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Note 8 - Income Taxes

6 Months Ended

Sep. 30, 2020

Note 8:

Income Taxes

For both the quarters ended September 30, 2020 and 2019, the Company recorded an income tax provision of approximately $2.5 million, and for the six months ended September 30, 2020 and 2019, the Company recorded an income tax provision of approximately $4.5 million and $4.1 million, respectively. The increase in the income tax provision for the six months ended September 30, 2020 is related to an increase in operating income during the period. The effective tax rate for the quarter ended September 30, 2020 was approximately 22.6%, compared to 27.0% for the quarter ended September 30, 2019, and the effective tax rate for the six months ended September 30, 2020 was approximately 21.7% compared to 25.5% for the six months ended September 30, 2019. The decrease to the effective rate for the three and six months ended September 30, 2020 can be attributed to the Company receiving a one-time state income tax refund of $285,000 in the June 2020 quarter and a $106,000 income tax benefit related to restricted stock compensation in the September 2020 quarter, compared to a $322,000 income tax charge related to restricted stock compensation, which was recognized in the quarter ended September 30, 2019.

- 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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