		(967	)		(1,037	)
Deferred tax assets, net	$	734		$	7,268

Summary of Changes in Valuation Allowance

A summary of the changes in the valuation allowance is as follows:

	Year Ended December 31,
	2017			2016			2015
	(In thousands)
Valuation allowance at beginning of year	$	7,235		$	7,294		$	7,428
(Decrease) to valuation allowance attributable to:
Federal and state tax rate changes		(2,587	)		(59	)		(134	)
Valuation allowance at end of year	$	4,648		$	7,235		$	7,294

Reconciliation of the Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits is as follows:

	Year Ended December 31,
	2017			2016			2015
	(In thousands)
Balance at beginning of year	$	29		$	265		$	265
Additions attributable to state and local apportionment		2,650			—			—
Reductions for tax positions of prior years		(29	)		(236	)		—
Balance at end of year	$	2,650		$	29		$	265