INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

INCOME TAXES

Schedule of U.S. and non-U.S. components of income (loss) before income tax expense

	For the Year Ended December 31,
	2015		2014			2013
U.S.	$	140,477	$	69,734		$	88,395
Non-U.S.		3,587		(23,439	)		(15,376	)
Income (loss) before income taxes	$	144,064	$	46,295		$	73,019

Schedule of current and deferred components of income tax provision

	For the Year Ended December 31,
	2015			2014			2013
Current income taxes:
Federal	$	14,483		$	8,242		$	—
State and Local		4,254			3,759			2,533
Foreign		4,314			2,492			—
	$	23,051		$	14,493		$	2,533
Deferred income taxes:
Federal	$	774		$	(688	)	$	—
State and Local		(29	)		164			187
Foreign		51			(229	)		74
Total	$	23,847		$	13,740		$	2,794

Reconciliation from appropriate statutory rate to income before income taxes

	For the Year Ended December 31,
	2015			2014			2013
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		2.2	%		7.5	%		3.7	%
Rate benefit as a U.S. limited partnership/flow through		–22.1	%		–29.9	%		–35.0	%
Non-deductible expenses*		0.3	%		12.2	%		0.0	%
Foreign taxes		1.8	%		4.9	%		0.1	%
Other		–0.6	%		—			—
Effective income tax rate		16.6	%		29.7	%		3.8	%

*           Primarily related to non-deductible equity compensation associated with the vesting of Group LP units.

Schedule of components of deferred tax assets and liabilities

	For the Year Ended December 31,
	2015			2014
Net operating loss	$	9,043		$	6,143
Step-up in tax basis in
Group LP assets		149,605			149,760
Deferred Compensation		10,064			5,433
Accrued expenses and other		5,965			5,261
		174,677			166,597
Valuation allowance on NOL and other		(9,172	)		(6,460	)
Net deferred tax asset	$	165,505		$	160,137