Income Taxes (Tables)

12 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

Income (Loss) from continuing operations before income tax

Income from continuing operations before income tax expense was as follows (in thousands):

	For the Years Ended March 31,
	2014		2013		2012
United States	$	18,112	$	13,468	$	19,262
Foreign	9,588		9,169		5,983
	$	27,700	$	22,637	$	25,245

Schedule of Components of Income Tax Expense (Benefit)

The following table summarizes the provision for U.S. federal, state and foreign taxes on income from continuing operations (in thousands):

	For the Years Ended March 31,
	2014		2013			2012
Current:
Federal	$	4,830	$	7,871		$	7,296
State	481		876			726
Foreign	1,582		1,513			987
	6,893		10,260			9,009
Deferred:
Federal	1,978		(1,917		)	(63		)
State	265		(1,294		)	70
	2,243		(3,211		)	7
	$	9,136	$	7,049		$	9,016

Effective federal income tax rates on income (Loss) from continuing operation before income tax

The differences between the statutory and effective federal income tax rates on income from continuing operations before income taxes were as follows:

	For the Years Ended March 31,
	2014		2013		2012
U.S. federal statutory rate	35.0	%	35.0	%	35.0	%
State income taxes, less federal benefit	1.9		1.4		2.1
Changes in tax reserves and valuation allowance	1.6		(3.1	)	0.1
Nondeductible goodwill	—		2.5		—
Permanent book/tax differences (primarily §199 deduction)	(2.2	)	(1.6	)	(0.7	)
Other, net	(3.3	)	(3.1	)	(0.8	)
	33.0	%	31.1	%	35.7	%

Net deferred income tax assets (liabilities)

The following temporary differences gave rise to net deferred income tax assets (liabilities) as of March 31, 2014 and 2013 (in thousands):

	March 31,
	2014			2013
Deferred income tax assets:
Accounts receivable	$	196		$	332
Inventories	2,852			2,806
Accrued expenses	3,093			3,016
State net operating loss and credit carryforwards	6,031			5,992
Share-based compensation	1,718			1,861
Intangibles	2,110			3,031
	16,000			17,038
Valuation allowance	(5,815		)	(5,467		)
	10,185			11,571
Deferred income tax liabilities:
Property, plant and equipment	1,248			1,823
Unremitted earnings of foreign subsidiaries	2,308			986
Other	250			268
	3,806			3,077
Net deferred income tax asset	$	6,379		$	8,494

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):

	March 31,
	2014		2013
Gross unrecognized tax benefits at April 1	$	1,276	$	1,108
Additions based on tax positions related to the current year	162		168
Gross unrecognized tax benefits at March 31	$	1,438	$	1,276