Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
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):

 

     Year Ended December 31,  
     2014      2013      2012  

Federal:

        

Current

   $ 28,452       $ 20,245       $ 18,866   

Deferred

     (566      (8,077      —     
  

 

 

    

 

 

    

 

 

 
  27,886      12,168      18,866   

State:

Current

  4,123      2,522      2,641   

Deferred

  1,443      (1,199     
  

 

 

    

 

 

    

 

 

 
  5,566      1,323      2,641   

Foreign:

Current

  —        244      —     

Deferred

  —        —        —     
  

 

 

    

 

 

    

 

 

 
  244   
  

 

 

    

 

 

    

 

 

 

Provision for income taxes

$ 33,452    $ 13,735    $ 21,507   
  

 

 

    

 

 

    

 

 

 
Significant Components of Deferred Tax Assets (Liabilities), Net

Significant components of the Company’s deferred tax assets (liabilities), net are as follows (in thousands):

 

     Year Ended December 31,  
     2014      2013  

Deferred Tax Assets, Net

     

Current:

     

Accrued expenses and bonuses

   $ 5,435       $ 5,668   

Bad debt and other reserves

     2,009         1,290   

Deferred compensation

     2,796         2,325   

Stock compensation

     4,205         369   

Deferred rent

     324         335   

Prepaid expenses

     (1,392      (915

State taxes

     250         (389
  

 

 

    

 

 

 

Current deferred tax assets, net before valuation allowance

  13,627      8,683   

Valuation allowance

  (27   (20
  

 

 

    

 

 

 

Current deferred tax assets, net

$ 13,600    $ 8,663   
  

 

 

    

 

 

 

Non-current:

Fixed assets and leasehold improvements

$ 203    $ 427   

Litigation reserve

  —        887   

Deferred compensation

  6,076      6,396   

Stock compensation

  15,502      19,151   

Deferred Rent

  997      1,259   

Other comprehensive income

  (113   —     

Unrealized gain on foreign currency

  56      —     

Net operating loss carryforwards

  680      1,544   

State taxes

  (1,435   (2,213
  

 

 

    

 

 

 

Non-current deferred tax assets, net before valuation allowance

  21,966      27,451   

Valuation allowance

  (701   (266
  

 

 

    

 

 

 

Non-Current deferred tax assets, net

$ 21,265    $ 27,185   
  

 

 

    

 

 

 
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):

 

     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         2,423   

Permanent difference related to compensation charges

     163         3,445         —     

Other

     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