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

6 Months Ended

Oct. 31, 2021

Notes Tables

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

	Three Months Ended October 31,						Six Months Ended October 31,
($ in thousands)	2021			2020			2021			2020
Current tax expense:
Federal	$	1,556		$	1,351		$	3,022		$	2,664
State and local		325			344			594			697
Current tax expense		1,881			1,695			3,616			3,361
Deferred tax expense (benefit):
Federal		77			(59	)		118			30
State and local		(134	)		(15	)		(343	)		(4	)
Deferred tax expense (benefit):		(57	)		(74	)		(225	)		26
Income tax provision	$	1,824		$	1,621		$	3,391		$	3,387

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

	October 31,			April 30,
($ in thousands)	2021			2021
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		89			108
Unrealized gain on equity securities		1,008			941
Right of Use Asset		(201	)		(196	)
Deferred charges		(187	)		(186	)
Other		(119	)		(218	)
Total federal tax liability		10,888			10,746
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		1,783			1,807
Deferred non-cash post-employment compensation		(62	)		(63	)
Depreciation and amortization		15			18
Unrealized gain on equity securities		168			159
Other		318			238
Total state and local tax liabilities		2,222			2,159
Deferred tax liability, long-term	$	13,110		$	12,905

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

	Six Months Ended October 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		1.11	%		4.22	%
Non-taxable SBA loan forgiveness		(2.75	)%		-
Effect of dividends received deductions		(0.33	)%		(0.28	)%
Other, net		0.02	%		-
Effective income tax rate		19.05	%		24.94	%