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NOTE 12 - INCOME TAXES | 12 Months Ended
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Feb. 03, 2013
Income Tax Disclosure [Text Block] | NOTE 12 – INCOME TAXES Our provision for income taxes was as follows for the periods indicated:
|  | Fifty-Three Weeks Ended |  |  | Fifty-Two Weeks Ended |
|  | February 3, |  |  | January 29, |  |  | January 30, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Current expense |  |  |  |  |  |  |  |  |
Federal |  | $ | 3,894 |  |  | $ | 1,687 |  |  | $ | 2,450 |
Foreign |  |  | 50 |  |  |  | 54 |  |  |  | 50 |
State |  |  | 403 |  |  |  | 182 |  |  |  | 301 |
Total current expense |  |  | 4,347 |  |  |  | 1,923 |  |  |  | 2,801 |
Deferred taxes |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (35 | ) |  |  | (87 | ) |  |  | (1,735 | )
State |  |  | 55 |  |  |  | 52 |  |  |  | (137 | )
Total deferred taxes |  |  | 20 |  |  |  | (35 | ) |  |  | (1,872 | )
Income tax expense |  | $ | 4,367 |  |  | $ | 1,888 |  |  | $ | 929 |
Total tax expense for the fiscal year ended February 3, 2013 was $4.4 million, of which $4.3 million was allocated to continuing operations and $51,000 was allocated to Other Comprehensive Income. Total tax expense for fiscal 2012 was $1.6 million, of which $1.9 million was allocated to continuing operations and $303,000 benefit was allocated to Other Comprehensive Income. Total tax expense for fiscal 2011 was $1.0 million, of which $929,000 was allocated to continuing operations and $100,000 was allocated to Other Comprehensive Income. The effective income tax rate differed from the federal statutory tax rate as follows for the periods indicated:
|  | Fifty-Three Weeks Ended |  |  | Fifty-Two Weeks Ended |
|  | February 3, |  |  | January 29, |  |  | January 30, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Income taxes at statutory rate |  |  | 34.0 | % |  |  | 34.0 | % |  |  | 35.0 | %
Increase (decrease) in tax rate resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | 2.1 |  |  |  | 2.3 |  |  |  | 2.2 |
Change in deferred tax rates |  |  | 1.6 |  |  |  |  |  |  |  |  |
Non-cash charitable contribution of appreciated inventory |  |  | (0.3 | ) |  |  | (0.9 | ) |  |  | (3.2 | )
Officer's life insurance |  |  | (3.1 | ) |  |  | (5.9 | ) |  |  | (6.8 | )
Captive insurance disbursement |  |  | (0.9 | ) |  |  | (1.9 | ) |  |  | (2.4 | )
Subpart F Income |  |  | 0.0 |  |  |  | 0.2 |  |  |  | 2.2 |
Penalty |  |  | 0.1 |  |  |  | 0.0 |  |  |  | (4.2 | )
Other |  |  | 0.1 |  |  |  | (0.6 | ) |  |  | (0.5 | )
Effective income tax rate |  |  | 33.6 | % |  |  | 27.2 | % |  |  | 22.3 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the period indicated were:
|  | February 3, |  |  | January 29, |
|  | 2013 |  |  | 2012 |
Assets |  |  |  |  |  |
Deferred compensation |  | $ | 3,319 |  |  | $ | 3,144 |
Allowance for bad debts |  |  | 455 |  |  |  | 729 |
State income taxes |  |  | 153 |  |  |  | 173 |
Property, plant and equipment |  |  | 220 |  |  |  | 404 |
Intangible assets |  |  | 989 |  |  |  | 1,270 |
Charitable contribution carryforward |  |  | 745 |  |  |  | 954 |
Inventories |  |  | 447 |  |  |  | - |
Other |  |  | 245 |  |  |  | 197 |
Total deferred tax assets |  |  | 6,573 |  |  |  | 6,871 |
Valuation allowance |  |  | (139 | ) |  |  | (139 | )
|  |  | 6,434 |  |  |  | 6,732 |
Liabilities |  |  |  |  |  |  |  |
Inventories |  |  | - |  |  |  | 263 |
Employee benefits |  |  | 328 |  |  |  | 343 |
Total deferred tax liabilities |  |  | 328 |  |  |  | 606 |
Net deferred tax asset without AOCI |  |  | 6,106 |  |  |  | 6,126 |
Deferred tax liability in AOCI |  |  | (115 | ) |  |  | (64 | )
Total net deferred tax asset |  | $ | 5,991 |  |  | $ | 6,062 |
At February 3, 2013 and January 29, 2012, our net deferred tax asset was $6.0 million and $6.1 million, respectively. Except for certain state net operating losses being carried forward (against which a valuation allowance was established in fiscal 2010), we expect to fully utilize the remaining deferred tax assets in future periods when the amounts become deductible. We acquired state income tax credits in our fiscal year ending January 2007. When we determined that we would be unable to use a portion of the credits, we sold that portion and have been using the rest to offset state taxable income to the maximum allowable extent in each succeeding year (generally $100,000 or $50,000 per year as adjusted annually by the state). We used the final amount of remaining credits to offset state taxable income in fiscal 2013; therefore, the deferred tax asset relating to these credits is no longer reflected on our balance sheet. Current accounting standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also addresses de-recognition, classification, interest and penalties, accounting in interim periods and disclosures. We had no material unrecognized tax benefits at February 3, 2013 or January 29, 2012, and there were no material increases or decreases in unrecognized tax benefits during the 2013, 2012 or 2011 fiscal years. We have elected to classify interest and penalties recognized with respect to unrecognized tax benefits as income tax expense. During fiscal 2010 the Internal Revenue Service assessed a late payment penalty of $100,000, which we recognized as current tax expense. During fiscal 2011 we successfully requested to have the penalty abated. The abatement of the penalty is reflected as a $100,000 reduction in fiscal 2011 federal income tax expense. No interest or penalties were accrued as of February 3, 2013 or January 29, 2012. Tax years beginning January 31, 2010, through February 3, 2013 remain subject to examination by federal and state taxing authorities.

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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/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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