Federal, State and Local Income Taxes (Tables)

9 Months Ended

Jan. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

	Three Months Ended January 31,				Nine Months Ended January 31,
($ in thousands)	2013		2012		2013		2012
Current tax expense (benefit):
Federal	$	727	$	414	$	2,054	$	371
State and local		156		131		258		(84	)
		883		545		2,312		287
Deferred tax expense (benefit):
Federal		97		448		533		2,784
State and local		23		445		140		478
		120		893		673		3,262
Income tax provision:	$	1,003	$	1,438	$	2,985	$	3,549

Schedule of components of deferred tax asset and deferred tax liability

($ in thousands)	January 31, 2013			April 30, 2012
Federal tax benefit (liability):
Net operating loss	$	-		$	126
Unrealized gains on securities available-for-sale		(71	)		(46	)
Operating lease exit obligation		51			153
Deferred professional fees		75			80
Deferred charges		222			76
Total federal tax benefit		277			389
State and local tax benefits:
Net operating loss		-			15
Other		43			38
Total state and local tax benefits		43			53
Deferred tax asset, short term	$	320		$	442

	January 31,			April 30,
($ in thousands)	2013			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		1,400			1,032
Other		217			120
Total federal tax liability		18,677			18,212
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,185			2,182
Deferred non-cash post-employment compensation		(76	)		(76	)
Depreciation and amortization		173			127
Deferred professional fees		(10	)		(21	)
Total state and local tax liabilities		2,272			2,212
Deferred tax liability, long term	$	20,949		$	20,424

Schedule of effective income tax rate reconciliation

	Nine Months Ended January 31,
	2013			2012
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		2.78	%		2.73	%
Effect of dividends received deductions		-0.26	%		-0.11	%
Domestic production tax credit		-0.58	%		-
Other, net		-			0.20	%
Effective income tax rate		36.94	%		37.82	%