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

6 Months Ended

Oct. 31, 2019

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)		2019				2018				2019				2018
Current tax expense:
Federal		$	1,143			$	871			$	2,133			$	1,605
State and local			319				72				615				160
Current tax expense			1,462				943				2,748				1,765
Deferred tax expense (benefit):
Federal			(38	)			5				(54	)			5
State and local			195				17				272				(254	)
Deferred tax expense (benefit):			157				22				218				(249	)
Income tax provision		$	1,619			$	965			$	2,966			$	1,516

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

		October 31,				April 30,
($ in thousands)		2019				2019
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM		$	10,669			$	10,669
Deferred non-cash post-employment compensation			(372	)			(372	)
Depreciation and amortization			115				130
Unrealized gain on securities held for sale			542				446
Deferred charges			(341	)			(354	)
Other			(347	)			(279	)
Total federal tax liability			10,266				10,240
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM			2,814				2,530
Deferred non-cash post-employment compensation			(98	)			(74	)
Depreciation and amortization			28				40
Other			(88	)			(112	)
Total state and local tax liabilities			2,656				2,384
Deferred tax liability, long-term		$	12,922			$	12,624

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

		Six Months Ended October 31,
		2019				2018
U.S. statutory federal tax rate			21.00	%			21.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit			6.45	%			(1.62	)%
Effect of dividends received deductions			(0.20	)%			(0.24	)%
Other, net			0.04	%			0	%
Effective income tax rate			27.29	%			19.14	%

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
-Paragraph 2
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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://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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