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Income Taxes
 3 Months Ended
Apr. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes
Note 14 – Income Taxes
Our effective tax rates are as follows:
 
 
  
First Quarter

Ended
 
Fiscal 2023
      12.4 % 
Fiscal 2022
      (62.0 )% 
We determine our estimated annual effective tax rate at the end of each interim period based on full-year forecasted
pre-tax
income and facts known at that time. The estimated annual effective tax rate is applied to the
year-to-date
pre-tax
income at the end of each interim period with the cumulative effect of any changes in the estimated annual effective tax rate being recorded in the fiscal quarter in which the change is determined. The tax effect of significant unusual items is reflected in the period in which they occur.
During the three months ended April 30, 2022, we recognized an income tax
expense
of approximately $60,000. The effective tax rate in this period was directly impacted by a $38,000 tax benefit related to the expiration of the statute of limitations on a previously uncertain tax position and a $30,000 tax benefit arising from windfall tax benefits related to the Company’s stock. During the three months ended May 1, 2021, we recognized an income tax benefit of approximately $227,000. The effective tax rate in this period was directly impacted by a $276,000 tax benefit related to the expiration of the statute of limitations on a previously uncertain tax position and a $37,000
tax benefit arising from windfall tax benefits related to the
Company’s stock.