INCOME TAXES (Tables)

12 Months Ended

Jan. 31, 2015

Components of provision for income taxes

A summary of the components of the provision/(benefit) for income taxes is as follows (in thousands):

	Fiscal Year Ended
	January 31, 2015		February 1, 2014			February 2, 2013
Federal:
Current	$	35,013	$	37,313		$	39,511
Deferred		4,059		312			(1,418	)
		39,072		37,625			38,093
State:
Current		4,756		5,205			5,355
Deferred		441		(4	)		(217	)
		5,197		5,201			5,138
Provision for income taxes	$	44,269	$	42,826		$	43,231

Reconciliation of statutory federal income tax rate

A reconciliation of the statutory federal income tax rate to the effective tax rate as a percentage of income before provision for income taxes follows:

	Fiscal Year Ended
	January 31, 2015			February 1, 2014			February 2, 2013
Tax provision computed at the federal statutory rate		35.00	%		35.00	%		35.00	%
Effect of state income taxes, net of federal benefits		2.85			2.81			2.76
Other, net		(0.29	)		(0.15	)		(0.43	)
		37.56	%		37.66	%		37.33	%

Components of deferred income tax assets, net

The components of the deferred income taxes, net, are as follows (in thousands):

	January 31, 2015						February 1, 2014
	Current			Non-current			Current			Non-current
Deferred rent	$	1,486		$	5,893		$	1,452		$	5,193
Inventories		5,552			-			4,649			-
Accruals		2,898			1,656			3,068			1,605
Stock-based compensation		996			3,393			1,267			4,118
Other		31			92			17			2
Total deferred tax assets		10,963			11,034			10,453			10,918

Accumulated depreciation and amortization		-			(12,809	)		-			(7,289	)
Prepaid expenses		(645	)		-			(927	)		-
Accruals		(26	)		-			(42	)		-
State taxes		(472	)		-			(436	)		(132	)
Total deferred tax liabilities		(1,143	)		(12,809	)		(1,405	)		(7,421	)
Deferred income taxes, net	$	9,820		$	(1,775	)	$	9,048		$	3,497

Reconciliation of unrecognized tax benefit

A reconciliation of the unrecognized tax benefit under ASC Subtopic 740-10 follows (in thousands):


	January 31, 2015			February 1, 2014			February 2, 2013
Unrecognized tax benefits - beginning of year	$	1,539		$	2,708		$	2,604
Gross increases - tax positions in prior period		122			245			55
Gross decreases - tax positions in prior period		(168	)		(964	)		(42	)
Gross increases - tax positions in current period		162			277			278
Settlements		(119	)		(517	)		-
Lapse of statute of limitations		(197	)		(210	)		(187	)
Unrecognized tax benefits - end of year	$	1,339		$	1,539		$	2,708

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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