Income Taxes (Tables)

12 Months Ended

Mar. 29, 2015

Effective Income Tax Rate Reconciliation

A reconciliation of the difference between the provision for income taxes computed at statutory rates and the provision for income taxes provided in the consolidated statements of income is as follows:

	2015			2014			2013

Statutory federal rate		34.2	%		35.0	%		35.0	%
State taxes, net of federal benefit		4.1			3.3			2.9
Non-deductible expenses		0.9			0.7			0.5
Other		0.0			(0.8	)		0.2
Effective rate		39.2	%		38.2	%		38.6	%

Provision for Income Taxes

The provision for income taxes was comprised of the following:

	2015		2014			2013

Federal: Current	$	3,035,400	$	9,252,700		$	10,593,200
Deferred		1,964,800		(396,600	)		(929,600	)
State: Current		398,500		1,212,400			1,640,400
Deferred		178,100		(5,400	)		(103,500	)
Provision for income taxes		5,576,800	$	10,063,100		$	11,200,500

Deferred Tax Assets and Liabilities

Total deferred tax assets and deferred tax liabilities as of March 29, 2015 and March 30, 2014, and the sources of the differences between financial accounting and tax basis of the Company's assets and liabilities which give rise to the deferred tax assets and liabilities, are as follows:

	2015		2014
Deferred tax assets:
Deferred compensation	$	802,700	$	1,260,000
Accrued vacation		554,100		428,700
Deferred rent		687,500		886,800
Allowance for doubtful accounts		232,800		374,300
Inventory reserves		2,175,500		1,530,000
Sales tax reserves		459,600		472,700
Other assets		516,000		1,660,600
Restricted Stock		89,600		--
Tax contingency reserve		286,200		299,900
Total deferred tax assets	$	5,804,000	$	6,913,000

Deferred tax liabilities:
Depreciation and amortization		3,354,600		3,549,700
Other liabilities		312,400		287,300
Accrued compensation		873,700		--
Prepaid expenses		767,400		423,700
Total deferred tax liabilities	$	5,308,100	$	4,260,700

Net Deferred Tax Asset	$	495,900	$	2,652,300

Reconciliation of Changes in Gross Balance of Unrecognized Tax Benefit Amounts, Net of Interest

A reconciliation of the changes in the gross balance of unrecognized tax benefit amounts, net of interest, is as follows:

	2015			2014			2013
Beginning balance of unrecognized tax benefit	$	1,665,000		$	631,100		$	561,600
Decrease due to reclassification to income tax payable		(1,189,000	)		1,189,000			--
Increases related to current period tax positions		10,600			22,800			69,500
Reductions as a result of a lapse in the applicable statute of limitations		(92,200	)		(177,900	)		--
Ending balance of unrecognized tax benefits	$	394,400		$	1,665,000		$	631,100