Income Taxes Income Taxes (Tables)

12 Months Ended

Mar. 31, 2014

The provision for income taxes was as follows (in thousands):

The reconciliation of the statutory federal income tax rate to the Company’s effective tax is presented below:



	Fiscal Year Ended March 31,
	2014		2013		2012
Tax at federal statutory rate	35.0	%	35.0	%	34.2	%
State income taxes, net of federal benefit	5.5		5.0		5.8
Non-deductible permanent difference	0.5		2.1		2.5
Effect of tax rate change	—		—		(1.0	)
Other	(0.2	)	(0.2	)	(2.0	)
	40.8	%	41.9	%	39.5	%

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets are presented below (in thousands):



	March 31,
	2014			2013			2012
Deferred tax assets
Credits and net operating loss carryforwards	$	3,287		$	3,749		$	3,975
Share-based compensation expense	1,134			1,332			1,441
Accrued compensation	934			1,211			895
Reserves and allowances	1,231			1,018			439
Capital loss carryforward	—			428			424
Other, net	1,021			645			729
Gross deferred tax assets	7,607			8,383			7,903
Valuation allowance	—			(428		)	(424		)
Total deferred tax assets	7,607			7,955			7,479
Deferred tax liabilities
Property, plant and equipment	(1,256		)	(1,111		)	(458		)
Total deferred tax liabilities	(1,256		)	(1,111		)	(458		)
Net deferred tax assets	$	6,351		$	6,844		$	7,021

The Company had the following net operating loss (“NOL”) carryforwards (in thousands):