Income taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Reconciliation of Effective Income Tax Rate

ncome taxes from continuing operations shown in the consolidated statements of operations are 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,
	2017					2016					2015
	Amount			Percentage		Amount			Percentage		Amount			Percentage
U.S. federal statutory income tax rate	$	6,907		35.0	%	$	(7,662	)	35.0	%	$	(851	)	35.0	%
U.S. state and local income taxes, net of U.S. federal income tax benefits	1,430			7.2	%	(1,075		)	4.9	%	(69		)	2.8	%
Unrecognized tax benefit	(9		)	—	%	(603		)	2.8	%	589			-24.3	%
Valuation allowance	89			0.5	%	1,208			-5.5	%	—			—	%
Non-taxable income	(1,055		)	-5.3	%	(1,267		)	5.8	%	(696		)	28.7	%
Provision to return adjustments	(1,277		)	-6.5	%	(4,167		)	19.0	%	442			-18.2	%
Impact of the TCJA	(9,013		)	-45.7	%	—			—	%	—			—	%
Change in state and foreign tax rates	(353		)	-1.8	%	264			-1.2	%	305			-12.5	%
Foreign tax rate differentials	974			4.9	%	143			-0.7	%	145			-6.0	%
Excess tax benefits from share-based awards	(493		)	-2.5	%	—			—	%	—			—	%
Other non-deductible expenses	666			3.4	%	897			-4.1	%	541			-22.2	%
Total income taxes	$	(2,134	)	-10.8	%	$	(12,262	)	56.0	%	$	406		-16.7	%

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,
	2017			2016			2015
Current:
U.S. federal tax (benefit)	$	506		$	(15,433	)	$	(5,751	)
State and local tax	(1,326		)	(4,631		)	(74		)
Non-U.S. operations	144			46			181
Total Current	(676		)	(20,018		)	(5,644		)
Deferred:
U.S. federal tax (benefit)	(1,215		)	5,856			4,198
State and local tax	1,725			617			1,632
Non-U.S. operations	(1,968		)	1,283			220
Total Deferred	(1,458		)	7,756			6,050
Total	$	(2,134	)	$	(12,262	)	$	406

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, 2017 and 2016 were as follows:



(Expressed in thousands)
	As of December 31,
	2017			2016
Deferred tax assets:
Deferred compensation	$	19,105		$	26,271
Deferred rent and lease incentives	10,303			15,354
Net operating losses and credits	10,535			4,917
Receivable reserves	2,663			3,554
Accrued expenses	1,104			1,992
Auction rate securities reserves	540			1,194
Involuntary conversion	1,670			2,381
Depreciation	500			1,446
Other	1,177			1,953
Total deferred tax assets	47,597			59,062
Valuation allowance	1,350			1,280
Deferred tax assets after valuation allowance	46,247			57,782
Deferred tax liabilities:
Goodwill	40,534			57,117
Partnership investments	9,184			6,042
Company-owned life insurance	7,426			7,478
Other	195			282
Total deferred tax liabilities	57,339			70,919
Deferred tax liabilities, net	$	(11,092	)	$	(13,137	)

Schedule of Unrecognized Tax Benefits

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



(Expressed in thousands)
	2017			2016			2015
Balance at beginning of year	$	1,088		$	2,490		$	1,583
Additions for tax positions of prior years	—			98			907
Lapse in statute of limitations	(9		)	(652		)	—
Settlements with taxing authorities	—			(848		)	—
Balance at end of year	$	1,079		$	1,088		$	2,490