Taxes

6 Months Ended

Oct. 31, 2012

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

(9)           Taxes

During the quarter ended October 31, 2012, the Company reached a settlement with the Internal Revenue Service with respect to an examination of its 2010 and 2005 federal tax returns.  As a result, the Company paid $597,000 in taxes related to deferred gains on investment assets not previously recognized and the timing of certain deductible expenses, and accrued $33,000 of interest related to the payment.  The Company charged (i) $589,000 to previously accrued current and deferred income tax liabilities and (ii) $41,000 to the income tax provision in the accompanying consolidated financial statements as a result of this settlement.

Liabilities in the accompanying financial statements related to unrecognized tax benefits that would have an impact on the effective tax rate if these tax benefits were recognized were $66,000 at October 31, 2012 and April 30, 2012.  As a result of either the expiration of statutes of limitations or the recognition and measurement considerations applicable to such benefits, the Company believes that it is reasonably possible that the amount of unrecognized tax benefits will decrease within the next twelve months.