Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Current:
Federal	$	31,617		$	36,045		$	45,455
State and local		5,928			3,848			7,087
Foreign		8,862			7,234			6,166
Total current provision		46,407			47,127			58,708
Deferred:
Federal		(1,416	)		6,171			5,884
State and local		(272	)		661			1,141
Foreign		515			(280	)		(303	)
Total deferred provision		(1,173	)		6,552			6,722
Provision for income taxes	$	45,234		$	53,679		$	65,430

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 21% is as follows:

	Year Ended December 31,
	2018				2017				2016
U.S. federal tax at statutory rate		21.0		%		35.0		%		35.0		%
State and local taxes - net of federal benefit		2.0				1.5				2.9
Credits and deductions related to research activities		(0.3	)			(1.2	)			(1.3	)
Foreign rate differential benefit		(0.5	)			(2.9	)			(2.3	)
Excess tax benefit from stock-based compensation		(2.1	)			(11.6	)			—
Tax Cuts and Jobs Act provisional tax charge		(0.2	)			5.8				—
Other, net		0.8				—				(0.2	)
Provision for income taxes		20.7		%		26.6		%		34.1		%

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,
	2018			2017
	(In thousands)
Deferred tax assets:
U.S. net operating loss carryforwards	$	603		$	872
Capital loss carryforwards		—			4,648
Stock compensation expense		4,967			4,534
Other		2,966			1,143
Total deferred tax assets		8,536			11,197
Valuation allowance		—			(4,648	)
Net deferred tax assets		8,536			6,549
Deferred tax liabilities:
Depreciation and amortization		(1,847	)		(1,369	)
Capitalized software development costs		(3,776	)		(3,479	)
Intangible assets		(898	)		(967	)
Deferred tax assets, net	$	2,015		$	734

Summary of Changes in Valuation Allowance

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

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Valuation allowance at beginning of year	$	4,648		$	7,235		$	7,294
(Decrease) to valuation allowance attributable to:
Expiration of capital loss carryforwards		(4,648	)		—			—
Federal and state tax rate changes		—			(2,587	)		(59	)
Valuation allowance at end of year	$	—		$	4,648		$	7,235

Reconciliation of the Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits is as follows:

	Year Ended December 31,
	2018		2017			2016
	(In thousands)
Balance at beginning of year	$	2,650	$	29		$	265
Additions attributable to state and local apportionment		2,068		2,650			—
Reductions for tax positions of prior years		—		(29	)		(236	)
Balance at end of year	$	4,718	$	2,650		$	29