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10. Income Taxes
 6 Months Ended
Jul. 31, 2011
Income Tax Disclosure [Text Block] 10.           Income Taxes
We recorded income tax expense of $875,000 for the fiscal 2012 second quarter compared to $435,000 for the prior year second quarter.  The effective tax rates for the fiscal 2012 and 2011 second quarters were 34.7% and 26.9%, respectively.  Our effective tax rate was atypically low during the fiscal 2011 second quarter and increased during the fiscal 2012 second quarter compared to the prior-year period, primarily due to the following percentage point changes in our effective tax rate:

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An increase of 3.5% due to non-taxable life insurance proceeds received in the second quarter of fiscal 2011;

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An increase of 2.1% due to a large, one-time donation of appreciated property during fiscal 2011;

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An increase of 1.7% due to the successful abatement of a prior year tax penalty in fiscal 2011;

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An increase of 0.8% in projected state income tax expense for fiscal 2012; and

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A decrease of 0.8% due to the accrual of an anticipated distribution from our captive insurance arrangement in fiscal 2012.

We recorded income tax expense of $1.2 million in the first half of fiscal 2012 compared to $1.1 million for the same period last year.  The effective income tax rates for the first half of fiscal years 2012 and 2011 were 34.7% and 32.4%, respectively. Our effective tax rate increased during the fiscal 2012 first half compared to the prior-year period, primarily due to the following percentage point changes in our effective tax rate:

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An increase of 1.6% due to non-taxable life insurance proceeds received in fiscal 2011;

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An increase of 0.8% due to the successful abatement of a prior year tax penalty in fiscal 2011;

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A decrease of 0.8% due to the accrual of an anticipated distribution from the Company’s captive insurance arrangement in fiscal 2012; and

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An increase of 0.4% in projected state income tax expense for fiscal 2012.