Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The provision for income taxes consists of the following:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Current:	(In thousands)
Federal	$	4,566		$	9,628		$	23,219		$	26,100
State and local		8,176			1,865			15,003			5,215
Foreign		3,571			3,385			10,759			9,429
Total current provision		16,313			14,878			48,981			40,744
Deferred:
Federal		2,974			(1,231	)		6,354			195
State and local		547			(214	)		1,165			4
Foreign		355			(97	)		1,124			(105	)
Total deferred provision		3,876			(1,542	)		8,643			94
Provision for income taxes	$	20,189		$	13,336		$	57,624		$	40,838
Effective tax rate		23.0	%		19.8	%		20.3	%		20.9	%

The Company recognized excess tax benefits on share-based payments of $5.9 million and $3.5 million through the provision for income taxes for the three months ended September 30, 2020 and 2019, respectively, and $17.9 and $7.0 million for the nine months ended September 30, 2020 and 2019, respectively. During the three months ended September 30, 2020, the Company recorded an additional provision for unrecognized tax benefits of $4.8 million.

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. Other than New York State, the Company is no longer subject to tax examinations by tax authorities for years prior to 2016.