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Note 5 - Income Taxes
 12 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
(
5
)
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,
 
   
2020
   
2019
 
Deferred tax assets:
                
Accrued expenses
   $
287
     $
298
  
Deferred stock compensation
    
469
      
412
  
Bad debt and inventory reserves
    
24
      
22
  
                 
Total deferred tax assets
    
780
      
732
  
                 
Deferred tax liabilities:
                
Property and equipment
    
(1,750
 )    
(1,853
 )
                 
Total net deferred tax liabilities
   $
(970
 )   $
(1,121
 )
 
At
March 31, 2020,
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,
 
   
2020
   
2019
   
2018
 
                         
Current taxes
                        
Federal
   $
7,352
     $
9,718
     $
15,012
  
State
    
841
      
1,538
      
1,586
  
Total current taxes
    
8,193
      
11,256
      
16,598
  
                         
Deferred taxes
                        
Federal
    
(135
 )    
108
      
(83
 )
State
    
(16
 )    
17
      
(9
 )
Total deferred taxes
    
(151
 )    
125
      
(92
 )
                         
Total provision for income taxes
   $
8,042
     $
11,381
     $
16,506
  
 
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,
 
   
2020
   
2019
   
2018
 
                         
Income taxes at U.S. statutory rates
   $
7,118
     $
10,315
     $
16,943
  
State income taxes, net of federal tax benefit
    
649
      
1,233
      
1,078
  
Restricted stock windfall adjustment
    
322
      
(176
 )    
(1,086
 )
Reduction of deferred tax liability due to rate reduction
    
-
      
-
      
(430
 )
Other
    
(47
 )    
9
      
1
  
Total provision for income taxes
   $
8,042
     $
11,381
     $
16,506
  
 
The
2017
Tax Cuts and Jobs Act (the
“2017
Tax Act”) was signed into law on
December 22, 2017.  
The
2017
Tax Act made a significant number of changes to the existing U.S. Internal Revenue Code, including a permanent reduction of the U.S. corporate income tax rate from
35%
to
21%
for tax years beginning after
December 31, 2017.
In accordance with SEC Staff Bulletin
No.
118,
fiscal year end companies were required to determine the appropriate blended rate to apply based on their respective fiscal year end dates. Therefore, instead of applying a
35.0%
federal tax rate for the fiscal year ended
March 31, 2018,
the Company applied a blended federal rate of
31.5%.
This blended rate was applied to fiscal
2018,
resulting in a tax benefit of approximately
$1.9
million. As a result, the Company recorded a provisional income tax benefit of approximately
$430,000
related to the re-measurement of deferred tax assets and liabilities resulting from the reduction of the federal corporate tax rate for the year ended
March 31, 2018,
which was reconciled during the year ended
March 31, 2019. 
 
In fiscal
2020
the Company recognized a stock compensation shortfall charge of approximately
$322,000,
and recognized a
one
-time benefit of approximately
$93,000,
related to a return to provision true up of the fiscal
2019
income tax provision. In fiscal
2019
the Company recognized a stock compensation windfall benefit of approximately
$176,000,
and recognized a
one
-time charge of approximately
$8,000
related to a return to provision true up of the fiscal
2018
income tax provision. In fiscal
2018
the Company also recognized a stock compensation windfall benefit of approximately
$1.1
million, and recognized a
one
-time net benefit of approximately
$150,000
related to a return to provision true up of the fiscal
2017
income tax provision.