Income Taxes (Tables)

12 Months Ended

Mar. 30, 2013

The provision for income taxes for fiscal years 2013, 2012 and 2011 were as follows (in thousands):



	Fiscal Year
	2013		2012			2011
Current
Federal	$	3,955	$	4,227		$	1,577
State	263		652			272
Total current	4,218		4,879			1,849
Deferred
Federal	1,416		(2,061		)	49
State	717		(319		)	(1,009		)
Total deferred	2,133		(2,380		)	(960		)
Total income tax provision	$	6,351	$	2,499		$	889

Reconciliations of income taxes

A reconciliation of income taxes computed by applying the expected federal statutory income tax rates for fiscal years 2013, 2012 and 2011 of 34% 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
	2013			2012			2011
Federal income tax at statutory rate	$	5,660		$	10,957		$	1,687
Change in deferred tax rate	966			—			(950		)
State income taxes, net of federal benefit	597			736			200
Tax credits	(595		)	(505		)	—
Bargain purchase gain	—			(7,483		)	—
Step-up in tax basis of assets acquired	—			(1,241		)	—
Net operating loss carryback claim adjustment	—			—			(73		)
Other	(277		)	35			25
Total income tax provision	$	6,351		$	2,499		$	889

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 30, 2013			March 31, 2012
Net current deferred tax assets
Warranty reserves	$	2,999		$	3,662
Inventory	1,381			761
Salaries and wages	1,182			1,065
Insurance reserves	693			624
Repurchase reserves	665			424
Goodwill	—			270
Other	(196		)	(149		)
	$	6,724		$	6,657
Net long-term deferred tax (liabilities) assets
Goodwill	$	(25,018	)	$	(22,505	)
Loan discount	10,736			13,488
Property, plant, equipment and depreciation	(5,141		)	(4,693		)
Net operating loss carryforwards	5,077			4,004
Other intangibles	(3,107		)	(3,805		)
Deferred margin	1,732			1,927
Stock based compensation	1,263			983
Bond discount	(1,046		)	(1,218		)
Salaries and wages	860			—
Buydown points	(717		)	(1,060		)
Reserves related to consumer loans sold	478			315
Tax credits	410			418
Other	723			718
	$	(13,750	)	$	(11,428	)