Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Income before Income Tax, Domestic and Foreign

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



	For the Years Ended December 31,
	2014		2013		2012
U.S.	$	124,747	$	89,821	$	45,226
Non-U.S.	30,883		28,735		14,571
Income before Income Tax Expense (a)	$	155,630	$	118,556	$	59,797


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

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes from continuing operations reflected on the Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012 consist of:



	For the Years Ended December 31,
	2014			2013		2012
Current:
Federal	$	33,814		$	24,607	$	24,956
Foreign	10,513			11,982		6,007
State and Local	10,114			7,541		7,912
Total Current	54,441			44,130		38,875
Deferred:
Federal	15,104			5,992		(2,458		)
Foreign	(3,080		)	4,733		(4,756		)
State and Local	2,291			8,834		(753		)
Total Deferred	14,315			19,559		(7,967		)
Total	$	68,756		$	63,689	$	30,908

Reconciliation Between Statutory Federal Income Tax Rate and Effective Tax Rate

A reconciliation between the federal statutory income tax rate from continuing operations and the Company’s effective income tax rate for the years ended December 31, 2014, 2013 and 2012 is as follows:



	For the Years Ended December 31,
	2014		2013		2012
Reconciliation of Federal Statutory Tax Rates:
U.S. Statutory Tax Rate	35.0	%	35.0	%	35.0	%
Increase Due to State and Local Taxes	6.0	%	5.3	%	6.8	%
Rate Benefits as a Limited Liability Company/Flow Through	(4.2	)%	(7.0	)%	(6.9	)%
Foreign Taxes	0.4	%	3.2	%	2.2	%
Non-Deductible Expenses (1)	1.1	%	3.4	%	9.4	%
Valuation Allowances	0.9	%	—	%	(2.0	)%
Write Down of Deferred Tax Asset	—	%	6.8	%	1.6	%
Other Adjustments	(0.2	)%	(0.7	)%	(2.2	)%
Effective Income Tax Rate	39.0	%	46.0	%	43.9	%


(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, 2014 and 2013 were as follows:



	December 31,
	2014			2013
Current Deferred Tax Assets:
Step up in tax basis due to the exchange of LP Units for Class A Shares	$	13,096		$	11,271
Total Current Deferred Tax Asset	$	13,096		$	11,271
Long-term Deferred Tax Assets:
Depreciation and Amortization	$	25,978		$	20,604
Compensation and Benefits	32,535			31,735
Step up in tax basis due to the exchange of LP Units for Class A Shares	208,970			192,811
Other	27,419			21,396
Total Long-term Deferred Tax Assets	$	294,902		$	266,546
Long-term Deferred Tax Liabilities:
Goodwill, Intangible Assets and Other	$	27,396		$	14,933
Total Long-term Deferred Tax Liabilities	$	27,396		$	14,933
Net Long-term Deferred Tax Assets Before Valuation Allowance	$	267,506		$	251,613
Valuation Allowance	(1,605		)	—
Net Long-term Deferred Tax Assets	$	265,901		$	251,613

Reconciliation of Changes in Tax Positions

A reconciliation of the changes in tax positions for the years ended December 31, 2014, 2013 and 2012 is as follows:



	December 31,
	2014			2013		2012
Beginning unrecognized tax benefit	$	624		$	98	$	1,109
Additions for tax positions of prior years	276			526		—
Reductions for tax positions of prior years	—			—		—
Lapse of Statute of Limitations	(98		)	—		(1,011		)
Decrease due to settlement with Taxing Authority	(802		)	—		—
Ending unrecognized tax benefit	$	—		$	624	$	98

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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