Income Taxes (Tables)

12 Months Ended

Mar. 29, 2014

Income Tax Disclosure [Abstract]

Provision (benefit) for income taxes

The provision for income taxes for fiscal years 2014, 2013 and 2012 were as follows (in thousands):

	Fiscal Year
	2014			2013		2012
Current
Federal	$	7,630		$	3,955	$	4,227
State	913			263		652
Total current	8,543			4,218		4,879
Deferred
Federal	586			1,416		(2,061		)
State	(30		)	717		(319		)
Total deferred	556			2,133		(2,380		)
Total income tax provision	$	9,099		$	6,351	$	2,499

Reconciliations of income taxes

A reconciliation of income taxes computed by applying the expected federal statutory income tax rates of 35% for fiscal year 2014 and 34% for fiscal years 2013 and 2012 to income before income taxes to the total income tax provision reported in the Consolidated Statements of Comprehensive Income is as follows (in thousands):

	Fiscal Year
	2014			2013			2012
Federal income tax at statutory rate	$	9,732		$	5,660		$	10,957
State income taxes, net of federal benefit	849			597			736
Domestic production activities deduction	(783		)	(123		)	(113		)
Change in deferred tax rate	(557		)	966			—
Tax credits	(319		)	(595		)	(505		)
Bargain purchase gain	—			—			(7,483		)
Step-up in tax basis of assets acquired	—			—			(1,241		)
Other	177			(154		)	148
Total income tax provision	$	9,099		$	6,351		$	2,499

Net current deferred tax assets and net long-term deferred tax liabilities

Net current deferred tax assets and net long-term deferred tax liabilities were as follows (in thousands):

	March 29, 2014			March 30, 2013
Net current deferred tax assets (liabilities)
Net operating loss carryforwards	$	3,653		$	—
Warranty reserves	3,447			2,999
Salaries and wages	2,432			1,182
Inventory	1,164			1,381
Deferred revenue	951			720
Policy acquisition costs	(946		)	(716		)
Repurchase reserves	831			665
Insurance reserves	655			693
Other	126			(200		)
	$	12,313		$	6,724
Net long-term deferred tax (liabilities) assets
Goodwill	$	(24,597	)	$	(25,018	)
Loan discount	9,509			10,736
Property, plant, equipment and depreciation	(5,454		)	(5,141		)
Other intangibles	(2,833		)	(3,107		)
Stock based compensation	2,094			1,263
Deferred margin	1,625			1,732
Bond discount	(1,036		)	(1,046		)
Net operating loss carryforwards	665			5,077
Buydown points	(662		)	(717		)
Reserves related to consumer loans sold	402			478
Tax credits	159			410
Salaries and wages	—			860
Other	180			723
	$	(19,948	)	$	(13,750	)