Note 8 - Federal, State and Local Income Taxes (Tables)

9 Months Ended

Jan. 31, 2020

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Three Months Ended January 31,					Nine Months Ended January 31,
($ in thousands)	2020			2019		2020		2019
Current tax expense:
Federal	$	1,347		$	513	$	3,480	$	2,118
State and local		300			173		915		333
Current tax expense		1,647			686		4,395		2,451
Deferred tax expense (benefit):
Federal		154			429		100		434
State and local		(2	)		197		270		(57	)
Deferred tax expense (benefit):		152			626		370		377
Income tax provision	$	1,799		$	1,312	$	4,765	$	2,828

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	January 31,			April 30,
($ in thousands)	2020			2019
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	10,669		$	10,669
Deferred non-cash post-employment compensation		(372	)		(372	)
Depreciation and amortization		108			130
Unrealized gain on securities held for sale		570			446
Deferred charges		(333	)		(354	)
Other		(58	)		(279	)
Total federal tax liability		10,584			10,240
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,676			2,530
Deferred non-cash post-employment compensation		(93	)		(74	)
Depreciation and amortization		27			40
Unrealized gain on securities held for sale		143			-
Other		(84	)		(112	)
Total state and local tax liabilities		2,669			2,384
Deferred tax liability, long-term	$	13,253		$	12,624

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Nine Months Ended January 31,
	2020			2019
U.S. statutory federal tax rate		21.00	%		21.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		6.20	%		3.45	%
Effect of dividends received deductions		(0.20	%)		(0.25	%)
Other, net		0.05	%		-
Effective income tax rate		27.05	%		24.20	%