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

9 Months Ended

Jan. 31, 2022

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)	2022			2021			2022			2021
Current tax expense:
Federal	$	1,662		$	1,525		$	4,684		$	4,189
State and local		472			108			1,066			805
Current tax expense		2,134			1,633			5,750			4,994
Deferred tax expense (benefit):
Federal		(175	)		438			(57	)		468
State and local		(46	)		(304	)		(389	)		(308	)
Deferred tax expense (benefit):		(221	)		134			(446	)		160
Income tax provision	$	1,913		$	1,767		$	5,304		$	5,154

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

	January 31,			April 30,
($ in thousands)	2022			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		81			108
Unrealized gain on equity securities		960			941
Right of Use Asset		(199	)		(196	)
Deferred charges		(164	)		(186	)
Other		(262	)		(218	)
Total federal tax liability		10,714			10,746
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,213			1,807
Deferred non-cash post-employment compensation		(76	)		(63	)
Depreciation and amortization		16			18
Unrealized gain on equity securities		163			159
Other		17			238
Total state and local tax liabilities		2,333			2,159
Deferred tax liability, long-term	$	13,047		$	12,905

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

	Nine Months Ended January 31,
	2022			2021
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		2.11	%		2.30	%
Non-taxable SBA loan forgiveness		(1.93	)%		-
Effect of dividends received deductions		(0.26	)%		(0.28	)%
Other, net		0.02	%		0.01	%
Effective income tax rate		20.94	%		23.03	%