Income Taxes (Tables)

12 Months Ended

Feb. 02, 2019

The provision for income taxes consisted of:

(In thousands)	2018			2017			2016
Current:
Federal	$	11,468		$	14,579		$	13,366
State		1,693			2,241			1,997
Puerto Rico		700			242			250
Total current		13,861			17,062			15,613
Deferred:
Federal		(894	)		2,383			(153	)
State		(745	)		(965	)		(1,228	)
Puerto Rico		643			2,500			(1,494	)
Total deferred		(996	)		3,918			(2,875	)
Valuation allowance		(643	)		(2,500	)		1,494
Total provision	$	12,222		$	18,480		$	14,232

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation between the statutory federal income tax rate and the effective income tax rate is as follows:

Fiscal years	2018			2017			2016
U.S. Federal statutory tax rate		21.0	%		33.7	%		35.0	%
State and local income taxes, net of federal tax benefit		3.0			3.0			2.1
Puerto Rico		4.2			0.7			0.2
Valuation allowance		(1.3	)		(6.7	)		4.0
Tax impact of foreign losses		(2.7	)		6.3			(3.6	)
Remeasurement of deferred tax assets and liabilities due to the Tax Act		0.0			11.6			0.0
Other		0.1			0.8			0.0
Effective income tax rate		24.3	%		49.4	%		37.7	%

Schedule of Deferred Tax Asset/Liability

Deferred income taxes are the result of temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. The sources of these differences and the tax effect of each are as follows:

(In thousands)	February 2, 2019			February 3, 2018
Deferred tax assets:
Accrued rent	$	2,051		$	2,464
Accrued compensation		7,843			5,752
Accrued employee benefits		129			349
Inventory		787			699
Self-insurance reserves		510			518
Lease incentives		5,429			7,145
Net operating loss carry forward		563			1,218
Other		288			488
Total deferred tax assets		17,600			18,633
Valuation allowance		(574	)		(1,217	)
Total deferred tax assets – net of valuation allowance		17,026			17,416
Deferred tax liabilities:
Property and equipment		6,484			8,588
Capitalized costs		636			646
Other		284			0
Total deferred tax liabilities		7,404			9,234
Long-term deferred income taxes, net	$	9,622		$	8,182