Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Provision for Income Taxes from Continuing Operations

The provision for income taxes from continuing operations for the years ended December 31, 2021, 2020 and 2019 consists of the following (dollars in thousands):

	For the Year Ended December 31,
	2021		2020		2019
Current provision
Federal	$	19,143	$	-	$	-
State and local		4,956		2,110		754
Total current provision		24,099		2,110		754
Deferred provision
Federal		13,389		15,425		19,230
State and local		1,942		4,941		2,444
Total deferred provision		15,331		20,366		21,674
Total provision for income taxes	$	39,430	$	22,476	$	22,428

Schedule of Reconciliation of the Statutory U.S. Federal Income Tax Rate to Effective Income Tax Rate for Continuing Operations

A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate for continuing operations for the years ended December 31, 2021, 2020 and 2019 is as follows:

	For the Year Ended December 31,
	2021				2020				2019
Statutory U.S. federal income tax rate		21.0		%		21.0		%		21.0		%
State and local income taxes		2.6				2.7				2.7
Stock-based compensation		1.0				(0.3	)			(1.3	)
Capital loss		(2.1	)			-				-
Valuation allowance		2.1				(10.9	)			-
State audit settlement		-				-				(0.5	)
Tax credits		(0.3	)			(0.1	)			(0.1	)
Other		2.1				2.9				2.3
Effective income tax rate		26.4		%		15.3		%		24.1		%

Schedule of Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits as of December 31, 2021, 2020 and 2019 is as follows (dollars in thousands):

	2021			2020			2019
Gross unrecognized tax benefits, beginning of the year	$	11,794		$	9,859		$	9,009
Additions for tax positions of prior years		941			-			-
Additions for tax positions related to the current year		4,250			2,954			1,957
Reductions for tax positions of prior years		-			(51	)		(58	)
Reductions due to lapse of applicable statute of limitations		(1,034	)		(968	)		(1,049	)
Subtotal		15,951			11,794			9,859
Interest and penalties		2,020			1,919			1,901
Total gross unrecognized tax benefits, end of the year	$	17,971		$	13,713		$	11,760

Schedule of Components of Deferred Income Tax Assets and Liabilities for Continuing Operation

Components of deferred income tax assets and liabilities for continuing operations as of December 31, 2021 and 2020 are as follows (dollars in thousands):

	December 31,
	2021			2020
Deferred income tax assets:
Accrued occupancy	$	11,012		$	13,028
Foreign tax credits		16,958			27,321
Valuation allowance foreign tax credits		(16,958	)		(16,958	)
Compensation and employee benefits		6,371			7,054
Tax net operating loss carry forwards		17,832			19,183
Valuation allowance		(12,090	)		(12,069	)
Allowance for doubtful accounts		5,721			5,363
Accrued settlements and legal		199			203
Accrued restructuring and severance		343			353
Equity method for investments		401			406
General business tax credits		-			1,620
Capital loss		3,130			-
Capital loss valuation allowance		(3,130	)		-
Amortization		3,486			5,656
Depreciation		851			-
Other		1,587			1,388
Total deferred income tax assets		35,713			52,548
Deferred income tax liabilities:
Depreciation		-			111
Right of use asset, net		9,244			10,611
Other		1,355			1,475
Total deferred income tax liabilities		10,599			12,197
Net deferred income tax assets	$	25,114		$	40,351