Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Effective Income Tax Rate

ncome tax expenses (benefits) shown in the consolidated income statements 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,
	2020				2019				2018
	Amount		Percentage		Amount		Percentage		Amount		Percentage
U.S. federal statutory income tax	$	35,491	21.0	%	$	15,732	21.0	%	$	9,419	21.0	%
U.S. state and local income taxes, net of U.S. federal income tax benefits	8,770		5.2	%	4,258		5.7	%	3,144		7.0	%
Unrecognized tax benefit	(853)		(0.5)	%	—		—	%	—		—	%
Valuation allowance	517		0.3	%	1,663		2.2	%	1,833		4.1	%
Non-taxable income	(580)		(0.3)	%	(738)		(1.0)	%	(637)		(1.4)	%
Provision to return adjustments	239		0.1	%	(723)		(1.0)	%	(326)		(0.7)	%
Change in state and foreign tax rates	238		0.1	%	(135)		(0.2)	%	267		0.6	%
Foreign tax rate differentials	(469)		(0.3)	%	(59)		(0.1)	%	112		0.2	%
Excess tax benefits from share-based awards	(1,008)		(0.6)	%	(234)		(0.3)	%	(81)		(0.2)	%
Other non-deductible expenses	3,669		2.2	%	2,195		3.0	%	2,246		5.0	%
Total income taxes	$	46,014	27.2	%	$	21,959	29.3	%	$	15,977	35.6	%

Schedule of Current and Deferred Income Tax (Benefit)

Income tax expenses (benefits) included in the consolidated income statements represent the following:

(Expressed in thousands)
	For the Years Ended December 31,
	2020		2019		2018
Current:
U.S. federal tax	$	17,794	$	9,502	$	10,355
State and local tax	6,498		2,289		2,618
Non-U.S. operations	386		290		231
Total Current	24,678		12,081		13,204
Deferred:
U.S. federal tax	17,182		7,177		395
State and local tax	4,310		2,924		1,438
Non-U.S. operations	(156)		(223)		940
Total Deferred	21,336		9,878		2,773
Total	$	46,014	$	21,959	$	15,977

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows:

(Expressed in thousands)
	As of December 31,
	2020		2019
Deferred tax assets:
Deferred compensation	$	24,782	$	23,048
Deferred rent and lease incentives	9,951		10,026
Net operating losses and credits	8,664		7,931
Receivable reserves	1,290		1,389
Accrued expenses	407		1,367
Auction rate securities reserves	1,366		1,356
Involuntary conversion	1,693		1,678
Other	1,010		1,203
Total deferred tax assets	49,163		47,998
Valuation allowance	5,059		4,368
Deferred tax assets after valuation allowance	44,104		43,630
Deferred tax liabilities:
Goodwill	41,128		40,774
Partnership investments	32,978		16,163
Company-owned life insurance	13,037		10,028
Depreciation	1,552		110
Other	318		304
Total deferred tax liabilities	89,013		67,379
Deferred tax liabilities, net	$	(44,909)	$	(23,749)

Schedule of Unrecognized Tax Benefits

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

(Expressed in thousands)
	2020		2019		2018
Balance at beginning of year	$	1,079	$	1,079	$	1,079
Additions for tax positions of prior years	212		—		—
Lapse in statute of limitations	—		—		—
Settlements with taxing authorities	(1,079)		—		—
Balance at end of year	$	212	$	1,079	$	1,079