Income Taxes

6 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 6. Income Taxes

The Company recorded an income tax expense of approximately $536,000 for the three months ended September 30, 2021 compared to income tax expense of approximately $92,000 for the three months ended September 30, 2020. The Company’s effective tax rate increased to 25.1% for the three months ended September 30, 2021 from 6.8% for the three months ended September 30, 2020. The Company recorded an income tax expense of approximately $1,135,000 for the six months ended September 30, 2021 compared to income tax expense of approximately $521,000 for the six months ended September 30, 2020. The Company’s effective tax rate increased to 25.4% for the six months ended September 30, 2021 from 16.2% for the six months ended September 30, 2020. The lower effective tax rate for the three and six months ended September 30, 2020 was attributed to discrete and other non-recurring items.