INCOME TAXES (Tables)
 12 Months Ended
Mar. 31, 2021
INCOME TAXES [Abstract]  
Reconciliation of Income Taxes to Statutory Federal Income Tax Rate
A reconciliation of income taxes computed at the statutory federal income tax rate of 21.0% to the provision for income taxes included in the consolidated statements of operations is as follows (in thousands, except percentages):

  
Year Ended March 31,
  
   
2021
    
2020
    
2019
  
                   
Statutory federal income tax rate
    
21.0
%
    
21.0
%
    
21.0
%
Income tax expense computed at the U.S. statutory federal rate
  
$
22,450
    
$
20,182
    
$
18,139
  
Effect of federal reduction of statutory rate
    
-
      
-
      
-
  
State income tax expense—net of federal benefit
    
6,941
      
5,659
      
4,795
  
Non-deductible executive compensation
    
2,052
      
613
      
630
  
Other
    
1,066
      
423
      
(526
)
Provision for income taxes
  
$
32,509
    
$
26,877
    
$
23,038
  
Effective income tax rate
    
30.4
%
    
28.0
%
    
26.7
%
Components of Provision for Income Taxes
The components of the provision for income taxes are as follows (in thousands):

  
Year Ended March 31,
  
   
2021
    
2020
    
2019
  
Current:
                  
Federal
  
$
26,054
    
$
19,367
    
$
12,709
  
State
    
9,882
      
9,520
      
6,591
  
Foreign
    
770
      
200
      
454
  
Total current expense
    
36,706
      
29,087
      
19,754
  
                         
Deferred:
                        
Federal
    
(3,067
)
    
(492
)
    
3,826
  
State
    
(1,096
)
    
(1,799
)
    
(249
)
Foreign
    
(34
)
    
81
      
(293
)
Total deferred expense (benefit)
    
(4,197
)
    
(2,210
)
    
3,284
  
                         
Provision for income taxes
  
$
32,509
    
$
26,877
    
$
23,038
  
Components of Deferred Tax Assets and Liabilities
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts 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 were as follows (in thousands):

  
March 31,
  
   
2021
    
2020
  
Deferred tax assets:
            
Accrued vacation
  
$
2,537
    
$
1,966
  
Deferred revenue
    
4,227
      
3,175
  
Allowance for credit losses
    
1,048
      
792
  
Restricted stock
    
772
      
1,575
  
Other deferred tax assets
    
1,552
      
608
  
Accrued bonus
    
2,277
      
2,426
  
Lease liabilities
    
2,476
      
2,550
  
Other credits and carryforwards
    
-
      
1,385
  
Gross deferred tax assets
    
14,889
      
14,477
  
Less: valuation allowance
    
-
      
(1,385
)
Net deferred tax assets
    
14,889
      
13,092
  
                 
Deferred tax liabilities:
                
Property and equipment
    
(2,391
)
    
(2,102
)
Operating leases
    
(6,948
)
    
(10,098
)
Prepaid expenses
    
(912
)
    
(817
)
Right-of-use assets
    
(2,419
)
    
(2,535
)
Tax deductible goodwill
    
(751
)
    
(270
)
Total deferred tax  liabilities
    
(13,421
)
    
(15,822
)
                 
Net deferred tax asset (liability)
  
$
1,468
    
$
(2,730
)