Note H - Income Taxes

12 Months Ended

Apr. 30, 2022

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)	2022		2021		2020
Provision for income taxes
Current	$	18,869	$	23,274	$	14,288
Deferred		8,226		7,028		(1,280	)
Total	$	27,095	$	30,302	$	13,008

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)	2022			2021			2020
Tax provision at statutory rate	$	25,284		$	28,233		$	13,514
State taxes, net of federal benefit		3,612			4,033			1,931
Tax benefit from option exercises		(1,356	)		(1,401	)		(1,498	)
Other, net		(445	)		(563	)		(939	)
Total	$	27,095		$	30,302		$	13,008

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)	2022		2021
Deferred income tax liabilities related to:
Finance receivables	$	35,466	$	26,373
Property and equipment		1,368		372
Goodwill		194		141
Total		37,028		26,886
Deferred income tax assets related to:
Accrued liabilities		2,524		2,140
Inventory		316		213
Share based compensation		3,561		3,109
State net operating loss		168		42
Deferred revenue		2,226		1,375
Total		8,795		6,879
Deferred income tax liabilities, net	$	28,233	$	20,007