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

9 Months Ended

Jan. 31, 2021

Notes Tables

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

	Three Months Ended January 31,						Nine Months Ended January 31,
($ in thousands)	2021			2020			2021			2020
Current tax expense:
Federal	$	1,525		$	1,347		$	4,189		$	3,480
State and local		108			300			805			915
Current tax expense		1,633			1,647			4,994			4,395
Deferred tax expense (benefit):
Federal		153			154			177			100
State and local		(374	)		(2	)		(379	)		270
Deferred tax expense (benefit):		(221	)		152			(202	)		370
Income tax provision	$	1,412		$	1,799		$	4,792		$	4,765

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

	January 31,			April 30,
($ in thousands)	2021			2020
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	10,670		$	10,669
Deferred non-cash post-employment compensation		(372	)		(372	)
Depreciation and amortization		109			108
Unrealized gain on securities held for sale		561			299
Right of Use Asset		(193	)		(182	)
Deferred charges		(155	)		(166	)
Other		(345	)		(207	)
Total federal tax liability		10,275			10,149
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		1,842			2,564
Deferred non-cash post-employment compensation		(64	)		(88	)
Depreciation and amortization		18			44
Unrealized gain on securities held for sale		97			72
Other		458			110
Total state and local tax liabilities		2,351			2,702
Deferred tax liability, long-term	$	12,626		$	12,851

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

	Nine Months Ended January 31,
	2021			2020
U.S. statutory federal tax rate		21.00	%		21.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		2.08	%		6.20	%
Effect of dividends received deductions		(0.29	)%		(0.20	)%
Other, net		0.03	%		0.05	%
Effective income tax rate		22.82	%		27.05	%