Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

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,
	2025				2024				2023
	Amount		Percentage		Amount		Percentage		Amount		Percentage
U.S. federal statutory income tax	$	44,344	21.0	%	$	22,194	21.0	%	$	9,806	21.0	%
U.S. state and local income taxes, net of U.S. federal income tax benefits (1)	12,351		5.8	%	7,062		6.6	%	1,805		3.9	%
Foreign tax effects
United Kingdom
Changes in valuation allowances	2,638		1.2	%	1,869		1.8	%	1,945		4.2	%
Statutory tax rate difference between United Kingdom and U.S.	(500)		(0.2)	%	(370)		(0.3)	%	(203)		(0.4)	%
Other	102		0.0	%	592		0.5	%	(358)		(0.8)	%
Other foreign jurisdictions	295		0.1	%	257		0.2	%	(159)		(0.3)	%
Non-taxable or non-deductible items
Executive compensation	4,910		2.4	%	2,747		2.6	%	1,514		3.2	%
Meals and entertainment expenses	974		0.5	%	853		0.8	%	726		1.6	%
Fine and penalties	—		—	%	364		0.3	%	2,859		6.1	%
Transit and parking expenses	505		0.2	%	492		0.5	%	501		1.1	%
Insurance proceeds	(664)		(0.3)	%	(885)		(0.8)	%	(511)		(1.1)	%
Interest income	(222)		(0.1)	%	(209)		(0.2)	%	(453)		(1.0)	%
Other	74		0.0	%	68		0.1	%	28		(0.1)	%
Excess tax benefits from share-based awards	(1,547)		(0.7)	%	(671)		(0.6)	%	(1,317)		(2.8)	%
Other adjustments	(28)		0.0	%	147		0.1	%	315		0.7	%
Total income taxes	$	63,232	29.9	%	$	34,510	32.6	%	$	16,498	35.3	%

(1)State and local taxes in New York, California, Florida, Pennsylvania and New Jersey comprised the majority (greater than 50 percent) of the tax effect in this category

Schedule of Income before Income Tax, Domestic and Foreign

Pre-tax income from continuing operations included in the consolidated income statements represent the following:


(Expressed in thousands)
	For the Years Ended December 31,
	2025		2024		2023
Pre-tax income from continuing operations
U.S.	$	214,443	$	106,969	$	41,926
Foreign	(3,251)		(1,212)		4,844
Total pre-tax income from continuing operations	$	211,192	$	105,757	$	46,770

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,
	2025		2024		2023
Current tax expense
U.S. federal tax	$	42,943	$	22,249	$	6,967
State and local tax	14,330		7,459		2,137
Foreign	1,127		1,250		937
Total current tax expense	58,400		30,958		10,041
Deferred tax expenses (benefit)
U.S. federal tax	3,524		2,323		5,207
State and local tax	1,676		1,262		919
Foreign	(368)		(33)		331
Total deferred tax expense (benefit)	4,832		3,552		6,457
Total income tax expense (benefit)	$	63,232	$	34,510	$	16,498

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, 2025 and 2024 were as follows:


(Expressed in thousands)
	As of December 31,
	2025		2024
Deferred tax assets:
Deferred compensation	$	37,320	$	35,846
Deferred rent and lease incentives	8,805		7,504
Net operating losses and credits	17,130		13,822
Receivables reserves	679		925
Accrued expenses	297		1,284

Involuntary conversion	1,693		1,696

Other	980		1,028
Total deferred tax assets	66,904		62,105
Valuation allowance	(14,335)		(11,516)
Deferred tax assets after valuation allowance	52,569		50,589
Deferred tax liabilities:
Goodwill	41,569		41,560
Partnership investments	31,390		28,967
Company-owned life insurance	19,450		16,619
Depreciation	4,238		3,151
Other	342		198
Total deferred tax liabilities	96,989		90,495
Deferred tax liabilities, net	$	(44,420)	$	(39,906)

Schedule of Unrecognized Tax Benefits Roll Forward

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


(Expressed in thousands)
	2025		2024		2023
Balance at beginning of year	$	1,258	$	1,236	$	1,072
Additions for tax positions of prior years	823		217		224

Lapse in statute of limitations	(411)		(136)		—
Settlements with taxing authorities	(140)		(59)		(60)
Balance at end of year	$	1,530	$	1,258	$	1,236

Schedule of Income Tax Paid

Income taxes paid during the year included in the consolidated statement of cash flows represent the following:


(Expressed in thousands)
	For the Years Ended December 31,
	2025		2024		2023
Federal	$	34,364	$	18,717	$	11,520
State
New York State	2,883		*		3,530
New York City	*		*		2,499
Others	7,219		1,430		1,798
	10,102		1,430		7,827
Foreign	1,675		1,125		1,229
Total	$	46,141	$	21,272	$	20,576

(*) The amount of income taxes paid during this year does not meet the 5% disaggregation threshold for this jurisdiction