|
Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Provision for Income Taxes |
The provision for income taxes consists of the following (in
thousands):
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| |
|
Year Ended December 31,
|
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2014 |
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|
2013 |
|
|
2012 |
|
|
Federal:
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|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
$ |
28,452 |
|
|
$ |
20,245 |
|
|
$ |
18,866 |
|
|
Deferred
|
|
|
(566 |
) |
|
|
(8,077 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,886 |
|
|
|
12,168 |
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|
18,866 |
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|
State:
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|
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|
|
|
|
|
|
|
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Current
|
|
|
4,123 |
|
|
|
2,522 |
|
|
|
2,641 |
|
|
Deferred
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|
|
1,443 |
|
|
|
(1,199 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,566 |
|
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|
1,323 |
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|
2,641 |
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Foreign:
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|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
— |
|
|
|
244 |
|
|
|
— |
|
|
Deferred
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
244 |
|
|
|
|
|
|
|
|
|
|
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Provision for income taxes
|
|
$ |
33,452 |
|
|
$ |
13,735 |
|
|
$ |
21,507 |
|
|
|
|
|
|
|
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|
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| Significant Components of Deferred Tax Assets (Liabilities), Net |
Significant components of the Company’s deferred tax assets
(liabilities), net are as follows (in thousands):
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|
|
|
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| |
|
Year Ended December 31,
|
|
| |
|
2014 |
|
|
2013 |
|
|
Deferred Tax Assets, Net
|
|
|
|
|
|
|
|
|
|
Current:
|
|
|
|
|
|
|
|
|
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Accrued expenses and bonuses
|
|
$ |
5,435 |
|
|
$ |
5,668 |
|
|
Bad debt and other reserves
|
|
|
2,009 |
|
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|
1,290 |
|
|
Deferred compensation
|
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|
2,796 |
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|
2,325 |
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Stock compensation
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|
4,205 |
|
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|
369 |
|
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Deferred rent
|
|
|
324 |
|
|
|
335 |
|
|
Prepaid expenses
|
|
|
(1,392 |
) |
|
|
(915 |
) |
|
State taxes
|
|
|
250 |
|
|
|
(389 |
) |
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|
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|
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Current deferred tax assets, net before valuation allowance
|
|
|
13,627 |
|
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|
8,683 |
|
|
Valuation allowance
|
|
|
(27 |
) |
|
|
(20 |
) |
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|
|
|
|
|
|
|
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Current deferred tax assets, net
|
|
$ |
13,600 |
|
|
$ |
8,663 |
|
|
|
|
|
|
|
|
|
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Non-current:
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Fixed assets and leasehold improvements
|
|
$ |
203 |
|
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$ |
427 |
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Litigation reserve
|
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|
— |
|
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|
887 |
|
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Deferred compensation
|
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|
6,076 |
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|
6,396 |
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Stock compensation
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|
15,502 |
|
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|
19,151 |
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Deferred Rent
|
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|
997 |
|
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|
1,259 |
|
|
Other comprehensive income
|
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|
(113 |
) |
|
|
— |
|
|
Unrealized gain on foreign currency
|
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|
56 |
|
|
|
— |
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|
Net operating loss carryforwards
|
|
|
680 |
|
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|
1,544 |
|
|
State taxes
|
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|
(1,435 |
) |
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|
(2,213 |
) |
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|
|
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|
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Non-current deferred tax assets, net before valuation allowance
|
|
|
21,966 |
|
|
|
27,451 |
|
|
Valuation allowance
|
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|
(701 |
) |
|
|
(266 |
) |
|
|
|
|
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|
|
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Non-Current deferred tax assets, net
|
|
$ |
21,265 |
|
|
$ |
27,185 |
|
|
|
|
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| Components of Provision for Income Taxes and Income before Provision for Income Taxes |
The provision for income taxes differs from the amount computed by
applying the statutory federal corporate income tax rate of 35% to
income before provision for income taxes as a result of the
following (in thousands):
|
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|
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| |
|
Year Ended
December 31, |
|
| |
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
Income tax expense at the federal statutory rate of 35%
|
|
$ |
29,044 |
|
|
$ |
7,679 |
|
|
$ |
17,305 |
|
|
State income tax expenses, net of federal benefit
|
|
|
3,622 |
|
|
|
985 |
|
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|
2,423 |
|
|
Permanent difference related to compensation charges
|
|
|
163 |
|
|
|
3,445 |
|
|
|
— |
|
|
Other
|
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|
181 |
|
|
|
361 |
|
|
|
8 |
|
|
Change in valuation allowance
|
|
|
442 |
|
|
|
— |
|
|
|
— |
|
|
Differences due to tax-sharing agreement
|
|
|
— |
|
|
|
1,265 |
|
|
|
1,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
$ |
33,452 |
|
|
$ |
13,735 |
|
|
$ |
21,507 |
|
|
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