Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes consisted of the following (in thousands):

 

     Years Ended December 31,  
     2017      2016      2015  

Income (loss) before provision for income taxes:

         

United States

    $ 100,031      $ 108,797      $ 116,448  

Foreign

      (805 )       (1,695 )       (3,080 ) 
  

 

 

     

 

 

     

 

 

  
   $ 99,226      $ 107,102      $ 113,368  
  

 

 

     

 

 

     

 

 

  

The provision (benefit) for income taxes consisted of the following:

         

Federal:

         

Current

    $ 28,993      $ 36,228      $ 39,895  

Deferred

      13,249        (337 )       (1,853 ) 
  

 

 

     

 

 

     

 

 

  
   $ 42,242      $ 35,891      $ 38,042  
  

 

 

     

 

 

     

 

 

  

State:

         

Current

    $ 5,883      $ 6,700      $ 7,058  

Deferred

      (423 )       (146 )       1,918  
  

 

 

     

 

 

     

 

 

  
   $ 5,460      $ 6,554      $ 8,976  
  

 

 

     

 

 

     

 

 

  
   $ 47,702      $ 42,445      $ 47,018  
  

 

 

     

 

 

     

 

 

  
Significant Components of Deferred Tax Assets (Liabilities), Net

Significant components of the Company’s deferred tax assets, net consisted of the following (in thousands):

 

     December 31,  
     2017      2016  

Deferred Tax Assets:

      

Accrued expenses and bonuses

    $ 1,307      $ 1,455  

Bad debt and other reserves

      1,416        2,191  

Deferred compensation

      12,693        19,511  

Stock-based compensation

      9,144        14,978  

Deferred rent

      1,283        1,731  

Net operating and capital loss carryforwards

      1,809        1,637  

Other comprehensive income

      6        173  

State taxes

      622        497  
  

 

 

     

 

 

  

Deferred tax assets before valuation allowance

      28,280        42,173  

Valuation allowance

      (1,893 )       (1,723 ) 
  

 

 

     

 

 

  

Deferred Tax Assets

    $ 26,387      $ 40,450  
  

 

 

     

 

 

  

Deferred Tax Liabilities:

      

Fixed assets

    $ (2,861 )     $ (3,850 ) 

Prepaid expenses

      (886 )       (1,029 ) 
  

 

 

     

 

 

  

Deferred Tax Liabilities

      (3,747 )       (4,879 ) 
  

 

 

     

 

 

  

Deferred Tax Assets, Net

    $ 22,640      $ 35,571  
  

 

 

     

 

 

  
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):

 

    Years Ended December 31,  
    2017     2016     2015  
    Amount     Rate     Amount     Rate     Amount     Rate  

Income tax expense at the federal statutory rate of 35%

   $ 34,729       35.0 %    $ 37,485       35.0 %    $ 39,679       35.0 % 

State income tax expense, net of federal benefit

     3,577       3.6 %      4,346       4.1 %      4,569       4.0 % 

Effect of state rate change on deferred taxes

     (30 )      —       (79 )      (0.1 )%      1,273       1.1 % 

Windfall tax benefits, net of shortfalls related to stock-based compensation

     (2,568 )      (2.6 )%      —       —       —       —  

Permanent differences related to compensation charges, net of federal benefit

     30       —       39       —       81       0.1 % 

Change in valuation allowance

     170       0.2 %      412       0.4 %      583       0.5 % 

Effect of rate and other changes on federal deferred taxes, net due to enactment of Tax Cuts and Jobs Act

     11,644       11.7 %      —       —       —       —  

Other

     150       0.2 %      242       0.2 %      833       0.8 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 47,702       48.1 %    $ 42,445       39.6 %    $ 47,018       41.5 %