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Taxes (Tables)

12 Months Ended

Mar. 31, 2012

Income (Loss) Before Provision for Income Taxes

Income (loss) before provision for income taxes consisted of the following (in thousands):

		Fiscal Years Ended
		March 31, 2012				April 2, 2011				April 3, 2010
United States		$	227,514			$	134,197			$	48,300
Non-U.S.			21,302				(978	)			6,647
Total income before provision for income taxes		$	248,816			$	133,219			$	54,947

Provision for Income Taxes

The provision for income taxes was as follows (in thousands):

		Fiscal Years Ended
		March 31, 2012				April 2, 2011				April 3, 2010
Current
U.S. Federal		$	79,690			$	30,494			$	552
U.S. State			20,916				11,527				1,976
Non-U.S.			8,575				6,249				2,146
Total current			109,181				48,270				4,674
Deferred
U.S. Federal			(4,128	)			9,950				8,203
U.S. State			(3,595	)			2,057				3,718
Non-U.S.			(6	)			436				(896	)
Total deferred			(7,729	)			12,443				11,025
Total provision for income taxes		$	101,452			$	60,713			$	15,699

Significant Differences Between United States Federal Statutory Tax Rate and Company's Effective Tax Rate

The following table summarizes the significant differences between the United States Federal statutory tax rate and the Company’s effective tax rate for financial statement purposes:

		Fiscal Years Ended
		March 31, 2012				April 2, 2011				April 3, 2010
Federal tax at 35% statutory rate			35.0	%			35.0	%			35.0	%
State and local income taxes, net of federal benefit			4.8	%			7.1	%			10.6	%
Differences in tax effects on foreign income			-1.3	%			1.9	%			-1.7	%
Foreign tax credit			-0.6	%			-1.1	%			0.0	%
Reserve for potential witholding requirements (1)			0.0	%			0.1	%			-15.2	%
Liability for uncertain tax positions			0.2	%			0.3	%			0.5	%
Effect of changes in valuation allowances on deferred tax assets			1.8	%			2.5	%			-1.4	%
Other			0.9	%			-0.2	%			0.8	%
			40.8	%			45.6	%			28.6	%

(1) During Fiscal 2010, as a result of the reorganization of certain of the Company’s international operations, certain withholding tax requirements were eliminated and the related deferred tax liability previously required to be recognized of approximately $8.4 million was reversed.

Significant Components of Deferred Tax Assets (Liabilities)

Significant components of the Company’s deferred tax assets (liabilities) consist of the following (in thousands):

		March 31, 2012				April 2, 2011
Deferred tax assets
Inventories		$	5,185			$	4,683
Payroll related accruals			1,123				239
Deferred rent			11,677				8,304
Net operating loss carryforwards			8,142				4,460
Stock compensation			7,777				—
Deferred revenue			3,993				2,096
Other			1,464				794
			39,361				20,576
Valuation allowance			(8,233	)			(4,387	)
Total deferred tax assets			31,128				16,189
Deferred tax liabilities
Goodwill and intangibles			(1,222	)			(1,380	)
Depreciation			(20,801	)			(10,602	)
Other			(308	)			(429	)
Total deferred tax liabilities			(22,331	)			(12,411	)
Net deferred tax assets		$	8,797			$	3,778

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits Excluding Accrued Interest

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding accrued interest, for Fiscal 2012 and Fiscal 2011, are presented below (in thousands):

		March 31, 2012				April 2, 2011
Unrecognized tax benefits beginning balance		$	939			$	378
Additions related to prior period tax positions			246				—
Additions related to current period tax positions			573				675
Decreases from prior period positions			—				(114	)
Unrecognized tax benefits ending balance		$	1,758			$	939

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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