Marcus & Millichap, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2017

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 and consisted of the following (in thousands):


	Three Months Ended September 30,
	2017					2016
	Amount		Rate			Amount		Rate
Income tax expense at the federal statutory rate of 35%	$	8,920		35.0	%	$	8,835		35.0	%
State income tax expense, net of federal benefit		993		3.9	%		993		3.9	%
Foreign rate differential		16		0.1	%		55		0.2	%
Windfall tax benefits, net related to stock-based compensation		32		0.1	%		—		—
Change in valuation allowance		38		0.2	%		138		0.5	%
Other		11		—			79		0.4	%

	$	10,010		39.3	%	$	10,100		40.0	%


	Nine Months Ended September 30,
	2017						2016
	Amount			Rate			Amount		Rate
Income tax expense at the federal statutory rate of 35%	$	24,713			35.0	%	$	27,652		35.0	%
State income tax expense, net of federal benefit		2,734			3.9	%		3,132		4.0	%
Foreign rate differential		63			0.1	%		162		0.2	%
Windfall tax benefits, net related to stock-based compensation		(124	)		(0.2	)%		—		—
Change in valuation allowance		154			0.2	%		404		0.5	%
Other		24			—			174		0.2	%

	$	27,564			39.0	%	$	31,524		39.9	%