Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The provision for income taxes consists of the following:

	Three Months Ended March 31,
	2021			2020
Current:	(In thousands)
Federal	$	12,523		$	7,766
State and local		3,411			2,910
Foreign		4,819			3,447
Total current provision		20,753			14,123
Deferred:
Federal		602			1,905
State and local		101			352
Foreign		(112	)		506
Total deferred provision		591			2,763
Provision for income taxes	$	21,344		$	16,886
Effective tax rate		21.0	%		18.4	%

The Company recognized excess tax benefits on share-based payments of $4.0 million and $6.3 million through the provision for income taxes for the three months ended March 31, 2021 and 2020, 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 City and State, the Company is no longer subject to tax examinations by tax authorities for years prior to 2017.