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Income Taxes

12 Months Ended

Mar. 31, 2015

(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,
	2015		2014
Deferred tax assets:
Accrued expenses	$	545	$	679
Deferred stock compensation		246		248
Net operating loss carryforward		-		53
Bad debt and inventory reserves		26		35
Property and equipment		23		-

Total deferred tax assets		840		1,015

Deferred tax liabilities:
Property and equipment		-		(18	)

Total net deferred taxes	$	840	$	997

At March 31, 2015, the Company had no federal net operating loss carryforwards.

The components of the income tax provision consist of the following (in thousands):

	Year Ended March 31,
	2015		2014			2013

Current taxes
Federal	$	9,303	$	9,689		$	9,588
State		885		921			913
Total current taxes		10,188		10,610			10,501

Deferred taxes
Federal		143		(167	)		(329	)
State		14		(16	)		(31	)
Total deferred taxes		157		(183	)		(360	)

Total provision for income taxes	$	10,345	$	10,427		$	10,141

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,
	2015			2014			2013

Income taxes at U.S. statutory rates	$	9,729		$	9,940		$	9,557
State income taxes, net of federal tax benefit		589			583			562
Permanent differences		(29	)		(35	)		(74	)
Other		56			(61	)		96

Total provision for income taxes	$	10,345		$	10,427		$	10,141

- 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.

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