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Income Taxes | 12 Months Ended
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Jan. 31, 2015
Income Taxes [Abstract] |
Income Taxes | Note 7 – Income Taxes The provision for income taxes consisted of:
(In thousands) |  | 2014 |  |  | 2013 |  |  | 2012
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 14,575 |  |  |  | $ | 15,366 |  |  |  | $ | 19,581 |
State |  |  | 1,800 |  |  |  |  | 1,805 |  |  |  |  | 2,601 |
Puerto Rico |  |  | 350 |  |  |  |  | 185 |  |  |  |  | 79 |
Total current |  |  | 16,725 |  |  |  |  | 17,356 |  |  |  |  | 22,261 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (1,229 | ) |  |  |  | (139 | ) |  |  |  | (2,692 | )
State |  |  | (115 | ) |  |  |  | (138 | ) |  |  |  | (304 | )
Puerto Rico |  |  | (1,149 | ) |  |  |  | (444 | ) |  |  |  | (350 | )
Total deferred |  |  | (2,493 | ) |  |  |  | (721 | ) |  |  |  | (3,346 | )
Valuation Allowance |  |  | 1,943 |  |  |  |  | 0 |  |  |  |  | 0 |
Total provision |  | $ | 16,175 |  |  |  | $ | 16,635 |  |  |  | $ | 18,915 |
We realized a tax benefit of $6 9,00 0, $1 99,000 and $1.4 million in fiscal years 201 4, 201 3 and 20 1 2, 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 |  | 2014 |  |  | 2013 |  |  | 2012
U.S. Federal statutory tax rate |  |  | 35.0 | % |  |  |  | 35.0 | % |  |  |  | 35.0 | %
State and local income taxes, net of federal tax benefit |  |  | 3.1 |  |  |  |  | 3.8 |  |  |  |  | 4.8 |
Puerto Rico |  |  | 0.2 |  |  |  |  | (0.6 | ) |  |  |  | (0.6 | )
Valuation Allowance |  |  | 4.7 |  |  |  |  | 0.0 |  |  |  |  | 0.0 |
Tax benefit on foreign losses |  |  | (4.3 | ) |  |  |  | 0.0 |  |  |  |  | 0.0 |
Other |  |  | 0.1 |  |  |  |  | 0.0 |  |  |  |  | 0.0 |
Effective income tax rate |  |  | 38.8 | % |  |  |  | 38.2 | % |  |  |  | 39.2 | %
We recorded $300,000, $346,000 and $162,000 in federal employment related tax credits in fiscal 201 4, 201 3 and 20 1 2, respectively. 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) |  | January 31, 2015 |  |  | February 1, 2014
Deferred tax assets: |  |  |  |  |
Accrued rent |  | $ | 4,045 |  |  |  | $ | 3,543 |
Accrued compensation |  |  | 5,896 |  |  |  |  | 5,625 |
Accrued employee benefits |  |  | 523 |  |  |  |  | 506 |
Inventory |  |  | 740 |  |  |  |  | 411 |
Self-insurance reserves |  |  | 592 |  |  |  |  | 593 |
Lease incentives |  |  | 12,073 |  |  |  |  | 10,003 |
Net operating loss carry forward |  |  | 1,943 |  |  |  |  | 449 |
Other |  |  | 367 |  |  |  |  | 396 |
Total deferred tax assets |  |  | 26,179 |  |  |  |  | 21,526 |
Valuation allowance |  |  | (1,943 | ) |  |  |  | 0 |
Total deferred tax assets – net of valuation allowance |  |  | 24,236 |  |  |  |  | 21,526 |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |
Depreciation |  |  | 17,767 |  |  |  |  | 15,265 |
Capitalized costs |  |  | 1,284 |  |  |  |  | 1,180 |
Puerto Rico net operating loss carry forward impact to federal taxes |  |  | 0 |  |  |  |  | 444 |
Other |  |  | 1 |  |  |  |  | 3 |
Total deferred tax liabilities |  |  | 19,052 |  |  |  |  | 16,892 |
Net deferred tax asset |  |  | 5,184 |  |  |  |  | 4,634 |
Less current deferred income tax benefit |  |  | (957 | ) |  |  |  | (1,208 | )
Long-term deferred income taxes |  | $ | 4,227 |  |  |  | $ | 3,426 |
At the end of fiscal 201 4, we estimated foreign net operating loss carry forwards of $5.1 million, which expire between fiscal 20 23 and fiscal 2024. At January 31, 2015, we had a valuation allowance of $1.9 million. The valuation allowance relates to foreign net operating losses that would be realizable only upon the generation of future taxable income in the jurisdiction in which the losses were incurred. Our unrecognized tax liabilities presented below relate to tax years encompassing our fiscal years 1999 through 201 4 for the tax years that remain subject to examination by major tax jurisdictions as of Januar y 3 1, 201 5. A reconciliation of the beginning and ending amount for our unrecognized tax positions, which exclude interest and penalties, is as follows:
(In thousands) |  | 2014 |  |  | 2013 |  |  | 2012
Beginning balance |  | $ | 0 |  |  |  | $ | 69 |  |  |  | $ | 69 |
Increases – tax positions in prior period |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 0 |
Decreases – tax positions in prior period |  |  | 0 |  |  |  |  | (69 | ) |  |  |  | 0 |
Gross increases – current period tax positions |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 0 |
Decreases related to settlements with taxing authorities |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 0 |
Ending balance |  | $ | 0 |  |  |  | $ | 0 |  |  |  | $ | 69 |
As of January 31, 2015, we have recorded no unrecognized tax liabilities or related accrued penalt ies or interest in Other liabilities on the Consolidated Balance Sheets. 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.

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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 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 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=26873400&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 9 -URI http://asc.fasb.org/extlink&oid=6907707&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=6907707&loc=d3e32537-109319 Reference 6: 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
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