Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

The provision for income taxes for the years ended December 31, 2018, 2017 and 2016 consisted of the following:

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

	2018		2017		2016
Statutory Federal income tax rate	21.0	%	35.0	%	35.0	%
State income tax, net of Federal benefit	2.6		0.5		1.0
Impact of Tax Act	-		6.2		-
Other	0.6		(0.3)		(0.3)
Effective income tax rate	24.2	%	41.4	%	35.7	%

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

	2018			2017
(In thousands)
Deferred tax assets:
Investments in securities	$	1,567		$	-
Stock compensation expense		344			110
Deferred compensation		8,830			14,740
Capital lease obligation		648			633
Other		211			238
Total deferred tax assets		11,600			15,721
Deferred tax liabilities:
Investments in securities available for sale		-			(4,609	)
Contingent deferred sales commissions		(107	)		(189	)
Intangible asset amortization		(313	)		(233	)
Other		(13	)		(10	)
Total deferred tax liabilities		(433	)		(5,041	)
Net deferred tax assets (liabilities)	$	11,167		$	10,680

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 December 31, 2015	$	18.4
Additions based on tax positions related to the current year		2.3
Additions for tax positions of prior years		1.2
Reductions for tax positions of prior years		(6.9	)
Settlements		-
Balance at December 31, 2016		15.0
Additions based on tax positions related to the current year		2.2
Additions for tax positions of prior years		-
Reductions for tax positions of prior years		(3.9	)
Settlements		-
Balance at December 31, 2017		13.3
Additions based on tax positions related to the current year		1.8
Additions for tax positions of prior years		-
Reductions for tax positions of prior years		(0.9	)
Settlements		-
Balance at December 31, 2018	$	14.2