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Income Taxes (Tables)

12 Months Ended

Jan. 29, 2022

Income Taxes

Schedule of income tax (benefit) expense

Income tax expense consists of the following (in thousands):

​	​	​	​	​	​	​	​	​	​	​
​		Fiscal Year
​	​	2021			2020			2019		​
Current:	​	​	​	​	​	​	​	​	​	​
Federal	​	$	(11,326)	​	$	(5,538)	​	$	(2,650)	​
State	​		(2,473)	​		(1,405)	​		(945)	​
Total current	​		(13,799)	​		(6,943)	​		(3,595)	​
Deferred:	​	​	​	​	​	​	​	​	​	​
Federal	​		(2,629)	​		(588)	​		104	​
State	​		(574)	​		114	​		26	​
Total deferred	​		(3,203)	​		(474)	​		130	​
Total income tax expense	​	$	(17,002)	​	$	(7,417)	​	$	(3,465)	​

Schedule of the reconciliation of income tax (benefit) expense computed using the federal statutory rate to the reported income tax (benefit) expense

​

Income tax expense computed using the federal statutory rate is reconciled to the reported income tax expense as follows (in thousands):

​	​	​	​	​	​	​	​	​	​	​
​		Fiscal Year
​	​	2021			2020			2019		​
Statutory rate applied to income before income taxes	​	$	(16,641)	​	$	(6,593)	​	$	(4,193)	​
State income taxes, net of federal benefit	​		(2,936)	​		(1,777)	​		(791)	​
State tax credits	​		152	​		168	​		308	​
State tax credits - valuation allowance (net of federal benefit)	​		158	​		—	​		(99)	​
Tax exempt interest	​		—	​		—	​		34	​
General business credits	​		1,433	​		878	​		1,456	​
Nondeductible compensation	​	​	(455)	​	​	—	​	​	—	​
Excess (deficit) tax benefits from stock-based compensation	​	​	1,226	​	​	(58)	​	​	(83)	​
Other	​		61	​		(35)	​		(97)	​
Income tax expense	​	$	(17,002)	​	$	(7,417)	​	$	(3,465)	​

Schedule of the components of deferred tax assets and deferred tax liabilities

​

Deferred tax assets and deferred tax liabilities consist of the following (in thousands):

​	​	​	​	​	​	​	​
​		January 29,			January 30,
​		2022			2021
Deferred tax assets:	​	​	​	​	​	​	​
Inventory capitalization	​	$	1,910	​	$	1,628	​
Vacation liability	​		781	​		754	​
Operating lease liabilities	​	​	55,088	​	​	49,763	​
State tax credits	​		3,033	​		3,033	​
Stock compensation	​		2,233	​		1,598	​
Deferral of FICA tax	​	​	—	​	​	416	​
Legal expense reserve	​		—	​		128	​
Insurance liabilities	​		778	​		646	​
Other	​		620	​		532	​
Subtotal deferred tax assets	​		64,443	​		58,498	​
Less: State tax credits valuation allowance - net	​		(1,556)	​		(1,714)	​
Total deferred tax assets	​		62,887	​		56,784	​
​	​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​	​
Right of use asset	​	​	(53,342)	​	​	(47,672)	​
Book and tax depreciation differences	​	​	(5,574)	​	​	(2,040)	​
Prepaid expenses	​		(979)	​		(877)	​
Total deferred tax liabilities	​		(59,895)	​		(50,589)	​
Net deferred tax asset	​	$	2,992	​	$	6,195	​

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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