Income Taxes (Tables)

12 Months Ended

Feb. 02, 2013

Schedule of components of income tax expense (benefit)

The components of the provision for income taxes for fiscal 2012, 2011, and 2010 are as follows (in thousands):



	Fiscal 2012			Fiscal 2011			Fiscal 2010
Current:
Federal	$	50		$	532		$	239
State	267			484			192
	317			1,016			431
Deferred:
Federal	(22,577		)	7,880			8,801
State	(5,964		)	1,725			1,194
Change in valuation allowance	71,127			(642		)	(457		)
	42,586			8,963			9,538
	$	42,903		$	9,979		$	9,969

Schedule of effective income tax rate reconciliation

Reconciliations of the provision for income taxes to the amount of the provision that would result from applying the federal statutory rate of 35% to (loss) income before provision for income taxes for fiscal 2012, 2011, and 2010 are as follows:



	Fiscal 2012		Fiscal 2011		Fiscal 2010
Provision for income taxes at federal statutory rate	35.0	%	35.0	%	35.0	%
State income taxes, net of federal income tax benefit	4.6		5.4		3.8
Charitable contributions	—		—		4.6
Nondeductible interest on secured convertible notes	—		—		4.6
Other nondeductible expenses	—		0.2		0.7
Valuation allowance	(101.1	)	(2.0	)	(3.0	)
Other	0.5		1.2		(1.5	)
Effective tax rate	(61.0	%)	39.8	%	44.2	%

Schedule of deferred tax assets and liabilities

The major components of the Company’s net deferred income tax assets at February 2, 2013, and January 28, 2012, are as follows (in thousands):



	February 2, 2013			January 28, 2012
Deferred tax assets:
Deferred rent	$	6,604		$	6,142
Merchandise inventories	1,937			1,703
Difference between book and tax bases of fixed assets	7,281			5,355
Supplemental employee retirement plan	842			897
Net operating loss and other tax attribute carryforwards	47,285			23,553
Deferred revenue	5,145			5,055
Legal loss contingencies	2,524			—
Stock-based compensation	499			1,955
Other	3,197			1,384
Total deferred tax assets	75,314			46,044
Valuation allowance	(71,127		)	—
Deferred tax assets, net of valuation allowance	$	4,187		$	46,044

Deferred tax liabilities:
State income taxes	(4,187		)	(2,131		)
Total deferred tax liabilities	(4,187		)	(2,131		)
Net deferred tax assets	$	—		$	43,913