Note H - Income Taxes

12 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

H - Income Taxes

The provision for income taxes was as follows:

	Years Ended April 30,
(In thousands)	2019		2018			2017
Provision for income taxes
Current	$	10,525	$	8,757		$	11,399
Deferred		1,701		(6,360	)		638
Total	$	12,226	$	2,397		$	12,037

The provision for income taxes is different from the amount computed by applying the statutory federal income tax rate to income before income taxes for the following reasons:

	Years Ended April 30,
(In thousands)	2019			2018			2017
Tax provision at statutory rate	$	12,569		$	11,827		$	11,285
State taxes, net of federal benefit		1,796			1,077			868
Tax benefit from option exercises		(1,961	)		(1,721	)		-
Deferred tax adjustment related to Tax Act		-			(8,083	)		-
Other, net		(178	)		(703	)		(116	)
Total	$	12,226		$	2,397		$	12,037

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred income tax assets and liabilities were as follows:

	Years Ended April 30,
(In thousands)	2019		2018
Deferred income tax liabilities related to:
Finance receivables	$	19,254	$	17,764
Goodwill		76		61
Total		19,330		17,825
Deferred income tax assets related to:
Accrued liabilities		1,638		1,894
Inventory		127		120
Share based compensation		2,186		2,144
Property and equipment		76		82
State net operating loss		29		69
Deferred revenue		1,015		958
Total		5,071		5,267
Deferred income tax liabilities, net	$	14,259	$	12,558