Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024				2023				2022
	Amount		Percentage		Amount		Percentage		Amount		Percentage
U.S. federal statutory income tax	$	22,194	21.0	%	$	9,806	21.0	%	$	9,497	21.0	%
U.S. state and local income taxes, net of U.S. federal income tax benefits	6,837		6.5	%	4,150		8.9	%	3,110		6.8	%
Unrecognized tax benefit	15		—	%	45		0.1	%	180		0.4	%
Valuation allowance	2,079		2.0	%	964		2.1	%	1,054		2.3	%
Non-taxable income	(1,094)		(1.0)	%	(964)		(2.1)	%	(1,083)		(2.4)	%

Provision to return adjustments	(95)		(0.1)	%	(812)		(1.7)	%	(316)		(0.7)	%

Change in state and foreign tax rates	451		0.4	%	(514)		(1.1)	%	(660)		(1.4)	%
Foreign tax rate differentials	(339)		(0.3)	%	(146)		(0.3)	%	(285)		(0.6)	%
Excess tax benefits from share-based awards	(647)		(0.6)	%	(1,378)		(2.9)	%	(471)		(1.0)	%
Non-deductible executive compensation	2,747		2.6	%	1,514		3.2	%	1,605		3.5	%
Other non-deductible expenses	2,362		2.1	%	3,833		8.1	%	813		1.6	%
Total income taxes	$	34,510	32.6	%	$	16,498	35.3	%	$	13,444	29.5	%

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,
	2024		2023		2022
Current:
U.S. federal tax	$	22,249	$	6,967	$	18,862
State and local tax	7,459		2,137		8,068
Non-U.S. operations	1,250		937		1,129
Total Current	30,958		10,041		28,059
Deferred:
U.S. federal tax	2,323		5,207		(10,420)
State and local tax	1,262		919		(4,538)
Non-U.S. operations	(33)		331		343
Total Deferred	3,552		6,457		(14,615)
Total	$	34,510	$	16,498	$	13,444

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, 2024 and 2023 were as follows:


(Expressed in thousands)
	As of December 31,
	2024		2023
Deferred tax assets:
Deferred compensation	$	35,846	$	27,780
Deferred rent and lease incentives	7,504		8,772
Net operating losses and credits	13,822		12,124
Receivable reserves	925		1,259
Accrued expenses	1,284		4,762
Auction rate securities reserves	—		62
Involuntary conversion	1,696		1,671

Other	1,028		981
Total deferred tax assets	62,105		57,411
Valuation allowance	(11,516)		(9,581)
Deferred tax assets after valuation allowance	50,589		47,830
Deferred tax liabilities:
Goodwill	41,560		40,984
Partnership investments	28,967		27,181
Corporate-owned life insurance	16,619		14,180
Depreciation	3,151		1,517
Other	198		303
Total deferred tax liabilities	90,495		84,165
Deferred tax liabilities, net	$	(39,906)	$	(36,335)

Schedule of Unrecognized Tax Benefits Roll Forward

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


(Expressed in thousands)
	2024		2023		2022
Balance at beginning of year	$	1,236	$	1,072	$	343
Additions for tax positions of prior years	217		224		729

Lapse in statute of limitations	(136)		—		—
Settlements with taxing authorities	(59)		(60)		—
Balance at end of year	$	1,258	$	1,236	$	1,072