Income Taxes (Tables)

12 Months Ended

Feb. 01, 2020

The Company’s income tax expense is computed based on the federal statutory rates and the state statutory rates, net of related federal benefit. The Company’s provision for income taxes consists of the following (in thousands):



	52 Weeks Ended February 1, 2020			52 Weeks Ended February 2, 2019		53 Weeks Ended February 3, 2018
Current tax expense (benefit):
Federal	$	(225	)	$	708	$	5,141
State	612			810		876
Deferred tax expense (benefit):
Federal	362			455		(1,207		)
State	(71		)	58		(290		)
	$	678		$	2,031	$	4,520

Reconciliation of Income Tax Expense at the Statutory Federal Income Tax Rate

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 February 1, 2020			52 Weeks Ended February 2, 2019			53 Weeks Ended February 3, 2018
Tax at federal statutory rate	$	(11,043	)	$	1,220		$	3,308
State income taxes, net of federal benefit	(1,456		)	651			559
Tax credits	(192		)	(437		)	(174		)
Enactment of tax legislation	—			—			419
Unrecognized tax positions	—			—			(185		)
Stock based compensation programs	1,162			545			575
Valuation allowance	12,035			—			—
Other	172			52			18
Income tax expense	$	678		$	2,031		$	4,520

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):



	February 1, 2020			February 2, 2019
Deferred tax assets:
Accruals	$	2,622		$	2,914
Inventory valuation	739			664
State tax credit carryforwards	148			144
Federal and state net operating loss carryforwards	7,462			85
Impairment	4,809			—
Operating lease liabilities	64,819			—
Deferred rent	—			3,755
Other	2,505			3,294
Total deferred tax assets	83,104			10,856
Valuation allowance for deferred tax assets	(12,145		)	(83		)
Net deferred tax assets	70,959			10,773
Deferred tax liabilities:
Depreciation	(16,834		)	(8,352		)
Operating lease right-of-use assets	(51,974		)	—
Prepaid assets	(626		)	(718		)
Total deferred tax liabilities	(69,434		)	(9,070		)
Net deferred tax assets	$	1,525		$	1,703