Note K - Income Taxes

3 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE K — INCOME TAXES

For the quarter ended

June 30, 2019,

the Company recorded an income tax provision of

$74,499,

or

27.7%

of earnings before income taxes, compared to

$1,162,620,

or

24.4%

of earnings before income taxes, for the quarter ended

June 30, 2018.

For both quarters, the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax expenses in the provision.