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Note H - Income Taxes
 12 Months Ended
Apr. 30, 2024
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)

  

2024

    

2023

    

2022

  

Provision for income taxes

                        

Current

   $ 12,765     $ (3,504 )   $ 18,871  

Deferred

     (21,507 )     8,866       8,750  

Total

   $ (8,742 )   $ 5,362     $ 27,621  

 

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)

  

2024

    

2023

    

2022

  

Tax provision at statutory rate

   $ (8,428 )   $ 5,417     $ 25,753  

State taxes, net of federal benefit

     (1,204 )     774       3,679  

Tax benefit from option exercises

     (227 )     (558 )     (1,356 )

Other, net

     1,117       (271 )     (455 )

Total

   $ (8,742 )   $ 5,362     $ 27,621  

 

 

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)

  

2024

    

2023

  

Deferred income tax liabilities related to:

                

Finance receivables

   $ 46,056     $ 47,486  

Property and equipment

     3,222       3,262  

Goodwill

     426       281  

Total

     49,704       51,029  

Deferred income tax assets related to:

                

Accrued liabilities

     2,218       3,051  

Inventory

     152       204  

Share based compensation

     4,803       4,634  

Net operating loss

     20,700       164  

Interest expense limitation

     (7 )     -  

Deferred revenue

     4,030       3,661  

Total

     31,896       11,714  

Deferred income tax liabilities, net

   $ 17,808     $ 39,315