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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2018
Income Taxes [Abstract] |
Schedule of income tax expense (benefit) | The income tax expense is as follows:
|  | Years Ended March 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Current tax expense |  |  |  |  |  |  |  |  |
Federal |  | $ | 12,153,000 |  |  | $ | 9,451,000 |  |  | $ | 12,400,000 |
State |  |  | 1,406,000 |  |  |  | 318,000 |  |  |  | 1,995,000 |
Foreign |  |  | 1,215,000 |  |  |  | 1,455,000 |  |  |  | 803,000 |
Total current tax expense |  |  | 14,774,000 |  |  |  | 11,224,000 |  |  |  | 15,198,000 |
Deferred tax expense (benefit) |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 2,779,000 |  |  |  | 4,291,000 |  |  |  | (2,929,000 | )
State |  |  | 333,000 |  |  |  | 2,174,000 |  |  |  | (757,000 | )
Foreign |  |  | (23,000 | ) |  |  | (384,000 | ) |  |  | (33,000 | )
Total deferred tax expense (benefit) |  |  | 3,089,000 |  |  |  | 6,081,000 |  |  |  | (3,719,000 | )
Total income tax expense |  | $ | 17,863,000 |  |  | $ | 17,305,000 |  |  | $ | 11,479,000 |
Schedule of deferred income taxes | Deferred income taxes consist of the following at March 31:
|  | 2018 |  |  | 2017 |
Assets |  |  |  |  |  |
Accounts receivable valuation |  | $ | 3,915,000 |  |  | $ | 4,697,000 |
Allowance for customer incentives |  |  | 2,038,000 |  |  |  | 2,894,000 |
Inventory obsolescence reserve |  |  | 1,666,000 |  |  |  | 1,608,000 |
Stock options |  |  | 1,728,000 |  |  |  | 1,971,000 |
Intangibles, net |  |  | 59,000 |  |  |  | 339,000 |
Estimate for returns |  |  | 1,115,000 |  |  |  | 3,191,000 |
Accrued compensation |  |  | 1,152,000 |  |  |  | 1,785,000 |
Net operating losses |  |  | 1,079,000 |  |  |  | 834,000 |
Tax credits |  |  | 1,363,000 |  |  |  | - |
Other |  |  | 2,091,000 |  |  |  | 2,065,000 |
Total deferred tax assets |  | $ | 16,206,000 |  |  | $ | 19,384,000 |
Liabilities |  |  |  |  |  |  |  |
Property and equipment, net |  |  | (1,025,000 | ) |  |  | (1,605,000 | )
Other |  |  | (3,072,000 | ) |  |  | (4,413,000 | )
Total deferred tax liabilities |  | $ | (4,097,000 | ) |  | $ | (6,018,000 | )
Less valuation allowance |  | $ | (1,779,000 | ) |  | $ | - |
Net deferred tax assets |  | $ | 10,330,000 |  |  | $ | 13,366,000 |
Net long-term deferred income tax liability |  |  | (226,000 | ) |  |  | (180,000 | )
Net long-term deferred income tax asset |  |  | 10,556,000 |  |  |  | 13,546,000 |
Total |  | $ | 10,330,000 |  |  | $ | 13,366,000 |
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, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Statutory federal income tax rate |  |  | 31.5 | % |  |  | 35.0 | % |  |  | 35.0 | %
State income tax rate, net of federal benefit |  |  | 3.3 | % |  |  | 2.2 | % |  |  | 4.0 | %
Excess tax benefit from stock compensation |  |  | (0.7 | )% |  |  | (1.4 | )% |  |  | - | %
Foreign income taxed at different rates |  |  | (2.6 | )% |  |  | (0.7 | )% |  |  | (0.8 | )%
Warrants |  |  | (2.1 | )% |  |  | (2.4 | )% |  |  | 8.2 | %
Non-deductible executive compensation |  |  | 1.0 | % |  |  | 0.8 | % |  |  | 2.2 | %
Change in valuation allowance |  |  | 4.9 | % |  |  | - | % |  |  | - | %
Effects of mandatory redeemed repatriation |  |  | 1.6 | % |  |  | - | % |  |  | - | %
Effects of U.S. tax rate changes |  |  | 14.2 | % |  |  | - | % |  |  | - | %
Uncertain Tax Positions |  |  | 0.6 | % |  |  | (0.2 | )% |  |  | 0.4 | %
Other income tax |  |  | 0.6 | % |  |  | (1.8 | )% |  |  | 3.1 | %
|  |  | 52.3 | % |  |  | 31.5 | % |  |  | 52.1 | %
Schedule of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | Years Ended March 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Balance at beginning of period |  | $ | 1,092,000 |  |  | $ | 1,181,000 |  |  | $ | 1,117,000 |
Additions based on tax positions related to the current year |  |  | 234,000 |  |  |  | 141,000 |  |  |  | 57,000 |
Additions for tax positions of prior year |  |  | - |  |  |  | 106,000 |  |  |  | 217,000 |
Reductions for tax positions of prior year |  |  | (107,000 | ) |  |  | - |  |  |  | (210,000 | )
Settlements |  |  | - |  |  |  | (336,000 | ) |  |  | - |
Balance at end of period |  | $ | 1,219,000 |  |  | $ | 1,092,000 |  |  | $ | 1,181,000 |

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- 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=84230637&loc=d3e32639-109319 + Details
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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=84230637&loc=d3e32537-109319 + Details
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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=84230637&loc=d3e32687-109319 + Details
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