Income Taxes (Tables)

12 Months Ended

Mar. 31, 2015

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,
	2015		2014		2013
United States	$	13,919	$	18,112	$	13,468
Foreign	12,722		9,588		9,169
	$	26,641	$	27,700	$	22,637

Schedule of provisions for income taxes on income from continuing operations

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,
	2015		2014		2013
Current:
Federal	$	5,370	$	4,830	$	7,871
State	552		481		876
Foreign	2,099		1,582		1,513
	8,021		6,893		10,260
Deferred:
Federal	1,550		1,978		(1,917		)
State	116		265		(1,294		)
	1,666		2,243		(3,211		)
	$	9,687	$	9,136	$	7,049

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,
	2015		2014		2013
U.S. federal statutory rate	35.0	%	35.0	%	35.0	%
State income taxes, less federal benefit	1.8		1.9		1.4
Changes in tax reserves and valuation allowance	0.7		1.6		(3.1	)
Nondeductible goodwill	—		—		2.5
Permanent book/tax differences (primarily §199 deduction)	(0.9	)	(2.2	)	(1.6	)
Other, net	(0.2	)	(3.3	)	(3.1	)
	36.4	%	33.0	%	31.1	%

Net deferred income tax assets (liabilities)

The following temporary differences gave rise to net deferred income tax assets (liabilities) as of March 31, 2015 and 2014 (in thousands):

	March 31,
	2015			2014
Deferred income tax assets:
Accounts receivable	$	63		$	196
Inventories	3,311			2,852
Accrued expenses	2,791			3,093
State net operating loss and credit carryforwards	8,597			6,031
Share-based compensation	2,259			1,718
Intangibles	949			2,110
	17,970			16,000
Valuation allowance	(8,625		)	(5,815		)
	9,345			10,185
Deferred income tax liabilities:
Property, plant and equipment	725			1,248
Unremitted earnings of foreign subsidiaries	3,418			2,308
Other	245			250
	4,388			3,806
Net deferred income tax asset	$	4,957		$	6,379

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,
	2015		2014
Gross unrecognized tax benefits at April 1	$	1,438	$	1,276
Additions based on tax positions related to the current year	169		162
Gross unrecognized tax benefits at March 31	$	1,607	$	1,438