Income Taxes (Tables)

12 Months Ended

Jun. 30, 2014

Income Taxes

Schedule of provision for income taxes

(In thousands)	June 30,2014			June 30,2013		June 30,2012
Current Income Tax Expense
Federal	$	41,497		$	5,914	$	1,513
State and Local	4,246			606		5
Total Current Income Tax Expense	45,743			6,520		1,518
Deferred Income Tax Expense (Benefit)
Federal	(11,613		)	216		828
State and Local	(1,273		)	567		254
Total Deferred Income Tax Expense (Benefit)	(12,886		)	783		1,082
Total Income Tax Expense	$	32,857		$	7,303	$	2,600

Schedule of reconciliation of the differences between the effective rates and federal statutory rates

	June 30,2014		June 30,2013		June 30,2012
Federal income tax at statutory rate	35.0	%	34.0	%	34.0	%
State and local income tax, net	2.2	%	2.6	%	2.6	%
Nondeductible expenses	0.4	%	(0.2)	%	5.7	%
Foreign rate differential	0.2	%	0.5	%	2.0	%
Income tax credits	(0.4)	%	(2.5)	%	(3.6)	%
Change in tax laws	—	%	1.1	%	—	%
Other	(0.9)	%	(0.2)	%	(1.4)	%
Effective income tax rate	36.5	%	35.3	%	39.3	%

Schedule of differences which give rise to deferred tax assets and liabilities

(In thousands)	June 30,2014			June 30,2013
Deferred tax assets:
Accrued expenses	$	85		$	61
Share-based compensation expense	1,261			1,022
Reserve for returns	3,489			2,431
Reserves for accounts receivable and inventory	8,798			2,995
Intangible impairment	5,739			6,702
Federal net operating loss	865			904
Impairment on Cody note receivable	2,018			1,964
Accumulated amortization on intangible asset	9,338			2,316
Foreign net operating loss	271			176
Other	48			80
Total deferred tax asset	31,912			18,651
Valuation allowance	(2,289		)	(2,140		)
Total deferred tax asset less valuation allowance	29,623			16,511
Deferred tax liabilities:
Prepaid expenses	94			66
Property, plant and equipment	3,715			3,512
Other	315			54
Total deferred tax liability	4,124			3,632
Net deferred tax asset	$	25,499		$	12,879

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits

(In thousands)	Balance
Balance at July 1, 2012	$	280
Additions for tax positions of the current year	62
Additions for tax positions of prior years	18
Reductions for tax positions of prior years	—
Settlements	—
Lapse of statute of limitations	—
Balance at June 30, 2013	$	360
Additions for tax positions of the current year	58
Additions for tax positions of prior years	10
Reductions for tax positions of prior years	—
Settlements	—
Lapse of statute of limitations	—
Balance at June 30, 2014	$	428