Income taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Effective Income Tax Rate

The income tax provision from continuing operations shown in the consolidated statements of operations is reconciled to amounts of tax that would have been payable (recoverable) from the application of the federal tax rate to pre-tax profit, as follows:

(Expressed in thousands)
	For the Years Ended December 31,
	2016					2015					2014
	Amount			Percentage		Amount			Percentage		Amount			Percentage
U.S. federal statutory income tax rate	$	(7,662	)	35.0	%	$	(851	)	35.0	%	$	6,017		35.0	%
U.S. state and local income taxes, net of U.S. federal income tax benefits	(1,075		)	4.9	%	(69		)	2.8	%	1,432			8.3	%
Unrecognized tax benefit	(603		)	2.8	%	589			-24.3	%	6			—	%
Valuation allowance	1,208			-5.5	%	—			—	%	—			—	%
Non-taxable income	(1,267		)	5.8	%	(696		)	28.7	%	(593		)	-3.4	%
Non-deductible legal and regulatory expenses	—			—	%	—			—	%	5,296			30.8	%
Provision to return adjustments	(4,167		)	19.0	%	442			-18.2	%	(3		)	—	%
Change in tax rates	264			-1.2	%	305			-12.5	%	53			0.3	%
Foreign tax rate differentials	143			-0.7	%	145			-6.0	%	(447		)	-2.6	%
Other non-deductible expenses	897			-4.1	%	541			-22.2	%	373			2.2	%
Total income tax provision	$	(12,262	)	56.0	%	$	406		-16.7	%	$	12,134		70.6	%

Schedule of Current and Deferred Income Tax (Benefit)

Income taxes from continuing operations included in the consolidated statements of operations represent the following:

(Expressed in thousands)
	For the Years Ended December 31,
	2016			2015			2014
Current:
U.S. federal tax (benefit)	$	(15,433	)	$	(5,751	)	$	9,294
State and local tax	(4,631		)	(74		)	817
Non-U.S. operations	46			181			(264		)
Total Current	(20,018		)	(5,644		)	9,847
Deferred:
U.S. federal tax	5,856			4,198			(529		)
State and local tax	617			1,632			1,529
Non-U.S. operations	1,283			220			1,287
Total Deferred	7,756			6,050			2,287
Total	$	(12,262	)	$	406		$	12,134

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities from continuing operations as of December 31, 2016 and 2015 were as follows:

(Expressed in thousands)
	As of December 31,
	2016			2015
Deferred tax assets:
Deferred compensation	$	26,271		$	27,423
Deferred rent and lease incentives	15,354			16,437
Receivable reserves	3,554			4,478
Accrued expenses	1,992			3,350
Auction rate securities reserves	1,194			2,666
Net operating losses and credits	4,917			4,164
Involuntary conversion	2,381			2,245
Depreciation	1,446			—
Other	1,953			2,718
Total deferred tax assets	59,062			63,481
Valuation allowance	1,280			126
Deferred tax assets after valuation allowance	57,782			63,355
Deferred tax liabilities:
Goodwill	57,117			53,364
Partnership investments	6,042			7,444
Company-owned life insurance	7,478			6,431
Change in accounting method	—			1,313
Depreciation	—			672
Other	282			248
Total deferred tax liabilities	70,919			69,472
Deferred tax liabilities, net	$	(13,137	)	$	(6,117	)

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefit follows:

(Expressed in thousands)
	2016			2015		2014
Balance at beginning of year	$	2,490		$	1,583	$	1,574
Additions for tax positions of prior years	98			907		—
Additions for tax positions of current year	—			—		9
Lapse in statute of limitations	(652		)	—		—
Settlements with taxing authorities	(848		)	—		—
Balance at end of year	$	1,088		$	2,490	$	1,583