Income Taxes (Tables)

12 Months Ended

Jun. 30, 2015

Income Taxes

Schedule of provision for income taxes

(In thousands)	June 30, 2015			June 30, 2014			June 30, 2013
Current Income Tax Expense
Federal	$	80,124		$	41,497		$	5,914
State and Local	572			4,246			606
Total Current Income Tax Expense	80,696			45,743			6,520
Deferred Income Tax Expense (Benefit)
Federal	(5,245		)	(11,613		)	216
State and Local	1,979			(1,273		)	567
Total Deferred Income Tax Expense (Benefit)	(3,266		)	(12,886		)	783
Total Income Tax Expense	$	77,430		$	32,857		$	7,303

Schedule of reconciliation of the differences between the effective rates and federal statutory rates

	June 30, 2015	June 30, 2014	June 30, 2013
Federal income tax at statutory rate	35.0%	35.0%	34.0%
State and local income tax, net	0.1%	2.2%	2.6%
Nondeductible expenses	—%	0.4%	(0.2)%
Foreign rate differential	0.1%	0.2%	0.5%
Income tax credits	(0.4)%	(0.4)%	(2.5)%
Domestic production activity deduction	(1.3)%	(0.5)%	—%
Change in tax laws	0.6%	—%	1.1%
Other	(0.1)%	(0.4)%	(0.2)%
Effective income tax rate	34.0%	36.5%	35.3%

Schedule of differences which give rise to deferred tax assets and liabilities.

(In thousands)	June 30, 2015			June 30, 2014
Deferred tax assets:
Accrued expenses	$	98		$	85
Share-based compensation expense	2,688			1,261
Reserve for returns	6,520			3,489
Reserves for accounts receivable and inventory	10,438			8,798
Intangible impairment	4,342			5,739
Federal net operating loss	801			865
Impairment on Cody note receivable	1,905			2,018
Accumulated amortization on intangible asset	8,526			9,338
Foreign net operating loss	421			271
Other	185			48
Total deferred tax asset	35,924			31,912
Valuation allowance	(2,326		)	(2,289		)
Total deferred tax asset less valuation allowance	33,598			29,623
Deferred tax liabilities:
Prepaid expenses	115			94
Property, plant and equipment	4,687			3,715
Other	31			315
Total deferred tax liability	4,833			4,124
Net deferred tax asset	$	28,765		$	25,499

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits

(In thousands)	Balance
Balance at July 1, 2013	$	360
Additions for tax positions of the current year	58
Additions for tax positions of prior years	10
Reductions for tax positions of prior years	—
Settlements	—
Lapse of statute of limitations	—
Balance at June 30, 2014	$	428
Additions for tax positions of the current year	101
Additions for tax positions of prior years	305
Reductions for tax positions of prior years	—
Settlements	—
Lapse of statute of limitations	(256		)
Balance at June 30, 2015	$	578