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INCOME TAXES

12 Months Ended

Jan. 31, 2016

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

13. INCOME TAXES

The provision for income taxes from continuing operations for fiscal years 2015, 2014 and 2013 consists of the following (amounts in thousands):

		2015				2014				2013
Federal:
Current		$	15,804			$	23,452			$	2,974
Deferred			(2,867	)			20,717				15,402
			12,937				44,169				18,376
State and Local:
Current			2,651				3,536				2,154
Deferred			(1,480	)			1,944				221
			1,171				5,480				2,375
Provision for income taxes		$	14,108			$	49,649			$	20,751

The tax effects of significant temporary differences representing deferred tax assets and liabilities are as follows as of January 31, 2016 and 2015 (amounts in thousands):

		January 31,
		2016				2015
Assets:
Accrued liabilities		$	915			$	664
AMT credit carryforward			—				4,015
State net operating loss carryforward			1,147				1,343
Other items			198				624
Valuation allowance			(1,151	)			(1,752	)
Total			1,109				4,894
Liabilities:
Basis in pass through entities, including depreciation			(37,834	)			(44,783	)
Other			(543	)			(516	)
Total			(38,377	)			(45,299	)
Net deferred tax liability		$	(37,268	)		$	(40,405	)

The Company has state net operating loss carryforwards of approximately $14,860,000, net of the federal benefit, which will begin to expire in fiscal year 2019.

The Company has a valuation allowance of approximately $1,151,000 at January 31, 2016. The Company decreased the valuation allowance by $601,000 and $265,000 in fiscal years 2015 and 2014, respectively and increased the valuation allowance by $126,000 in fiscal year 2013. These adjustments to the valuation allowance are a result of estimates of realizing certain future state tax benefits and federal capital loss carryforwards.

The Company paid income taxes of approximately $20,253,000, $30,142,000 and $3,450,000 in fiscal years 2015, 2014 and 2013, respectively. The Company received refunds of income taxes of approximately $132,000, $53,000 and $38,000 in fiscal years 2015, 2014 and 2013, respectively.

The effective income tax rate on consolidated pre-tax income or loss differs from the federal income tax statutory rate for fiscal years 2015, 2014 and 2013 as follows:

		2015				2014				2013
Federal income tax at statutory rate			35.0	%			35.0	%			35.0	%
State and local taxes, net of federal tax benefit			(1.3	)			3.6				4.5
Net change in valuation allowance			(1.2	)			(0.2	)			0.2
Domestic production activities deduction			(1.7	)			(1.1	)			(1.5	)
Uncertain tax positions			1.0				—				(0.1	)
Noncontrolling interest			(4.4	)			(4.0	)			(3.4	)
Other			—				(0.8	)			(0.1	)
Total			27.4	%			32.5	%			34.6	%

The Company files a U.S. federal income tax return and income tax returns in various states. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for fiscal years ended January 31, 2010 and prior.

The Company applies the provisions of ASC 740-10-25-5 for uncertain tax positions. As of January 31, 2016, total unrecognized tax benefits were approximately $987,000. There were no accrued penalties and interest at January 31, 2016. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $987,000. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense.

On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. It is reasonably possible that the amount of the unrecognized tax benefit with respect to certain unrecognized tax positions will increase or decrease during the next 12 months; however, the Company does not expect the change to have a material effect on results of operations or financial position. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (dollars in thousands):

		Years Ended
		January 31,
		2016				2015
Unrecognized tax benefits, beginning of year		$	1,658			$	1,862
Changes for tax positions for prior years			(1,658	)			(204	)
Changes for tax positions for current year			987				—
Unrecognized tax benefits, end of year		$	987			$	1,658

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- References

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319

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