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Income Taxes | 12 Months Ended
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Mar. 31, 2013
Income Tax Disclosure [Abstract] |
Income Taxes | (6) Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows (in thousands):
|  | March 31,
|  | 2013 |  | 2012
Deferred tax assets: |  |  |  |  |  |
Bad debt and inventory reserves |  | $ | 31 |  |  | $ | 26 |
Accrued expenses |  |  | 608 |  |  |  | 535 |
Deferred stock compensation |  |  | 244 |  |  |  | 331 |
Net operating loss carryforward |  |  | 152 |  |  |  | 250 |
Deferred tax assets |  |  | 1,035 |  |  |  | 1,142 |
Less: valuation allowance |  |  | - |  |  |  | - |
Total deferred tax assets |  |  | 1,035 |  |  |  | 1,142 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | (221 | ) |  |  | (404 | )
Total net deferred taxes |  | $ | 814 |  |  | $ | 738 |
There was no change in the valuation allowance which was $0 for both the fiscal years ended March 31, 2013 and 2012. At March 31, 2013, the Company had federal net operating loss carryforwards of approximately $409,000. The federal net operating loss carryforwards expire in the year 2020. The use of such net operating loss carryforwards is limited to approximately $266,000 annually due to a change of control on November 22, 2000. The components of the income tax provision consist of the following (in thousands):
|  | Year Ended March 31,
|  | 2013 |  | 2012 |  | 2011
Current taxes |  |  |  |  |  |  |  |  |
Federal |  | $ | 9,588 |  |  | $ | 9,138 |  |  | $ | 11,007 |
State |  |  | 913 |  |  |  | 870 |  |  |  | 1,052 |
Total current taxes |  |  | 10,501 |  |  |  | 10,008 |  |  |  | 12,059 |
Deferred taxes |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (329 | ) |  |  | (270 | ) |  |  | 317 |
State |  |  | (31 | ) |  |  | (26 | ) |  |  | 30 |
Total deferred taxes |  |  | (360 | ) |  |  | (296 | ) |  |  | 347 |
Total provision for income taxes |  | $ | 10,141 |  |  | $ | 9,712 |  |  | $ | 12,406 |
The reconciliation of income tax provision computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands):
|  | Year Ended March 31, |
|  | 2013 |  | 2012 |  | 2011
Income taxes at U.S. statutory rates |  | $ | 9,557 |  |  | $ | 9,230 |  |  | $ | 11,647 |
State income taxes, net of federal tax benefit |  |  | 562 |  |  |  | 540 |  |  |  | 714 |
Permanent differences |  |  | (74 | ) |  |  | (68 | ) |  |  | (64 | )
Other |  |  | 96 |  |  |  | 10 |  |  |  | 109 |
Total provision for income taxes |  | $ | 10,141 |  |  | $ | 9,712 |  |  | $ | 12,406 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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