Income Taxes - Annual (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Components of Income Tax Expense (Benefit)

The components of the Company's income tax expense for the years ended December 31, 2015, 2014 and 2013 are as follows:



	Year ended December 31,
	2015			2014			2013
	(dollars in thousands)
Current tax expense/(benefit)
Federal	$	(635	)	$	2,247		$	—
State and local	313			573			241
Foreign	348			341			188
Total	$	26		$	3,161		$	429
Deferred tax expense/(benefit)
Federal	$	(37,979	)	$	(99,284	)	$	—
State and local	(7,420		)	(28,825		)	—
Foreign	(2,123		)	4			28
Total	(47,522		)	(128,105		)	28
Total Tax expense/(benefit)	$	(47,496	)	$	(124,944	)	$	457

Schedule of Effective Income Tax Rate Reconciliation

The reconciliations of the Company's federal statutory rate to the effective income tax rate for the years ended December 31, 2015, 2014, and 2013 are as follows:



	Year ended December 31,
	2015		2014		2013
Pre-tax loss at U.S. statutory rate	35.0	%	35.0	%	35.0	%
Stock compensation	—		—		12.6
Deferred asset recognition	(323.8	)	—		—
Change in valuation allowance	—		(252.7	)	(27.2	)
Impact of change in NY tax law	(27.9	)	—		—
State and foreign tax	(39.6	)	5.8		—
Minority interest reversal	(46.5	)	(9.4	)	(25.2	)
Other, net	(11.0	)	5.3		7.3
Total	(413.8	)%	(216.0	)%	2.5	%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company's deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows:



	As of December 31,
	2015			2014
	(dollars in thousands)
Deferred tax assets, net of valuation allowance
Net operating loss	$	110,904		$	94,628
Deferred compensation	65,162			56,069
Goodwill	7,009			8,434
Fixed assets	2,003			—
Tax credits	1,630			2,668
Acquired lease liability	4,843			5,164
Other	2,317			2,394
Total deferred tax assets	193,868			169,357
Valuation allowance	—			(2,263		)
Deferred tax assets, net of valuation allowance	193,868			167,094
Deferred tax liabilities
Basis difference on investments	(15,352		)	(15,352		)
Unrealized gains on investments	(34,613		)	(21,739		)
Intangible assets	(296		)	(537		)
Other	(47		)	(66		)
Total deferred tax liabilities	(50,308		)	(37,694		)
Deferred tax assets/(liabilities), net	$	143,560		$	129,400

Summary of Operating Loss Carryforwards

The Company has the following net operating loss carryforwards at December 31, 2015:



	Federal		New York State		New York City		Hong Kong
Jurisdiction:
Net operating loss (in millions)	$	264	$	84	$	123	$	13
Year of expiration	2033		2033		2033		Indefinite