Federal, State and Local Income Taxes (Tables)

6 Months Ended

Oct. 31, 2012

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

	Three Months Ended October 31,						Six Months Ended October 31,
($ in thousands)	2012			2011			2012		2011
Current tax expense (benefit):
Federal	$	879		$	(93	)	$	1,327	$	(43	)
State and local		29			(123	)		102		(215	)
		908			(216	)		1,429		(258	)
Deferred tax expense (benefit):
Federal		(31	)		1,330			436		2,336
State and local		30			(148	)		117		33
		(1	)		1,182			553		2,369
Income tax provision:	$	907		$	966		$	1,982	$	2,111

Schedule of components of deferred tax asset and deferred tax liability

	October 31,			April 30,
($ in thousands)	2012			2012
Federal tax benefit (liability):
Net operating loss	$	-		$	126
Unrealized gains on securities available-for-sale		(61	)		(46	)
Operating lease exit obligation		90			153
Deferred professional fees		-			80
Deferred charges		223			76
Total federal tax benefit		252			389
State and local tax benefits:
Net operating loss		-			15
Other		33			38
Total state and local tax benefits		33			53
Deferred tax asset, short term	$	285		$	442
	October 31,			April 30,
($ in thousands)	2012			2012
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	17,679		$	17,679
Deferred non-cash post-employment compensation		(619	)		(619	)
Depreciation and amortization		1,312			1,032
Other		216			120
Total federal tax liability		18,588			18,212
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,188			2,182
Deferred non-cash post-employment compensation		(76	)		(76	)
Depreciation and amortization		162			127
Deferred professional fees		(16	)		(21	)
Total state and local tax liabilities		2,258			2,212
Deferred tax liability, long term	$	20,846		$	20,424

Schedule of effective income tax rate reconciliation

	Six Months Ended October 31,
	2012			2011
U.S. statutory federal rate		35.00	%		35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		2.68	%		2.28	%
Effect of dividends received deductions		-0.25	%		-0.10	%
Domestic production tax credit		-0.59	%		-0.98	%
Alternative minimum tax (benefit) - net operating loss limitation		0.00	%		-1.60	%
Other, net		0.34			0.00	%
Effective income tax rate		37.18	%		34.60	%