Note 10 - Income Taxes

12 Months Ended

Mar. 31, 2024

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,
	2024		2023
Federal
Current	$	4,248	$	2,135
Deferred		473		3,425
		4,721		5,560
State
Current		927		1,384
Deferred		321		(99	)
		1,248		1,285
Total	$	5,969	$	6,845

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

	Year Ended March 31,
	2024			2023
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		4.3			3.5
Other		0.3			(0.3	)
Provision for income taxes		25.6	%		24.2	%

The Company’s tax returns may be subject to examination by the Internal Revenue Service for the fiscal years ended March 31, 2021 through March 31, 2023. State and local returns may be subject to examination for fiscal years ended March 31, 2020 through March 31, 2023.

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,
	2024			2023
Deferred tax liabilities:
Depreciation	$	(6,451	)	$	(5,786	)
Total deferred tax liabilities		(6,451	)		(5,786	)
Deferred tax assets:
Unrealized derivative loss - OCI		—			106
Inventory capitalization		552			548
Postretirement benefits other than pensions		26			25
Restricted stock compensation		77			91
Unrealized loss - mark to market derivatives		403			526
Other		136			133
Total deferred tax assets		1,194			1,429
Net deferred tax liability	$	(5,257	)	$	(4,357	)