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Income Taxes | 12 Months Ended
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Mar. 31, 2018
Income Tax Disclosure [Abstract] |
Income Taxes | Note 5 — Income Taxes The income tax provision consisted of the following for the fiscal years ended March 31, 2018, 2017 and 2016:
|  | 2018 |  |  | 2017 |  |  | 2016 |
Current — Federal |  | $ | 11,177,000 |  |  | $ | 16,456,000 |  |  | $ | 16,600,000 |
Current — State |  |  | 1,905,000 |  |  |  | 2,834,000 |  |  |  | 2,591,000 |
Subtotal |  |  | 13,082,000 |  |  |  | 19,290,000 |  |  |  | 19,191,000 |
Deferred — Federal |  |  | (955,000 | ) |  |  | (1,508,000 | ) |  |  | (1,679,000 | )
Deferred — State |  |  | 81,000 |  |  |  | 288,000 |  |  |  | 23,000 |
Subtotal |  |  | (874,000 | ) |  |  | (1,220,000 | ) |  |  | (1,656,000 | )
|  | $ | 12,208,000 |  |  | $ | 18,070,000 |  |  | $ | 17,535,000 |
The following is a reconciliation of the income tax provision from the statutory federal income tax rate to the effective rate for the fiscal years ended March 31, 2018, 2017 and 2016:
|  | 2018 |  |  | 2017 |  |  | 2016 |
Income taxes at federal statutory rate |  | $ | 15,112,000 |  |  | $ | 16,643,000 |  |  | $ | 16,121,000 |
State income taxes, net of federal benefit |  |  | 1,645,000 |  |  |  | 1,973,000 |  |  |  | 1,704,000 |
Uncertain tax positions |  |  | (464,000 | ) |  |  | 88,000 |  |  |  | 78,000 |
Permanent items and tax credits |  |  | (1,364,000 | ) |  |  | (705,000 | ) |  |  | (100,000 | )
Adjustments to returns as filed |  |  | 138,000 |  |  |  | 80,000 |  |  |  | (232,000 | )
Valuation allowance |  |  | 236,000 |  |  |  | — |  |  |  | — |
Impact of tax reform |  |  | (3,095,000 | ) |  |  | — |  |  |  | — |
Other |  |  | — |  |  |  | (9,000 | ) |  |  | (36,000 | )
|  | $ | 12,208,000 |  |  | $ | 18,070,000 |  |  | $ | 17,535,000 |
Deferred tax assets and liabilities at March 31, 2018 and 2017 are:
|  | 2018 |  |  | 2017 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued liabilities not currently deductible |  | $ | 5,703,000 |  |  | $ | 9,409,000 |
Allowance for doubtful accounts |  |  | 1,151,000 |  |  |  | 1,153,000 |
Stock-based compensation |  |  | 1,631,000 |  |  |  | 1,755,000 |
Accrued rent |  |  | 1,555,000 |  |  |  | 2,219,000 |
Other |  |  | 896,000 |  |  |  | 740,000 |
Deferred tax assets |  |  | 10,936,000 |  |  |  | 15,276,000 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Excess of book over tax basis of fixed assets |  |  | (11,191,000 | ) |  |  | (15,666,000 | )
Intangible assets |  |  | (4,169,000 | ) |  |  | (5,960,000 | )
Other |  |  | (179,000 | ) |  |  | (336,000 | )
Total deferred tax liabilities |  |  | (15,539,000 | ) |  |  | (21,962,000 | )
Valuation allowance |  |  | (236,000 | ) |  |  | — |
Deferred tax liabilities |  |  | (15,775,000 | ) |  |  | (21,962,000 | )
Net deferred tax liability |  | $ | (4,839,000 | ) |  | $ | (6,686,000 | )
Prepaid expenses and income taxes include $1,962,000 at March 31, 2018 and accounts and income taxes payable include $584,000 at March 31, 2017, for income taxes due in the first quarter of the following fiscal year. A reconciliation of the financial statement recognition and measurement of uncertain tax positions during the current fiscal year is as follows:
Balance as of March 31, 2017 |  | $ | 1,884,000 |
Additions based on tax positions related to the current year |  |  | 236,000 |
Additions for tax positions of prior years |  |  | 8,000 |
Reductions for tax positions related to the current year |  |  | 0 |
Reductions for tax positions of prior years |  |  | (656,000 | )
Balance as of March 31, 2018 |  | $ | 1,472,000 |
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. During the years ended March 31, 2018, 2017 and 2016, the Company recognized approximately $(53,000), $35,000 and $72,000 in interest and penalties, respectively. As of March 31, 2018, 2017 and 2016, accrued interest and penalties related to uncertain tax positions were $194,000, $247,000 and $212,000, respectively. The tax fiscal years from 2014-2017 remain open to examination by the major taxing jurisdictions to which the Company is subject. On December 22, 2017, the Tax Cuts and Jobs Act was enacted into law. Among numerous provisions included in the new law was the reduction of the corporate federal income tax rate from 35% to 21% effective January 1, 2018. As a result of this federal income tax rate change, during the quarter ended December 31, 2017, we reported an effective tax rate of 5%. However, we continue to analyze and assess the impact of the Tax Cuts and Jobs Act and believe that its impact on our business may not be fully known for some time. During the quarter ended December 31, 2017, we applied the newly enacted corporate federal income tax rate to the remeasurement of U.S. deferred tax assets and liabilities resulting in a tax benefit of $3.0 million. The decrease in net deferred tax liabilities was reasonably estimated and based on the tax rates at which they are expected to reverse in the future. The final impact may differ, possibly materially, due to, among other things, changes in interpretations, assumptions made by us, the issuance of federal tax regulations and guidance, and actions we may take as a result of the Tax Cuts and Jobs Act. Taking into account the change in the statutory federal rate as well as other permanent items, we expect our effective combined federal and state tax rate will be approximately 24% to 26% for the fiscal year beginning April 1, 2018. This expected effective rate assumes projected financial results consistent with recent trends and applies the new statutory rate and the impact of the Tax Cuts and Jobs Act relative to permanent differences between book and tax income. If our assumption that projected financial results will be consistent with recent trends turns out to be incorrect, our effective combined federal and state tax rate could be higher for the fiscal year beginning April 1, 2018. In the absence of guidance on various uncertainties and ambiguities in the application of certain provisions of the Tax Cuts and Jobs Act, we will use what we believe are reasonable interpretations and assumptions in applying the Tax Cuts and Jobs Act, but it is possible that the U.S. Department of Treasury could issue subsequent rules and regulations, or the Internal Revenue Service could issue subsequent guidance or take positions on audit, that differ from our prior interpretations and assumptions, which could have a material adverse effect on our cash, tax assets and liabilities, results of operations, and financial condition.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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