Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Income Tax Disclosure [Abstract] |
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Schedule of Components of Income Tax Expense |
The components of income tax expense from continuing operations are as follows: | | | | | | | | | | | | | | Year Ended December 31, | (Dollars in thousands) | 2015 | | 2014 | | 2013 | Current: | | | | | | Federal | $ | 33,818 |
| | $ | 37,331 |
| | $ | 20,468 |
| State | 7,030 |
| | 8,117 |
| | 3,795 |
| Foreign | 58 |
| | 161 |
| | 183 |
| | 40,906 |
| | 45,609 |
| | 24,446 |
| Deferred: | | | | | | Federal | (11,620 | ) | | (8,641 | ) | | (1,582 | ) | State | (1,901 | ) | | (1,317 | ) | | (4,041 | ) | Foreign | 556 |
| | 335 |
| | 1,567 |
| | (12,965 | ) | | (9,623 | ) | | (4,056 | ) | | | | | | | Total income tax expense from continuing operations | $ | 27,941 |
| | $ | 35,986 |
| | $ | 20,390 |
| | | | | | | Total income tax benefit from discontinued operations | $ | — |
| | $ | — |
| | $ | (2,935 | ) |
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Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of federal income taxes at statutory rates to the Company’s effective tax rates from continuing operations is as follows: | | | | | | | | | | | | | | Year Ended December 31, | (Dollars in thousands) | 2015 | | 2014 | | 2013 | Federal income tax expense at statutory rates | $ | 30,248 |
| | $ | 38,609 |
| | $ | 26,464 |
| Increase/(reduction) in taxes resulting from: | | | | | | State income taxes, net of federal tax benefit | 3,155 |
| | 3,857 |
| | 2,785 |
| Net tax-exempt interest income | (4,299 | ) | | (3,693 | ) | | (3,917 | ) | Foreign jurisdictions tax rate differential | 191 |
| | (63 | ) | | (185 | ) | Change in valuation allowance | — |
| | — |
| | (4,182 | ) | Income attributable to noncontrolling interests | (2,243 | ) | | (3,903 | ) | | (1,888 | ) | Other, net | 889 |
| | 1,179 |
| | 1,313 |
| Total income tax expense from continuing operations | $ | 27,941 |
| | $ | 35,986 |
| | $ | 20,390 |
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Schedule of Net Deferred Tax Assets and Liabilities |
Deferred income tax assets and liabilities reflect the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for the same items for income tax reporting purposes. The net deferred income tax assets included in other assets on the consolidated statements of financial condition consisted of the following items: | | | | | | | | | | December 31, | | December 31, | (Dollars in thousands) | 2015 | | 2014 | Deferred tax assets: | | | | Deferred compensation | $ | 74,127 |
| | $ | 56,893 |
| Net operating loss carry forwards | 3,947 |
| | 4,854 |
| Liabilities/accruals not currently deductible | 5,454 |
| | 1,601 |
| Other | 5,175 |
| | 2,930 |
| Total deferred tax assets | 88,703 |
| | 66,278 |
| Valuation allowance | (159 | ) | | (159 | ) | | | | | Deferred tax assets after valuation allowance | 88,544 |
| | 66,119 |
| | | | | Deferred tax liabilities: | | | | Goodwill amortization | 16,951 |
| | 15,028 |
| Unrealized gains on firm investments | 2,917 |
| | 3,221 |
| Fixed assets | 1,189 |
| | 945 |
| Other | 677 |
| | 1,074 |
| | | | | Total deferred tax liabilities | 21,734 |
| | 20,268 |
| | | | | Net deferred tax assets | $ | 66,810 |
| | $ | 45,851 |
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Changes in Amount of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | | | | | (Dollars in thousands) | | Balance at December 31, 2012 | $ | 290 |
| Additions based on tax positions related to the current year | — |
| Additions for tax positions of prior years | 2,000 |
| Reductions for tax positions of prior years | (90 | ) | Settlements | — |
| Balance at December 31, 2013 | $ | 2,200 |
| Additions based on tax positions related to the current year | — |
| Additions for tax positions of prior years | 123 |
| Reductions for tax positions of prior years | — |
| Settlements | — |
| Balance at December 31, 2014 | $ | 2,323 |
| Additions based on tax positions related to the current year | — |
| Additions for tax positions of prior years | — |
| Reductions for tax positions of prior years | (2,000 | ) | Settlements | (200 | ) | Balance at December 31, 2015 | $ | 123 |
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