Income Taxes (Tables)

12 Months Ended

Mar. 31, 2014

Schedule of Provision for Income Taxes

The provision for income taxes is summarized below:

	2014			2013		2012
Current expense:
Federal	$	893		$	1,080	$	—
State		175			333		44
Total current income tax expense		1,068			1,413		44
Deferred		2,560			2,063		2,697
Change in valuation allowance		(318	)		318		—
Total deferred income tax expense		2,242			2,381		2,697
Total income tax expense	$	3,310		$	3,794	$	2,741

Summary of Consolidated Effective Tax Rates

The consolidated effective tax rates differ from the federal statutory rates as follows:

	2014			2013			2012
Statutory federal rate		35.0	%		35.0	%		35.0	%
State income taxes after federal income tax		5.0			9.3			5.6
Valuation allowance		(2.3)			2.6			—
Accounting for Stock Options		1.9			2.7			2.6
Other		(2.6)			(1.4	)		(1.1	)
Consolidated effective tax rate		37.0	%		48.2	%		42.1	%

Schedule of Accumulated Deferred Income Taxes

The following is an analysis of accumulated deferred income taxes:

	2014			2013
Assets:
Current:
Bad debts	$	127		$	—
Employee benefit accruals		251			279
Environmental reserves		(125)			1,571
Inventory		1,158			1,231
State taxes		1,812			1,744
Alternative minimum tax credit carryforward		130			847
Other		1,255			1,085
Total current		4,608			6,757
Noncurrent:
Bad debts		1,062			1,177
Employee benefit accruals		396			494
Environmental reserves		3,352			1,753
Property		(348	)		1,448
Valuation allowance		(265	)		(583	)
Total noncurrent		4,197			4,289
Total net assets	$	8,805		$	11,046