Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The components of the provision for income taxes are as follows:

	Years Ended December 31,
	2017		2016		2015
($ in thousands)
Current
Federal	$	15,670	$	12,790	$	28,077
State	1,985		1,855		2,539
Total current tax expense (benefit)	17,655		14,645		30,616
Deferred
Federal	20,895		5,489		4,339
State	1,940		910		2,017
Total deferred tax expense (benefit)	22,835		6,399		6,356
Total expense (benefit) for income taxes	$	40,490	$	21,044	$	36,972

Reconciliation of Provision (Benefit) for Income Taxes

The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized in the Consolidated Statements of Operations for the years indicated:

	Years Ended December 31,
	2017					2016					2015
($ in thousands)
Tax at statutory rate	$	28,150		35	%	$	24,432		35	%	$	23,675	35	%
State taxes, net of federal benefit	3,548			4		2,010			3		2,717		4
Effect of U.S. tax reform (the Tax Act)	13,074			16		—			—		—		—
Effect of net income (loss) attributable to noncontrolling interests	(1,017		)	(1	)	(91		)	—		1,492		2
Change in valuation allowance	(2,613		)	(3	)	(5,125		)	(7	)	7,812		12
Other, net	(652		)	(1	)	(182		)	(1	)	1,276		2
Income tax expense (benefit)	$	40,490		50	%	$	21,044		30	%	$	36,972	55	%

Summary of Tax Effects of Temporary Differences

The tax effects of temporary differences are as follows:

	December 31,
	2017			2016
($ in thousands)
Deferred tax assets:
Intangible assets	$	10,706		$	19,348
Net operating losses	16,769			20,272
Compensation accruals	7,681			8,854
Capitalized transaction costs	5,849			10,022
Unrealized loss/(gain)	1,473			5,291
Capital losses	870			417
Other	1,675			977
Gross deferred tax assets	45,023			65,181
Valuation allowance	(3,088		)	(5,731		)
Gross deferred tax assets after valuation allowance	41,935			59,450
Deferred tax liabilities:
Intangible assets	(9,507		)	(11,915		)
Gross deferred tax liabilities	(9,507		)	(11,915		)
Deferred tax assets, net	$	32,428		$	47,535