Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES (Tables)

v3.21.2
INCOME TAXES (Tables)
9 Months Ended
May 31, 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. Income tax information for the three and nine months ended May 31, 2021 and 2020 are as follows:

Three Months Ended

Nine Months Ended

 

May 31,

May 31,

May 31,

May 31,

    

2021

    

2020

    

2021

    

2020

 

    

  (In thousands)

Effective income tax rate

24.7

%

24.8

%

24.7

%

24.6

%

Income tax expense (benefit):

Current

$

(394)

$

21

$

5,283

$

1,265

Deferred

 

552

 

(12)

 

623

 

710

Total

$

158

$

9

$

5,906

$

1,975

Income taxes paid:

Federal

$

$

212

$

$

1,089

State

 

 

22

 

 

216

Total

$

$

234

$

$

1,305

Deferred Tax Assets (Liabilities)

Deferred income taxes reflect the tax effects of net operating loss carryforwards and 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 May 31, 2021 and August 31, 2020 are as follows:

    

May 31, 2021

    

August 31, 2020

(In thousands)

Deferred tax assets (liabilities):

    

  

    

  

Depreciation and depletion

(2,244)

(1,701)

Non-qualified stock options

 

528

 

491

Accrued compensation

98

167

Deferred revenues

52

89

Other

 

57

 

45

Net operating loss carryforwards

$

$

23

Net deferred tax liability

$

(1,509)

$

(886)