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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2024
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Income tax expense computed at the US statutory federal rate |  | $ | 33,830 |  |  | $ | 34,224 |  |  | $ | 30,845 |
State income tax expense—net of federal benefit |  |  | 9,624 |  |  |  | 8,754 |  |  |  | 8,937 |
Non-deductible executive compensation |  |  | 1,718 |  |  |  | 1,708 |  |  |  | 1,749 |
Other |  |  | 145 |  |  |  | (1,068 | ) |  |  | (247 | )
Provision for income taxes |  | $ | 45,317 |  |  | $ | 43,618 |  |  | $ | 41,284 |
Effective income tax rate |  |  | 28.1 | % |  |  | 26.8 | % |  |  | 28.1 | %
Components of Provision for Income Taxes | The components of the provision for income taxes are as follows (in thousands):
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 34,232 |  |  | $ | 30,928 |  |  | $ | 32,309 |
State |  |  | 12,371 |  |  |  | 10,110 |  |  |  | 11,681 |
Foreign |  |  | 1,370 |  |  |  | 499 |  |  |  | 894 |
Total current expense |  |  | 47,973 |  |  |  | 41,537 |  |  |  | 44,884 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (2,419 | ) |  |  | 1,301 |  |  |  | (3,289 | )
State |  |  | (188 | ) |  |  | 970 |  |  |  | (370 | )
Foreign |  |  | (49 | ) |  |  | (190 | ) |  |  | 59 |
Total deferred expense (benefit) |  |  | (2,656 | ) |  |  | 2,081 |  |  |  | (3,600 | )
Provision for income taxes |  | $ | 45,317 |  |  | $ | 43,618 |  |  | $ | 41,284 |
Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities were as follows (in thousands):
|  | March 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Accrued vacation |  | $ | 2,666 |  |  | $ | 2,251 |
Deferred revenue |  |  | 6,934 |  |  |  | 5,448 |
Allowance for credit losses |  |  | 1,278 |  |  |  | 1,063 |
Restricted stock |  |  | 738 |  |  |  | 654 |
Other deferred tax assets |  |  | 1,737 |  |  |  | 1,697 |
Accrued bonus |  |  | 2,641 |  |  |  | 2,323 |
Lease liabilities |  |  | 4,503 |  |  |  | 3,939 |
Other credits and carryforwards |  |  | 251 |  |  |  | 277 |
Gross deferred tax assets |  |  | 20,748 |  |  |  | 17,652 |
Less: valuation allowance |  |  | (70 | ) |  |  | (112 | )
Net deferred tax assets |  |  | 20,678 |  |  |  | 17,540 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | (2,724 | ) |  |  | (2,926 | )
Operating leases |  |  | (3,889 | ) |  |  | (3,789 | )
Prepaid expenses |  |  | (1,807 | ) |  |  | (1,729 | )
Right-of-use assets |  |  | (4,113 | ) |  |  | (3,885 | )
Tax deductible goodwill |  |  | (2,525 | ) |  |  | (2,244 | )
Total deferred tax liabilities |  |  | (15,058 | ) |  |  | (14,573 | )
Net deferred tax asset |  | $ | 5,620 |  |  | $ | 2,967 |

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