Note 8 - Income Taxes

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 8:   Income Taxes

For the quarters ended September 30, 2021 and 2020, the Company recorded an income tax provision of approximately $2.0 million and $2.5 million, respectively, and for the six months ended September 30, 2021 and 2020, respectively, the Company recorded an income tax provision of approximately $3.3 million and $4.5 million, respectively. The decrease in the income tax provision for the three and six months ended September 30, 2021 is related to a decrease in operating income during the periods. The effective tax rate for the quarter ended September 30, 2021 was approximately 23.8%, compared to 22.6% for the quarter ended September 30, 2020, and the effective tax rate for the six months ended September 30, 2021 was approximately 23.7% compared to 21.7% for the six months ended September 30, 2020. The increase to the effective tax rate for the quarter ended September 30, 2021 can be attributed to more non-deductible expenses in the September quarter. The increase to the effective tax rate for the six months ended September 30, 2021 can be attributed to the Company receiving a one-time state income tax refund of $285,000 in the June 2020 quarter.