Note H - Income Taxes

12 Months Ended

Apr. 30, 2020

Notes to Financial Statements

Income Tax Disclosure [Text Block]

H - Income Taxes

The provision for income taxes was as follows:

	Years Ended April 30,
(In thousands)	2020			2019		2018
Provision for income taxes
Current	$	14,288		$	10,525	$	8,757
Deferred		(1,280	)		1,701		(6,360	)
Total	$	13,008		$	12,226	$	2,397

The provision for income taxes is different from the amount computed by applying the statutory federal income tax rate to income before income taxes for the following reasons:

	Years Ended April 30,
(In thousands)	2020			2019			2018
Tax provision at statutory rate	$	13,514		$	12,569		$	11,827
State taxes, net of federal benefit		1,931			1,796			1,077
Tax benefit from option exercises		(1,498	)		(1,961	)		(1,721	)
Deferred tax adjustment related to Tax Act		-			-			(8,083	)
Other, net		(939	)		(178	)		(703	)
Total	$	13,008		$	12,226		$	2,397

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred income tax assets and liabilities were as follows:

	Years Ended April 30,
(In thousands)	2020		2019
Deferred income tax liabilities related to:
Finance receivables	$	19,342	$	19,254
Property and equipment		69		-
Goodwill		90		76
Total		19,501		19,330
Deferred income tax assets related to:
Accrued liabilities		1,565		1,638
Inventory		107		127
Disallowed interest deduction		1,365		-
Share based compensation		2,490		2,186
Property and equipment		-		76
State net operating loss		42		29
Deferred revenue		953		1,015
Total		6,522		5,071
Deferred income tax liabilities, net	$	12,979	$	14,259