Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

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,
	2015		2014		2013
($ in thousands)
Current
Federal	$	28,077	$	31,787	$	10,395
State	2,539		3,168		1,787
Total current tax expense	30,616		34,955		12,182
Deferred
Federal	4,339		3,200		29,933
State	2,017		1,194		2,663
Total deferred tax expense	6,356		4,394		32,596
Total expense for income taxes	$	36,972	$	39,349	$	44,778

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,
	2015				2014					2013
($ in thousands)
Tax at statutory rate	$	23,675	35	%	$	47,922		35	%	$	41,968		35	%
State taxes, net of federal benefit	2,717		4		4,357			3		2,893			2
Uncertain tax positions	—		—		(30,961		)	(22	)	—			—
IRS audit resolution	—		—		15,505			11		—			—
Effect of net income attributable to noncontrolling interests	1,492		2		—			—		—			—
Change in valuation allowance	7,812		12		2,165			2		(264		)	—
Other, net	1,276		2		361			—		181			—
Income tax expense	$	36,972	55	%	$	39,349		29	%	$	44,778		37	%

Summary of Tax Effects of Temporary Differences

The tax effects of temporary differences are as follows:

	December 31,
	2015			2014
($ in thousands)
Deferred tax assets:
Intangible assets	$	27,728		$	36,340
Net operating losses	20,591			21,547
Compensation accruals	7,804			6,757
Investments	8,704			8,717
Unrealized loss/(gain)	12,157			2,362
Other	118			46
Gross deferred tax assets	77,102			75,769
Valuation allowance	(10,855		)	(2,397		)
Gross deferred tax assets after valuation allowance	66,247			73,372
Deferred tax liabilities:
Intangible assets	(12,104		)	(12,718		)
Other investments	—			(492		)
Gross deferred tax liabilities	(12,104		)	(13,210		)
Deferred tax assets, net	$	54,143		$	60,162

Summary of Activity in Unrecognized Tax Benefits

Activity in unrecognized tax benefits is as follows:

	Years Ended December 31,
	2015		2014			2013
($ in thousands)
Balance, beginning of year	$	—	$	32,602		$	33,948
Decrease related to tax positions taken in prior years	—		(32,602		)	(1,346		)
Increase related to positions taken in the current year	—		—			—
Balance, end of year	$	—	$	—		$	32,602