Income Taxes (Tables)

12 Months Ended

Feb. 02, 2013

Income Taxes

Schedule of income tax (benefit) expense

Income tax (benefit) expense for fiscal 2012, 2011, and 2010 consists of the following (in thousands):

	2012			2011			2010
Current:
Federal	$	70		$	(6,809	)	$	9,304
State	313			(863		)	1,340
Total current	383			(7,672		)	10,644
Deferred:
Federal	(2,281		)	(499		)	429
State	(618		)	355			(331		)
Total deferred	(2,899		)	(144		)	98
Total income tax (benefit) expense	$	(2,516	)	$	(7,816	)	$	10,742

Schedule of the reconciliation of income tax (benefit) expense computed using the federal statutory rate to the reported income tax (benefit) expense

Income tax (benefit) expense computed using the federal statutory rate is reconciled to the reported income tax (benefit) expense as follows for fiscal 2012, 2011, and 2010 (in thousands):

	2012			2011			2010
Statutory rate applied to (loss) income before income taxes	$	(1,659	)	$	(6,241	)	$	11,058
State income taxes, net of federal benefit	(182		)	(684		)	1,191
State tax credits	(106		)	(342		)	(443		)
State tax credits - valuation allowance (net of federal benefit)	—			810			—
Tax exempt interest	(7		)	(9		)	(37		)
General business credits	(691		)	(1,477		)	(987		)
Other	129			127			(40		)
Income tax (benefit) expense	$	(2,516	)	$	(7,816	)	$	10,742

Schedule of the components of deferred tax assets and deferred tax liabilities

The components of deferred tax assets and deferred tax liabilities as of February 2, 2013 and January 28, 2012 are as follows (in thousands):

	February 2,			January 28,
	2013			2012
Deferred tax assets:
Deferred rent amortization	$	1,773		$	1,980
Inventory capitalization	2,628			1,898
Federal jobs credits	1,438			—
Vacation liability	850			736
State tax credits	1,528			1,421
Stock compensation	1,204			1,197
Legal expense reserve	604			—
Insurance liabilities	803			681
Other	486			455
Subtotal deferred tax assets	11,314			8,368
Less: State tax credits valuation allowance - net	(810		)	(810		)
Total deferred tax assets	10,504			7,558
Deferred tax liabilities:
Book and tax depreciation differences	(232		)	(214		)
Prepaid expenses	(321		)	(292		)
Total deferred tax liabilities	(553		)	(506		)
Net deferred tax asset	$	9,951		$	7,052