Income Taxes
 12 Months Ended
Mar. 31, 2013
Income Taxes [Abstract]  
Income Taxes
NOTE 7. INCOME TAXES
     Income tax provisions for fiscal 2011 through 2013 consisted of the following:
Year Ended March 31
2013 2012 2011
Current taxes
Federal
 $ 5,314,876 $ 4,847,082 $ 5,761,632
State
 377,215 407,913 504,408
Deferred taxes
Federal
 34,718   (17,233 ) 56,996  
State
 810   4,382   7,215  
Income tax provision $ 5,727,619   $ 5,242,144   $ 6,330,251  
 
     A reconciliation of income tax provisions at the U.S. statutory rate for fiscal 2011 through 2013 is as follows:
 
Year Ended March 31
2013 2012 2011
Tax expense at U.S. statutory rate $ 6,046,264   $ 5,700,630   $ 6,809,003
State income taxes, net of Federal benefit 244,691   252,881   345,213
Domestic manufacturing deduction (460,723 ) (467,053 ) (549,123 )
Municipal interest (118,282 ) (235,470 ) (239,636 )
Other   15,669     (8,844 )   (35,206 )
Income tax provision $ 5,727,619   $ 5,242,144   $ 6,330,251  

     Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities as of March 31, 2013 and 2012 were as follows:
 
March 31
2013 2012
Vacation accrual $ 134,214   $ 126,453  
Inventory reserve 103,540   108,990  
Depreciation (4,756 )   9,245  
Stock-based compensation deductions 145,592   145,418  
Unrealized gain on marketable securities (888,836 )   (620,500 )
Other 69,510   93,522  
Net deferred tax liabilities $ (440,736 ) $ (136,872 )

     Realizations of stock-based compensation deductions are credited to "Additional paid-in capital" and included in "Tax benefit of stock-based compensation" on our statements of shareholders' equity. Credits of $15,734 in fiscal 2013 and $230,173 in fiscal 2011 were attributed to stock-based compensation deductions. The "Additional paid-in capital" credits also included the tax benefit of stock-based compensation deductions in those years.

     The amounts credited to "Additional paid-in capital" were the tax benefits of the deductions to the extent they exceeded the corresponding compensation expense recognized for financial reporting purposes. "Tax benefit of stock-based compensation" represented the tax benefits of deductions for stock-based compensation to the extent they exceeded the corresponding compensation expense recognized for financial reporting purposes. Cash we received from the exercise of stock options related to excess tax benefits is included in "Net proceeds from sale of common stock" in the statement of cash flows for the year in which the option was exercised and cash received.

     We had $95,184 of Federal net operating losses and $142,775 of state net operating losses at March 31, 2013, compared to $149,284 of Federal net operating losses and $155,681 of state net operating losses at March 31, 2012. These net operating losses expire in fiscal 2020 and are subject to limitation including limitation under the Internal Revenue Code.

     We had no unrecognized tax benefits as of March 31, 2013, and we do not expect any significant unrecognized tax benefits within 12 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of March 31, 2013 we had no accrued interest related to uncertain tax positions. The tax years 1999 through 2012 remain open to examination by the major taxing jurisdictions to which we are subject.