Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES (Tables)

v3.22.1
INCOME TAXES (Tables)
3 Months Ended
Feb. 28, 2022
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 and six months ended February 28, 2022 and 2021 is as follows:

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Three Months Ended

​

​

Six Months Ended

 

(In thousands)

    

February 28, 2022

    

February 28, 2021

    

​

February 28, 2022

    

February 28, 2021

 

Effective income tax rate

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​

22.8

%

​

24.6

%

​

​

23.4

%

​

24.6

%

Income tax expense (benefit):

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​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

712

​

$

5,723

​

​

$

1,183

​

$

5,856

​

Deferred

​

 

(211)

​

 

(56)

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​

 

(205)

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71

​

Total

​

$

501

​

$

5,667

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​

$

978

​

$

5,927

​

Income taxes paid:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Federal

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$

910

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$

—

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​

$

4,360

​

$

—

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State

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900

​

 

—

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​

 

900

​

 

—

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Total

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$

1,810

​

$

—

​

​

$

5,260

​

$

—

​

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 February 28, 2022 and August 31, 2021 are as follows:

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(In thousands)

    

February 28, 2022

    

August 31, 2021

Deferred tax assets (liabilities):

    

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​

  

Depreciation and depletion

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$

(2,178)

​

$

(2,360)

Non-qualified stock options

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546

​

 

547

Deferred revenues

​

​

108

​

​

41

Accrued compensation

​

​

87

​

​

141

Other

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27

​

 

16

Net deferred tax liability

​

$

(1,410)

​

$

(1,615)