Income Taxes

12 Months Ended

Mar. 31, 2014

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,
	2014			2013
Deferred tax assets:
Accrued expenses		679			608
Deferred stock compensation		248			244
Net operating loss carryforward		53			152
Bad debt and inventory reserves		35			31
Total deferred tax assets		1,015			1,035
Deferred tax liabilities:
Property and equipment		(18	)		(221	)
Total net deferred taxes	$	997		$	814

At March 31, 2014, the Company had federal net operating loss carryforwards of approximately $142,000.  The federal net operating loss carryforwards expire in the year 2020.  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,
	2014			2013			2012
Current taxes
Federal	$	9,689		$	9,588		$	9,138
State		921			913			870
Total current taxes		10,610			10,501			10,008
Deferred taxes
Federal		(167	)		(329	)		(270	)
State		(16	)		(31	)		(26	)
Total deferred taxes		(183	)		(360	)		(296	)
Total provision for income taxes	$	10,427		$	10,141		$	9,712

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,
	2014			2013			2012
Income taxes at U.S. statutory rates	$	9,940		$	9,557		$	9,230
State income taxes, net of federal tax benefit		583			562			540
Permanent differences		(35	)		(74	)		(68	)
Other		(61	)		96			10
Total provision for income taxes	$	10,427		$	10,141		$	9,712