Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of the Company's income tax expense for the years ended December 31, 2018, 2017 and 2016 are as follows:



	Year ended December 31,
	2018			2017			2016
	(dollars in thousands)
Current tax expense/(benefit)
Federal	$	(1,883	)	$	421		$	1,268
State and local	(2,148		)	2,034			1,972
Foreign	785			428			262
Total	$	(3,246	)	$	2,883		$	3,502
Deferred tax expense/(benefit)
Federal	$	12,018		$	44,071		$	(22,834	)
State and local	6,956			(2,938		)	(1,900		)
Foreign	(9		)	37			2,140
Total	18,965			41,170			(22,594		)
Total Tax expense/(benefit)	$	15,719		$	44,053		$	(19,092	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The reconciliations of the Company's federal statutory rate to the effective income tax rate for the years ended December 31, 2018, 2017, and 2016 are as follows:



	Year ended December 31,
	2018		2017		2016
Pre-tax loss at U.S. statutory rate	21.0	%	35.0	%	35.0	%
Dividend received deduction	—		(25.9	)	—
Bargain purchase gain	—		(34.8	)	—
Basis adjustment on investments	3.5		65.2		—
Nondeductible expenses	1.2		14.2		—
Unrecognized gains on foreign subsidiaries	—		—		38.7
Change in valuation allowance	7.1		—		(6.7	)
Impact of tax law change	—		669.8		—
State and foreign tax	(10.0	)	25.3		1.3
Reversal of income attributable to redeemable non-controlling interests	(8.6	)	(119.6	)	1.3
Other, net	1.7		3.7		(9.0	)
Total	15.9	%	632.9	%	60.6	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of the Company's deferred tax assets and liabilities as of December 31, 2018 and 2017 are as follows:



	As of December 31,
	2018			2017
	(dollars in thousands)
Deferred tax assets, net of valuation allowance
Net operating loss	$	48,294		$	78,650
Deferred compensation	59,697			39,992
Goodwill	—			1,042
Option liability	—			5,776
Tax credits	9,036			4,419
Acquired lease liability	2,098			3,473
Other	2,444			2,696
Total deferred tax assets	121,569			136,048
Valuation allowance	(9,135		)	(2,103		)
Deferred tax assets, net of valuation allowance	112,434			133,945
Deferred tax liabilities
Unrealized gains on investments	(13,092		)	(7,523		)
Amortization of bond discount	(4,643		)	(6,402		)
Other	(1,642		)	(3,697		)
Total deferred tax liabilities	(19,377		)	(17,622		)
Deferred tax assets/(liabilities), net	$	93,057		$	116,323

Summary of Operating Loss Carryforwards [Table Text Block]

The Company has the following net operating loss carryforwards at December 31, 2018:



	Federal		New York State		New York City		Hong Kong
Jurisdiction:
Net operating loss (in millions)		$138.0		$58.0		$98.2		$12.7
Year of expiration	2037		2037		2037		Indefinite

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block]

The components of unrecognized tax benefits are as follows:



	As of December 31,
	2018			2017
	(dollars in thousands)
Beginning balance at January 1	$	3,947		$	—
Increases due to acquisition	—			2,847
Increases/(Decreases) due to current year positions	(3,648		)	1,100
Ending balance at December 31	$	299		$	3,947