Income Taxes (Tables)

12 Months Ended

Jan. 30, 2021

The Company’s income tax (benefit) 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 January 30, 2021			52 Weeks Ended February 1, 2020			52 Weeks Ended February 2, 2019
Current tax (benefit) expense:
Federal	$	(10,124	)	$	(225	)	$	708
State		52			612			810
Deferred tax expense (benefit):
Federal		—			362			455
State		1,525			(71	)		58
	$	(8,547	)	$	678		$	2,031

Reconciliation of Income Tax (Benefit) Expense at the Statutory Federal Income Tax Rate

A reconciliation of income tax (benefit) expense at the statutory federal income tax rate to the amount provided is as follows (in thousands):

	52 Weeks Ended January 30, 2021			52 Weeks Ended February 1, 2020			52 Weeks Ended February 2, 2019
Tax at federal statutory rate	$	1,699		$	(11,043	)	$	1,220
State income taxes, net of federal benefit		338			(1,456	)		651
Tax credits		(90	)		(192	)		(437	)
Enactment of tax legislation		(12,276	)		—			—
Executive compensation		177			—			35
Stock based compensation programs		274			1,162			545
Valuation allowance		1,292			12,035			—
Other		39			172			17
Income tax (benefit) expense	$	(8,547	)	$	678		$	2,031

Significant Components of Deferred Tax Assets and Liabilities

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

	January 30, 2021			February 1, 2020
Deferred tax assets:
Accruals	$	3,147		$	2,622
Inventory valuation		448			739
State tax credit carryforwards		148			148
Federal and state net operating loss carryforwards		1,111			7,462
Impairment		2,410			4,809
Operating lease liabilities		48,808			64,819
Other		2,366			2,505
Total deferred tax assets		58,438			83,104
Valuation allowance for deferred tax assets		(6,033	)		(12,145	)
Net deferred tax assets		52,405			70,959
Deferred tax liabilities:
Depreciation		(12,556	)		(16,834	)
Operating lease right-of-use assets		(39,126	)		(51,974	)
Prepaid assets		(723	)		(626	)
Total deferred tax liabilities		(52,405	)		(69,434	)
Net deferred tax assets	$	—		$	1,525