Federal, State and Local Income Taxes (Tables)

12 Months Ended

Apr. 30, 2014

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

	Fiscal Years Ended April 30,
($ in thousands)	2014			2013		2012
Current tax expense (benefit):
Federal	$	2,707		$	2,679	$	139
State and local		239			130		(54	)
		2,946			2,809		85
Deferred tax expense (benefit):
Federal		572			728		3,785
State and local		(108	)		350		503
		464			1,078		4,288
Income tax provision:	$	3,410		$	3,887	$	4,373

Schedule of components of deferred tax asset and deferred tax liability

	Fiscal Years Ended April 30,
($ in thousands)	2014			2013
Federal tax benefit (liability):
Unrealized gains on securities available-for-sale	$	(134	)	$	(136	)
Operating lease exit obligation		70			13
Deferred professional fees		36			49
Deferred charges		327			265
Total federal tax benefit		299			191
State and local tax benefits:
Other - deferred charges		65			36
Total state and local tax benefits		65			36
Deferred tax asset, short term	$	364		$	227
	Fiscal Years Ended April 30,
($ in thousands)	2014			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		2,416			1,642
Other		646			262
Total federal tax liability		20,122			18,964
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,181			2,243
Deferred non-cash post-employment compensation		(76	)		(79	)
Depreciation and amortization		298			208
Deferred professional fees		(5	)		(10	)
Total state and local tax liabilities		2,398			2,362
Deferred tax liability, long term	$	22,520		$	21,326

Schedule of effective income tax rate reconciliation

	Fiscal Years Ended April 30,
	2014			2013			2012
U.S. statutory federal rate		35.00	%		35.00	%		35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		0.84	%		2.96	%		2.58	%
Effect of dividends received deductions		-0.33	%		-0.27	%		-
Alternative minimum tax - net operating loss limitation		-			-			1.23	%
Domestic production tax credit		-0.58	%		-0.52	%		-
Other, net		-1.43	%		-0.17	%		-0.10	%
Effective income tax rate		33.50	%		37.00	%		38.71	%