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Note H - Income Taxes

12 Months Ended

Apr. 30, 2013

H - Income Taxes

The provision for income taxes was as follows:

	Years Ended April 30,
(In thousands)	2013		2012		2011
Provision for income taxes
Current	$	17,045	$	16,476	$	12,619
Deferred		1,446		3,316		4,212

	$	18,491	$	19,792	$	16,831

The provision for income taxes is different from the amount computed by applying the statutory federal income tax rate to income before income taxes for the following reasons:

	Years Ended April 30,
(In thousands)	2013			2012		2011

Tax provision at statutory rate	$	17,729		$	18,473	$	15,766
State taxes, net of federal benefit		829			1,125		980
Other, net		(67	)		194		85

	$	18,491		$	19,792	$	16,831

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities were as follows:

	April 30,
(In thousands)	2013		2012

Deferred tax liabilities related to:
Finance receivables	$	22,965	$	20,122
Property and equipment		2,159		2,211
Total		25,124		22,333

Deferred tax assets related to:
Accrued liabilities		1,524		1,330
Inventory		180		145
Share based compensation		4,219		3,691
Payment protection plan		1,034		446
Total		6,957		5,612

Deferred tax liabilities, net	$	18,167	$	16,721

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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