Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Reconciliation of Effective Income Tax Rate

Income tax expenses shown in the consolidated income statements are reconciled to amounts of tax that would have been payable from the application of the federal tax rate to pre-tax profit, as follows:


(Expressed in thousands)
	For the Years Ended December 31,
	2023				2022				2021
	Amount		Percentage		Amount		Percentage		Amount		Percentage
U.S. federal statutory income tax	$	9,806	21.0	%	$	9,497	21.0	%	$	47,176	21.0	%
U.S. state and local income taxes, net of U.S. federal income tax benefits	4,150		8.9	%	3,110		6.8	%	13,585		6.0	%
Unrecognized tax benefit	45		0.1	%	180		0.4	%	59		—	%
Valuation allowance	964		2.1	%	1,054		2.3	%	1,121		0.5	%
Non-taxable income	(964)		(2.1)	%	(1,083)		(2.4)	%	(430)		(0.2)	%

Provision to return adjustments	(812)		(1.7)	%	(316)		(0.7)	%	281		0.1	%

Change in state and foreign tax rates	(514)		(1.1)	%	(660)		(1.4)	%	1,384		0.6	%
Foreign tax rate differentials	(146)		(0.3)	%	(285)		(0.6)	%	(223)		(0.1)	%
Excess tax benefits from share-based awards	(1,378)		(2.9)	%	(471)		(1.0)	%	(1,542)		(0.7)	%
Non-deductible executive compensation	1,514		3.2	%	1,605		3.5	%	3,956		1.8	%
Other non-deductible expenses	3,833		8.1	%	813		1.6	%	310		0.2	%
Total income taxes	$	16,498	35.3	%	$	13,444	29.5	%	$	65,677	29.2	%

Schedule of Components of Income Tax Expense (Benefit)

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


(Expressed in thousands)
	For the Years Ended December 31,
	2023		2022		2021
Current:
U.S. federal tax	$	6,967	$	18,862	$	47,880
State and local tax	2,137		8,068		18,331
Non-U.S. operations	937		1,129		258
Total Current	10,041		28,059		66,469
Deferred:
U.S. federal tax	5,207		(10,420)		(1,745)
State and local tax	919		(4,538)		790
Non-U.S. operations	331		343		163
Total Deferred	6,457		(14,615)		(792)
Total	$	16,498	$	13,444	$	65,677

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, 2023 and 2022 were as follows:


(Expressed in thousands)
	As of December 31,
	2023		2022
Deferred tax assets:
Deferred compensation	$	27,780	$	27,161
Deferred rent and lease incentives	8,772		9,877
Net operating losses and credits	12,124		9,593
Receivable reserves	1,259		1,294
Accrued expenses	4,762		13,121
Auction rate securities reserves	62		1,394
Involuntary conversion	1,671		1,704

Other	981		958
Total deferred tax assets	57,411		65,102
Valuation allowance	(9,581)		(7,036)
Deferred tax assets after valuation allowance	47,830		58,066
Deferred tax liabilities:
Goodwill	40,984		41,775
Partnership investments	27,181		32,679
Company-owned life insurance	14,180		11,527
Depreciation	1,517		1,617
Other	303		272
Total deferred tax liabilities	84,165		87,870
Deferred tax liabilities, net	$	(36,335)	$	(29,804)

Schedule of Unrecognized Tax Benefits

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


(Expressed in thousands)
	2023		2022		2021
Balance at beginning of year	$	1,072	$	343	$	212
Additions for tax positions of prior years	224		729		343


Settlements with taxing authorities	(60)		—		(212)
Balance at end of year	$	1,236	$	1,072	$	343