Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES (Tables)

v3.21.4
INCOME TAXES (Tables)
3 Months Ended
Nov. 30, 2021
INCOME TAXES [Abstract]  
Provision for Income Taxes

The provision for income taxes is recorded at the end of each interim period based on the Company’s best estimate of its effective income tax rate expected to be applicable for the full fiscal year taking into account any items requiring discrete recognition. Income tax information for the three months ended November 30, 2021 and 2020 are as follows:

Three Months Ended

 

November 30,

November 30,

(In thousands)

2021

    

2020

 

Effective income tax rate

24.0

%

24.6

%

Income tax expense (benefit):

Current

$

471

$

134

Deferred

 

6

 

126

Total

$

477

$

260

Income taxes paid:

Federal

$

3,450

$

State

 

 

Total

$

3,450

$

Deferred Tax Assets (Liabilities)

Deferred income taxes reflect the 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 the Company’s deferred tax liability as of November 30, 2021 and August 31, 2021 are as follows:

(In thousands)

    

November 30, 2021

    

August 31, 2021

Deferred tax assets (liabilities):

    

  

    

  

Depreciation and depletion

$

(2,282)

$

(2,360)

Non-qualified stock options

 

561

 

547

Accrued compensation

56

141

Deferred revenues

29

41

Other

 

15

 

16

Net deferred tax liability

$

(1,621)

$

(1,615)