Income Taxes (Tables)

12 Months Ended

Apr. 30, 2015

Income Tax Expense from Continuing Operations

Income tax expense from continuing operations consists of the following (in thousands):

	For the Year Ended April 30,
	2015			2014			2013
Current:
Federal	$	22,471		$	43,470		$	38,661
State		4,188			6,167			5,982
Total current		26,659			49,637			44,643
Deferred:
Deferred federal		2,274			(1,352	)		1,508
Deferred state		(28	)		(190	)		349
Total deferred		2,246			(1,542	)		1,857
Total income tax expense	$	28,905		$	48,095		$	46,500

Reconciliation of Provision for Income Taxes from Continuing Operations

The following table presents a reconciliation of the provision for income taxes from continuing operations at statutory rates to the provision in the consolidated financial statements (in thousands):

	For the Year Ended April 30,
	2015				2014			2013
Federal income taxes expected at 35% statutory rate	$		27,556		$	47,853		$	44,767
State income taxes, less federal income tax benefit			3,015			4,535			4,576
Employee Stock Purchase Plan			82			77			131
Business meals and entertainment			205			187			107
Domestic production activity deduction			(2,462	)		(4,325	)		(3,708	)
Research and development tax credit			(100	)		(100	)		(140	)
Change in uncertain tax positions		—				(265	)		237
Other			609			133			530
Total income tax expense	$		28,905		$	48,095		$	46,500

Deferred Tax Assets (Deferred Tax Liabilities) Related to Temporary Differences

Deferred tax assets (deferred tax liabilities) related to temporary differences are the following (in thousands):

	For the Years Ended April 30,
	2015				2014
Current tax assets (liabilities):	$				$
Inventories			9,587			8,088
Product liability			276			391
Accrued expenses, including compensation			2,934			5,991
Warranty reserve			2,449			2,114
Property taxes			(122	)		(78	)
Promotions			1,497			925
Less valuation allowance			(510	)		(508	)
Other			262			171
Net deferred tax asset — current	$		16,373		$	17,094

Non-current tax assets (liabilities):
Net operating loss carryforwards and tax credits	$		2,809		$	2,633
Environmental reserves			258			238
Product liability			461			371
Workers' compensation			991			975
Warranty reserve			860			785
Stock-based compensation			4,429			4,280
State bonus depreciation			1,002			828
Property, plant, and equipment			(25,612	)		(19,947	)
Intangible assets			(17,083	)		224
Transaction costs		—				57
Pension			91			48
Less valuation allowance			(2,111	)		(1,910	)
Net deferred tax liability — non-current	$		(33,905	)	$	(11,418	)
Net deferred tax asset/(liability) — total	$		(17,532	)	$	5,676

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

	April 30,
	2015			2014
Beginning balance	$		84	$	1,091
Interest, penalties, and impact of state deductions on federal taxes			7		(212	)
Lapse of statute of limitations		—			(795	)
Ending balance	$		91	$	84