Income Taxes (Tables)

12 Months Ended

Mar. 31, 2018

The income tax provision consisted of the following for the fiscal years ended March 31, 2018, 2017 and 2016:

	2018			2017			2016
Current — Federal	$	11,177,000		$	16,456,000		$	16,600,000
Current — State		1,905,000			2,834,000			2,591,000
Subtotal		13,082,000			19,290,000			19,191,000
Deferred — Federal		(955,000	)		(1,508,000	)		(1,679,000	)
Deferred — State		81,000			288,000			23,000
Subtotal		(874,000	)		(1,220,000	)		(1,656,000	)
	$	12,208,000		$	18,070,000		$	17,535,000

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, 2018, 2017 and 2016:

	2018			2017			2016
Income taxes at federal statutory rate	$	15,112,000		$	16,643,000		$	16,121,000
State income taxes, net of federal benefit		1,645,000			1,973,000			1,704,000
Uncertain tax positions		(464,000	)		88,000			78,000
Permanent items and tax credits		(1,364,000	)		(705,000	)		(100,000	)
Adjustments to returns as filed		138,000			80,000			(232,000	)
Valuation allowance		236,000			—			—
Impact of tax reform		(3,095,000	)		—			—
Other		—			(9,000	)		(36,000	)
	$	12,208,000		$	18,070,000		$	17,535,000

Summary of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities at March 31, 2018 and 2017 are:

	2018			2017
Deferred tax assets:
Accrued liabilities not currently deductible	$	5,703,000		$	9,409,000
Allowance for doubtful accounts		1,151,000			1,153,000
Stock-based compensation		1,631,000			1,755,000
Accrued rent		1,555,000			2,219,000
Other		896,000			740,000
Deferred tax assets		10,936,000			15,276,000
Deferred tax liabilities:
Excess of book over tax basis of fixed assets		(11,191,000	)		(15,666,000	)
Intangible assets		(4,169,000	)		(5,960,000	)
Other		(179,000	)		(336,000	)
Total deferred tax liabilities		(15,539,000	)		(21,962,000	)
Valuation allowance		(236,000	)		—
Deferred tax liabilities		(15,775,000	)		(21,962,000	)
Net deferred tax liability	$	(4,839,000	)	$	(6,686,000	)

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, 2017	$	1,884,000
Additions based on tax positions related to the current year		236,000
Additions for tax positions of prior years		8,000
Reductions for tax positions related to the current year		0
Reductions for tax positions of prior years		(656,000	)
Balance as of March 31, 2018	$	1,472,000