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INCOME TAXES

12 Months Ended

Jan. 31, 2017

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

13. INCOME TAXES

The provision (benefit) for income taxes for fiscal years 2016, 2015 and 2014 consists of the following (amounts in thousands):

		2016				2015				2014
Federal:
Current		$	12,197			$	15,804			$	23,452
Deferred			3,568				(2,867	)			20,717
			15,765				12,937				44,169
State and Local:
Current			2,153				2,651				3,536
Deferred			(525	)			(1,480	)			1,944
			1,628				1,171				5,480
Provision for income taxes		$	17,393			$	14,108			$	49,649

The tax effects of significant temporary differences representing deferred tax assets and liabilities are as follows as of January 31, 2017 and 2016 (amounts in thousands):

		January 31,
		2017				2016
Assets:
Accrued liabilities		$	539			$	915
State net operating loss carryforward			412				1,147
Other items			513				198
Valuation allowance			(417	)			(1,151	)
Total			1,047				1,109
Liabilities:
Basis in pass through entities, including depreciation			(41,080	)			(37,834	)
Other			(278	)			(543	)
Total			(41,358	)			(38,377	)
Net deferred tax liability		$	(40,311	)		$	(37,268	)

The Company has a valuation allowance of approximately $417,000 at January 31, 2017. The Company decreased the valuation allowance by $734,000, $601,000 and $265,000 in fiscal years 2016, 2015 and 2014, respectively. 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 $7,090,000, $20,253,000 and $30,142,000 in fiscal years 2016, 2015 and 2014, respectively. The Company received refunds of income taxes of approximately $150,000, $132,000 and $53,000 in fiscal years 2016, 2015 and 2014, respectively.

The effective income tax rate on consolidated pre-tax income or loss differs from the federal income tax statutory rate for fiscal years 2016, 2015 and 2014 as follows:

		2016				2015				2014
Federal income tax at statutory rate			35.0	%			35.0	%			35.0	%
State and local taxes, net of federal tax benefit			2.3				(1.3	)			3.6
Net change in valuation allowance			—				(1.2	)			(0.2	)
Domestic production activities deduction			(2.9	)			(1.7	)			(1.1	)
Uncertain tax positions			0.8				1.0				—
Noncontrolling interest			(4.6	)			(4.4	)			(4.0	)
Other			—				—				(0.8	)
Total			30.6	%			27.4	%			32.5	%

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, 2017, total unrecognized tax benefits were approximately $1,875,000, and accrued penalties and interest were approximately $221,000. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $1,297,000. In addition, the impact of penalties and interest would also benefit the effective tax rate. 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,
		2017				2016
Unrecognized tax benefits, beginning of year		$	987			$	1,658
Changes for tax positions for prior years			1,109				(1,658	)
Changes for tax positions for current year			—				987
Unrecognized tax benefits, end of year		$	2,096			$	987

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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 740
-URI http://asc.fasb.org/topic&trid=2144680

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