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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2013

Income Taxes

Schedule of components of the provision for income taxes

The components of the provision for income taxes are as follows (in thousands):

		Year ended March 31,
		2013			2012			2011
Current tax provision
Federal		$	4,440		$	4,233		$	3,291
State		280			437			691
		4,720			4,670			3,982
Deferred tax provision:
Federal		(180		)	(237		)	(342		)
State		(12		)	(21		)	(72		)
		(192		)	(258		)	(414		)
		$	4,528		$	4,412		$	3,568

Schedule of components of net deferred tax assets and liabilities

The components of net deferred tax assets and liabilities are as follows (in thousands):

		March 31,
		2013			2012
Current deferred tax assets:
Accrued employee-related expenses		$	125		$	211
Asset reserves		226			196
Stock option deductible differences		243			99
Inventory		252			204
		846			710
Long-term deferred tax liability:
Property, plant and equipment		(1,320		)	(1,299		)
Goodwill and intangible assets		(1,044		)	(1,220		)
		(2,364		)	(2,519		)
Net deferred tax liability		$	(1,518	)	$	(1,809	)

Schedule of reconciliation of income tax provision and the amounts computed by applying statutory rates to income before income taxes

		Year ended March 31,
		2013			2012			2011
Income taxes at statutory rates		$	4,543		$	4,193		$	3,313
State income taxes, net of federal benefit		158			285			272
Tax benefit of stock option exercises		197			61			90
Section 199 manufacturing deduction		(357		)	(347		)	(273		)
Other		(13		)	220			166
		$	4,528		$	4,412		$	3,568

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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.

+ 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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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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