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Income Taxes
3 Months Ended
Mar. 31, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

6. Income Taxes

The provision for income taxes consists of the following:

 

 

Three Months Ended March 31,

 

 

2019

 

 

2018

 

Current:

(In thousands)

 

Federal

$

6,524

 

 

$

7,970

 

State and local

 

1,393

 

 

 

1,919

 

Foreign

 

2,771

 

 

 

1,114

 

Total current provision

 

10,688

 

 

 

11,003

 

Deferred:

 

 

 

 

 

 

 

Federal

 

1,602

 

 

 

846

 

State and local

 

249

 

 

 

130

 

Foreign

 

159

 

 

 

1,094

 

Total deferred provision

 

2,010

 

 

 

2,070

 

Provision for income taxes

$

12,698

 

 

$

13,073

 

 

 

 

 

 

 

 

 

 

The Company recognized excess tax benefits on share-based payments of $3.0 million and $1.8 million through the provision for income taxes, for the three months ended March 31, 2019 and 2018, respectively.

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 2017 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.

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.