Federal, State and Local Income Taxes (Tables)

3 Months Ended

Jul. 31, 2012

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

	Three Months Ended July 31,
($ in thousands)	2012		2011
Current tax expense (benefit):
Federal	$	448	$	50
State and local		73		(121	)
		521		(71	)
Deferred tax expense:
Federal		467		1,006
State and local		87		210
		554		1,216
Income tax provision:	$	1,075	$	1,145

Schedule of components of deferred tax asset and deferred tax liability

	July 31,			April 30,
($ in thousands)	2012			2012
Federal tax benefit (liability):
Net operating loss	$	-		$	126
Unrealized gains on securities available-for-sale		(61	)		(46	)
Operating lease exit obligation		128			153
Deferred professional fees		-			80
Deferred charges		135			76
Total federal tax benefit		202			389
State and local tax benefits:
Net operating loss		-			15
Other		19			38
Total state and local tax benefits		19			53
Deferred tax asset, short term	$	221		$	442
	July 31,			April 30,
($ in thousands)	2012			2012
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	17,679		$	17,679
Deferred non-cash post-employment compensation		(619	)		(619	)
Depreciation and amortization		1,418			1,032
Other		117			120
Total federal tax liability		18,595			18,212
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,087			2,182
Deferred non-cash post-employment compensation		(73	)		(76	)
Depreciation and amortization		168			127
Deferred professional fees		(5	)		(21	)
Total state and local tax liabilities		2,177			2,212
Deferred tax liability, long term	$	20,772		$	20,424

Schedule of effective income tax rate reconciliation

	Three Months Ended July 31,
	2012			2011
U.S. statutory federal rate		35.00	%		35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		2.93	%		1.58	%
Effect of dividends received deductions		-0.22	%		-0.09	%
Other, net		-			-0.94	%
Effective income tax rate		37.71	%		35.55	%