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Federal, State and Local Income Taxes (Tables)

9 Months Ended

Jan. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

		Three Months Ended January 31,								Nine Months Ended January 31,
($ in thousands)		2014				2013				2014				2013
Current tax expense:
Federal		$	949			$	727			$	2,003			$	2,054
State and local			66				156				140				258
Current tax expense			1,015				883				2,143				2,312
Deferred tax expense:
Federal			(9	)			97				521				533
State and local			20				23				111				140
Deferred tax expense			11				120				632				673
Income tax provision		$	1,026			$	1,003			$	2,775			$	2,985

Schedule of components of deferred tax asset and deferred tax liability

		January 31,				April 30,
($ in thousands)		2014				2013
Federal tax benefit (liability):
Unrealized gains on securities available-for-sale		$	(110	)		$	(136	)
Operating lease deferred obligation			70				13
Deferred professional fees			39				49
Deferred charges			227				265
Total federal tax benefit			226				191
State and local tax benefits:
NYC UBT tax credit carryforward			181				-
Other			56				36
Total state and local tax benefits			237				36
Deferred tax asset, short term		$	463			$	227
		January 31,				April 30,
($ in thousands)		2014				2013
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM		$	17,679			$	17,679
Deferred non-cash post-employment compensation			(619	)			(619	)
Depreciation and amortization			2,359				1,642
Other			590				262
Total federal tax liability			20,009				18,964
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM			2,144				2,243
Deferred non-cash post-employment compensation			(75	)			(79	)
Depreciation and amortization			286				208
Deferred professional fees			(5	)			(10	)
Total state and local tax liabilities			2,350				2,362
Deferred tax liability, long term		$	22,359			$	21,326

Schedule of effective income tax rate reconciliation

		Nine Months Ended January 31,
		2014				2013
U.S. statutory federal rate			35.00	%			35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit			1.97	%			2.78	%
Effect of dividends received deductions			-0.42	%			-0.26	%
Domestic production tax credit			-0.46	%			-0.58	%
Other, net			-0.79	%			-
Effective income tax rate			35.30	%			36.94	%

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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