Note L - Income Taxes

3 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE L – INCOME TAXES

The income tax provisions for the thirteen week periods ended June 30, 2024 and June 25, 2023 reflect effective tax rates of 27.4% and 27.1%, respectively. The effective income tax rate for the thirteen weeks ended June 30, 2024 reflected $3,507 of income tax expense recorded on $12,784 of pre-tax income. The effective income tax rate for the thirteen weeks ended June 25, 2023 reflected $2,744 of income tax expense recorded on $10,132 of pre-tax income. The effective tax rates are higher than the United States Federal statutory rates primarily due to state and local taxes.

The amount of unrecognized tax benefits included in Other liabilities at June 30, 2024 and March 31, 2024 was $485 and $465, respectively, all of which would impact the Company’s effective rate, if recognized. As of June 30, 2024 and March 31, 2024, the Company had approximately $367 and $345, respectively, of accrued interest and penalties in connection with unrecognized tax benefits.