Income Taxes (Tables)

12 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Income Tax Provision

The income tax provision consisted of the following for the fiscal years ended March 31, 2024, 2023 and 2022:

	2024			2023			2022
Current — Federal	$	17,463,000		$	14,745,000		$	11,977,000
Current — State		4,707,000			5,357,000			3,823,000
Subtotal		22,170,000			20,102,000			15,800,000
Deferred — Federal		(2,828,000	)		(1,321,000	)		1,784,000
Deferred — State		(493,000	)		(592,000	)		518,000
Subtotal		(3,321,000	)		(1,913,000	)		2,302,000
	$	18,849,000		$	18,189,000		$	18,102,000

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, 2024, 2023 and 2022:

	2024			2023			2022
Income taxes at federal statutory rate	$	19,971,000		$	17,757,000		$	17,748,000
State income taxes, net of federal benefit		3,369,000			3,890,000			3,658,000
Uncertain tax positions		(22,000	)		(77,000	)		(222,000	)
Stock-based compensation and §162(m) limitation		(3,961,000	)		(3,098,000	)		(2,697,000	)
Permanent items and tax credits		(480,000	)		(384,000	)		(465,000	)
Adjustments to returns as filed		67,000			163,000			176,000
Valuation allowance		(95,000	)		(62,000	)		(96,000	)
	$	18,849,000		$	18,189,000		$	18,102,000

Summary of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities at March 31, 2024 and 2023 are, as follows:

	2024			2023
Deferred tax assets:
Accrued liabilities not currently deductible	$	7,181,000		$	6,885,000
Allowance for expected credit losses		1,076,000			736,000
Stock-based compensation		2,489,000			2,423,000
Deferred lease liability		7,917,000			8,740,000
Capitalized research and development expenditures		4,124,000			2,495,000
Other		497,000			536,000
Deferred tax assets		23,284,000			21,815,000
Deferred tax liabilities:
Excess of book over tax basis of fixed assets		(5,758,000	)		(6,654,000	)
Intangible assets		(4,922,000	)		(5,057,000	)
Right-of-use asset		(6,075,000	)		(7,190,000	)
Accrued revenue		(2,284,000	)		(1,851,000	)
Other		(464,000	)		(508,000	)
Total deferred tax liabilities		(19,503,000	)		(21,260,000	)
Valuation allowance		(236,000	)		(331,000	)
Deferred tax liabilities		(19,739,000	)		(21,591,000	)
Net deferred tax assets (liabilities)	$	3,545,000		$	224,000

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, 2023	$	153,000
Additions based on tax positions related to the current year		—
Additions for tax positions of prior years		48,000
Reductions for tax positions related to the current year		—
Reductions for tax positions of prior years		(56,000	)
Balance as of March 31, 2024	$	145,000