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Note 5 - Income Taxes | 12 Months Ended
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Mar. 31, 2021
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, |
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued expenses |  | $ | 406 |  |  | $ | 287 |
Deferred stock compensation |  |  | 321 |  |  |  | 469 |
Bad debt and inventory reserves |  |  | 29 |  |  |  | 24 |
Total deferred tax assets |  |  | 756 |  |  |  | 780 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | (2,037 | ) |  |  | (1,750 | )
Total net deferred tax liabilities |  | $ | (1,281 | ) |  | $ | (970 | )
At March 31, 2021, 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, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current taxes |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 7,446 |  |  | $ | 7,352 |  |  | $ | 9,718 |
State |  |  | 856 |  |  |  | 841 |  |  |  | 1,538 |
Total current taxes |  |  | 8,302 |  |  |  | 8,193 |  |  |  | 11,256 |
Deferred taxes |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 279 |  |  |  | (135 | ) |  |  | 108 |
State |  |  | 32 |  |  |  | (16 | ) |  |  | 17 |
Total deferred taxes |  |  | 311 |  |  |  | (151 | ) |  |  | 125 |
Total provision for income taxes |  | $ | 8,613 |  |  | $ | 8,042 |  |  | $ | 11,381 |
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, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Income taxes at U.S. statutory rates |  | $ | 8,235 |  |  | $ | 7,118 |  |  | $ | 10,315 |
State income taxes, net of federal tax benefit |  |  | 708 |  |  |  | 649 |  |  |  | 1,233 |
Restricted stock (windfall) shortfall adjustment |  |  | (135 | ) |  |  | 322 |  |  |  | (176 | )
Other |  |  | (195 | ) |  |  | (47 | ) |  |  | 9 |
Total provision for income taxes |  | $ | 8,613 |  |  | $ | 8,042 |  |  | $ | 11,381 |
In fiscal 2021 the Company recognized a stock compensation windfall benefit of approximately $135,000, and recognized a one-time benefit of approximately $194,000, related to a return to provision true up of the fiscal 2020 income tax provision. 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.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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