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INCOME TAXES | 12 Months Ended
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Feb. 02, 2019
Income Tax Disclosure [Abstract] |
INCOME TAXES |
F. | INCOME TAXES
On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act included many changes to the U.S. tax code including reducing the U.S. federal corporate tax rate from 35.0% to 21.0% effective January 1, 2018. This change reduced the Company's effective tax rate for the fiscal year ended February 3, 2018, based on the 21.0% rate being in effect for one month of the fiscal year, and then further reduced the Company's effective tax rate for the full fiscal year ended February 2, 2019. The provision for income taxes consists of:
| Fiscal Years Ended
| February 2, 2019 |  | February 3, 2018 |  | January 28, 2017
Current income tax expense: |  |  |  |  |
Federal | $ | 27,278 |  |  | $ | 46,158 |  |  | $ | 55,541 |
State | 4,857 |  |  | 3,960 |  |  | 6,029 |
Deferred income tax expense (benefit) | (1,099 | ) |  | (340 | ) |  | (3,260 | )
Total | $ | 31,036 |  |  | $ | 49,778 |  |  | $ | 58,310 |
Total income tax expense for the year varies from the amount which would be provided by applying the statutory income tax rate to earnings before income taxes. The primary reasons for this difference (expressed as a percent of pre-tax income) are as follows:
| Fiscal Years Ended
| February 2, 2019 |  | February 3, 2018 |  | January 28, 2017
Statutory rate | 21.0 | % |  | 33.7 | % |  | 35.0 | %
State income tax effect | 3.0 |  |  | 1.9 |  |  | 2.5 |
Tax exempt interest income | (0.2 | ) |  | (0.2 | ) |  | (0.1 | )
Other | 0.7 |  |  | 0.3 |  |  | (0.1 | )
Effective tax rate | 24.5 | % |  | 35.7 | % |  | 37.3 | %
Deferred income tax assets and liabilities are comprised of the following:
| February 2, 2019 |  | February 3, 2018
Deferred income tax assets (liabilities): |  |  |
Inventory | $ | 4,439 |  |  | $ | 4,368 |
Stock-based compensation | 1,918 |  |  | 2,432 |
Accrued compensation | 3,451 |  |  | 4,006 |
Accrued store operating costs | 3,023 |  |  | 2,899 |
Realized and unrealized loss on securities | (147 | ) |  | (270 | )
Gift certificates redeemable | 1,135 |  |  | 1,295 |
Deferred rent liability | 7,015 |  |  | 8,744 |
Property and equipment | (15,004 | ) |  | (18,712 | )
Net deferred income tax asset | $ | 5,830 |  |  | $ | 4,762 |
As of February 2, 2019 and February 3, 2018, respectively, the net deferred income tax assets of $5,830 and $4,762 are classified in "other assets." There were no unrecognized tax benefits recorded in the Company’s consolidated financial statements as of February 2, 2019 or February 3, 2018. Fiscal years 2015 through 2018 remain subject to potential federal examination. Additionally, fiscal years 2014 through 2018 are subject to potential examination by various state taxing authorities.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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