Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The components of the provision for income taxes reflected on the consolidated statements of income are set forth below:

	For The Years Ended December 31,
	2013			2012			2011
	(in thousands)
Current taxes:
U.S. federal	$	19,782		$	34,752		$	13,419
State and local	1,709			4,747			2,848
Foreign	10,743			7,116			13,357
Total current tax expense	32,234			46,615			29,624
Deferred taxes:
U.S. federal	(8,711		)	(15,119		)	(7,501		)
State and local	(265		)	(796		)	(617		)
Foreign	1,266			(2,317		)	2,580
Total deferred tax (benefit) expense	(7,710		)	(18,232		)	(5,538		)
Total tax expense	$	24,524		$	28,383		$	24,086

Net Deferred Tax Assets and Liabilities

	As of December 31,
	2013			2012
	(in thousands)
Deferred tax assets:
Compensation and benefits	$	39,991		$	38,445
Depreciation and amortization	3,077			2,883
Unrealized loss on investments	205			2,322
Cumulative translation adjustment	5,266			—
Operating loss carryforwards	3,447			4,310
Capital loss carryforwards	2,845			789
Foreign tax credit carryforwards	4,252			6,206
Other financial accruals	57			168
Valuation allowances	(4,938		)	(7,611		)
Total deferred tax assets	54,202			47,512
Deferred tax liabilities:
Unrealized gain on investments	—			4,302
Depreciation and amortization	—			125
Cumulative translation adjustment	—			3,726
Intangible asset acquired, net of amortization	—			199
Repatriation of foreign earnings	2,159			545
Other financial accruals	186			348
Total deferred tax liabilities	2,345			9,245
Net deferred tax asset	$	51,857		$	38,267

Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate

A reconciliation of the statutory U.S. federal income tax rate of 35.0% to the Company’s effective income tax rate is set forth below:

	For the Years Ended December 31,
	2013		2012		2011
U.S. statutory tax rate	35.0	%	35.0	%	35.0	%
Increase related to state and local taxes, net of U.S. income tax benefit	1.3		3.6		2.1
Benefits and taxes related to foreign operations	(4.1	)	(1.4	)	(3.3	)
Valuation allowances	1.5		2.7		0.6
Sale of merchant banking business	(0.1	)	(0.1	)	(0.4	)
Other	0.8		0.5		1.1
Effective income tax rate	34.4	%	40.3	%	35.1	%