Note 10 - Income Taxes

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

10.   INCOME TAXES

Components of tax expense (benefit) are as follows (in thousands):

	Year Ended March 31,
	2023			2022
Federal
Current	$	2,135		$	3,881
Deferred		3,425			(478	)
		5,560			3,403
State
Current		1,384			945
Deferred		(99	)		(83	)
		1,285			862
Total	$	6,845		$	4,265

The U.S. federal statutory income tax rate is reconciled to the effective rate as follows:

	Year Ended March 31,
	2023			2022
Income tax expense at U.S. federal statutory rate		21.0	%		21.0	%
Current year state and local income taxes net of federal income tax benefit		3.5			3.7
Other		(0.3	)		(1.4	)
Provision for income taxes		24.2	%		23.3	%

The Company’s tax returns may be subject to examination by the Internal Revenue Service for the fiscal years ended March 31, 2020 through March 31, 2022. State and local returns may be subject to examination for fiscal years ended March 31, 2019 through March 31, 2022.

Deferred income taxes are provided for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s consolidated deferred tax assets (liabilities) are as follows (in thousands):

	March 31,
	2023			2022
Deferred tax liabilities:
Depreciation	$	(5,786	)	$	(1,788	)
Total deferred tax liabilities		(5,786	)		(1,788	)
Deferred tax assets:
Unrealized derivative loss - OCI		106			3,271
Inventory capitalization		548			98
Postretirement benefits other than pensions		25			29
Restricted stock compensation		91			69
Unrealized loss - mark to market derivatives		526			388
Other		133			66
Total deferred tax assets		1,429			3,921
Net deferred tax asset (liability)	$	(4,357	)	$	2,133