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Income Taxes | 12 Months Ended
--- | ---
Jan. 31, 2015
Income Tax Disclosure [Abstract] |
Income Taxes | Note 4 — Income Taxes The Company’s income tax expense is computed based on the federal statutory rates and the state statutory rates, net of related federal benefit. Income tax expense consists of the following (in thousands):
|  | 52 Weeks Ended January 31, 2015 |  |  | 52 Weeks Ended February 1, 2014 |  |  | 53 Weeks Ended February 2, 2013 |
Current |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 9,299 |  |  | $ | 9,270 |  |  | $ | 3,753 |
State |  |  | 1,668 |  |  |  | 1,125 |  |  |  | (346 | )
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 93 |  |  |  | (1,091 | ) |  |  | 3,278 |
State |  |  | (54 | ) |  |  | 125 |  |  |  | 1,014 |
|  | $ | 11,006 |  |  | $ | 9,429 |  |  | $ | 7,699 |
Income tax expense differs from the amount computed by applying the statutory federal income tax rate to pre-tax income. A reconciliation of income tax expense at the statutory federal income tax rate to the amount provided is as follows (in thousands):
|  | 52 Weeks Ended January 31, 2015 |  |  | 52 Weeks Ended February 1, 2014 |  |  | 53 Weeks Ended February 2, 2013 |
Tax at federal statutory rate |  | $ | 10,087 |  |  | $ | 8,385 |  |  | $ | 7,550 |
State income taxes (net of federal benefit) |  |  | 1,106 |  |  |  | 920 |  |  |  | 402 |
Tax credits |  |  | (207 | ) |  |  | (192 | ) |  |  | (563 | )
Other |  |  | 20 |  |  |  | 316 |  |  |  | 310 |
Income tax expense |  | $ | 11,006 |  |  | $ | 9,429 |  |  | $ | 7,699 |
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
|  | January 31, 2015 |  |  | February 1, 2014 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accruals |  | $ | 3,761 |  |  | $ | 2,998 |
Inventory valuation |  |  | 436 |  |  |  | 301 |
Deferred rent and other |  |  | 9,351 |  |  |  | 8,228 |
Total deferred tax assets |  |  | 13,548 |  |  |  | 11,527 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | (13,589 | ) |  |  | (11,597 | )
Prepaid assets |  |  | (559 | ) |  |  | (491 | )
Total deferred tax liabilities |  |  | (14,148 | ) |  |  | (12,088 | )
Net deferred tax liabilities |  | $ | (600 | ) |  | $ | (561 | )
Future utilization of the deferred tax assets is evaluated by the Company and any valuation allowance is adjusted accordingly. At January 31, 2015 and February 1, 2014, there was no valuation allowance against the Company’s deferred tax assets. The Company and one or more of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by authorities for years prior to 2011. With few exceptions, the Company is no longer subject to state and local income tax examinations for years prior to 2008. The Company is engaged in various U.S. federal, state and local income tax examinations for fiscal years 2011 through 2013. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | 52 Weeks Ended January 31, 2015 |  |  | 52 Weeks Ended February 1, 2014 |
|  | (In thousands) |
Balance at the beginning of the year |  | $ | 307 |  |  | $ | 307 |
Additions based on tax positions related to the current year |  |  | — |  |  |  | — |
Additions for tax positions of prior years |  |  | — |  |  |  | — |
Reductions for tax positions of prior years |  |  | — |  |  |  | — |
Reductions due to settlements |  |  | — |  |  |  | — |
Reductions due to lapse of the statute of limitations |  |  | — |  |  |  | — |
Balance at the end of the year |  | $ | 307 |  |  | $ | 307 |
Included in the January 31, 2015 balance and February 1, 2014 balance is $307,000 of unrecognized tax benefits that, if recognized, would decrease the Company’s effective tax rate. The Company accrues interest on unrecognized tax benefits as a component of income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense. The Company had $216,500 and $186,000 accrued for the payment of interest and penalties associated with unrecognized tax benefits at January 31, 2015 and February 1, 2014, respectively.

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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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