Income taxes (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2018					2017					2016
	Amount			Percentage		Amount			Percentage		Amount			Percentage
U.S. federal statutory income tax rate	$	9,419		21.0	%	$	6,907		35.0	%	$	(7,662	)	35.0	%
U.S. state and local income taxes, net of U.S. federal income tax benefits	3,144			7.0	%	1,430			7.2	%	(1,075		)	4.9	%
Unrecognized tax benefit	—			—	%	(9		)	—	%	(603		)	2.8	%
Valuation allowance	1,833			4.1	%	89			0.5	%	1,208			-5.5	%
Non-taxable income	(637		)	-1.4	%	(1,055		)	-5.3	%	(1,267		)	5.8	%
Provision to return adjustments	(326		)	-0.7	%	(1,277		)	-6.5	%	(4,167		)	19.0	%
Impact of the TCJA	—			—	%	(9,013		)	-45.7	%	—			—	%
Change in state and foreign tax rates	267			0.6	%	(353		)	-1.8	%	264			-1.2	%
Foreign tax rate differentials	112			0.2	%	974			4.9	%	143			-0.7	%
Excess tax benefits from share-based awards	(81		)	-0.2	%	(493		)	-2.5	%	—			—	%
Other non-deductible expenses	2,246			5.0	%	666			3.4	%	897			-4.1	%
Total income taxes	$	15,977		35.6	%	$	(2,134	)	-10.8	%	$	(12,262	)	56.0	%

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,
	2018		2017			2016
Current:
U.S. federal tax (benefit)	$	10,355	$	506		$	(15,433	)
State and local tax (benefit)	2,618		(1,326		)	(4,631		)
Non-U.S. operations	231		144			46
Total Current	13,204		(676		)	(20,018		)
Deferred:
U.S. federal tax (benefit)	395		(1,215		)	5,856
State and local tax	1,438		1,725			617
Non-U.S. operations	940		(1,968		)	1,283
Total Deferred	2,773		(1,458		)	7,756
Total	$	15,977	$	(2,134	)	$	(12,262	)

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, 2018 and 2017 were as follows:



(Expressed in thousands)
	As of December 31,
	2018			2017
Deferred tax assets:
Deferred compensation	$	18,909		$	19,105
Deferred rent and lease incentives	9,597			10,303
Net operating losses and credits	7,071			10,535
Receivable reserves	2,350			2,663
Accrued expenses	2,863			1,104
Auction rate securities reserves	1,007			540
Involuntary conversion	1,692			1,670
Depreciation	370			500
Other	1,067			1,177
Total deferred tax assets	44,926			47,597
Valuation allowance	3,204			1,350
Deferred tax assets after valuation allowance	41,722			46,247
Deferred tax liabilities:
Goodwill	41,049			40,534
Partnership investments	8,227			9,184
Company-owned life insurance	6,277			7,426
Other	252			195
Total deferred tax liabilities	55,805			57,339
Deferred tax liabilities, net	$	(14,083	)	$	(11,092	)

Schedule of Unrecognized Tax Benefits

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



(Expressed in thousands)
	2018		2017			2016
Balance at beginning of year	$	1,079	$	1,088		$	2,490
Additions for tax positions of prior years	—		—			98
Lapse in statute of limitations	—		(9		)	(652		)
Settlements with taxing authorities	—		—			(848		)
Balance at end of year	$	1,079	$	1,079		$	1,088