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Note H - Income Taxes

12 Months Ended

Apr. 30, 2018

Notes to Financial Statements

Income Tax Disclosure [Text Block]

H - Income Taxes

The provision for income taxes was as follows:

		Years Ended April 30,
(In thousands)		2018				2017				2016
Provision for income taxes
Current		$	8,757			$	11,399			$	7,800
Deferred			(6,360	)			638				(898	)
Total		$	2,397			$	12,037			$	6,902

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)		2018				2017				2016
Tax provision at statutory rate		$	11,827			$	11,285			$	6,474
State taxes, net of federal benefit			1,077				868				443
Tax benefit from option exercises			(1,721	)			-				-
Deferred tax adjustment related to Tax Act			(8,083	)			-				-
Other, net			(703	)			(116	)			(15	)
Total		$	2,397			$	12,037			$	6,902

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:

		Years Ended April 30,
(In thousands)		2018				2017
Deferred income tax liabilities related to:
Finance receivables		$	17,764			$	26,524
Goodwill			61				131
Total			17,825				26,655
Deferred income tax assets related to:
Accrued liabilities			1,894				2,371
Inventory			120				149
Share based compensation			2,144				3,964
Property and equipment			82				-
State net operating loss			69				-
Deferred revenue			958				1,253
Total			5,267				7,737
Deferred income tax liabilities, net		$	12,558			$	18,918

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- References

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- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

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