Income Taxes (Tables)

12 Months Ended

Apr. 30, 2022

Income Tax Disclosure [Abstract]

Income Tax Expense/(Benefit) from Continuing Operations

Income tax expense/(benefit) from continuing operations consisted of the following (in thousands):

	For the Year Ended April 30,
	2022			2021		2020
Current:
Federal	$	52,843		$	64,417	$	9,877
State		7,174			9,530		1,841
Total current		60,017			73,947		11,718
Deferred:
Federal		(1,889	)		358		(164	)
State		(236	)		89		(32	)
Total deferred		(2,125	)		447		(196	)
Total income tax expense	$	57,892		$	74,394	$	11,522

Reconciliation of Provision for Income Taxes from Continuing Operations

The following table presents a reconciliation of the provision for income taxes from continuing operations at the statutory rate of 21% to the provision/(benefit) in the consolidated financial statements (in thousands):

	For the Year Ended April 30,
	2022			2021			2020
Federal income taxes expected at the statutory rate	$	53,001		$	66,773		$	8,233
State income taxes, less federal income tax benefit		5,503			7,685			1,628
Stock compensation		(749	)		(578	)		1,077
Business meals and entertainment		118			115			257
Research and development tax credit		(300	)		(297	)		(496	)
Non-deductible separation expenses		—			195			688
Other		319			501			135
Total income tax expense	$	57,892		$	74,394		$	11,522

Deferred Tax Assets (Liabilities) Related to Temporary Differences

Deferred tax assets and liabilities related to temporary differences consisted of the following (in thousands):

	For the Years Ended April 30,
	2022			2021
Deferred Tax Assets
Inventory reserves		5,187			4,508
Accrued expenses, including compensation		4,138			4,952
Net operating loss carryforwards and tax credits		3,168			3,189
Operating lease liability		866			1,132
Product liability		614			263
Workers' compensation		567			497
State bonus depreciation		787			888
Warranty reserve		1,111			1,303
Stock-based compensation		1,356			1,517
Other		973			1,292
Total deferred tax assets before valuation allowance		18,767			19,541
Valuation allowance		(3,086	)		(3,297	)
Net deferred tax assets		15,681			16,244
Deferred Tax Liabilities
Operating lease right-of-use assets		(806	)		(1,091	)
Property, plant & equipment		(12,049	)		(13,994	)
Intangible assets		(1,186	)		(914	)
Other		(419	)		(1,149	)
Total deferred tax liabilities		(14,460	)		(17,148	)
Net Deferred Tax Asset/(Liability)		1,221			(904	)