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Income Taxes | 12 Months Ended
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Jan. 31, 2015
Income Tax Disclosure [Abstract] |
Income Taxes | (14) Income Taxes For the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013, the income tax provision consisted of the following:
|  | January 31, |  |  | February 1, |  |  | February 2, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 7,687 |  |  | $ | 9,421 |  |  | $ | 14,337 |
State |  |  | 987 |  |  |  | 1,248 |  |  |  | 3,447 |
Total current |  |  | 8,674 |  |  |  | 10,669 |  |  |  | 17,784 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (103 | ) |  |  | 1,830 |  |  |  | 1,549 |
State |  |  | 57 |  |  |  | 339 |  |  |  | (257 | )
Change in valuation allowance |  |  | — |  |  |  | — |  |  |  | — |
Total deferred |  |  | (46 | ) |  |  | 2,169 |  |  |  | 1,292 |
Total income tax provision |  | $ | 8,628 |  |  | $ | 12,838 |  |  | $ | 19,076 |
The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the following periods:
|  | January 31, |  |  | February 1, |  |  | February 2, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Federal statutory rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State tax, net of federal benefit |  |  | 3.5 |  |  |  | 3.6 |  |  |  | 4.2 |
Permanent items |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 2.3 |
Valuation allowance |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |
Other items |  | (0.2) |  |  | (1.8) |  |  | (1.0) |
Effective income tax rate |  |  | 38.5 | % |  |  | 37.1 | % |  |  | 40.5 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 31, 2015 and February 1, 2014, respectively, are presented below:
|  | January 31, |  |  | February 1, |
|  | 2015 |  |  | 2014 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued liabilities |  | $ | 444 |  |  | $ | 389 |
Allowance for doubtful accounts |  |  | 44 |  |  |  | 40 |
Deferred rent |  |  | 11,932 |  |  |  | 9,884 |
Inventories |  |  | 2,189 |  |  |  | 2,228 |
Litigation accrual |  |  | 1,540 |  |  |  | — |
Net operating loss |  |  | 51 |  |  |  | 93 |
Sales return reserve |  |  | 276 |  |  |  | 248 |
Stock-based compensation |  |  | 600 |  |  |  | — |
Total gross deferred tax assets |  | $ | 17,076 |  |  | $ | 12,882 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  | $ | (8,125 | ) |  | $ | (3,926 | )
Prepaid expenses |  |  | (625 | ) |  |  | (676 | )
Total gross deferred tax liabilities |  | $ | (8,750 | ) |  | $ | (4,602 | )
Net deferred tax asset |  | $ | 8,326 |  |  | $ | 8,280 |
As of January 31, 2015 and February 1, 2014, the components of the current and long-term deferred income taxes are as follows:
|  | January 31, |  |  | February 1, |
|  | 2015 |  |  | 2014 |
Current deferred tax assets, net: |  |  |  |  |  |  |  |
Accrued liabilities |  | $ | 444 |  |  | $ | 389 |
Allowance for doubtful accounts |  |  | 44 |  |  |  | 40 |
Inventories |  |  | 2,189 |  |  |  | 2,228 |
Prepaid expenses |  |  | (625 | ) |  |  | (676 | )
Sales return reserve |  |  | 276 |  |  |  | 248 |
Stock-based compensation |  |  | 600 |  |  |  | — |
Current deferred tax assets, net |  | $ | 2,928 |  |  | $ | 2,229 |
Non-current deferred tax assets, net: |  |  |  |  |  |  |  |
Deferred rent |  | $ | 11,932 |  |  | $ | 9,884 |
Depreciation |  |  | (8,125 | ) |  |  | (3,926 | )
Litigation accrual |  |  | 1,540 |  |  |  | — |
Net operating loss |  |  | 51 |  |  |  | 93 |
Non-current deferred tax assets, net |  | $ | 5,398 |  |  | $ | 6,051 |
Deferred tax assets have resulted primarily from the Company’s future deductible temporary differences. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income to allow for the utilization of its net operating loss carryforwards and deductible temporary differences. Management evaluates the realizability of the deferred tax assets and the need for additional valuation allowances annually. At January 31, 2015, based on current facts and circumstances, management believes that it is more likely than not that the Company will realize benefit for its gross deferred tax assets. As of January 31, 2015, the Company had no unrecognized tax benefits. The Company does not anticipate that unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date. There are no tax returns that are currently under examination. Federal and state tax years that remain subject to examination are periods ended January 29, 2011 through January 31, 2015. At February 1, 2014, the Company had state net operating loss carry-forwards of approximately $3,047, of which $1,369 was used to offset taxable income in fiscal year 2014. At January 31, 2015, the Company had state net operating loss carry-forwards of approximately $1,678 remaining. The Company’s policy is to accrue interest expense, and penalties as appropriate, on estimated unrecognized tax benefits as a charge to interest expense in the consolidated statements of income. During 2014, the Company accrued interest and penalties of $14. No interest or penalties were accrued for 2013 or 2012. On September 13, 2013, the U. S. Treasury and Internal Revenue Service issued final Tangible Property Regulations (“TPR”) under Internal Revenue Code (“IRC”) Section 162 and IRC Section 263(a). The regulations became effective for tax years beginning on or after January 1, 2014, and certain portions may require a tax method change on a retroactive basis, thus requiring an IRC Section 481(a) adjustment related to fixed and real asset deferred taxes. The accounting guidance under Accounting Standards Codification 740 - Income Taxes, treats the release of these regulations as a change in tax law as of the date of issuance and requires the Company to determine whether there will be an impact on its consolidated financial statements for fiscal year 2014. Any such impact of the final tangible property regulations would affect temporary deferred taxes only and result in a consolidated balance sheet reclassification between current and deferred taxes. The Company has analyzed the expected impact of the TPR on the Company as of January 31, 2015, and concluded that the expected impact is minimal. The Company will continue to prospectively monitor the impact of any future changes to the TPR on the Company.

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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 Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 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=26873400&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 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: 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 6: 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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