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Note 8 - Federal, State and Local Income Taxes (Tables)

9 Months Ended

Jan. 31, 2017

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		Three Months Ended January 31,								Nine months ended January 31,
($ in thousands)		2017				2016				2017				2016
Current tax expense:
Federal		$	851			$	906			$	5,424			$	2,916
State and local			166				62				506				189
Current tax expense			1,017				968				5,930				3,105
Deferred tax expense (benefit):
Federal			(282	)			(271	)			(870	)			(449	)
State and local			(325	)			(1	)			(387	)			(222	)
Deferred tax expense (benefit):			(607	)			(272	)			(1,257	)			(671	)
Income tax provision		$	410			$	696			$	4,673			$	2,434

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		January 31,				April 30,
($ in thousands)		2017				2016
Federal tax benefit (liability):
Unrealized gains on securities available-for-sale		$	(150	)		$	(68	)
Capital loss carryforward			-				86
Operating lease deferred obligation			-				58
Deferred professional fees			17				77
Deferred charges			460				250
Total federal tax benefit			327				403
State and local tax benefits:
Other			17				29
Total state and local tax benefits			17				29
Deferred tax asset, short term		$	344			$	432

		January 31,				April 30,
($ in thousands)		2017				2016
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM		$	17,737			$	17,679
Deferred non-cash post-employment compensation			(619	)			(619	)
Depreciation and amortization			736				1,812
Other			134				8
Total federal tax liability			17,988				18,880
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM			1,210				1,704
Deferred non-cash post-employment compensation			(42	)			(60	)
Depreciation and amortization			70				174
Other			(2	)			(15	)
Total state and local tax liabilities			1,236				1,803
Deferred tax liability, long term		$	19,224			$	20,683

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		Nine months ended January 31,
		2017				2016
U.S. statutory federal tax rate			35.00	%			35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit			-0.39	%			-1.38	%
Effect of dividends received deductions			-0.29	%			-0.70	%
Domestic production tax credit			-0.19	%			-0.54	%
Settlement of tax audits			-				-3.60	%
Other, net			-0.65	%			-
Effective income tax rate			33.48	%			28.78	%

X

- 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=65882285&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=65882285&loc=d3e32537-109319

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- Definition

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=65882285&loc=d3e32687-109319

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