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Income Taxes (Tables)

12 Months Ended

Apr. 30, 2012

Provision (Benefit) For Domestic And Foreign Income Taxes

The provision (benefit) for domestic and foreign income taxes were as follows:


	Year Ended April 30,
	2012			2011			2010
	(in thousands)
Current income taxes:
Federal	$	4,173		$	7,606		$	862
State		1,609			5,714			2,281
Foreign		12,670			11,826			6,738

Current provision for income taxes		18,452			25,146			9,881
Deferred income taxes:
Federal		7,281			(2,442	)		(2,729	)
State		3,508			830			(1,303	)
Foreign		(890	)		9,158			(6,334	)

Deferred provision (benefit) for income taxes		9,899			7,546			(10,366	)

Total provision (benefit) for income taxes	$	28,351		$	32,692		$	(485	)

Domestic And Foreign Components Of Income (Loss) From Continuing Operations Before Domestic And Foreign Income And Other Taxes And Equity In Earnings Of Unconsolidated Subsidiaries

The domestic and foreign components of income (loss) from continuing operations before domestic and foreign income and other taxes and equity in earnings of unconsolidated subsidiaries were as follows:


	Year Ended April 30,
	2012		2011		2010
	(in thousands)
Domestic	$	42,375	$	56,741	$	10,669
Foreign		38,429		32,963		(5,947	)

Income before provision (benefit) for income taxes and equity in earnings of unconsolidated subsidiaries	$	80,804	$	89,704	$	4,722

Reconciliation Of The Statutory Federal Income Tax Rate To The Effective Consolidated Tax Rate

The reconciliation of the statutory federal income tax rate to the effective consolidated tax rate is as follows:


	Year Ended April 30,
	2012			2011			2010
U.S. federal statutory income tax rate		35.0	%		35.0	%		35.0	%
Foreign source income, net of credits generated		3.0			1.9			52.9
Income subject to net differing foreign tax rates		(2.9	)		(3.8	)		52.6
COLI increase, net		(2.7	)		(2.8	)		(69.8	)
Repatriation of foreign earnings		(1.7	)		0.1			38.5
State income taxes, net of federal benefit		4.0			4.6			13.8
Adjustments for valuation allowance		(0.7	)		4.8			52.7
Tax exempt interest income		—			—			(0.7	)
Expense disallowances		0.8			0.5			7.5
Uncertain tax position reserve reversal		—			(2.3	)		(208.8	)
Other		0.3			(1.6	)		16.0

Effective income tax rate		35.1	%		36.4	%		(10.3	)%

Components Of Deferred Tax Assets And Liabilities

Components of the deferred tax assets and liabilities are as follows:


	April 30,
	2012			2011
	(in thousands)
Deferred tax assets:
Deferred compensation	$	62,710		$	64,333
Loss and credit carryforwards		33,342			33,834
Allowance for doubtful accounts		1,388			1,797
Property and equipment		—			371
Deferred rent		6,887			6,422
Other		5,623			4,664

Gross deferred tax assets		109,950			111,421

Deferred tax liabilities:
Intangibles		(11,103	)		(8,228	)
Unrealized gain		(1,059	)		(2,393	)
Property and equipment		(4,527	)		—
Other		(52	)		—

Gross deferred tax liabilities		(16,741	)		(10,621	)

Valuation allowances		(25,089	)		(26,168	)

Net deferred tax asset	$	68,120		$	74,632

Deferred Tax Amounts

The deferred tax amounts have been classified in the consolidated balance sheets as follows:


	April 30,
	2012			2011
	(in thousands)
Current:
Deferred tax assets	$	15,357		$	10,214
Deferred tax liabilities		(4,527	)		—

Current deferred tax asset		10,830			10,214

Non-current:
Deferred tax asset		94,593			101,207
Deferred tax liabilities		(12,214	)		(10,621	)

Non-current deferred tax asset		82,379			90,586
Valuation allowance		(25,089	)		(26,168	)

Non-current deferred tax asset, net		57,290			64,418

Net deferred tax assets	$	68,120		$	74,632

Scheduled Expiration dates Of The Company's Net Operating Loss And Tax Credit Carryforwards

The following details the scheduled expiration dates of the Company’s net operating loss (net tax effected) and tax credit carryforwards:


	April 30, 2012
	2012 through 2016		2017 through 2026		Indefinite		Total
	(in thousands)
Foreign net operating loss carryforwards	$	6,148	$	30,440	$	56,429	$	93,017
State taxing jurisdiction net operating loss carryforwards		63		11,444		—		11,507
Foreign tax credit		—		3,333		—		3,333
Federal capital loss carryforwards		5,776		—		—		5,776

Changes In Unrecognized Tax Benefits

Changes in the unrecognized tax benefits are as follows:


	Year Ended April 30,
	2012		2011			2010
	(in thousands)
Unrecognized tax benefits, beginning of year	$	—	$	3,532		$	13,392
Settlement with tax authority		—		(1,473	)		—
Additions based on tax positions related to the current year		—		—			—
Estimated interest for the year		—		72			469
Recognized tax benefits		—		(2,131	)		(10,329	)

Unrecognized tax benefits, end of year	$	—	$	—		$	3,532

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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