Income Taxes

12 Months Ended

Mar. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The provisions for income taxes for fiscal 2013, 2012 and 2011 are as follows:

	2013			2012		2011
(In thousands)
Federal — current	$	8,967		$	8,632	$	9,818
State — current	2,417			2,546		2,531
Total current	11,384			11,178		12,349
Federal — deferred	(2,466		)	2,796		(69		)
State — deferred	(600		)	316		(299		)
Total deferred	(3,066		)	3,112		(368		)
Total provision	$	8,318		$	14,290	$	11,981

During fiscal 2013 we amended previously filed U.S. federal tax returns resulting in an increase of $0.8 million in the benefits related to the domestic manufacturing deduction and investment tax credits, which positively impacted our tax rate for the year. Reconciliations of the provisions for income taxes, based on income from continuing operations, to the applicable federal statutory income tax rate of 35% are listed below.

	2013		2012		2011
Statutory federal income tax	35.0	%	35.0	%	35.0	%
State income taxes, net of federal deduction	4.9	%	5.0	%	4.7	%
ESOP dividend deduction on allocated shares	(1.0	)%	(0.7	)%	(1.2	)%
Domestic production deduction	(2.7	)%	(0.9	)%	(1.3	)%
Impact of amended tax returns	(3.3	)%	—	%	—	%
Other — net	(0.2	)%	0.2	%	(0.1	)%
Total	32.7	%	38.6	%	37.1	%

The tax effects of items comprising our net deferred tax asset (liability) as of March 31, 2013 and April 1, 2012 are as follows:

(In thousands)	2013			2012
Deferred tax assets:
Trade receivables	$	188		$	184
Stock compensation accruals	776			601
Pension withdrawal liability	2,902			—
Other accruals	1,031			756
Other	69			82
Total deferred tax assets	$	4,966		$	1,623
Deferred tax liabilities:
Inventories	$	(3,319	)	$	(3,556	)
Prepaid	(525		)	(703		)
Excess of tax over book depreciation	(11,385		)	(10,807		)
Amortization of intangibles	(354		)	(149		)
Total deferred tax liabilities	$	(15,583	)	$	(15,215	)
Net deferred tax liabilities	$	(10,617	)	$	(13,592	)

As of March 31, 2013, the Company has determined that it is more likely than not that the deferred tax assets at March 31, 2013 will be realized either through future taxable income or reversals of taxable temporary differences. As of March 31, 2013 and April 1, 2012, there were no unrecognized tax benefits. Accordingly, a tabular reconciliation from beginning to ending periods is not provided.

We are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The tax years beginning with our fiscal year ended March 29, 2009 remain open to examination by the Internal Revenue Service, and with few exceptions, state and local income tax jurisdictions.