Note 15 - Income Taxes

9 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Income Tax Disclosure [Text Block]

15. Income Taxes

For the three and nine months ended December 31, 2015, we recorded income tax provisions of $3.9 million and $8.1 million, reflecting effective tax rates of 63.0% and 48.5%, respectively. For the three and nine months ended December 31, 2014, we recorded income tax provisions of $767,000 and $5.6 million, reflecting effective tax rates of 10.4% and 25.8%, respectively.

During the three and nine months ended December 31, 2015, we recorded out-of-period adjustments that increased the income tax provision by a net amount of $1.4 million. We recorded

a reversal of a deferred tax asset that was overstated in the amount of $2.3 million in the financial statements for the

fiscal year ended March 31, 2012, as well as the balance sheets for the fiscal years thereafter and the interim periods within those years and through September 30, 2015. We identified the overstatement. This adjustment

was partially offset by a reduction of $893,000 of

tax expense relating to an overstatement

in income tax reserves for the financial statements for

the fiscal year ended March 31, 2015 and the balance sheets of the interim periods in the current year through September 30, 2015. The out-of-period

adjustments did not have any impact on our cash flow statements in any of the reporting periods. We believe that these out-of-period adjustments are

not material to our

financial statements for the relevant years, including our

current fiscal year.

For the three and nine months ended December 31, 2015, the effective tax rates were also affected by losses that could not be offset against other profits in certain jurisdictions with lower tax rates and by estimates of annual income in domestic and foreign jurisdictions. For the three and nine months ended December 31, 2014, the effective tax rates were affected by changes in estimates of annual income in domestic and foreign jurisdictions and certain discrete items.