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Income Taxes | 12 Months Ended
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Feb. 02, 2020
Income Taxes [Abstract] |
Income Taxes | 10. INCOME TAXES The components of income tax expense were as follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | Fiscal Year Ended
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | February 2, 2020 |  | February 3, 2019 |  | January 28, 2018
﻿(in thousands) |  |  |  |  |  |  |  |  |
﻿Current: |  |  |  |  |  |  |  |  |
﻿Federal |  | $ | 4,727 |  | $ | (589) |  | $ | 9,118
﻿State |  |  | 1,308 |  |  | 1,040 |  |  | 2,227
﻿ |  |  | 6,035 |  |  | 451 |  |  | 11,345
﻿Deferred: |  |  |  |  |  |  |  |  |
﻿Federal |  |  | (568) |  |  | 6,971 |  |  | 658
﻿State |  |  | (38) |  |  | 1,028 |  |  | (125)
﻿ |  |  | (606) |  |  | 7,999 |  |  | 533
﻿Total income tax expense |  | $ | 5,429 |  | $ | 8,450 |  | $ | 11,878
﻿ In December 2017, the United Sates enacted new federal comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the corporate tax rate from 35% to 21% effective January 1, 2018 (the “Effective Date”). When a U.S. federal tax rate change occurs during a fiscal year, taxpayers are required to compute a weighted daily average rate for the fiscal year of enactment. As a result of the Tax Act, the Company calculated a U.S. federal statutory corporate income tax rate of 33.9% for the fiscal year 2017. The U.S. federal statutory corporate income tax rate of 33.9% was the weighted daily average rate between the pre-enactment U.S. federal statutory tax rate of 35% applicable to the Company’s current fiscal year prior to the Effective Date and the post-enactment U.S. federal statutory tax rate of 21% applicable from January 1 to January 28 of 2018. The U.S. federal statutory rate is 21% for fiscal years beginning after January 28, 2018. As a result of the Tax Act in fiscal 2017, the Company recorded a net benefit of $1.5 million from remeasuring its deferred tax assets and liabilities for the year ended January 28, 2018. The Company had a research and development tax credit study performed for fiscal 2016, 2017 and 2018. The Company filed an amended tax return for fiscal 2016 and fiscal 2017 reflecting research and development tax credits of $0.1 million and $0.2 million, respectively. The Company recognized a $0.4 million research and development tax credit for fiscal 2018. The above credits were recognized as a discrete item in the fourth quarter of fiscal 2019. The reconciliation of income tax expense to the amount computed at the federal statutory rate was as follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Fiscal Year Ended
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | February 2, 2020 |  | February 3, 2019 |  | January 28, 2018
﻿(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Federal taxes at statutory rate |  | $ | 5,114 |  | 21.0 | % |  | $ | 6,637 |  | 21.0 | % |  | $ | 11,939 |  | 33.9 | %
﻿Statutory rate change |  |  | — |  | — | % |  |  | — |  | — | % |  |  | (1,510) |  | (4.3) | %
﻿State and local income taxes, net of federal benefit |  |  | 965 |  | 4.0 | % |  |  | 1,679 |  | 5.3 | % |  |  | 1,410 |  | 4.0 | %
﻿Research and development tax credits |  |  | (487) |  | (2.0) | % |  |  | — |  | — | % |  |  | — |  | — | %
﻿Other |  |  | (163) |  | (0.7) | % |  |  | 134 |  | 0.4 | % |  |  | 39 |  | 0.1 | %
﻿Total income tax expense |  | $ | 5,429 |  | 22.3 | % |  | $ | 8,450 |  | 26.7 | % |  | $ | 11,878 |  | 33.7 | %
﻿ Deferred income taxes reflect the net tax effects of temporary differences between U.S. GAAP and tax bases of assets and liabilities. Significant components of deferred tax assets and liabilities were as follows: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |
﻿ |  | February 2, 2020 |  | February 3, 2019
﻿(in thousands) |  |  |  |  |  |
﻿Deferred tax assets: |  |  |  |  |  |
﻿Returns allowance |  | $ | 912 |  | $ | 543
﻿Uniform capitalization |  |  | 2,930 |  |  | 1,020
﻿Inventory |  |  | (27) |  |  | 661
﻿Deferred rent |  |  | — |  |  | 1,380
﻿Accruals |  |  | 388 |  |  | 6,337
﻿Stock-based compensation |  |  | 352 |  |  | 343
﻿Advance payments |  |  | 820 |  |  | 494
﻿Capital lease |  |  | — |  |  | 81
﻿Net operating loss carryover |  |  | — |  |  | 325
﻿Federal credit carryover |  |  | — |  |  | 17
﻿Total deferred tax assets |  |  | 5,375 |  |  | 11,201
﻿ |  |  |  |  |  |
﻿Deferred tax liabilities: |  |  |  |  |  |
﻿Property and equipment |  |  | 10,346 |  |  | 19,739
﻿Unrealized gain on investment |  |  | 66 |  |  | —
﻿Prepaid expenses |  |  | 857 |  |  | 1,120
﻿Goodwill and intangibles |  |  | 66 |  |  | 64
﻿Capital lease |  |  | 2,358 |  |  | —
﻿Revenue recognition method adjustment |  |  | 187 |  |  | —
﻿Total deferred tax liabilities |  |  | 13,880 |  |  | 20,923
﻿Net deferred tax liabilities |  | $ | 8,505 |  | $ | 9,722
﻿ Uncertain Tax Positions As of February 2, 2020 and February 3, 2019, there were no material unrecognized tax benefits. The Company does not anticipate that there will be a material change in the balance of the unrecognized tax benefits in the next 12 months. Any interest and penalties related to uncertain tax positions are recorded in income tax expense. There were no amounts recorded as tax expense for interest or penalties for the years ended February 2, 2020, February 3, 2019 and January 28, 2018. The Company files income tax returns in the United States federal jurisdiction and in various state jurisdictions. Federal tax returns for tax years beginning January 1, 2016, and state tax returns for tax years beginning January 1, 2015, are open for examination.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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