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Income Taxes (Tables)
12 Months Ended
Jan. 31, 2015
Income Tax Disclosure [Abstract]  
Summary of Income Tax Expense (Benefit)

The following is a summary of the income tax expense (benefit) (in thousands):

 

     Year Ended  
     January 31,
2015
     February 1,
2014
     February 2,
2013
 

Current

        

Federal

   $ 45,611       $ 21,593       $ —    

State

     9,235         4,182         236   

Foreign

     (596      (454      (387
  

 

 

    

 

 

    

 

 

 

Total current tax expense (benefit)

     54,250         25,321         (151
  

 

 

    

 

 

    

 

 

 

Deferred

        

Federal

     3,895         6,215         (48,745

State

     (973      (596      (12,903

Foreign

     1         (17      (224
  

 

 

    

 

 

    

 

 

 

Total deferred tax expense (benefit)

     2,923         5,602         (61,872
  

 

 

    

 

 

    

 

 

 

Total income tax expense (benefit)

   $ 57,173       $ 30,923       $ (62,023
  

 

 

    

 

 

    

 

 

 
Schedule of Reconciliation of Federal Statutory Tax Rate to Company's Effective Tax Rate

A reconciliation of the federal statutory tax rate to the Company’s effective tax rate is as follows:

 

     Year Ended  
     January 31,
2015
    February 1,
2014
    February 2,
2013
 

Provision at federal statutory tax rate

     35.0     35.0     35.0

State income taxes—net of federal tax impact

     4.0        5.8        0.7   

Stock-based compensation

     —         21.3        (30.0

Valuation allowance

     —         (0.1     76.5   

Foreign income

     (0.3     (0.2     0.6   

Net adjustments to tax accruals and other

     (0.1     1.2        0.1   
  

 

 

   

 

 

   

 

 

 

Effective tax rate

     38.6     63.0     82.9
  

 

 

   

 

 

   

 

 

 
Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

 

     January 31,
2015
     February 1,
2014
 

Current deferred tax assets (liabilities)

     

Accrued expense

   $ 22,469       $ 22,164   

State tax benefit

     (843      428   

Inventory

     26,067         19,350   

Deferred revenue

     1,281         1,891   

Construction allowance

     (1,697      (1,694

Stock-based compensation

     2,704         1,038   

Prepaid expense and other

     (22,182      (21,896
  

 

 

    

 

 

 

Current deferred tax assets

     27,799         21,281   

Valuation allowance

     (28      (26
  

 

 

    

 

 

 

Net current deferred tax assets

     27,771         21,255   
  

 

 

    

 

 

 

Non-current deferred tax assets (liabilities)

     

State tax benefit

     (2,507      (2,536

Stock-based compensation

     27,190         34,005   

Deferred lease credits

     14,963         12,884   

Property and equipment

     (17,113      (12,362

Net operating loss carryforwards

     752         884   

U.S. impact of Canadian transfer pricing

     1,410         1,780   

Trademarks and domain names

     (18,271      (19,327

Other

     2,412         1,832   
  

 

 

    

 

 

 

Non-current deferred tax assets

     8,836         17,160   

Valuation allowance

     (147      (180
  

 

 

    

 

 

 

Net non-current deferred tax assets

     8,689         16,980   
  

 

 

    

 

 

 

Net deferred tax assets

   $ 36,460       $ 38,235   
  

 

 

    

 

 

 
Schedule of Reconciliation of Valuation Allowance

A reconciliation of the valuation allowance is as follows (in thousands):

 

     Year Ended  
     January 31,
2015
     February 1,
2014
     February 2,
2013
 

Balance at beginning of fiscal year

   $ 206       $ 293       $ 57,484   

Charged to expense

     —          —          (57,185

Net changes in deferred tax assets and liabilities

     (30      (87      (6
  

 

 

    

 

 

    

 

 

 

Balance at end of fiscal year

   $ 176       $ 206       $ 293   
  

 

 

    

 

 

    

 

 

 
Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the exposures related to unrecognized tax benefits is as follows (in thousands):

 

     Year Ended  
     January 31,
2015
     February 1,
2014
     February 2,
2013
 

Balance at beginning of fiscal year

   $ 1,395       $ 1,841       $ 2,505   

Gross decreases—prior period tax positions

     (122      (151      (57

Lapses in statute of limitations

     (333      (295      (607
  

 

 

    

 

 

    

 

 

 

Balance at end of fiscal year

   $ 940       $ 1,395       $ 1,841