Income taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Effective Income Tax Rate

ncome taxes expenses (benefits) from continuing operations shown in the consolidated statements of income 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,
	2019					2018					2017
	Amount			Percentage		Amount			Percentage		Amount			Percentage
U.S. federal statutory income tax rate	$	15,732		21.0	%	$	9,419		21.0	%	$	6,907		35.0	%
U.S. state and local income taxes, net of U.S. federal income tax benefits	4,258			5.7	%	3,144			7.0	%	1,430			7.2	%
Unrecognized tax benefit	—			—	%	—			—	%	(9		)	—	%
Valuation allowance	1,663			2.2	%	1,833			4.1	%	89			0.5	%
Non-taxable income	(738		)	-1.0	%	(637		)	-1.4	%	(1,055		)	-5.3	%
Provision to return adjustments	(723		)	-1.0	%	(326		)	-0.7	%	(1,277		)	-6.5	%
Impact of the TCJA	—			—	%	—			—	%	(9,013		)	-45.7	%
Change in state and foreign tax rates	(135		)	-0.2	%	267			0.6	%	(353		)	-1.8	%
Foreign tax rate differentials	(59		)	-0.1	%	112			0.2	%	974			4.9	%
Excess tax benefits from share-based awards	(234		)	-0.3	%	(81		)	-0.2	%	(493		)	-2.5	%
Other non-deductible expenses	2,195			3.0	%	2,246			5.0	%	666			3.4	%
Total income taxes	$	21,959		29.3	%	$	15,977		35.6	%	$	(2,134	)	-10.8	%

Schedule of Current and Deferred Income Tax (Benefit)

Income taxes expenses (benefits) from continuing operations included in the consolidated statements of income represent the following:

(Expressed in thousands)
	For the Years Ended December 31,
	2019			2018		2017
Current:
U.S. federal tax (benefit)	$	9,502		$	10,355	$	506
State and local tax (benefit)	2,289			2,618		(1,326		)
Non-U.S. operations	290			231		144
Total Current	12,081			13,204		(676		)
Deferred:
U.S. federal tax (benefit)	7,177			395		(1,215		)
State and local tax	2,924			1,438		1,725
Non-U.S. operations	(223		)	940		(1,968		)
Total Deferred	9,878			2,773		(1,458		)
Total	$	21,959		$	15,977	$	(2,134	)

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, 2019 and 2018 were as follows:

(Expressed in thousands)
	As of December 31,
	2019			2018
Deferred tax assets:
Deferred compensation	$	23,048		$	18,909
Deferred rent and lease incentives	10,026			9,597
Net operating losses and credits	7,931			7,071
Receivable reserves	1,389			2,350
Accrued expenses	1,367			2,863
Auction rate securities reserves	1,356			1,007
Involuntary conversion	1,678			1,692
Depreciation	—			370
Other	1,203			1,067
Total deferred tax assets	47,998			44,926
Valuation allowance	4,368			3,204
Deferred tax assets after valuation allowance	43,630			41,722
Deferred tax liabilities:
Goodwill	40,774			41,049
Partnership investments	16,163			8,227
Company-owned life insurance	10,028			6,277
Depreciation	110			—
Other	304			252
Total deferred tax liabilities	67,379			55,805
Deferred tax liabilities, net	$	(23,749	)	$	(14,083	)

Schedule of Unrecognized Tax Benefits

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

(Expressed in thousands)
	2019		2018		2017
Balance at beginning of year	$	1,079	$	1,079	$	1,088
Additions for tax positions of prior years	—		—		—
Lapse in statute of limitations	—		—		(9		)
Settlements with taxing authorities	—		—		—
Balance at end of year	$	1,079	$	1,079	$	1,079