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Income Taxes | 12 Months Ended
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Jan. 28, 2017
Income Taxes |
Income Taxes | (15) Income Taxes For the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015, the income tax provision consisted of the following:
|  | January 28, |  | January 30, |  | January 31, |
|  | 2017 |  | 2016 |  | 2015 |
Current: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 14,919 |  | $ | 12,341 |  | $ | 7,482 |
State |  |  | 2,530 |  |  | 1,982 |  |  | 1,192 |
Total current |  |  | 17,449 |  |  | 14,323 |  |  | 8,674 |
Deferred: |  |  |  |  |  |  |  |  |  |
Federal |  |  | 164 |  |  | 2,746 |  |  | (103) |
State |  |  | 3 |  |  | 316 |  |  | 57 |
Total deferred |  |  | 167 |  |  | 3,062 |  |  | (46) |
Total income tax provision |  | $ | 17,616 |  | $ | 17,385 |  | $ | 8,628 |
The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the following periods:
|  | January 28, |  | January 30, |  | January 31, |
|  | 2017 |  | 2016 |  | 2015 |
Federal statutory rate |  |  | 35 | % |  | 35 | % |  | 35 | %
State tax, net of federal benefit |  |  | 3.6 |  |  | 3.5 |  |  | 3.5 |
Permanent items |  |  | (0.4) |  |  | 0.2 |  |  | 0.2 |
Other items |  |  | (0.9) |  |  | (0.2) |  |  | (0.2) |
Effective income tax rate |  |  | 37.3 | % |  | 38.5 | % |  | 38.5 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 28, 2017 and January 30, 2016, respectively, are presented below:
|  | January 28, |  | January 30,
|  | 2017 |  | 2016
Deferred tax assets: |  |  |  |  |  |
Accrued liabilities |  | $ | 517 |  | $ | 468
Deferred rent |  |  | 14,833 |  |  | 12,377
Intangible asset |  |  | 1,756 |  |  | 1,293
Inventories |  |  | 2,757 |  |  | 2,335
Sales return reserve |  |  | 372 |  |  | 308
Capital Loss Carryforward |  |  | 63 |  |  | —
Stock-based compensation |  |  | 939 |  |  | 634
Total gross deferred tax assets |  | $ | 21,237 |  | $ | 17,415
Deferred tax liabilities: |  |  |  |  |  |
Depreciation |  | $ | (15,468) |  | $ | (11,407)
Prepaid expenses |  |  | (672) |  |  | (744)
Total gross deferred tax liabilities |  | $ | (16,140) |  | $ | (12,151)
Net deferred tax asset |  | $ | 5,097 |  | $ | 5,264
As of January 28, 2017 the Company classified all of its tax assets as long term in accordance with adoption of ASU 2015-17. 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 deductible temporary differences. Management evaluates the realizability of the deferred tax assets and the need for additional valuation allowances quarterly. At January 28, 2017, 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 28, 2017, 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. The Company is currently under audit on its 2015 and 2014 Federal returns. Federal and state tax years that remain subject to examination are periods ended January 28, 2012 through January 30, 2016. 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 fiscal year 2014, the Company accrued interest and penalties of $14. No interest or penalties were accrued for fiscal year 2016 or fiscal year 2015.

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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 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 2: 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=65882285&loc=d3e32559-109319 Reference 3: 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=65882285&loc=d3e32718-109319 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=65882285&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=65882285&loc=d3e32537-109319 + Details
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