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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2015

Schedule of Components of Provision for Income Taxes

The provision for income taxes includes the following components:

	For the Years Ended March 31,
	2015			2014			2013
	(dollars in thousands)
Current Provision (Benefit) -
Federal	$	62,424		$	49,604		$	19,108
State		(2,155	)		2,211			1,089
		60,269			51,815			20,197
Deferred Provision (Benefit) -
Federal		(962	)		7,691			5,173
State		6,767			(1,945	)		982
		5,805			5,746			6,155
Provision for Income Taxes	$	66,074		$	57,561		$	26,352

Schedule of Effective Tax Rates Vary from Federal Statutory Rates

The effective tax rates vary from the federal statutory rates due to the following items:

	For the Years Ended March 31,
	2015			2014			2013
	(dollars in thousands)
Earnings Before Income Taxes	$	252,927		$	181,804		$	84,096
Income Taxes at Statutory Rate	$	88,524		$	63,631		$	29,434
Increases (Decreases) in Tax Resulting from -
State Income Taxes, net		4,582			173			1,346
Statutory Depletion in Excess of Cost		(4,367	)		(3,512	)		(3,110	)
Domestic Production Activities Deduction		(6,853	)		(3,453	)		(1,895	)
Meals and Entertainment Disallowance		647			503			337
Penalties on Uncertain Tax Positions		—			213			215
IRS Settlement		(16,559	)		—			—
Other		100			6			25
Provision for Income Taxes	$	66,074		$	57,561		$	26,352
Effective Tax Rate		26%			32	%		31	%

Schedule of Deferred Income Tax Provision

The deferred income tax provision results from the following temporary differences in the recognition of revenues and expenses for tax and financial reporting purposes:

	For the Years Ended March 31,
	2015			2014			2013
	(dollars in thousands)
Excess Tax Depreciation and Amortization	$	2,259		$	6,875		$	7,038
Bad Debts		(142	)		(224	)		(73	)
Uniform Capitalization		1,296			(1,127	)		(14	)
Accrual Changes		(611	)		(1,075	)		(1,169	)
Uncertain Tax Position Accruals		—			213			173
Prepaid Insurance		(331	)		424			—
State Income Taxes, net		6,060			(1,319	)		1,130
Long-term Incentive Compensation Plans		(1,792	)		(373	)		1,293
Other		(934	)		1,033			(1,093	)
	$	5,805		$	5,746		$	6,155

Schedule of Components of Deferred Income Taxes

Components of deferred income taxes are as follows:

	March 31,
	2015			2014
	(dollars in thousands)
Items Giving Rise to Deferred Tax Liabilities -
Excess Tax Depreciation and Amortization	$	(153,045	)	$	(144,519	)
Depletion		(18,374	)		(100	)
Repair Parts		(3,376	)		(4,545	)
State Income Taxes, net		(13,708	)		(7,648	)
Other		(5,359	)		(9,125	)
Total Deferred Tax Liabilities	$	(193,862	)	$	(165,937	)
Items Giving Rise to Deferred Tax Assets -
Accrual Changes	$	10,557		$	9,946
Bad Debts		2,264			2,122
Uniform Capitalization		835			2,131
Deferred Revenue		4,382			—
Long-term Incentive Compensation Plan		8,318			6,526
Other		7,118			—
Total Deferred Tax Assets	$	33,474		$	20,725

Schedule of Income Taxes Classified in Consolidated Balance Sheet

Deferred income taxes are classified in the consolidated balance sheet as follows:

	March 31,
	2015			2014
	(dollars in thousands)
Prepaid and Other Assets	$	2,265		$	561
Deferred Income Taxes	$	(162,653	)	$	(145,773	)

Reconciliation of Consolidated Liability for Gross Unrecognized Tax Benefits

Reconciliation of the consolidated liability for gross unrecognized tax benefits, excluding interest, from April 1, 2012 to March 31, 2015, is as follows:

	For the Years Ended March 31,
	2015			2014		2013
	(dollars in thousands)
Balance at Beginning of Year	$	24,802		$	24,589	$	25,890
Increase related to prior tax positions		—			213		215
Decrease related to prior tax positions		(24,802	)		—		(1,516	)
Payments		—			—		—
	$	—		$	24,802	$	24,589

Summary of Amounts of Interest and Penalties Recognized in Relation to Uncertain Tax Position

The following is a summary of the amounts of interest and penalties recognized in relation to our uncertain tax position:

	For the Years Ended March 31,
	2015			2014		2013
	(dollars in thousands)
Accrued interest recognized	$	(3,847	)	$	641	$	409
Accrued penalties recognized	$	(6,475	)	$	213	$	173

- 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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