Annual report pursuant to Section 13 and 15(d)

Note 13 - Income Taxes (Tables)

v3.21.2
Note 13 - Income Taxes (Tables)
12 Months Ended
Jun. 30, 2021
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   

2021

   

2020

   

2019

 

U.S. operations

  $ 75,458     $ 12,690     $ 35,041  

Non-U.S. operations

    953       1,499       (1,181 )

Income before income taxes

  $ 76,411     $ 14,189     $ 33,860  
                         

U.S. operations

    15,812       4,989       7,897  

Non-U.S. operations

    594       300       265  

Total income tax expense

  $ 16,406     $ 5,289     $ 8,162  

Effective tax rate

    21.5 %     37.3 %     24.1 %
   

2021

   

2020

   

2019

 

Current:

                       

Federal

  $ 10,617     $ 2,432     $ 10,132  

State

    1,647       8       1,237  

Foreign

    492       325       304  

Total current

    12,756       2,765       11,673  

Deferred:

                       

Federal

    4,462       181       (3,091 )

State

    (914 )     2,368       (381 )

Foreign

    102       (25 )     (39 )

Total deferred

    3,650       2,524       (3,511 )

Total income tax expense

  $ 16,406     $ 5,289     $ 8,162  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

2021

   

2020

   

2019

 
                                                 

Income tax expense at U.S. Federal statutory tax rate

  $ 16,046       21.0 %   $ 2,980       21.0 %   $ 7,111       21.0 %

Increase (decrease) in income taxes resulting from:

                                               

State and local income taxes, net of U.S. federal income benefit

    2,565       3.4 %     159       1.1 %     737       2.2 %

Change in valuation allowance

    (2,565 )     -3.4 %     2,534       17.9 %     602       1.8 %

Foreign derived intangible income ("FDII") deduction

    -       0.0 %     -       0.0 %     (161 )     -0.5 %

Unrecognized tax benefits

    48       0.1 %     (215 )     -1.5 %     26       0.1 %

Share-based compensation

    72       0.1 %     17       0.1 %     184       0.5 %

Other, net

    240       0.3 %     (186 )     -1.3 %     (337 )     -1.0 %

Actual income tax expense (and corresponding effective tax rate)

  $ 16,406       21.5 %   $ 5,289       37.3 %   $ 8,162       24.1 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   

June 30,

 
   

2021

   

2020

 

 

               

Leases

  $ 30,692     $ 32,184  

Employee compensation accruals

    2,131       2,259  

Share-based compensation

    727       670  

Net operating loss carryforwards

    1,420       2,002  

Property, plant and equipment

    1,446       1,020  

Other

    2,263       2,825  

Subtotal deferred tax assets

    38,679       40,960  

Less: Valuation allowance

    (593 )     (3,158 )

Total deferred tax assets

  $ 38,086     $ 37,802  
   

June 30,

 
   

2021

   

2020

 

Operating lease right-of-use assets

  $ 26,811     $ 27,334  

Intangible assets other than goodwill

    8,979       9,080  

Commissions

    5,744       2,207  

Other

    502       118  

Total deferred tax liabilities

  $ 42,036     $ 38,739  
   

June 30,

 
   

2021

   

2020

 

Other assets

  $ 1,078     $ 137  

Other non-current liabilities

    5,028       1,074  

Total net deferred tax asset (liability)

  $ (3,950 )   $ (937 )
Schedule of Deferred Tax Assets Expiration with Respect to Net Operating Losses [Table Text Block]
   

Deferred

   

Net Operating Loss

 
   

Tax Assets

   

Carryforwards

 

Various U.S. state net operating losses, expiring between 2025 and 2040

  $ 1,148     $ 21,457  

Foreign capital losses, expiring between 2034 and 2040

  $ 272     $ 1,027  
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
   

June 30,

 
   

2021

   

2020

 

Beginning balance

  $ 1,933     $ 2,209  

Additions for tax positions related to the current year

    452       214  

Additions for tax positions of prior years

    117       126  

Reductions resulting from a lapse of the applicable statute of limitations

    (518 )     (616 )

Ending balance

  $ 1,984     $ 1,933