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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2023
INCOME TAXES [Abstract] |
Reconciliation of Income Taxes to Statutory Federal Income Tax Rate | A reconciliation of income taxes computed at the statutory federal income tax rate of 21.0% to the provision for income taxes included in the consolidated statements of operations is as follows (in thousands, except percentages):
|  | Year Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Income tax expense computed at the U.S. statutory federal rate |  | $ | 34,224 |  |  | $ | 30,845 |  |  | $ | 22,450 |
State income tax expense—net of federal benefit |  |  | 8,754 |  |  |  | 8,937 |  |  |  | 6,941 |
Non-deductible executive compensation |  |  | 1,708 |  |  |  | 1,749 |  |  |  | 2,052 |
Other |  |  | (1,068 | ) |  |  | (247 | ) |  |  | 1,066 |
Provision for income taxes |  | $ | 43,618 |  |  | $ | 41,284 |  |  | $ | 32,509 |
Effective income tax rate |  |  | 26.8 | % |  |  | 28.1 | % |  |  | 30.4 | %
Components of Provision for Income Taxes | The components of the provision for income taxes are as follows (in thousands):
|  | Year Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 30,928 |  |  | $ | 32,309 |  |  | $ | 26,054 |
State |  |  | 10,110 |  |  |  | 11,681 |  |  |  | 9,882 |
Foreign |  |  | 499 |  |  |  | 894 |  |  |  | 770 |
Total current expense |  |  | 41,537 |  |  |  | 44,884 |  |  |  | 36,706 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 1,301 |  |  |  | (3,289 | ) |  |  | (3,067 | )
State |  |  | 970 |  |  |  | (370 | ) |  |  | (1,096 | )
Foreign |  |  | (190 | ) |  |  | 59 |  |  |  | (34 | )
Total deferred expense (benefit) |  |  | 2,081 |  |  |  | (3,600 | ) |  |  | (4,197 | )
Provision for income taxes |  | $ | 43,618 |  |  | $ | 41,284 |  |  | $ | 32,509 |
Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities were as follows (in thousands):
|  | March 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Accrued vacation |  | $ | 2,251 |  |  | $ | 2,391 |
Deferred revenue |  |  | 5,448 |  |  |  | 5,090 |
Allowance for credit losses |  |  | 1,063 |  |  |  | 951 |
Restricted stock |  |  | 654 |  |  |  | 616 |
Other deferred tax assets |  |  | 1,697 |  |  |  | 743 |
Accrued bonus |  |  | 2,323 |  |  |  | 2,532 |
Lease liabilities |  |  | 3,939 |  |  |  | 1,857 |
Other credits and carryforwards |  |  | 277 |  |  |  | 249 |
Gross deferred tax assets |  |  | 17,652 |  |  |  | 14,429 |
Less: valuation allowance |  |  | (112 | ) |  |  | (250 | )
Net deferred tax assets |  |  | 17,540 |  |  |  | 14,179 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | (2,926 | ) |  |  | (2,295 | )
Operating leases |  |  | (3,789 | ) |  |  | (2,759 | )
Prepaid expenses |  |  | (1,729 | ) |  |  | (887 | )
Right-of-use assets |  |  | (3,885 | ) |  |  | (1,869 | )
Tax deductible goodwill |  |  | (2,244 | ) |  |  | (1,319 | )
Total deferred tax liabilities |  |  | (14,573 | ) |  |  | (9,129 | )
Net deferred tax asset |  | $ | 2,967 |  |  | $ | 5,050 |

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