INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

INCOME TAXES

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

	For the Year Ended December 31,
	2016		2015		2014
U.S.	$	172,401	$	140,477	$	69,734
Non‑U.S.		(5,727)		3,587		(23,439)
Income (loss) before income taxes	$	166,674	$	144,064	$	46,295

Schedule of current and deferred components of income tax provision

	For the Year Ended December 31,
	2016		2015		2014
Current income taxes:
Federal	$	22,178	$	14,483	$	8,242
State and Local		5,361		4,254		3,759
Foreign		(1,716)		4,314		2,492
	$	25,823	$	23,051	$	14,493
Deferred income taxes:
Federal	$	(848)	$	774	$	(688)
State and Local		(207)		(29)		164
Foreign		41		51		(229)
Total	$	24,809	$	23,847	$	13,740

Reconciliation from appropriate statutory rate to income before income taxes

	For the Year Ended December 31,
	2016		2015		2014
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	2.3	%	2.2	%	7.5	%
Rate benefit as a U.S. limited partnership/flow through	-21.8	%	-22.1	%	-29.9	%
Non‑deductible expenses*	0.2	%	0.3	%	12.2	%
Foreign taxes	-0.9	%	1.8	%	4.9	%
Other	0.1	%	-0.6	%	—
Effective income tax rate	14.9	%	16.6	%	29.7	%

*Primarily related to non‑deductible equity compensation associated with the vesting of Group LP units granted prior to the IPO.

Schedule of components of deferred tax assets and liabilities

	For the Year Ended December 31,
	2016		2015
Net operating loss	$	5,988	$	9,043
Step-up in tax basis in Group LP assets		143,630		149,605
Deferred Compensation		21,132		10,064
Accrued expenses and other		3,995		5,965
		174,745		174,677
Valuation allowance on NOL and other		(6,954)		(9,172)
Net deferred tax asset	$	167,791	$	165,505