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Income Taxes (Tables)

12 Months Ended

Jan. 31, 2018

Income Tax Disclosure [Abstract]

Income tax expense (benefit) reconciled to statutory rate

The income tax expense (benefit) for the last three years is reconciled to the statutory federal income tax rate as follows (in thousands):

	Year ended January 31,
	2018				2017				2016
Statutory	$	794			$	1,607			$	1,587
State taxes (net of federal tax)	341				363				303
Change in valuation allowance	410				(19,831		)		(2,214		)
State rate adjustment	(260		)		(548		)		168
Change in unrecognized tax benefits	6				(1		)		(3		)
Stock Compensation	(200		)		—				—
Tax cuts and jobs act	4,438				—				—
Expirations of attributes	143				408				229
Other	(49		)		(31		)		48
Income tax expense (benefit)	$	5,623			$	(18,033	)		$	118

Significant components of expense (benefit)

Significant components of the expense (benefit) for income taxes (in thousands) attributed to continuing operations are as follows:

	Year ended January 31,
	2018				2017				2016
Current
Federal	$	(296	)		$	24			$	1
State	98				65				40
	(198		)		89				41
Deferred
Federal	5,270				1,519				1,567
State	141				190				724
	5,411				1,709				2,291
Change in Valuation Allowance	410				(19,831		)		(2,214		)
	5,821				(18,122		)		77
Income tax expense (benefit)	$	5,623			$	(18,033	)		$	118

Deferred tax assets and liabilities

Deferred tax assets and liabilities (in thousands) are comprised of the following:

	Year ended January 31,
	2018				2017
Deferred tax assets
Accrued vacation and sick leave	$	1,015			$	1,211
Retirement plans	3,756				6,900
Insurance reserves	451				633
Warranty	242				383
Net operating loss carryforwards	4,722				7,627
Intangibles	—				—
Inventory	1,085				1,418
Other	624				1,005
	$	11,895			$	19,177
Deferred tax liabilities
Tax in excess of book depreciation	$	(811	)		$	(1,556	)
Other	(66		)		(98		)
	$	(877	)		$	(1,654	)
Valuation allowance	(925		)		(515		)
Net long term deferred tax asset	$	10,093			$	17,008

Unrecognized tax benefits

The following table summarizes the activity related to our gross unrecognized tax benefits from February 1, 2016 to January 31, 2018 (in thousands):

	January 31,
	2018				2017
Balances as of February 1,	$	29			$	31
Increases related to prior year tax positions	2				1
Decreases related to prior year tax positions	—				—
Increases related to current year tax positions	16				5
Decreases relating to settlements with taxing authorities	—				—
Decreases related to lapsing of statute of limitations	(9		)		(8		)
Balance as of January 31,	$	38			$	29

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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
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

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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

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-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

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319

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Tabular disclosure of the change in unrecognized tax benefits.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=75116239&loc=d3e36027-109320

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-Name Accounting Standards Codification
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-Section 50
-Paragraph 15A
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