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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense consisted of the following (in thousands):

			2023						2022						2021
Current
Federal			$	6,506					$	8,335					$	4,598
State and local			2,121						2,656						644
Total current income tax expense			8,627						10,991						5,242
Deferred
Federal			(1,294)						2,080						(161)
State and local			(487)						1,000						(1,092)
Total deferred income tax expense (benefit)			(1,781)						3,080						(1,253)
Total income tax expense			$	6,846					$	14,071					$	3,989

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense differs from the “expected” income tax expense computed by applying the U.S. federal statutory rate to earnings before income taxes for the years ended September 30 as a result of the following (in thousands):

			2023						2022						2021
Federal statutory income tax expense			$	7,549					$	12,628					$	7,169
State income taxes, net of federal benefit			1,620						1,801						716
Permanent differences			605						96						(434)
Change in tax rates			(255)						896						(804)
Change in valuation allowance			(176)						343						(632)
Tax credits			(2,131)						(1,796)						(1,207)
Other			(366)						103						(819)
Total income tax expense			$	6,846					$	14,071					$	3,989

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):

			September 30,
			2023						2022
Deferred tax assets:
Net operating loss carryforwards			$	827					$	1,022
Capital loss carryforwards			651						234
Right-of-use assets			946						626
Accrued expenses			748						240
Stock-based compensation			1,185						569
Other			123						—
Valuation allowance			(808)						(984)
			3,672						1,707
Deferred tax liabilities:
Intangibles			(21,468)						(21,927)
Property and equipment			(11,085)						(10,119)
Prepaid expenses			(262)						(205)
Other			—						(18)
			(32,815)						(32,269)
			$	(29,143)					$	(30,562)

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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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
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