XML 64 R13.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Income Taxes | 12 Months Ended
--- | ---
Feb. 02, 2013
Income Taxes [Abstract] |
Income Taxes | Note 7 - Income Taxes The provision for income taxes consisted of:
(In thousands) |  | 2012 |  |  | 2011 |  |  | 2010 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 19,581 |  |  | $ | 11,318 |  |  | $ | 15,514 |
State |  |  | 2,601 |  |  |  | 1,210 |  |  |  | 1,360 |
Puerto Rico |  |  | 79 |  |  |  | 0 |  |  |  | 0 |
Total current |  |  | 22,261 |  |  |  | 12,528 |  |  |  | 16,874 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (2,692 | ) |  |  | 2,918 |  |  |  | (1,220 | )
State |  |  | (304 | ) |  |  | 122 |  |  |  | (183 | )
Puerto Rico |  |  | (350 | ) |  |  | 0 |  |  |  | 0 |
Total deferred |  |  | (3,347 | ) |  |  | 3,040 |  |  |  | (1,403 | )
Total provision |  | $ | 18,915 |  |  | $ | 15,568 |  |  | $ | 15,471 |
We realized a tax benefit of $1.4 million, $1.6 million and $626,000 in fiscal years 2012, 2011 and 2010, respectively, as a result of the exercise of stock options and the vesting of restricted stock, which is recorded in shareholders' equity. Reconciliation between the statutory federal income tax rate and the effective income tax rate is as follows:
Fiscal years |  | 2012 |  |  | 2011 |  |  | 2010 |
U.S. Federal statutory tax rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State and local income taxes, net of federal tax benefit |  |  | 4.8 |  |  |  | 2.1 |  |  |  | 1.6 |
Puerto Rico |  |  | (0.6 | ) |  |  | 0.0 |  |  |  | 0.0 |
Effective income tax rate |  |  | 39.2 | % |  |  | 37.1 | % |  |  | 36.6 | %
We recorded $162,000, $328,000 and $222,000 in federal employment related tax credits in fiscal 2012, 2011 and 2010, respectively. Each of these credits reduced our effective tax rate in the respective years. For fiscal 2012, approximately 1.3% of the increase in our effective tax rate as compared to fiscal 2011 was due to the non-deductible portion of compensation attributable to the retirement of our former President and Chief Executive Officer. Additionally, in both fiscal 2011 and fiscal 2010, we recognized a decrease in our state and local income tax rate due to favorable settlements with certain taxing authorities. Deferred income taxes are the result of temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. The sources of these differences and the tax effect of each are as follows:
(In thousands) |  | February 2, 2013 |  |  | January 28, 2012 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued rent |  | $ | 2,878 |  |  | $ | 2,301 |
Accrued compensation |  |  | 5,191 |  |  |  | 2,849 |
Accrued employee benefits |  |  | 479 |  |  |  | 1,092 |
Inventory |  |  | 916 |  |  |  | 862 |
Self-insurance reserves |  |  | 494 |  |  |  | 587 |
Lease incentives |  |  | 7,438 |  |  |  | 4,941 |
Unrecognized tax benefits |  |  | 0 |  |  |  | 39 |
State bonus depreciation add-back |  |  | 0 |  |  |  | 426 |
Net operating loss carry forward |  |  | 359 |  |  |  | 0 |
Other |  |  | 337 |  |  |  | 367 |
Total deferred tax assets |  |  | 18,092 |  |  |  | 13,464 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | 12,801 |  |  |  | 12,058 |
Capitalized costs |  |  | 1,017 |  |  |  | 840 |
Puerto Rico net operating loss carry forward impact to federal taxes |  |  | 350 |  |  |  | 0 |
Other |  |  | 11 |  |  |  | 0 |
Total deferred tax liabilities |  |  | 14,179 |  |  |  | 12,898 |
Net deferred tax asset |  |  | 3,913 |  |  |  | 566 |
Less current deferred income tax benefit |  |  | (2,914 | ) |  |  | (2,496 | )
Long-term deferred income taxes |  | $ | 999 |  |  | $ | (1,930 | )
At the end of fiscal 2012 we estimated state net operating loss carry forwards of $294,000 which expire between fiscal 2013 and fiscal 2023 and net operating loss carry forwards of $350,000 for Puerto Rico which expire in fiscal 2019. As of February 2, 2013, we had no available state tax credits that could be carried forward. Our unrecognized tax liabilities, as discussed below, relate to tax years encompassing our fiscal years 1999 through 2012, the tax years that remain subject to examination by major tax jurisdictions as of February 2, 2013. A reconciliation of the beginning and ending amount for our unrecognized tax positions, which exclude interest and penalties, is as follows:
(In thousands) |  | 2012 |  |  | 2011 |  |  | 2010 |
Beginning balance |  | $ | 69 |  |  | $ | 693 |  |  | $ | 1,357 |
Increases - tax positions in prior period |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Decreases - tax positions in prior period |  |  | 0 |  |  |  | (339 | ) |  |  | (617 | )
Gross increases - current period tax positions |  |  | 0 |  |  |  | 0 |  |  |  | 100 |
Decreases related to settlements with taxing authorities |  |  | 0 |  |  |  | (285 | ) |  |  | (147 | )
Ending balance |  | $ | 69 |  |  | $ | 69 |  |  | $ | 693 |
We have recorded $145,000 in unrecognized tax liabilities as of February 2, 2013 in Other liabilities on the Consolidated Balance Sheets. This liability is comprised of $69,000 related to unrecognized tax positions, $41,000 related to accrued interest and $35,000 related to accrued penalties. Our policy is to record interest and penalty expense related to income taxes as a component of income tax expense in the Consolidated Statements of Income. If our uncertain tax positions become recognizable, the amount would affect our effective tax rate.

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: 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=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: 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=6907707&loc=d3e32537-109319 Reference 7: 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=6907707&loc=d3e32639-109319 Reference 8: 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=6907707&loc=d3e32559-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration