INCOME TAXES

6 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The Company's effective tax rate was an expense of 38.8% for the six month period ended September 30, 2012 compared to a tax expense of 15.4% for the six month period ended September 30, 2011. The tax rate for the six month period ended September 30, 2011 was lower due to the tax benefit associated with the reduction of the valuation allowance related to the net U.S. Federal deferred tax assets, including net operating losses.

The effective tax rate for the six month period ended September 30, 2012 was higher than the statutory tax rate due to income recognized for tax but not reported for earnings, however this was partially offset by foreign earnings being subject to a lower statutory tax rate.

The Company had no unrecognized tax benefits as of September 30, 2012. The Company did not incur any income tax interest expense or penalties related to uncertain tax positions during the six month periods ended September 30, 2012 and September 30, 2011.