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INCOME TAXES (Tables)

12 Months Ended

Jan. 28, 2012

Components of provision for income taxes

A summary of the components of the provision for income taxes is as follows (in thousands):

	Fiscal Year Ended
	January 28,			January 29,			January 30,
	2012			2011			2010
Federal:
Current	$	30,529		$	24,924		$	19,686
Deferred		26			(1,136	)		(1,741	)
		30,555			23,788			17,945
State:
Current		3,820			3,572			2,366
Deferred		(121	)		(318	)		(510	)
		3,699			3,254			1,856
Provision for income taxes	$	34,254		$	27,042		$	19,801

Reconciliation of statutory federal income tax rate

A reconciliation of the statutory federal income tax rate as a percentage of income before provision for income taxes follows:

	Fiscal Year Ended
	January 28,			January 29,			January 30,
	2012			2011			2010
Tax provision computed at the federal statutory rate		35.00	%		35.00	%		35.00	%
Effect of state income taxes, net of federal benefits		2.61			2.48			2.31
Other, net		(0.90	)		(0.66	)		0.52
		36.71	%		36.82	%		37.83	%

Components of deferred income tax assets, net

The components of the deferred income taxes, net, are as follows (in thousands):

	January 28, 2012						January 29, 2011
	Current			Non-current			Current			Non-current
Deferred rent	$	1,458		$	4,664		$	1,620		$	5,166
Inventories		3,994			-			3,744			-
Accruals		2,593			1,433			2,421			1,069
Stock-based compensation		989			4,125			867			3,541
Other		20			2			19			6
Total deferred tax assets		9,054			10,224			8,671			9,782


Accumulated depreciation and amortization		-			(6,682	)		-			(6,048	)
Prepaid expenses		(805	)		-			(715	)		-
Accruals		(72	)		-			(71	)		-
Other		(375	)		(126	)		(357	)		(138	)
Total deferred tax liabilities		(1,252	)		(6,808	)		(1,143	)		(6,186	)
Deferred income taxes, net	$	7,802		$	3,416		$	7,528		$	3,596

Reconciliation of unrecognized tax benefit

A reconciliation of the unrecognized tax benefit under ASC Topic 740 follows (in thousands):

	Fiscal Year Ended
	January 28, 2012			January 29, 2011			January 30, 2010
Unrecognized tax benefits - beginning of year	$	3,887		$	2,351		$	2,501
Gross increases - tax positions in prior period		31			264			105
Gross decreases - tax positions in prior period		(1,412	)		-			-
Gross increases - tax positions in current period		496			2,191			259
Settlements		(230	)		-			-
Lapse of statute of limitations		(168	)		(919	)		(514	)
Unrecognized tax benefits - end of year	$	2,604		$	3,887		$	2,351

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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