XML 74 R14.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Income Taxes | 12 Months Ended
--- | ---
Mar. 31, 2015
Income Tax Disclosure [Abstract] |
Income Taxes | 8. Income Taxes The provision for income taxes consists of the following for the years ended March 31:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 7,688,428 |  |  | $ | 8,709,338 |  |  | $ | 10,187,010 |
State |  |  | 1,196,034 |  |  |  | 1,393,675 |  |  |  | 1,661,860 |
Total current |  |  | 8,884,462 |  |  |  | 10,103,013 |  |  |  | 11,848,870 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 308,090 |  |  |  | 1,474,425 |  |  |  | 598,674 |
State |  |  | 47,927 |  |  |  | 235,940 |  |  |  | 97,665 |
Total deferred |  |  | 356,017 |  |  |  | 1,710,365 |  |  |  | 696,339 |
Income tax expense |  | $ | 9,240,479 |  |  | $ | 11,813,378 |  |  | $ | 12,545,209 |
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:
|  | 2015 |  |  | 2014 |
Allowance for credit losses not currently deductible for tax purposes |  | $ | 5,552,437 |  |  | $ | 6,106,725 |
Share-based compensation |  |  | 514,259 |  |  |  | 443,623 |
Interest rate swap agreements |  |  | 69,201 |  |  |  | (70,283 | )
Other items |  |  | 224,682 |  |  |  | 236,531 |
Deferred income taxes |  | $ | 6,360,579 |  |  | $ | 6,716,596 |
The provision for income taxes reflects an effective U.S tax rate, which differs from the corporate tax rate for the following reasons:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Provision for income taxes at Federal statutory rate |  | $ | 9,133,730 |  |  | $ | 9,980,855 |  |  | $ | 11,370,154 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of Federal benefit |  |  | 808,574 |  |  |  | 1,059,249 |  |  |  | 1,143,692 |
Transaction costs |  |  | (733,689 | ) |  |  | 733,689 |  |  |  | — |
Other |  |  | 31,864 |  |  |  | 39,585 |  |  |  | 31,363 |
Income tax expense |  | $ | 9,240,479 |  |  | $ | 11,813,378 |  |  | $ | 12,545,209 |
The Company’s effective tax rate decreased to 35.41% in fiscal 2015 from 41.43% in fiscal 2014 and 38.61% in fiscal 2013. The Company had approximately $2,096,000 of previously non-deductible expenses associated with the potential sale of the Company in 2014 (see Note 12). Since the sale of the Company was not consummated, the $2,096,000 became deductible in 2015 creating a favorable effective tax rate.

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration