INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2024

INCOME TAXES [Abstract]

Reconciliation of Income Taxes to Statutory Federal Income Tax Rate

A reconciliation of income taxes computed at the statutory federal income tax rate of 21.0% to the provision for income taxes included in the consolidated statements of operations is as follows (in thousands, except percentages):

	Year Ended March 31,
	2024			2023			2022
Income tax expense computed at the US statutory federal rate	$	33,830		$	34,224		$	30,845
State income tax expense—net of federal benefit		9,624			8,754			8,937
Non-deductible executive compensation		1,718			1,708			1,749
Other		145			(1,068	)		(247	)
Provision for income taxes	$	45,317		$	43,618		$	41,284
Effective income tax rate		28.1	%		26.8	%		28.1	%

Components of Provision for Income Taxes

The components of the provision for income taxes are as follows (in thousands):

	Year Ended March 31,
	2024			2023			2022
Current:
Federal	$	34,232		$	30,928		$	32,309
State		12,371			10,110			11,681
Foreign		1,370			499			894
Total current expense		47,973			41,537			44,884
Deferred:
Federal		(2,419	)		1,301			(3,289	)
State		(188	)		970			(370	)
Foreign		(49	)		(190	)		59
Total deferred expense (benefit)		(2,656	)		2,081			(3,600	)
Provision for income taxes	$	45,317		$	43,618		$	41,284

Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities were as follows (in thousands):

	March 31,
	2024			2023
Deferred tax assets:
Accrued vacation	$	2,666		$	2,251
Deferred revenue		6,934			5,448
Allowance for credit losses		1,278			1,063
Restricted stock		738			654
Other deferred tax assets		1,737			1,697
Accrued bonus		2,641			2,323
Lease liabilities		4,503			3,939
Other credits and carryforwards		251			277
Gross deferred tax assets		20,748			17,652
Less: valuation allowance		(70	)		(112	)
Net deferred tax assets		20,678			17,540
Deferred tax liabilities:
Property and equipment		(2,724	)		(2,926	)
Operating leases		(3,889	)		(3,789	)
Prepaid expenses		(1,807	)		(1,729	)
Right-of-use assets		(4,113	)		(3,885	)
Tax deductible goodwill		(2,525	)		(2,244	)
Total deferred tax liabilities		(15,058	)		(14,573	)
Net deferred tax asset	$	5,620		$	2,967