Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The provision for income taxes consists of the following:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Current:	(In thousands)
Federal	$	5,852		$	10,887		$	18,375		$	18,653
State and local		6,283			3,917			9,694			6,827
Foreign		5,621			3,741			10,440			7,188
Total current provision		17,756			18,545			38,509			32,668
Deferred:
Federal		1,275			1,475			1,877			3,380
State and local		302			266			403			618
Foreign		(568	)		263			(680	)		769
Total deferred provision		1,009			2,004			1,600			4,767
Provision for income taxes	$	18,765		$	20,549		$	40,109		$	37,435
Effective tax rate		21.8	%		19.7	%		21.4	%		19.1	%

The Company recognized excess tax benefits on share-based payments of $5.6 million and $5.7 million through the provision for income taxes for the three months ended June 30, 2021 and 2020, respectively, and $9.7 million and $12.0 million for the six months ended June 30, 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.