Note H - Income Taxes

12 Months Ended

Apr. 30, 2021

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)	2021		2020			2019
Provision for income taxes
Current	$	23,274	$	14,288		$	10,525
Deferred		7,028		(1,280	)		1,701
Total	$	30,302	$	13,008		$	12,226

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)	2021			2020			2019
Tax provision at statutory rate	$	28,233		$	13,514		$	12,569
State taxes, net of federal benefit		4,033			1,931			1,796
Tax benefit from option exercises		(1,401	)		(1,498	)		(1,961	)
Other, net		(563	)		(939	)		(178	)
Total	$	30,302		$	13,008		$	12,226

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:

(In thousands)	2021		2020
Deferred income tax liabilities related to:
Finance receivables	$	26,373	$	19,342
Property and equipment		372		69
Goodwill		141		90
Total		26,886		19,501
Deferred income tax assets related to:
Accrued liabilities		2,140		1,565
Inventory		213		107
Disallowed interest deduction		-		1,365
Share based compensation		3,109		2,490
State net operating loss		42		42
Deferred revenue		1,375		953
Total		6,879		6,522
Deferred income tax liabilities, net	$	20,007	$	12,979