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Note H - Income Taxes

12 Months Ended

Apr. 30, 2014

H - Income Taxes

The provision for income taxes was as follows:

	Years Ended April 30,
(In thousands)	2014			2013		2012
Provision for income taxes
Current	$	15,466		$	17,045	$	16,476
Deferred		(2,923	)		1,446		3,316

	$	12,543		$	18,491	$	19,792

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)	2014			2013			2012

Tax provision at statutory rate	$	11,785		$	17,729		$	18,473
State taxes, net of federal benefit		813			829			1,125
Other, net		(55	)		(67	)		194

	$	12,543		$	18,491		$	19,792

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 income tax assets and liabilities were as follows:

	April 30,
(In thousands)	2014		2013

Deferred income tax liabilities related to:
Finance receivables	$	21,944	$	22,965
Property and equipment		1,386		2,159
Total		23,330		25,124

Deferred income tax assets related to:
Accrued liabilities		1,602		1,524
Inventory		173		180
Share based compensation		4,667		4,219
Payment protection plan		1,644		1,034
Total		8,086		6,957

Deferred income tax liabilities, net	$	15,244	$	18,167

- 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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