Federal, State and Local Income Taxes (Tables)

12 Months Ended

Apr. 30, 2013

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

	Fiscal Years Ended April 30,
($ in thousands)	2013		2012			2011
Current tax expense (benefit):
Federal	$	2,679	$	139		$	356
State and local		130		(54	)		(413	)
		2,809		85			(57	)
Deferred tax expense:
Federal		728		3,785			20,535
State and local		350		503			3,203
		1,078		4,288			23,738
Income tax provision:	$	3,887	$	4,373		$	23,681

Schedule of components of deferred tax asset and deferred tax liability

	As of April 30,
($ in thousands)	2013			2012
Federal tax benefit (liability):
Net operating loss	$	-		$	126
Unrealized gains on securities available-for-sale		(136	)		(46	)
Operating lease exit obligation		13			153
Deferred professional fees		49			80
Deferred charges		265			76
Total federal tax benefit		191			389
State and local tax benefits:
Net operating loss		-			15
Other		36			38
Total state and local tax benefits		36			53
Deferred tax asset, short term	$	227		$	442

	As of 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		1,642			1,032
Other		262			120
Total federal tax liability		18,964			18,212
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,243			2,182
Deferred non-cash post-employment compensation		(79	)		(76	)
Depreciation and amortization		208			127
Deferred professional fees		(10	)		(21	)
Total state and local tax liabilities		2,362			2,212
Deferred tax liability, long term	$	21,326		$	20,424

Schedule of effective income tax rate reconciliation

	Fiscal Years Ended April 30,
	2013			2012			2011
U.S. statutory federal rate		35.00	%		35.00	%		35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		2.96	%		2.58	%		2.95	%
Effect of dividends received deductions		-0.27	%		-			-
Alternative minimum tax - net operating loss limitation		-			1.23	%		0.58	%
Domestic production tax credit		-0.52	%		-			-
Other, net		-0.17	%		-0.10	%		-
Effective income tax rate		37.00	%		38.71	%		38.53	%