Income Taxes

12 Months Ended

Mar. 31, 2012

Income Tax Disclosure [Abstract]

Income Taxes

(6)           Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.  The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows (in thousands):

	March 31,
	2012			2011
Deferred tax assets:
Bad debt and inventory reserves	$	26		$	25
Accrued expenses		535			543
Deferred stock compensation		331			336
Net operating loss carryforward		250			349
Deferred tax assets		1,142			1,253
Less: valuation allowance		-			-
Total deferred tax assets		1,142			1,253
Deferred tax liabilities:
Property and equipment		(404	)		(571	)
Total net deferred taxes	$	738		$	682

There was no change in the valuation allowance which was $0 for both the fiscal years ended March 31, 2012 and 2011.  At March 31, 2012, the Company had federal net operating loss carryforwards of approximately $675,000.  The federal net operating loss carryforwards expire in the years 2020 and 2021.  The use of such net operating loss carryforwards is limited to approximately $266,000 annually due to a change of control on November 22, 2000.  The components of the income tax provision consist of the following (in thousands):

	Year Ended March 31,
	2012			2011		2010
Current taxes
Federal	$	9,138		$	11,007	$	13,738
State		870			1,052		1,307
Total current taxes		10,008			12,059		15,045
Deferred taxes
Federal		(270	)		317		(279	)
State		(26	)		30		(26	)
Total deferred taxes		(296	)		347		(305	)
Total provision for income taxes	$	9,712		$	12,406	$	14,740

The reconciliation of income tax provision computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands):

	Year Ended March 31,
	2012			2011			2010
Income taxes at U.S. statutory rates	$	9,230		$	11,647		$	14,260
State income taxes, net of federal tax benefit		540			714			823
Permanent differences		(68	)		(64	)		(123	)
Other		10			109			113
Change in valuation allowance		-			-			(333	)
Total provision for income taxes	$	9,712		$	12,406		$	14,740