Income Taxes

12 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

(5) 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,
	2017			2016
Deferred tax assets:
Accrued expenses	$	474		$	537
Deferred stock compensation		334			302
Bad debt and inventory reserves		29			29
Total deferred tax assets		837			868
Deferred tax liabilities:
Property and equipment		1,925			5
Total net deferred taxes	$	(1,088	)	$	863

At March 31, 2017, the Company had no federal net operating loss carryforwards.

The components of the income tax provision consist of the following (in thousands):

	Year Ended March 31,
	2017		2016			2015
Current taxes
Federal	$	11,095	$	10,982		$	9,303
State		1,059		1,041			885
Total current taxes		12,154		12,023			10,188
Deferred taxes
Federal		1,781		(21	)		143
State		170		(2	)		14
Total deferred taxes		1,951		(23	)		157
Total provision for income taxes	$	14,105	$	12,000		$	10,345

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,
	2017			2016			2015
Income taxes at U.S. statutory rates	$	13,274		$	11,399		$	9,729
State income taxes, net of federal tax benefit		858			675			589
Permanent differences		1			(23	)		(29	)
Other		(28	)		(51	)		56
Total provision for income taxes	$	14,105		$	12,000		$	10,345