Note 8 - Federal, State and Local Income Taxes (Tables)

3 Months Ended

Jul. 31, 2018

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Three Months Ended July 31,
($ in thousands)	2018			2017
Current tax expense:
Federal	$	734		$	1,319
State and local		88			79
Current tax expense		822			1,398
Deferred tax expense (benefit):
Federal		-			(186	)
State and local		(271	)		(30	)
Deferred tax expense (benefit):		(271	)		(216	)
Income tax provision	$	551		$	1,182

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	July 31,			April 30,
($ in thousands)	2018			2018
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	10,660		$	10,658
Deferred non-cash post-employment compensation		(372	)		(372	)
Depreciation and amortization		108			119
Unrealized loss (gain) on securities held for sale		321			208
Deferred charges		(182	)		(331	)
Other		72			210
Total federal tax liability		10,607			10,492
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		1,027			1,299
Deferred non-cash post-employment compensation		36			(45	)
Depreciation and amortization		10			15
Other		(107	)		(47	)
Total state and local tax liabilities		966			1,222
Deferred tax liability, long-term	$	11,573		$	11,714

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Three Months Ended July 31,
	2018			2017
U.S. statutory federal tax rate		21.00	%		35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		-5.70	%		0.73	%
Effect of dividends received deductions		-0.27	%		-0.37	%
Domestic production tax credit		-			-0.65	%
Other, net		0.04	%		0.09	%
Effective income tax rate		15.07	%		34.80	%