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Income Taxes (Tables)
12 Months Ended
May 31, 2013
Provision for Income Taxes

The provision for income taxes consisted of the following:

 

     Year ended May 31  
(In thousands)    2013      2012      2011  

Current:

        

U.S. Taxes

   $ 12,959       $ 9,520       $ 9,336   

Foreign

     854         587         811   

Deferred

     287         1,343         2,253   
  

 

 

    

 

 

    

 

 

 
   $ 14,100       $ 11,450       $ 12,400   
  

 

 

    

 

 

    

 

 

 
Significant Components of Deferred Income Tax Liabilities and Assets

Significant components of the Company’s deferred income tax liabilities and assets are as follows:

 

     May 31  
(In thousands)    2013     2012  

Deferred income tax liabilities

    

Indefinite and long-lived assets

   $ (13,953   $ (11,238

Prepaids

     (333     (365
  

 

 

   

 

 

 
     (14,286     (11,603

Deferred income tax assets

    

Inventories and accounts receivable

     1,228        1,149   

Acquired net operating loss carry forwards

     0        19   

Accrued liabilities and other

     2,071        1,789   
  

 

 

   

 

 

 
     3,299        2,957   
  

 

 

   

 

 

 

Net deferred income tax liabilities

   $ (10,987   $ (8,646
  

 

 

   

 

 

 
Reconciliation of Income Taxes Computed at U.S. Federal Statutory Tax Rate to Income Tax Expense

The reconciliation of income taxes computed at the U.S. federal statutory tax rate to income tax expense is as follows:

 

     Year ended May 31  
(In thousands)    2013     2012     2011  

Tax at U.S. statutory rates

   $ 14,400      $ 11,900      $ 12,300   

Tax credits and other

     (980     (755     (145

Provisions for state income taxes, net of federal benefit

     680        305        245   
  

 

 

   

 

 

   

 

 

 
   $ 14,100      $ 11,450      $ 12,400