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Income Taxes
9 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

Note 9. Income Taxes

The Company recorded an income tax expense of approximately $1,190,000 for the three months ended December 31, 2020 compared to income tax expense of approximately $229,000 for the three months ended December 31, 2019. The Company’s effective tax rate decreased to 23.9% for the three months ended December 31, 2020 from 42.4% for the three months ended December 31, 2019. The decrease was primarily attributed to the return to normalized effective tax rate in the current quarter. The Company recorded an income tax expense of approximately $1,711,000 for the nine months ended December 31, 2020 compared to income tax expense of approximately $527,000 for the nine months ended December 31, 2019. The Company’s effective tax rate decreased to 20.9% for the nine months ended December 31, 2020 from 31.1% for the nine months ended December 31, 2019. The decrease was primarily attributed to prior year Net Operating Losses recognized in the Fiscal Year of 2021.