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Income Taxes
6 Months Ended
Sep. 30, 2014
Income Taxes [Abstract]  
Income Taxes
10. Income Taxes

The Company recorded income tax expenses from continuing operations for the three months ended September 30, 2014 and 2013, of $1,418,000, or an effective tax rate of 49.0%, and $1,631,000, or an effective tax rate of 43.0%, respectively. The Company recorded income tax expenses from continuing operations for the six months ended September 30, 2014 and 2013, of $4,132,000, or an effective tax rate of 43.2%, and $1,705,000, or an effective tax rate of 42.9%, respectively. The Company’s income tax rate for the three months ended September 30, 2014 includes the required adjustments to reflect the appropriate six-month rate for fiscal 2015. The income tax rates for all periods were higher than the federal statutory rate primarily due to state income taxes, which were partially offset by the benefits of lower statutory tax rates in foreign taxing jurisdictions. In addition, the income tax rates for three and six months ended September 30, 2014 reflect the payments made under voluntary disclosure agreements with certain states and the impact of the non-deductible executive compensation under Internal Revenue Code Section 162(m). The Company’s income tax rate for the three and six months ended September 30, 2013, were also impacted by the non-deductible expenses in connection with the fair value adjustments on the warrants.

The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions with varying statutes of limitations. At September 30, 2014, the Company continues to be under examination in the U.S. by the Internal Revenue Service for fiscal years 2011 through 2013. In September 2014, the Company received a final determination from the State of California regarding its examination for fiscal years 2008 through 2010. The State of California required no significant changes to the Company’s tax returns for those fiscal years as filed. The Company is not under examination in any another jurisdiction. The Company believes no significant changes in the unrecognized tax benefits will occur within the next 12 months.