Income Taxes (Tables)

12 Months Ended

Feb. 01, 2020

The components of income tax expense for fiscal years 2019, 2018 and 2017 were as follows (in thousands):



	Fiscal Year Ended
	February 1, 2020			February 2, 2019		February 3, 2018
Current:
Federal	$	11,211		$	5,818	$	6,236
State	3,238			2,153		1,304
	14,449			7,971		7,540
Deferred:
Federal	(4,704		)	760		2,436
State	(1,011		)	119		533
	(5,715		)	879		2,969
Total income tax expense	$	8,734		$	8,850	$	10,509

Reconciliation of Income Tax Expense to Amount Computed At Federal Statutory Rate

A reconciliation of income tax expense to the amount computed at the federal statutory rate for fiscal years 2019, 2018 and 2017 is as follows (in thousands):



	Fiscal Year Ended
	February 1, 2020			February 2, 2019			February 3, 2018
Federal taxes at statutory rate	$	6,585		$	7,097		$	8,529
State and local income taxes, net of federal benefit	1,759			1,795			1,216
Tax reform impact	—			—			491
Stock compensation discrete items (1)	527			(39		)	231
Return to provision adjustments	(8		)	(108		)	124
Other	(129		)	105			(82		)
Total income tax expense	$	8,734		$	8,850		$	10,509

(1)

This amount includes the impact of discrete items related to the expiration of stock options, exercises of stock options and the settlement of restricted stock that are recorded to income tax expense which represents share-based compensation cost previously recognized by us that was greater than the deduction allowed for income tax purposes based on the price of our common stock on the date of expiration, exercise or vesting.

Significant Components of Deferred Tax Assets and Liabilities

operations. Significant components of deferred tax assets and liabilities as of February 1, 2020 and February 2, 2019 were as follows (in thousands):



	February 1, 2020			February 2, 2019
Deferred tax assets:
Lease Liability	$	81,144		$	—
Deferred rent	—			3,446
Share-based compensation	1,487			1,841
Inventories	1,974			1,628
Accrued expenses	1,344			985
Compensation and benefits	472			426
Deferred revenue	128			417
Other	143			—
Total deferred tax assets	86,692			8,743
Deferred tax liabilities:
Lease Asset	(70,569		)	—
Property and equipment	(8,113		)	(6,133		)
Prepaid expenses	(932		)	(878		)
Marketable securities	(79		)	(84		)
Other	—			(369		)
Total deferred tax liabilities	(79,693		)	(7,464		)
Net deferred tax asset	$	6,999		$	1,279