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Income Taxes

12 Months Ended

Mar. 31, 2012

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The provision for income taxes consists of the following for the years ended March 31:

		2012				2011				2010
Current:
Federal		$	11,795,165			$	10,272,425			$	6,870,420
State			1,886,079				1,686,983				1,132,605
Total current			13,681,244				11,959,408				8,003,025
Deferred:
Federal			216,022				(1,217,796	)			(1,045,103	)
State			34,543				(199,992	)			(172,288	)
Total deferred			250,565				(1,417,788	)			(1,217,391	)
Income tax expense		$	13,931,809			$	10,541,620			$	6,785,634

The net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes are reflected in deferred income taxes. Significant components of the Company’s deferred tax assets consist of the following as of March 31:

		2012				2011
Allowance for credit losses not currently deductible for tax purposes		$	8,037,787			$	8,150,912
Share-based compensation			436,131				543,624
Other items			230,181				260,129
		$	8,704,099			$	8,954,665

The provision for income taxes reflects an effective U.S tax rate, which differs from the corporate tax rate for the following reasons:

		2012				2011				2010
Provision for income taxes at Federal statutory rate		$	12,656,735			$	9,571,378			$	6,177,568
Increase resulting from:
State income taxes, net of Federal benefit			1,248,404				966,544				624,206
Other			26,670				3,698				(16,140	)
		$	13,931,809			$	10,541,620			$	6,785,634

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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/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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-Section 50

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