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Note H - Income Taxes
 12 Months Ended
Apr. 30, 2023
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)

 

2023

  

2022

  

2021

 

Provision for income taxes

            

Current

 $(3,504) $18,871  $23,273 

Deferred

  8,866   8,750   7,239 

Total

 $5,362  $27,621  $30,512 

 

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)

 

2023

  

2022

  

2021

 

Tax provision at statutory rate

 $5,417  $25,753  $28,420 

State taxes, net of federal benefit

  774   3,679   4,060 

Tax benefit from option exercises

  (558)  (1,356)  (1,401)

Other, net

  (271)  (455)  (567)

Total

 $5,362  $27,621  $30,512 

 

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)

 

2023

  

2022

 

Deferred income tax liabilities related to:

        

Finance receivables

 $47,486  $37,682 

Property and equipment

  3,262   1,368 

Goodwill

  281   194 

Total

  51,029   39,244 

Deferred income tax assets related to:

        

Accrued liabilities

  3,051   2,524 

Inventory

  204   316 

Share based compensation

  4,634   3,561 

State net operating loss

  164   168 

Deferred revenue

  3,661   2,226 

Total

  11,714   8,795 

Deferred income tax liabilities, net

 $39,315  $30,449