Income Taxes (Tables)

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Income Tax Provision

The income tax provision consisted of the following for the fiscal years ended March 31, 2022, 2021 and 2020:

	2022		2021			2020
Current — Federal	$	11,977,000	$	16,608,000		$	9,212,000
Current — State		3,823,000		4,587,000			2,652,000
Subtotal		15,800,000		21,195,000			11,864,000
Deferred — Federal		1,784,000		(6,809,000	)		1,418,000
Deferred — State		518,000		(1,567,000	)		52,000
Subtotal		2,302,000		(8,376,000	)		1,470,000
	$	18,102,000	$	12,819,000		$	13,334,000

Summary of Reconciliation Income Tax Provision from the Statutory Federal Income Tax Rate

The following is a reconciliation of the income tax provision from the statutory federal income tax rate to the effective rate for the fiscal years ended March 31, 2022, 2021 and 2020:

	2022			2021			2020
Income taxes at federal statutory rate	$	17,748,000		$	12,427,000		$	12,749,000
State income taxes, net of federal benefit		3,658,000			3,102,000			2,243,000
Uncertain tax positions		(222,000	)		(693,000	)		(263,000	)
Stock-based compensation and §162(m) limitation		(2,697,000	)		(1,654,000	)		(1,453,000	)
Permanent items and tax credits		(465,000	)		(364,000	)		(179,000	)
Adjustments to returns as filed		176,000			192,000			110,000
Valuation allowance		(96,000	)		(191,000	)		127,000
	$	18,102,000		$	12,819,000		$	13,334,000

Summary of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities at March 31, 2022 and 2021 are, as follows:

	2022			2021
Deferred tax assets:
Accrued liabilities not currently deductible	$	6,277,000		$	7,908,000
Allowance for doubtful accounts		658,000			849,000
Stock-based compensation		2,090,000			2,242,000
Deferred lease liability		11,002,000			14,080,000
Deferred payroll taxes		1,332,000			2,693,000
Other		675,000			877,000
Deferred tax assets		22,034,000			28,649,000
Deferred tax liabilities:
Excess of book over tax basis of fixed assets		(7,313,000	)		(9,166,000	)
Intangible assets		(4,937,000	)		(4,820,000	)
Right-of-use asset		(8,939,000	)		(11,668,000	)
Accrued revenue		(1,665,000	)		(1,526,000	)
Other		(476,000	)		(367,000	)
Total deferred tax liabilities		(23,330,000	)		(27,547,000	)
Valuation allowance		(393,000	)		(489,000	)
Deferred tax liabilities		(23,723,000	)		(28,036,000	)
Net deferred tax assets (liabilities)	$	(1,689,000	)	$	613,000

Reconciliation of the Financial Statement Recognition and Measurement of Uncertain Tax Positions During the Current Fiscal Year

A reconciliation of the financial statement recognition and measurement of uncertain tax positions during the current fiscal year is as follows:

Balance as of March 31, 2021	$	418,000
Additions based on tax positions related to the current year		—
Additions for tax positions of prior years		—
Reductions for tax positions related to the current year		—
Reductions for tax positions of prior years		(201,000	)
Balance as of March 31, 2022	$	217,000