Income Taxes (Tables)

12 Months Ended

Mar. 31, 2017

Income Taxes [Abstract]

Schedule of income tax expense (benefit)

The income tax expense is as follows:

	Years Ended March 31,
	2017			2016			2015
Current tax expense
Federal	$	9,451,000		$	12,400,000		$	1,523,000
State		318,000			1,995,000			1,100,000
Foreign		1,455,000			803,000			527,000
Total current tax expense		11,224,000			15,198,000			3,150,000
Deferred tax expense (benefit)
Federal		4,291,000			(2,929,000	)		5,553,000
State		2,174,000			(757,000	)		93,000
Foreign		(384,000	)		(33,000	)		272,000
Total deferred tax expense (benefit)		6,081,000			(3,719,000	)		5,918,000
Total income tax expense	$	17,305,000		$	11,479,000		$	9,068,000

Schedule of deferred income taxes

Deferred income taxes consist of the following at March 31:

	2017			2016
Assets
Accounts receivable valuation	$	4,697,000		$	6,438,000
Allowance for customer incentives		2,894,000			769,000
Inventory obsolescence reserve		1,608,000			1,431,000
Stock options		1,971,000			1,714,000
Intangibles, net		339,000			380,000
Estimate for returns		3,191,000			7,938,000
Accrued compensation		1,785,000			1,485,000
Net operating losses		834,000			2,070,000
Tax credits		-			1,660,000
Other		2,065,000			2,583,000
Total deferred tax assets	$	19,384,000		$	26,468,000
Liabilities
Property and equipment, net		(1,605,000	)		(1,119,000	)
Other		(4,413,000	)		(6,277,000	)
Total deferred tax liabilities	$	(6,018,000	)	$	(7,396,000	)
Less valuation allowance	$	-		$	-
Net deferred tax assets	$	13,366,000		$	19,072,000
Net long-term deferred income tax liability		(180,000	)		(196,000	)
Net long-term deferred income tax asset		13,546,000			19,268,000
Total	$	13,366,000		$	19,072,000

Schedule of difference between income tax expense at the federal statutory rate and effective tax rate

The difference between the income tax expense at the federal statutory rate and the Company’s effective tax rate is as follows:

	Years Ended March 31,
	2017			2016			2015
Statutory federal income tax rate		35.0	%		35.0	%		35.0	%
State income tax rate, net of federal benefit		2.2	%		4.0	%		2.2	%
Change in deferred tax rate		-	%		-	%		(0.2	)%
Excess tax benefit from stock compensation		(1.4	)%		-	%		-	%
Foreign income taxed at different rates		(0.7	)%		(0.8	)%		(0.9	)%
Warrants		(2.4	)%		8.2	%		0.8	%
Non-deductible executive compensation		0.8	%		2.2	%		3.4	%
Uncertain Tax Positions		(0.2	)%		0.4	%		2.5	%
Other income tax		(1.8	)%		3.1	%		1.4	%
		31.5	%		52.1	%		44.2	%

Schedule of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Years Ended March 31,
	2017			2016			2015
Balance at beginning of period	$	1,181,000		$	1,117,000		$	540,000
Additions based on tax positions related to the current year		141,000			57,000			359,000
Additions for tax positions of prior year		106,000			217,000			336,000
Reductions for tax positions of prior year		-			(210,000	)		(118,000	)
Settlements		(336,000	)		-			-
Balance at end of period	$	1,092,000		$	1,181,000		$	1,117,000