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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2017
Income Taxes [Abstract] |
Schedule of income tax expense (benefit) | The income tax expense is as follows:
|  | Years Ended March 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Current tax expense |  |  |  |  |  |  |  |  |
Federal |  | $ | 9,451,000 |  |  | $ | 12,400,000 |  |  | $ | 1,523,000 |
State |  |  | 318,000 |  |  |  | 1,995,000 |  |  |  | 1,100,000 |
Foreign |  |  | 1,455,000 |  |  |  | 803,000 |  |  |  | 527,000 |
Total current tax expense |  |  | 11,224,000 |  |  |  | 15,198,000 |  |  |  | 3,150,000 |
Deferred tax expense (benefit) |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 4,291,000 |  |  |  | (2,929,000 | ) |  |  | 5,553,000 |
State |  |  | 2,174,000 |  |  |  | (757,000 | ) |  |  | 93,000 |
Foreign |  |  | (384,000 | ) |  |  | (33,000 | ) |  |  | 272,000 |
Total deferred tax expense (benefit) |  |  | 6,081,000 |  |  |  | (3,719,000 | ) |  |  | 5,918,000 |
Total income tax expense |  | $ | 17,305,000 |  |  | $ | 11,479,000 |  |  | $ | 9,068,000 |
Schedule of deferred income taxes | Deferred income taxes consist of the following at March 31:
|  | 2017 |  |  | 2016 |
Assets |  |  |  |  |  |
Accounts receivable valuation |  | $ | 4,697,000 |  |  | $ | 6,438,000 |
Allowance for customer incentives |  |  | 2,894,000 |  |  |  | 769,000 |
Inventory obsolescence reserve |  |  | 1,608,000 |  |  |  | 1,431,000 |
Stock options |  |  | 1,971,000 |  |  |  | 1,714,000 |
Intangibles, net |  |  | 339,000 |  |  |  | 380,000 |
Estimate for returns |  |  | 3,191,000 |  |  |  | 7,938,000 |
Accrued compensation |  |  | 1,785,000 |  |  |  | 1,485,000 |
Net operating losses |  |  | 834,000 |  |  |  | 2,070,000 |
Tax credits |  |  | - |  |  |  | 1,660,000 |
Other |  |  | 2,065,000 |  |  |  | 2,583,000 |
Total deferred tax assets |  | $ | 19,384,000 |  |  | $ | 26,468,000 |
Liabilities |  |  |  |  |  |  |  |
Property and equipment, net |  |  | (1,605,000 | ) |  |  | (1,119,000 | )
Other |  |  | (4,413,000 | ) |  |  | (6,277,000 | )
Total deferred tax liabilities |  | $ | (6,018,000 | ) |  | $ | (7,396,000 | )
Less valuation allowance |  | $ | - |  |  | $ | - |
Net deferred tax assets |  | $ | 13,366,000 |  |  | $ | 19,072,000 |
Net long-term deferred income tax liability |  |  | (180,000 | ) |  |  | (196,000 | )
Net long-term deferred income tax asset |  |  | 13,546,000 |  |  |  | 19,268,000 |
Total |  | $ | 13,366,000 |  |  | $ | 19,072,000 |
Schedule of difference between income tax expense at the federal statutory rate and effective tax rate | The difference between the income tax expense at the federal statutory rate and the Company’s effective tax rate is as follows:
|  | Years Ended March 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Statutory federal income tax rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State income tax rate, net of federal benefit |  |  | 2.2 | % |  |  | 4.0 | % |  |  | 2.2 | %
Change in deferred tax rate |  |  | - | % |  |  | - | % |  |  | (0.2 | )%
Excess tax benefit from stock compensation |  |  | (1.4 | )% |  |  | - | % |  |  | - | %
Foreign income taxed at different rates |  |  | (0.7 | )% |  |  | (0.8 | )% |  |  | (0.9 | )%
Warrants |  |  | (2.4 | )% |  |  | 8.2 | % |  |  | 0.8 | %
Non-deductible executive compensation |  |  | 0.8 | % |  |  | 2.2 | % |  |  | 3.4 | %
Uncertain Tax Positions |  |  | (0.2 | )% |  |  | 0.4 | % |  |  | 2.5 | %
Other income tax |  |  | (1.8 | )% |  |  | 3.1 | % |  |  | 1.4 | %
|  |  | 31.5 | % |  |  | 52.1 | % |  |  | 44.2 | %
Schedule of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | Years Ended March 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Balance at beginning of period |  | $ | 1,181,000 |  |  | $ | 1,117,000 |  |  | $ | 540,000 |
Additions based on tax positions related to the current year |  |  | 141,000 |  |  |  | 57,000 |  |  |  | 359,000 |
Additions for tax positions of prior year |  |  | 106,000 |  |  |  | 217,000 |  |  |  | 336,000 |
Reductions for tax positions of prior year |  |  | - |  |  |  | (210,000 | ) |  |  | (118,000 | )
Settlements |  |  | (336,000 | ) |  |  | - |  |  |  | - |
Balance at end of period |  | $ | 1,092,000 |  |  | $ | 1,181,000 |  |  | $ | 1,117,000 |

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