Note P - Income Taxes

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE P — INCOME TAXES

For the three months ended June 30, 2022, the Company recorded an income tax provision of $3,473,084, or 23.7% of earnings before income taxes, compared to an income tax provision of $2,956,880, or 20.7% of earnings before income taxes for the three months ended June 30, 2021. For the three months ended June 30, 2022, the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax expenses in the provision. For the three months ended June 30, 2021, the Company’s effective tax rate approximated the federal statutory rate due to a combination of the inclusion of state tax expenses in the provision and the exclusion of the non-taxable gain associated with forgiveness of the Company’s PPP Loan from the provision.