Income Taxes

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The provision for income taxes consists of the following:

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Current:	(In thousands)
Federal	$	10,887		$	9,948		$	18,653		$	16,472
State and local		3,917			1,957			6,827			3,350
Foreign		3,741			3,273			7,188			6,044
Total current provision		18,545			15,178			32,668			25,866
Deferred:
Federal		1,475			(176	)		3,380			1,426
State and local		266			(31	)		618			218
Foreign		263			(167	)		769			(8	)
Total deferred provision		2,004			(374	)		4,767			1,636
Provision for income taxes	$	20,549		$	14,804		$	37,435		$	27,502
Effective tax rate		19.7	%		23.5	%		19.1	%		21.5	%

The Company recognized excess tax benefits on share-based payments of $5.7 million and $0.4 million through the provision for income taxes for the three months ended June 30, 2020 and 2019, respectively, and $12.0 and $3.5 million for the six months ended June 30, 2020 and 2019, respectively.

The Company or one of its subsidiaries files U.S. federal, state and foreign income tax returns. The Company is currently under a New York State income tax examination for the tax years 2010 through 2017 and a New York City income tax examination for the tax years 2016 through 2018. At this time, 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. Generally, other than New York State, the Company is no longer subject to tax examinations by tax authorities for years prior to 2016.