Income Taxes (Tables)

12 Months Ended

Jan. 29, 2022

The Company’s income tax expense (benefit) 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 29, 2022		52 Weeks Ended January 30, 2021			52 Weeks Ended February 1, 2020
Current tax expense (benefit):
Federal	$	3,269	$	(10,124	)	$	(225	)
State		74		52			612
Deferred tax expense (benefit):
Federal		—		—			362
State		—		1,525			(71	)
	$	3,343	$	(8,547	)	$	678

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

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

	52 Weeks Ended January 29, 2022			52 Weeks Ended January 30, 2021			52 Weeks Ended February 1, 2020
Tax at federal statutory rate	$	5,327		$	1,699		$	(11,043	)
State income taxes, net of federal benefit		942			338			(1,456	)
Tax credits		(66	)		(90	)		(192	)
Enactment of tax legislation		—			(12,276	)		—
Executive compensation		255			177			—
Stock based compensation programs		(644	)		274			1,162
Valuation allowance		(2,494	)		1,292			12,035
Other		23			39			172
Income tax expense (benefit)	$	3,343		$	(8,547	)	$	678

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 29, 2022			January 30, 2021
Deferred tax assets:
Operating lease liabilities	$	39,007		$	48,808
Accruals		1,956			3,147
Inventory valuation		563			448
State tax credit carryforwards		148			148
Federal and state net operating loss carryforwards		791			1,111
Impairment		992			2,410
Other		2,690			2,366
Total deferred tax assets		46,147			58,438
Valuation allowance for deferred tax assets		(3,556	)		(6,033	)
Net deferred tax assets		42,591			52,405
Deferred tax liabilities:
Depreciation		(9,431	)		(12,556	)
Operating lease right-of-use assets		(32,289	)		(39,126	)
Prepaid assets		(871	)		(723	)
Total deferred tax liabilities		(42,591	)		(52,405	)
Net deferred tax assets	$	—		$	—