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Income Taxes | 12 Months Ended
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Jan. 30, 2022
Income Taxes [Abstract] |
Income Taxes | 9. INCOME TAXESThe components of income tax expense were as follows: Fiscal Year Ended January 30, 2022 January 31, 2021(in thousands) Current: Federal $12,678 $3,518State 2,690 1,374 15,368 4,892Deferred: Federal (4,945) 353State (536) (608) (5,481) (255)Total income tax expense $9,887 $4,637The tax effects of unrealized gains and losses on securities are components of other comprehensive income and therefore excluded from deferred tax expense. Realization of the deferred tax asset over time is dependent upon the Company generating sufficient taxable earnings in future periods. In making the determination that the realization of the deferred tax was more likely than not, the Company considered several factors including its recent earnings history, its expected earnings in the future, and appropriate tax planning strategies. The Company believes it will be able to fully utilize its established deferred tax assets and therefore no valuation allowance has been established as of January 30, 2022 and January 31, 2021. The reconciliation of income tax expense to the amount computed at the federal statutory rate was as follows: Fiscal Year Ended January 30, 2022 January 31, 2021(in thousands) Federal taxes at statutory rate $8,314 21.0% $3,824 21.0%State and local income taxes, net of federal benefit 1,692 4.3% 786 4.3%Research and development tax credits (226) (0.6)% (151) (0.8)%Other 107 0.3% 178 1.0%Total income tax expense $9,887 25.0% $4,637 25.5% 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: January 30, 2022 January 31, 2021(in thousands) Deferred tax assets: Returns allowance $1,367 $1,330Uniform capitalization 3,007 3,425Inventory 35 —Deferred rent — 205Lease liability 50,735 49,243Accruals 2,361 1,841Stock-based compensation 303 231Advance payments 689 685Unrecognized tax benefits 4 2Total deferred tax assets 58,501 56,962 Deferred tax liabilities: Property and equipment 8,815 13,202Unrealized gain on investment 164 16Inventory — 223Prepaid expenses 927 868Right-of-use asset 51,395 50,697Goodwill and intangibles 67 66Revenue recognition method adjustment — 90Total deferred tax liabilities 61,368 65,162Net deferred tax liabilities $2,867 $8,200 Uncertain Tax PositionsA reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: January 30, 2022 January 31, 2021(in thousands) Balance beginning of year $259 $—Additions for tax positions in prior years 5 214Additions for tax positions in current year 72 45Statue of limitations (39) —Balance at end of year $297 $259If recognized, $0.3 million of the Company’s unrecognized tax benefits as of January 30, 2022, would affect the Company’s effective tax rate. 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 material amounts recorded as tax expense for interest or penalties for the years ended January 30, 2022 and January 31, 2021.The Company files income tax returns in the United States federal jurisdiction and in various state jurisdictions. Federal tax returns for tax year 2018, and state tax returns for tax year 2017, 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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