Income Taxes (Tables)

12 Months Ended

Feb. 02, 2013

Composition of Provision (Benefit) for Income Taxes

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

	Fiscal Year
	2012			2011			2010
Current:
Federal	$	13,333		$	(1,575	)	$	(4,040	)
State		2,298			831			(372	)
		15,631			(744	)		(4,412	)
Deferred:
Federal		(3,385	)		153			(814	)
State		(739	)		(736	)		35
		(4,124	)		(583	)		(779	)
Total income tax expense (benefit)	$	11,507		$	(1,327	)	$	(5,191	)

Significant Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows (in thousands):

	Fiscal Year
	2012			2011
Current deferred tax assets (liabilities):
Inventory	$	725		$	647
Other assets, net		189			642
State taxes		(295	)		(560	)
Vacation accrual		1,288			1,029
Deferred compensation		2,106			1,694
Accrued expense and other		6,651			2,501
Net current deferred tax assets		10,664			5,953
Long-term deferred tax assets (liabilities):
Depreciation		(5,100	)		(4,594	)
Deferred rent		3,264			3,575
Stock-based compensation expense		4,231			3,695
Other assets, net		219			428
Total long-term deferred tax assets		2,614			3,104
Net deferred tax assets	$	13,278		$	9,057

Reconciliation of Provision/Benefit for Income Taxes to Statutory Tax Rate

A reconciliation of the provision / benefit for income taxes to the statutory tax rate is as follows:

	Fiscal Year
	2012			2011			2010
Statutory federal rate		35.0	%		35.0	%		35.0	%
State and local taxes, net of federal benefit and other		2.6			(2.3	)		1.6
Stock-based compensation expense		0.2			(1.3	)		(0.5	)
FIN 48 reserve		0.0			9.1			(0.8	)
Other permanent differences, net		(0.7	)		1.7			3.4
Effective income tax rate		37.1	%		42.2	%		38.7	%

Reconciliation of Amount Recorded for Liability for Income Tax Associated With Unrecognized Tax Benefits

The following table reconciles the amount recorded for the liability for income tax associated with unrecognized tax benefits as of the end of fiscal 2012 and 2011 (in thousands):

	Fiscal Year
	2012			2011
Unrecognized tax benefits - beginning of year	$	1,596		$	2,017
Additions:
Tax positions related to prior period		44			87
Tax positions related to current period		138			26
Reductions:
Tax positions related to prior period		-			(79	)
Settlements		(62	)		(21	)
Lapse of statute of limitations		(156	)		(434	)
Unrecognized tax benefits - end of year	$	1,560		$	1,596