Note O - Income taxes

3 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE O — INCOME TAXES

For the three months ended June 30, 2021, the Company recorded an income tax provision of $2,956,880, or 20.7% of earnings before income taxes, compared to a tax benefit of $277,768, or 24.4% of loss before income taxes for the three months ended June 30, 2020. Typically, the Company’s effective tax rate differs from the federal statutory rate due to the inclusion of state tax expenses or benefits in the provision. However, for the three months ended June 30, 2021, the Company’s effective tax rate was approximately equal to the federal statutory rate due primarily to the inclusion of state tax expenses in the provision being offset due to exclusion of the non-taxable gain associated with forgiveness of the Company’s PPP Loan from the provision. For the 2020 quarter, the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax benefits in the provision.