6. Income Taxes

The provision for income taxes consists of the following:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Current:
Federal	$	6,358		$	11,331		$	23,119		$	28,676
State and local		1,619			1,651			5,616			4,579
Foreign		2,502			1,191			6,036			4,234
Total current provision		10,479			14,173			34,771			37,489
Deferred:
Federal		(663	)		(930	)		(321	)		130
State and local		(136	)		(158	)		(107	)		(64	)
Foreign		(477	)		2			656			226
Total deferred provision		(1,276	)		(1,086	)		228			292
Provision for income taxes	$	9,203		$	13,087		$	34,999		$	37,781

The Company recognized excess tax benefits on share-based payments of $1.7 million and $3.8 million through the provision for income taxes, for the three months ended September 30, 2018 and 2017, respectively, and $3.7 million and $14.8 million for the nine months ended September 30, 2018 and 2017, respectively.

On December 22, 2017, the Tax Act was enacted into law. The Tax Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. federal corporate income tax rate from 35% to 21%, implementing a territorial tax system and imposing a repatriation tax on deemed earnings of foreign subsidiaries. The Company has made a reasonable estimate of the impact of the Tax Act and recorded a provisional tax charge in 2017 of $11.7 million, composed of $6.7 million to re-measure U.S. deferred tax assets and $5.0 million for the repatriation tax on accumulated undistributed foreign earnings. During the three months ended September 30, 2018, the Company reduced the provisional tax charge by $0.4 million as a result of new regulatory guidance and changes in interpretations and assumptions made by the Company. The final impact of the Tax Act may differ materially from the revised provisional tax charge as a result of, among other things, changes in interpretations and assumptions the Company has made, guidance that may be issued by the U.S. Department of the Treasury and actions the Company may take as a result of the Tax Act.

The Company or one of its subsidiaries files U.S. federal, state and foreign income tax returns. Income tax returns for U.S. Federal (through 2013), New York City (through 2003) and state (through 2009) and Connecticut state (through 2003) have been audited. An examination of the Company’s New York State income tax returns for 2010 through 2015 is currently underway. The Company cannot estimate when the examination will conclude or the impact such examination will have on the Company’s Consolidated Financial Statements, if any.

Pursuant to the Tax Act, all previously undistributed foreign earnings have now been subject to U.S. tax. Notwithstanding the U.S. taxation of these amounts, the Company considers its undistributed foreign earnings to be indefinitely reinvested outside of the U.S. and does not expect to incur any significant additional taxes related to such amounts.