Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Components of Income (Loss) Before Income Tax Expense

The following table presents the U.S. and non-U.S. components of Income (Loss) before income tax expense:

	For the Years Ended December 31,
	2012		2011			2010
U.S.	$	45,226	$	37,681		$	30,091
Non-U.S.		14,571		(7,039	)		(4,443	)
Income before Income Tax Expense(a)	$	59,797	$	30,642		$	25,648

(a) From continuing operations, net of Noncontrolling Interest from continuing operations.

Components of Provision for Income Taxes Reflected on Consolidated Statements of Operations

The components of the provision for income taxes reflected on the Consolidated Statements of Operations for the years ended December 31, 2012, 2011 and 2010 consist of:

	For the Years Ended December 31,
	2012			2011			2010
Current:
Federal	$	24,956		$	2,367		$	10,054
Foreign		6,007			4,447			931
State and Local		7,912			4,942			2,256
Total Current		38,875			11,756			13,241
Deferred:
Federal		(2,458	)		11,368			3,115
Foreign		(4,756	)		(1,129	)		(340	)
State and Local		(753	)		729			161
Total Deferred		(7,967	)		10,968			2,936
Total	$	30,908		$	22,724		$	16,177

Reconciliation Between Statutory Federal Income Tax Rate and Effective Tax Rate

A reconciliation between the statutory federal income tax rate and the Company’s effective tax rate for the years ended December 31, 2012, 2011 and 2010 is as follows:

	For the Years Ended December 31,
	2012			2011			2010
Reconciliation of Federal Statutory Tax Rates
U.S. Statutory Tax Rate		35.0	%		35.0	%		35.0	%
Increase (Decrease) Due to State and Local Taxes		8.4	%		13.1	%		7.1	%
Rate Benefits as a Limited Liability Company/Flow Through		(6.9	%)		(5.7	%)		(10.2	%)
Foreign Taxes		2.2	%		4.3	%		0.1	%
Non-Deductible Expenses(1)		9.4	%		17.1	%		12.2	%
Valuation Allowances		(2.0	%)		(0.9	%)		0.7	%
Other Adjustments		(2.2	%)		(1.0	%)		(0.3	%)
Effective Income Tax Rate		43.9	%		61.9	%		44.6	%

(1) Primarily related to non-deductible share-based compensation expense.

Details of Deferred Tax Assets and Liabilities

Details of the Company’s deferred tax assets and liabilities as of December 31, 2012 and 2011 were as follows:

	December 31,
	2012		2011
Current Deferred Tax Assets:
Step up in tax basis due to the exchange of LP Units for Class A Shares	$	9,214	$	8,621
Total Current Deferred Tax Asset	$	9,214	$	8,621
Long-term Deferred Tax Assets:
Depreciation and Amortization	$	14,673	$	13,180
Compensation and Benefits		25,958		23,002
Step up in tax basis due to the exchange of LP Units for Class A Shares		181,783		154,574
Other		17,043		15,859
Total Long-term Deferred Tax Assets	$	239,457	$	206,615
Long-term Deferred Tax Liabilities:
Goodwill and Investments	$	10,008	$	11,715
Total Long-term Deferred Tax Liabilities	$	10,008	$	11,715
Net Long-term Deferred Tax Assets Before Valuation Allowance	$	229,449	$	194,900
Valuation Allowance		—		(8,211	)
Net Long-term Deferred Tax Assets	$	229,449	$	186,689

Reconciliation of Changes in Tax Positions

A reconciliation of the changes in tax positions for the years ended December 31, 2012, 2011 and 2010 is as follows:

	December 31,
	2012			2011			2010
Beginning unrecognized tax benefit	$	1,109		$	2,012		$	2,728
Additions for tax positions of prior years		—			98			—
Reductions for tax positions of prior years		—			—			—
Lapse of Statute of Limitations		(1,011	)		(1,001	)		(716	)
Ending unrecognized tax benefit	$	98		$	1,109		$	2,012