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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Summary of Earnings Before Income Taxes

Earnings before income taxes consisted of the following components for the fiscal years ended September 30,

		2018				2019				2020
		(Amounts in thousands)
Earnings before income taxes
United States		$	53,280			$	46,986			$	94,854
Other			—				1,967				2,586
Total		$	53,280			$	48,953			$	97,440

Components of Income Taxes Provision

The components of our provision from income taxes consisted of the following for the fiscal years ended September 30,

		2018				2019				2020
		(Amounts in thousands)
Current provision:
Federal		$	8,055			$	7,933			$	17,654
Foreign			—				516				654
State			195				135				1,365
Total current provision		$	8,250			$	8,584			$	19,673
Deferred provision:
Federal			4,205				2,285				2,262
Foreign			—				—				—
State			1,513				2,099				871
Total deferred provision			5,718				4,384				3,133
Total income tax provision		$	13,968			$	12,968			$	22,806

Summary of Tax Rates

Below is a reconciliation of the statutory federal income tax rate to our effective tax rate for the fiscal years ended September 30,

		2018				2019				2020
Federal tax provision			24.5	%			21.0	%			21.0	%
State taxes, net of federal effect			4.1	%			4.1	%			3.1	%
Stock based compensation			(2.0	)%			—				(0.5	)%
Valuation allowance			(0.3	)%			(0.1	)%			(0.2	)%
Foreign rate differential			—				0.2	%			0.1	%
Effect of Federal Tax Reform			1.5	%			—				—
Other			(1.6	)%			1.3	%			(0.1	)%
Effective tax rate			26.2	%			26.5	%			23.4	%

Components of Deferred Tax Assets

Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes.  The tax effects of these temporary differences representing the components of deferred tax assets as of September 30,

		2019				2020
		(Amounts in thousands)
Deferred tax assets:
Inventories		$	774			$	808
Operating lease right-of-use assets			-			$	9,926
Accrued expenses			492				640
Stock based compensation			2,388				2,170
Tax loss carryforwards			2,316				810
Other			562				268
Valuation allowance			(164	)			-
Total long-term deferred tax assets			6,368				14,622
Deferred tax liabilities:
Depreciation and amortization			(7,510	)			(9,095	)
Operating lease liabilities			-				(10,036	)
Total long-term deferred tax liabilities		$	(7,510	)		$	(19,131	)
Net deferred tax liabilities		$	(1,142	)		$	(4,509	)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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