Income Taxes (Tables)

12 Months Ended

Mar. 31, 2019

The income tax provision consisted of the following for the fiscal years ended March 31, 2019, 2018 and 2017:

	2019		2018			2017
Current — Federal	$	10,233,000	$	11,177,000		$	16,456,000
Current — State		3,121,000		1,905,000			2,834,000
Subtotal		13,354,000		13,082,000			19,290,000
Deferred — Federal		941,000		(955,000	)		(1,508,000	)
Deferred — State		515,000		81,000			288,000
Subtotal		1,456,000		(874,000	)		(1,220,000	)
	$	14,810,000	$	12,208,000		$	18,070,000

Summary of Reconciliation Income Tax Provision from the Statutory Federal Income Tax Rate

The following is a reconciliation of the income tax provision from the statutory federal income tax rate to the effective rate for the fiscal years ended March 31, 2019, 2018 and 2017:

	2019			2018			2017
Income taxes at federal statutory rate	$	12,918,000		$	15,112,000		$	16,643,000
State income taxes, net of federal benefit		2,848,000			1,645,000			1,973,000
Uncertain tax positions		(175,000	)		(464,000	)		88,000
Permanent items and tax credits		(666,000	)		(1,364,000	)		(705,000	)
Adjustments to returns as filed		131,000			138,000			80,000
Valuation allowance		317,000			236,000			—
Impact of tax reform		(563,000	)		(3,095,000	)		—
Other		—			—			(9,000	)
	$	14,810,000		$	12,208,000		$	18,070,000

Summary of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities at March 31, 2019 and 2018 are, as follows:

	2019			2018
Deferred tax assets:
Accrued liabilities not currently deductible	$	6,277,000		$	5,703,000
Allowance for doubtful accounts		1,422,000			1,151,000
Stock-based compensation		1,833,000			1,631,000
Accrued rent		1,474,000			1,555,000
Other		1,123,000			896,000
Deferred tax assets		12,129,000			10,936,000
Deferred tax liabilities:
Excess of book over tax basis of fixed assets		(10,836,000	)		(11,191,000	)
Intangible assets		(4,438,000	)		(4,169,000	)
Accrued revenue		(2,354,000	)		—
Other		(242,000	)		(179,000	)
Total deferred tax liabilities		(17,870,000	)		(15,539,000	)
Valuation allowance		(553,000	)		(236,000	)
Deferred tax liabilities		(18,423,000	)		(15,775,000	)
Net deferred tax liability	$	(6,294,000	)	$	(4,839,000	)

Reconciliation of the Financial Statement Recognition and Measurement of Uncertain Tax Positions During the Current Fiscal Year

A reconciliation of the financial statement recognition and measurement of uncertain tax positions during the current fiscal year is as follows:

Balance as of March 31, 2018	$	1,472,000
Additions based on tax positions related to the current year		82,000
Additions for tax positions of prior years		—
Reductions for tax positions related to the current year		—
Reductions for tax positions of prior years		(290,000	)
Balance as of March 31, 2019	$	1,264,000