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v3.23.1

Income Taxes | 12 Months Ended
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Mar. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income TaxesDeferred 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,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Accrued expenses | $ | 1,529 |  |  | $ | 364 |
Deferred stock compensation | 1,605 |  |  | 662 |
Bad debt and inventory reserves | 21 |  |  | 27 |
Total deferred tax assets | 3,155 |  |  | 1,053 |
Deferred tax liabilities: |  |  |
Property and equipment | (2,527) |  |  | (1,989) |
Total net deferred tax assets (liabilities) | $ | 628 |  |  | $ | (936) |
At March 31, 2023, the Company had no federal or state net operating loss carryforwards. The components of the income tax provision consist of the following (in thousands):
| Year Ended March 31,
| 2023 |  | 2022 |  | 2021
Current taxes |  |  |  |  |
Federal | $ | 1,831 |  |  | $ | 5,801 |  |  | $ | 7,446 |
State | 1,084 |  |  | 515 |  |  | 856 |
Total current taxes | 2,915 |  |  | 6,316 |  |  | 8,302 |
Deferred taxes |  |  |  |  |
Federal | (982) |  |  | (317) |  |  | 279 |
State | (582) |  |  | (28) |  |  | 32 |
Total deferred taxes | (1,564) |  |  | (345) |  |  | 311 |
Total provision for income taxes | $ | 1,351 |  |  | $ | 5,971 |  |  | $ | 8,613 |
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,
| 2023 |  | 2022 |  | 2021
Income taxes at U.S. statutory rates | $ | 333 |  |  | $ | 5,685 |  |  | $ | 8,235 |
State income taxes, net of federal tax benefit | 275 |  |  | 379 |  |  | 708 |
Permanent differences | 396 |  |  | 59 |  |  | 198 |
Restricted stock shortfall (windfall) adjustment | 208 |  |  | 33 |  |  | (135) |
Other | 139 |  |  | (185) |  |  | (393) |
Total provision for income taxes | $ | 1,351 |  |  | $ | 5,971 |  |  | $ | 8,613 |
In fiscal 2023, the Company recognized a stock compensation shortfall charge of approximately $208 thousand and recognized a one-time charge of approximately $382 thousand related to a return to provision true up of the fiscal 2022 income tax provision. In fiscal 2022, the Company recognized a stock compensation shortfall charge of approximately $33 thousand, and recognized a one-time benefit of approximately $29 thousand, related to a return to provision true up of the fiscal 2021 income tax provision. In fiscal 2021 the Company recognized a stock compensation windfall benefit of approximately $135 thousand, and recognized a one-time benefit of approximately $194 thousand, related to a return to provision true up of the fiscal 2020 income tax provision. The differences between the effective income tax rate and the statutory U.S. federal income tax rate are as follows:
| Year Ended March 31,
| 2023 |  | 2022 |  | 2021
Federal rate on income before taxes | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit | 17.4 | % |  | 1.4 | % |  | 1.8 | %
Permanent differences | 25.0 | % |  | 0.2 | % |  | 0.5 | %
Restricted stock shortfall (windfall) adjustments | 13.1 | % |  | 0.1 | % |  | (0.3) | %
Other | 8.8 | % |  | (0.6) | % |  | (1.0) | %
Total Effective Tax Rate | 85.3 | % |  | 22.1 | % |  | 22.0 | %
The primary drivers for the increase in effective tax rate for the fiscal 2023 include the recognition of permanent differences related to one-time acquisition costs and a non-deductible portion of restricted stock compensation. The state tax rate for fiscal 2023 includes continued expansion of operations as well as a one-time true up for new state filings for fiscal 2022.

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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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=122134291&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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=122134291&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 https://asc.fasb.org/extlink&oid=121826272&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 https://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 https://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 https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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