Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.6.0.2
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of Provision (Loss) for Income Taxes

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

 

     Year Ended December 31,  
     2016      2015      2014  

Income (loss) before provision for income taxes:

         

United States

    $ 108,797      $ 116,448      $ 84,797  

Foreign

      (1,695 )       (3,080 )       (1,814 ) 
  

 

 

     

 

 

     

 

 

  
   $ 107,102      $ 113,368      $ 82,983  
  

 

 

     

 

 

     

 

 

  

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

         

Federal:

         

Current

    $ 36,228      $ 39,895      $ 28,452  

Deferred

      (337 )       (1,853 )       (566 ) 
  

 

 

     

 

 

     

 

 

  
   $ 35,891      $ 38,042      $ 27,886  
  

 

 

     

 

 

     

 

 

  

State:

         

Current

    $ 6,700      $ 7,058      $ 4,123  

Deferred

      (146 )       1,918        1,443  
  

 

 

     

 

 

     

 

 

  
   $ 6,554      $ 8,976      $ 5,566  
  

 

 

     

 

 

     

 

 

  
   $ 42,445      $ 47,018      $ 33,452  
  

 

 

     

 

 

     

 

 

  

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,  
     2016      2015  

Deferred Tax Assets:

      

Accrued expenses and bonuses

    $ 1,455      $ 1,787  

Bad debt and other reserves

      2,191        2,178  

Deferred compensation

      19,511        15,405  

Stock-based compensation

      14,978        15,984  

Deferred rent

      1,731        1,735  

Net operating and capital loss carryforwards .

      1,637        1,281  

Other comprehensive income

      173        382  

State taxes

      497        496  
  

 

 

     

 

 

  

Deferred tax assets before valuation allowance

      42,173        39,248  

Valuation allowance

      (1,723 )       (1,311 ) 
  

 

 

     

 

 

  

Deferred Tax Assets

    $ 40,450      $ 37,937  
  

 

 

     

 

 

  

Deferred Tax Liabilities:

      

Fixed assets

    $ (3,850 )     $ (1,521 ) 

Prepaid expenses

      (1,029 )       (1,131 ) 
  

 

 

     

 

 

  

Deferred Tax Liabilities

      (4,879 )       (2,652 ) 
  

 

 

     

 

 

  

Deferred Tax Assets, Net

    $ 35,571      $ 35,285  
  

 

 

     

 

 

  

 
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):

 

     Year Ended December 31,  
     2016     2015     2014  
     Amount     Rate     Amount      Rate     Amount      Rate  

Income tax expense at the federal statutory rate of 35%

    $ 37,485       35.0 %    $ 39,679        35.0 %    $ 29,044        35.0 % 

State income tax expense, net of federal benefit

      4,346       4.1 %      4,569        4.0 %      3,622        4.4 % 

Effect of state tax rate change on deferred taxes

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

Permanent differences related to compensation charges, net of federal benefit

      39       —         81        0.1 %      163        0.2 % 

Change in valuation allowance

      412       0.4 %      583        0.5 %      442        0.5 % 

Other

      242       0.2 %      833        0.8 %      181        0.2 % 
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  
   $ 42,445       39.6 %    $ 47,018        41.5 %    $ 33,452        40.3 %