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Note 10 - Income Taxes | 12 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | 10. INCOME TAXES Components of tax expense (benefit) are as follows (in thousands):
|  | Year Ended March 31, |
|  | 2023 |  |  | 2022 |
Federal |  |  |  |  |  |  |  |
Current |  | $ | 2,135 |  |  | $ | 3,881 |
Deferred |  |  | 3,425 |  |  |  | (478 | )
|  |  | 5,560 |  |  |  | 3,403 |
State |  |  |  |  |  |  |  |
Current |  |  | 1,384 |  |  |  | 945 |
Deferred |  |  | (99 | ) |  |  | (83 | )
|  |  | 1,285 |  |  |  | 862 |
Total |  | $ | 6,845 |  |  | $ | 4,265 |
The U.S. federal statutory income tax rate is reconciled to the effective rate as follows:
|  | Year Ended March 31, |
|  | 2023 |  |  | 2022 |
Income tax expense at U.S. federal statutory rate |  |  | 21.0 | % |  |  | 21.0 | %
Current year state and local income taxes net of federal income tax benefit |  |  | 3.5 |  |  |  | 3.7 |
Other |  |  | (0.3 | ) |  |  | (1.4 | )
Provision for income taxes |  |  | 24.2 | % |  |  | 23.3 | %
The Company’s tax returns may be subject to examination by the Internal Revenue Service for the fiscal years ended March 31, 2020 through March 31, 2022. State and local returns may be subject to examination for fiscal years ended March 31, 2019 through March 31, 2022. Deferred income taxes are provided for 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 consolidated deferred tax assets (liabilities) are as follows (in thousands):
|  | March 31, |
|  | 2023 |  |  | 2022 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  | $ | (5,786 | ) |  | $ | (1,788 | )
Total deferred tax liabilities |  |  | (5,786 | ) |  |  | (1,788 | )
Deferred tax assets: |  |  |  |  |  |  |  |
Unrealized derivative loss - OCI |  |  | 106 |  |  |  | 3,271 |
Inventory capitalization |  |  | 548 |  |  |  | 98 |
Postretirement benefits other than pensions |  |  | 25 |  |  |  | 29 |
Restricted stock compensation |  |  | 91 |  |  |  | 69 |
Unrealized loss - mark to market derivatives |  |  | 526 |  |  |  | 388 |
Other |  |  | 133 |  |  |  | 66 |
Total deferred tax assets |  |  | 1,429 |  |  |  | 3,921 |
Net deferred tax asset (liability) |  | $ | (4,357 | ) |  | $ | 2,133 |

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