Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes

Schedule of Income Before Provision for Income Taxes

Income before provision for income taxes” as shown in the accompanying Consolidated Statements of Income is comprised of the following (in thousands):

	Year Ended December 31,
	2016		2015		2014
Domestic	$	51,778	$	52,127	$	40,103
Foreign		11,305		11,253		13,824
Total	$	63,083	$	63,380	$	53,927

Schedule of Components of Provision for Income Taxes

Components of the “Provision for income taxes” in the accompanying Consolidated Statements of Income consist of the following (in thousands):

	Year Ended December 31,
	2016		2015		2014
Current
Federal	$	8,002	$	5,451	$	4,304
Foreign		2,855		3,019		3,383
State and local		943		1,029		396
Total current expense		11,800		9,499		8,083
Deferred expense
Federal		3,222		2,333		1,741
Foreign		13		25		(5)
State and local		238		173		129
Total deferred expense		3,473		2,531		1,865
Provision for income taxes	$	15,273	$	12,030	$	9,948

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

A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows:

	Year Ended December 31,
	2016		2015		2014
U.S. statutory tax rate	35.0	%	35.0	%	35.0	%
Increase due to state and local taxes, net of federal benefit	2.6		2.6		2.6
Effect of permanent differences	(0.4)		1.0		0.6
Income attributable to non-controlling interests	(14.1)		(19.7)		(18.7)
Other	1.1		0.1		(1.1)
Effective tax rate	24.2	%	19.0	%	18.4	%

Summary of Deferred Tax Assets and Liabilities

These temporary differences result in taxable or deductible amounts in future years. Details of the Company’s deferred tax assets and liabilities are summarized as follows (in thousands):

	As of December 31,
	2016		2015
Deferred tax assets
Goodwill, other intangibles and other assets and liabilities	$	90,686	$	95,275
Imputed interest deduction pursuant to tax receivable agreements		8,483		8,476
Rent liabilities		2,037		1,981
Compensation and benefits		1,606		2,056
Accrued liabilities		15		713
Allowance for doubtful accounts		979		768
Contingent acquisition liability		1,405		—
Other		840		442
Total deferred tax assets		106,051		109,711
Deferred tax liabilities
Property and equipment and other long lived assets		(414)		(466)
Total deferred tax liabilities		(414)		(466)
Total deferred tax assets and liabilities	$	105,637	$	109,245