Note 8 - Income Taxes

9 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note

8

: Income Taxes

For the quarters ended

December 31, 2019

and

2018,

the Company recorded an income tax provision of approximately

$1.8

million and

$2.4

million, respectively, and for the

nine

months ended

December 31, 2019

and

2018,

the Company recorded an income tax provision of approximately

$5.9

million and

$9.4

million, respectively. The effective tax rate for the quarter ended

December 31, 2019

was approximately

21.0%

compared to

23.5%

for the quarter ended

December 31, 2018,

and the effective tax rate for the

nine

months ended

December 31, 2019

was approximately

23.9%,

compared to

23.2%

for the

nine

months ended

December 31, 2018.

The decrease to the income tax provision and effective rate for the quarter ended

December 31, 2019

was due to a reduction in the Florida state corporate income tax rate, and a

one

-time income tax benefit of

$96,000

related to the reconciliation of the Company’s tax return for the fiscal year ending

March 31, 2019.

The increase to the effective rate for the

nine

months ended

December 31, 2019

can be attributed to a

$322,000

income tax charge related to restricted stock compensation which was recognized in

September 2019.