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Income Taxes | 12 Months Ended
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Jan. 28, 2017
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 28, 2017 |  |  | 52 Weeks Ended January 30, 2016 |  |  | 52 Weeks Ended January 31, 2015 |
Current |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 7,325 |  |  | $ | 8,120 |  |  | $ | 9,299 |
State |  |  | 845 |  |  |  | 761 |  |  |  | 1,668 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (1,379 | ) |  |  | 601 |  |  |  | 93 |
State |  |  | (862 | ) |  |  | 42 |  |  |  | (54 | )
|  | $ | 5,929 |  |  | $ | 9,524 |  |  | $ | 11,006 |
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 28, 2017 |  |  | 52 Weeks Ended January 30, 2016 |  |  | 52 Weeks Ended January 31, 2015 |
Tax at federal statutory rate |  | $ | 5,941 |  |  | $ | 9,134 |  |  | $ | 10,087 |
State income taxes (net of federal benefit) |  |  | 598 |  |  |  | 844 |  |  |  | 1,106 |
Tax credits |  |  | (255 | ) |  |  | (506 | ) |  |  | (207 | )
Other |  |  | (355 | ) |  |  | 52 |  |  |  | 20 |
Income tax expense |  | $ | 5,929 |  |  | $ | 9,524 |  |  | $ | 11,006 |
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 28, 2017 |  |  | January 30, 2016 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accruals |  | $ | 3,208 |  |  | $ | 3,383 |
Inventory valuation |  |  | 898 |  |  |  | 754 |
State tax credit carryforwards |  |  | 190 |  |  |  | — |
Deferred rent and other |  |  | 11,667 |  |  |  | 10,045 |
Total deferred tax assets |  |  | 15,963 |  |  |  | 14,182 |
Valuation allowance for deferred tax assets |  |  | (56 | ) |  |  | — |
Net deferred tax assets |  |  | 15,907 |  |  |  | 14,182 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | (14,421 | ) |  |  | (14,887 | )
Prepaid assets |  |  | (767 | ) |  |  | (637 | )
Total deferred tax liabilities |  |  | (15,188 | ) |  |  | (15,524 | )
Net deferred tax assets (liabilities) |  | $ | 719 |  |  | $ | (1,342 | )
As of January 28, 2017, the Company has state tax credit carryforwards of approximately $190,000 expiring in years 2023 through 2028. Future utilization of the deferred tax assets is evaluated by the Company and any valuation allowance is adjusted accordingly. At January 28, 2017, the Company recorded a $56,000 valuation allowance related to state tax credit carryforwards. At January 30, 2016, there were no valuation allowances against the Company’s deferred tax assets. Adjustments could be required in the future if the Company estimates that the amount of deferred tax assets to be realized is more or less than the net amount the Company has recorded. 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 2013. With few exceptions, the Company is no longer subject to state and local income tax examinations for years prior to 2010. The Company is not currently engaged in any U.S. federal, state or local income tax examinations. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | 52 Weeks Ended January 28, 2017 |  |  | 52 Weeks Ended January 30, 2016 |
|  | (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 |  |  | (163 | ) |  |  | — |
Balance at the end of the year |  | $ | 144 |  |  | $ | 307 |
Included in the January 28, 2017 and January 30, 2016 balance is $144,000 and $307,000, respectively, of unrecognized tax benefits that, if recognized, would decrease the Company’s effective tax rate. In fiscal 2017, it is reasonably possible that the Company’s unrecognized tax benefits may be reduced by $144,000 as a result of a lapse of the statute of limitations. 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 approximately $122,000 and $247,000 accrued for the payment of interest and penalties associated with unrecognized tax benefits at January 28, 2017 and January 30, 2016, 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 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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