Income Taxes (Tables)

12 Months Ended

Mar. 31, 2021

The income tax provision consisted of the following for the fiscal years ended March 31, 2021, 2020 and 2019:

	2021			2020		2019
Current — Federal	$	16,608,000		$	9,212,000	$	10,233,000
Current — State		4,587,000			2,652,000		3,121,000
Subtotal		21,195,000			11,864,000		13,354,000
Deferred — Federal		(6,809,000	)		1,418,000		941,000
Deferred — State		(1,567,000	)		52,000		515,000
Subtotal		(8,376,000	)		1,470,000		1,456,000
	$	12,819,000		$	13,334,000	$	14,810,000

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, 2021, 2020 and 2019:

	2021			2020			2019
Income taxes at federal statutory rate	$	12,427,000		$	12,749,000		$	12,918,000
State income taxes, net of federal benefit		3,102,000			2,243,000			2,848,000
Uncertain tax positions		(693,000	)		(263,000	)		(175,000	)
Permanent items and tax credits		(2,018,000	)		(1,632,000	)		(666,000	)
Adjustments to returns as filed		192,000			110,000			131,000
Valuation allowance		(191,000	)		127,000			317,000
Impact of tax reform		—			—			(563,000	)
	$	12,819,000		$	13,334,000		$	14,810,000

Summary of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities at March 31, 2021 and 2020 are, as follows:

	2021			2020
Deferred tax assets:
Accrued liabilities not currently deductible	$	7,908,000		$	5,640,000
Allowance for doubtful accounts		849,000			1,293,000
Stock-based compensation		2,242,000			2,058,000
Deferred lease liability		14,080,000			24,765,000
Deferred payroll taxes		2,693,000			—
Other		877,000			938,000
Deferred tax assets		28,649,000			34,694,000
Deferred tax liabilities:
Excess of book over tax basis of fixed assets		(9,166,000	)		(13,024,000	)
Intangible assets		(4,820,000	)		(4,507,000	)
Right-of-use asset		(11,668,000	)		(22,837,000	)
Accrued revenue		(1,526,000	)		(1,143,000	)
Other		(367,000	)		(267,000	)
Total deferred tax liabilities		(27,547,000	)		(41,778,000	)
Valuation allowance		(489,000	)		(680,000	)
Deferred tax liabilities		(28,036,000	)		(42,458,000	)
Net deferred tax assets (liabilities)	$	613,000		$	(7,764,000	)

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, 2020	$	1,012,000
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		(594,000	)
Balance as of March 31, 2021	$	418,000