XML 30 R15.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Income Taxes | 12 Months Ended
--- | ---
Jan. 28, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | Note 8 – Income Taxes The provision for income taxes consisted of:
(In thousands) |  | 2016 |  | 2015 |  | 2014
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 13,366 |  |  | $ | 18,366 |  |  | $ | 14,575 |
State |  |  | 1,997 |  |  |  | 2,267 |  |  |  | 1,800 |
Puerto Rico |  |  | 250 |  |  |  | 249 |  |  |  | 350 |
Total current |  |  | 15,613 |  |  |  | 20,882 |  |  |  | 16,725 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (153 | ) |  |  | (3,000 | ) |  |  | (1,229 | )
State |  |  | (1,228 | ) |  |  | (145 | ) |  |  | (115 | )
Puerto Rico |  |  | (1,494 | ) |  |  | (318 | ) |  |  | (1,149 | )
Total deferred |  |  | (2,875 | ) |  |  | (3,463 | ) |  |  | (2,493 | )
Valuation allowance |  |  | 1,494 |  |  |  | 318 |  |  |  | 1,943 |
Total provision |  | $ | 14,232 |  |  | $ | 17,737 |  |  | $ | 16,175 |
We realized a tax benefit of $2,900, $120,000 and $68,000 in fiscal years 2016, 2015 and 2014, 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 |  |  | 2016 |  |  | 2015 |  |  | 2014
U.S. Federal statutory tax rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State and local income taxes, net of federal tax benefit |  |  | 2.1 |  |  |  | 2.7 |  |  |  | 3.1 |
Puerto Rico |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 0.2 |
Valuation allowance |  |  | 4.0 |  |  |  | 0.7 |  |  |  | 4.7 |
Tax benefit of foreign losses |  |  | (3.6 | ) |  |  | (0.6 | ) |  |  | (4.3 | )
|  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.1 |
Effective income tax rate |  |  | 37.7 | % |  |  | 38.1 | % |  |  | 38.8 | %
We recorded $224,000, $327,000 and $300,000 in federal employment related tax credits in fiscal 2016, 2015 and 2014, 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 28, 2017 |  | January 30, 2016
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued rent |  | $ | 4,333 |  |  | $ | 4,321 |
Accrued compensation |  |  | 8,552 |  |  |  | 6,911 |
Accrued employee benefits |  |  | 555 |  |  |  | 532 |
Inventory |  |  | 1,125 |  |  |  | 737 |
Self-insurance reserves |  |  | 758 |  |  |  | 641 |
Lease incentives |  |  | 11,996 |  |  |  | 12,522 |
Net operating loss carry forward |  |  | 3,719 |  |  |  | 2,261 |
Other |  |  | 638 |  |  |  | 411 |
Total deferred tax assets |  |  | 31,676 |  |  |  | 28,336 |
Valuation allowance |  |  | (3,717 | ) |  |  | (2,261 | )
Total deferred tax assets – net of valuation allowance |  |  | 27,959 |  |  |  | 26,075 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | 17,256 |  |  |  | 16,671 |
Capitalized costs |  |  | 1,103 |  |  |  | 1,153 |
Other |  |  | 0 |  |  |  | 32 |
Total deferred tax liabilities |  |  | 18,359 |  |  |  | 17,856 |
Net deferred tax asset |  |  | 9,600 |  |  |  | 8,219 |
Less current deferred income tax benefit |  |  | 0 |  |  |  | (1,061 | )
Long-term deferred income taxes |  | $ | 9,600 |  |  | $ | 7,158 |
At the end of fiscal 2016, we estimated foreign net operating loss carry forwards of $9.8 million, which expire between fiscal 2023 and fiscal 2026. At January 28, 2017, we had a valuation allowance of $3.7 million against these 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 relate to tax years encompassing our fiscal years 1999 through 2016 for the tax years that remain subject to examination by major tax jurisdictions as of January 28, 2017. At January 28, 2017, January 30, 2016 and January 31, 2015, there were no unrecognized tax liabilities or related accrued penalties or interest in Other liabilities on the Consolidated Balance Sheets.

X
- References No definition available. + 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 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 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration