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Income Taxes (Tables) | 12 Months Ended
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Jan. 31, 2025
Income Tax Disclosure [Abstract] |
Income tax expense (benefit) reconciled to statutory rate | The income tax expense for fiscal years ended January 31, 2025 and 2024 is reconciled to the statutory federal income tax rates of 21% for the tax years ended January 31, is as follows (in thousands):
| 2025 |  | 2024
Statutory | $ | 6,011 |  |  | $ | 6,140 |
State taxes (net of federal tax) | 1,197 |  |  | 1,346 |
Change in valuation allowance | (15) |  |  | (613) |
State rate adjustment | 83 |  |  | 164 |
Change in unrecognized tax benefits | 65 |  |  | 34 |
Stock compensation | (315) |  |  | 16 |
Expirations of attributes | 21 |  |  | 56 |
Permanent differences | (278) |  |  | 69 |
Return to provision true-up | 11 |  |  | 118 |
Income tax expense | $ | 6,780 |  |  | $ | 7,330 |
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, is as follows (in thousands):
| 2025 |  | 2024
Current |  |  |
Federal | $ | 5,142 |  |  | $ | 5,567 |
State | 1,408 |  |  | 963 |
| 6,550 |  |  | 6,530 |
Deferred |  |  |
Federal | (75) |  |  | 301 |
State | 320 |  |  | 1,112 |
| 245 |  |  | 1,413 |
Change in valuation allowance | (15) |  |  | (613) |
| 230 |  |  | 800 |
Income tax expense | $ | 6,780 |  |  | $ | 7,330 |
Deferred tax assets and liabilities | Deferred tax assets and liabilities are comprised of the following as of January 31, respectively, as follows (in thousands):
| 2025 |  | 2024
Deferred tax assets |  |  |
Accrued vacation and sick leave | $ | 2,238 |  |  | $ | 2,143 |
Retirement plans | 1,725 |  |  | 2,391 |
Insurance reserves | 227 |  |  | 197 |
Warranty | 126 |  |  | 128 |
Net operating loss carryforwards | 439 |  |  | 599 |
Right of use liability | 9,505 |  |  | 1,935 |
Inventory | 1,709 |  |  | 1,878 |
Other | 580 |  |  | 536 |
| 16,549 |  |  | 9,807 |
Deferred tax liabilities |  |  |
Tax in excess of book depreciation | (804) |  |  | (882) |
Right of use assets | (8,979) |  |  | (1,663) |
Other | (709) |  |  | (377) |
| (10,492) |  |  | (2,922) |
Valuation allowance | (236) |  |  | (251) |
Net long term deferred tax asset | $ | 5,821 |  |  | $ | 6,634 |
Unrecognized tax benefits | The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended January 31, respectively, as follows (in thousands):
| 2025 |  | 2024
Beginning balances as of January 31, | $ | 92 |  |  | $ | 62 |
Increases related to prior year tax positions | 15 |  |  | 8 |
Decreases related to prior year tax positions | — |  |  | — |
Increases related to current year tax positions | 57 |  |  | 33 |
Decreases related to lapsing of statute of limitations | (7) |  |  | (11) |
Ending balance as of January 31, | $ | 157 |  |  | $ | 92 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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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://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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