Entity information:
(5) Income Taxes

 

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows (in thousands):

 

    March 31,  
    2017     2016  
Deferred tax assets:            
Accrued expenses   $ 474     $ 537  
Deferred stock compensation     334       302  
Bad debt and inventory reserves     29       29  
                 
Total deferred tax assets     837       868  
                 
Deferred tax liabilities:                
Property and equipment     1,925       5  
                 
Total net deferred taxes   $ (1,088 )   $ 863  

 

At March 31, 2017, the Company had no federal net operating loss carryforwards.

 

The components of the income tax provision consist of the following (in thousands):

 

    Year Ended March 31,  
    2017     2016     2015  
                   
Current taxes                        
Federal   $ 11,095     $ 10,982     $ 9,303  
State     1,059       1,041       885  
Total current taxes     12,154       12,023       10,188  
                         
Deferred taxes                        
Federal     1,781       (21 )     143  
State     170       (2 )     14  
Total deferred taxes     1,951       (23 )     157  
                         
Total provision for income taxes   $ 14,105     $ 12,000     $ 10,345  

 

The reconciliation of income tax provision computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands):

 

    Year Ended March 31,  
    2017     2016     2015  
                   
Income taxes at U.S. statutory rates   $ 13,274     $ 11,399     $ 9,729  
State income taxes, net of federal tax benefit     858       675       589  
Permanent differences     1       (23 )     (29 )
Other     (28 )     (51 )     56  
                         
Total provision for income taxes   $ 14,105     $ 12,000     $ 10,345