(9) Income Taxes

9 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Text Block]

(9) Income Taxes

For the three and nine months ended December 31, 2012, the Company recorded provisions for federal, state and local income taxes of $504,000 and $1,543,000, respectively. Except for alternative minimum taxes, the Company did not record a provision or benefit for federal, state and local income taxes for the three and nine months ended December 31, 2011 because any such provision or benefit would have been fully offset by a change in the valuation allowance against the net deferred tax asset. The Company reversed the full valuation allowance in the fourth quarter of fiscal 2012 because, in light of operating income generated in fiscal years 2012 and 2011 and other factors, the Company believed it was more likely than not that it would be able to utilize the net deferred tax assets to reduce its tax expense in future periods.