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

6 Months Ended

Oct. 31, 2018

Notes Tables

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

		Three Months Ended October 31,								Six Months Ended October 31,
($ in thousands)		2018				2017				2018				2017
Current tax expense:
Federal		$	871			$	1,140			$	1,605			$	2,459
State and local			72				169				160				248
Current tax expense			943				1,309				1,765				2,707
Deferred tax expense (benefit):
Federal			5				(126	)			5				(312	)
State and local			17				(119	)			(254	)			(149	)
Deferred tax expense (benefit):			22				(245	)			(249	)			(461	)
Income tax provision		$	965			$	1,064			$	1,516			$	2,246

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

		October 31,				April 30,
($ in thousands)		2018				2018
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM		$	10,664			$	10,658
Deferred non-cash post-employment compensation			(372	)			(372	)
Depreciation and amortization			110				119
Unrealized loss (gain) on securities held for sale			256				208
Deferred charges			(336	)			(331	)
Other			223				210
Total federal tax liability			10,545				10,492
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM			1,028				1,299
Deferred non-cash post-employment compensation			(36	)			(45	)
Depreciation and amortization			11				15
Other			(34	)			(47	)
Total state and local tax liabilities			969				1,222
Deferred tax liability, long-term		$	11,514			$	11,714

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

		Six Months Ended October 31,
		2018				2017
U.S. statutory federal tax rate			21.00	%			35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit			-1.62	%			0.17	%
Effect of dividends received deductions			-0.24	%			-0.39	%
Domestic production tax credit			-				-0.51	%
Other, net			-				0.13	%
Effective income tax rate			19.14	%			34.40	%

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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

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-SubTopic 10
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