Federal, State and Local Income Taxes (Tables)

3 Months Ended

Jul. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

	Three Months Ended July 31,
($ in thousands)	2013		2012
Current tax expense:
Federal	$	216	$	448
State and local		28		73
		244		521
Deferred tax expense:
Federal		506		467
State and local		81		87
		587		554
Income tax provision:	$	831	$	1,075

Schedule of components of deferred tax asset and deferred tax liability

	July 31,			April 30,
($ in thousands)	2013			2013
Federal tax benefit (liability):
Unrealized gains on securities available-for-sale	$	(137	)	$	(136	)
Operating lease exit obligation		-			13
Deferred professional fees		49			49
Deferred charges		292			265
Total federal tax benefit		204			191
State and local tax benefits:
Other		34			36
Total state and local tax benefits		34			36
Deferred tax asset, short term	$	238		$	227
	July 31,			April 30,
($ in thousands)	2013			2013
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		2,166			1,642
Other		410			262
Total federal tax liability		19,636			18,964
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,253			2,243
Deferred non-cash post-employment compensation		(79	)		(79	)
Depreciation and amortization		276			208
Deferred professional fees		(9	)		(10	)
Total state and local tax liabilities		2,441			2,362
Deferred tax liability, long term	$	22,077		$	21,326

Schedule of effective income tax rate reconciliation

	Three Months Ended July 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		2.24	%		2.93	%
Effect of dividends received deductions		-0.37	%		-0.22	%
Other, net		-0.36	%		0.00	%
Effective income tax rate		36.51	%		37.71	%