Income Tax (tables)

12 Months Ended

Mar. 31, 2013

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

7. Income Taxes

The Company files a consolidated federal income tax return. The provision for income taxes is as follows:

		2013		2012		2011
		(In thousands)
Current:
Federal	$	21,356	$	4,193	$	2,854
State		3,629		704		1,225
		24,985		4,897		4,079
Deferred:
Federal		(2,770)		1,430		1,791
State		(180)		(62)		(74)
		(2,950)		1,368		1,717
Total income taxes	$	22,035	$	6,265	$	5,796

A reconciliation of the expected U.S. statutory rate to the effective rate follows:

		2013		2012		2011
Computed (expected tax rate)		35.0	%	35.0	%	35.0	%
State income taxes (net of federal tax benefit)		3.8		4.5		3.9
State tax credits		(0.8)		(2.8)		(2.1)
Research and development credit		(0.2)		(0.6)		(0.6)
Manufacturer’s deduction		(3.4)		(5.1)		(3.7)
Addition to (reversal of) uncertain tax positions		0.2		0.4		(7.3)
IRS audit adjustment		0.0		0.0		1.5
Other permanent differences not (taxable) deductible		0.1		0.7		(0.1)
Tax effect of pension contribution		0.0		2.2		0.0
Other		0.0		1.5		(1.9)
Effective income tax rate		34.7	%	35.8	%	24.7	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		2013		2012
		(In thousands)
Deferred income tax assets:
Future tax credits	$	2,808	$	3,251
Inventory valuation		2,893		1,408
Employee benefits		2,742		2,816
Insurance		3,422		3,812
Other comprehensive loss		14,416		14,867
Interest		118		80
Deferred gain on sale/leaseback		54		82
Prepaid revenue		1,619		2,348
Other		232		520
Severance		237		196
		28,541		29,380
Deferred income tax liabilities:
Property basis and depreciation difference		13,274		14,151
Pension		3,012		5,283
		16,286		19,434
Valuation allowance - non-current		758		906
Net deferred income tax asset	$	11,497	$	9,040

Summary of Income Tax Contingencies [Table Text Block]

		2013		2012
		(In thousands)
Beginning balance	$	2,350	$	2,174

Tax positions related to current year:
Additions		176		207

Tax positions related to prior years:
Additions		70		133
Reductions		(45)		(27)
Settlements		(81)		(137)
Balance as of March 31,	$	2,470	$	2,350

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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