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Income Taxes (Tables) | 12 Months Ended
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Jan. 31, 2020
Income Tax Disclosure [Abstract] |
Income tax expense (benefit) reconciled to statutory rate | The income tax expense for the last two years is reconciled to the statutory federal income tax rates of 21% for the tax years ended January 31, 2020 and 2019, respectively, as follows (in thousands):
| 2020 |  | 2019
Statutory | $ | 585 |  |  | $ | (235 | )
State taxes (net of federal tax) | 400 |  |  | 186 |
Change in valuation allowance | (573 | ) |  | 831 |
State rate adjustment | (291 | ) |  | (222 | )
Change in unrecognized tax benefits | 20 |  |  | 1 |
Stock Compensation | (28 | ) |  | (46 | )
Tax cuts and jobs act | — |  |  | (15 | )
Expirations of attributes | 345 |  |  | 28 |
Permanent differences | (17 | ) |  | 8 |
Return to provision | (96 | ) |  | (39 | )
Income tax expense | $ | 345 |  |  | $ | 497 |
Significant components of expense (benefit) | Significant components of the expense for income taxes attributed to continuing operations are as follows for the years ended January 31 (in thousands):
| 2020 |  | 2019
Current |  |  |
Federal | $ | — |  |  | $ | (24 | )
State | 136 |  |  | 102 |
| 136 |  |  | 78 |
Deferred |  |  |
Federal | 442 |  |  | (247 | )
State | 340 |  |  | (165 | )
| 782 |  |  | (412 | )
Change in valuation allowance | (573 | ) |  | 831 |
| 209 |  |  | 419 |
Income tax expense | $ | 345 |  |  | $ | 497 |
Deferred tax assets and liabilities | Deferred tax assets and liabilities are comprised of the following as of January 31 (in thousands):
| 2020 |  | 2019
Deferred tax assets |  |  |
Accrued vacation and sick leave | $ | 1,264 |  |  | $ | 892 |
Retirement plans | 5,448 |  |  | 2,748 |
Insurance reserves | 443 |  |  | 381 |
Warranty | 207 |  |  | 182 |
Net operating loss carryforwards | 3,658 |  |  | 5,303 |
Right of use liabilities | 6,067 |  |  | — |
Inventory | 1,175 |  |  | 1,320 |
Business interest expense limitation | 224 |  |  | 540 |
Other | 301 |  |  | 765 |
| $ | 18,787 |  |  | $ | 12,131 |
Deferred tax liabilities |  |  |
Tax in excess of book depreciation | $ | (802 | ) |  | $ | (720 | )
Right of use assets | (5,519 | ) |  | — |
Other | (53 | ) |  | (57 | )
| $ | (6,374 | ) |  | $ | (777 | )
Valuation allowance | (1,183 | ) |  | (1,756 | )
Net long term deferred tax asset | $ | 11,230 |  |  | $ | 9,598 |
Unrecognized tax benefits | The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended January 31 (in thousands):
| 2020 |  | 2019
Balances as of February 1, | $ | 38 |  |  | $ | 38 |
Increases related to prior year tax positions | 8 |  |  | — |
Decreases related to prior year tax positions | — |  |  | (2 | )
Increases related to current year tax positions | 18 |  |  | 8 |
Decreases relating to settlements with taxing authorities | — |  |  | — |
Decreases related to lapsing of statute of limitations | (4 | ) |  | (6 | )
Balance as of January 31, | $ | 60 |  |  | $ | 38 |

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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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=84230637&loc=d3e32537-109319 + Details
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