Income Taxes (Tables)

12 Months Ended

Mar. 28, 2020

Income Taxes

Schedule of income tax expense (benefit)

Income tax expense consisted of the following:

	Fiscal Year Ended
	March 28,		March 30,		March 31,
(in thousands)	2020		2019		2018
Current:
Federal	$	7,619	$	2,728	$	(104)
State		2,150		2,057		544
Foreign		—		—		—
Total current		9,769		4,785		440
Deferred:
Federal		3,149		4,056		622
State		(554)		133		1,237
Foreign		—		—		1
Total deferred		2,595		4,189		1,860
Total income tax expense	$	12,364	$	8,974	$	2,300

Schedule of reconciliation between the Company's effective tax rate on income from operations and the statutory tax rate

The reconciliation between the Company’s effective tax rate on income from operations and the statutory tax rate is as follows:

	Fiscal Year Ended
	March 28,		March 30,		March 31,
	2020		2019		2018
Expected provision at statutory U.S. federal tax rate	21.0	%	21.0	%	30.8	%
State and local income taxes, net of federal tax benefit	3.6		3.9		3.3
Change in state rate	—		—		(0.2)
Federal rate change	—		—		(22.4)
Permanent items	0.2		0.3		0.3
Excess tax benefit of stock-based compensation	(3.5)		(7.6)		(5.7)
IRC Section 162(M)	0.9		0.6		0.8
Valuation allowance	(0.7)		(0.1)		0.1
Other	(1.0)		0.6		0.4
Effective tax rate	20.5	%	18.7	%	7.4	%

Schedule of significant components of the Company's net deferred tax assets (liabilities)

Deferred taxes reflect the net tax effects of the temporary differences between the carrying amount of assets and liabilities for financial reporting and the amount used for income tax purposes. Significant components of the Company’s net deferred tax liabilities as of March 28, 2020 and March 30, 2019 consisted of the following (in thousands):

	March 28		March 30,
	2020		2019
Deferred tax assets:
State taxes	$	266	$	129
Accrued liabilities		2,053		2,500
Award program liabilities		220		322
Deferred revenue		1,959		1,457
Inventory		3,783		3,163
Stock options		1,249		1,261
Net operating loss carryforward		826		1,280
Long-term lease liabilities		42,554		—
Other, net		1,267		1,181
Total deferred tax assets		54,177		11,293
Deferred tax liabilities:
Depreciation and amortization		(31,346)		(27,459)
Prepaid expenses		(313)		(398)
Right-of-use assets		(42,319)		—
Total deferred tax liabilities		(73,978)		(27,857)
Valuation allowance		—		(638)
Net deferred tax liabilities	$	(19,801)	$	(17,202)