Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

The provision for income taxes for the years ended December 31, 2013, 2012 and 2011 consisted of the following:

A reconciliation of the Federal statutory income tax rate to the effective tax rate is set forth below:

	2013			2012			2011
Statutory Federal income tax rate		35.0	%		35.0	%		35.0	%
State income tax, net of Federal benefit		2.3			2.3			2.6
Other		(1.2	)		(1.7	)		(0.7	)
Effective income tax rate		36.1	%		35.6	%		36.9	%

Significant components of our deferred tax assets and liabilities are as follows:

	2013			2012
(In thousands)
Deferred tax assets:
Stock compensation expense		1,063		$	307
Deferred compensation		1,055			848
Intangible asset amortization		62			145
Capital lease obligation		807			768
Other		184			143
Total deferred tax assets		3,171			2,211
Deferred tax liabilities:
Investments in securities available for sale		(13,403	)		(7,408	)
Investments in securities and partnerships		(19,553	)		(12,502	)
Contingent deferred sales commissions		(962	)		(496	)
Total deferred tax liabilities		(33,918	)		(20,406	)
Net deferred tax liabilities	$	(30,747	)	$	(18,195	)

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits related to uncertain tax positions is as follows:

	(in millions)
Balance at January 1, 2011	$	8.8
Additions based on tax positions related to the current year		0.7
Additions for tax positions of prior years		-
Reductions for tax positions of prior years		(0.4	)
Settlements		-
Balance at December 31, 2011		9.1
Additions based on tax positions related to the current year		1.1
Additions for tax positions of prior years		0.5
Reductions for tax positions of prior years		-
Settlements		(0.1	)
Balance at December 31, 2012		10.6
Additions based on tax positions related to the current year		2.4
Additions for tax positions of prior years		0.5
Reductions for tax positions of prior years		(0.6	)
Settlements		-
Balance at December 31, 2013	$	12.9