INCOME TAXES (Tables)

12 Months Ended

Feb. 03, 2018

Components of Income Tax (Benefit) Expense

All of our operations are domestic. Income tax (benefit) expense consisted of the following (in thousands):



	Fiscal Year
	2017			2016			2015
Federal income tax (benefit) expense:
Current	$	(12,216	)	$	(5,234	)	$	3,380
Deferred	428			(19,052		)	(2,156		)
	(11,788		)	(24,286		)	1,224
State income tax (benefit) expense:
Current	193			292			765
Deferred	(1,473		)	(1,172		)	(174		)
	(1,280		)	(880		)	591
Total income tax (benefit) expense	$	(13,068	)	$	(25,166	)	$	1,815

Reconciliation between federal income tax (benefit) expense computed at statutory tax rates and actual income tax expense (benefit) recorded

A reconciliation between the federal income tax (benefit) expense computed at statutory tax rates and the actual income tax (benefit) expense recorded is as follows (in thousands):



	Fiscal Year
	2017			2016			2015
Federal income tax (benefit) expense at the blended statutory rate	$	(16,992	)	$	(22,072	)	$	1,958
State income taxes, net	(1,345		)	(1,084		)	332
Uncertain tax position	—			(743		)	128
Other	1,375			654			474
Tax deficiencies related to share-based payments^(a)	1,948			—			—
Tax credits	(4,386		)	(1,921		)	(1,077		)
Valuation allowance on net deferred tax assets	6,077			—			—
Tax Act	255			—			—
Total income tax (benefit) expense	$	(13,068	)	$	(25,166	)	$	1,815

^(a) We recognized tax deficiencies of $2.1 million related to share-based payments in 2017, of which $0.2 million was for state income taxes.

Deferred tax assets (liabilities)

Deferred tax assets (liabilities) consisted of the following (in thousands):



	February 3, 2018			January 28, 2017
Gross deferred tax assets:
Net operating loss	$	6,758		$	10,184
Accrued expenses	2,203			2,893
Lease obligations	9,355			16,762
Deferred compensation	7,147			12,048
Deferred income	2,583			3,956
Other	4,650			4,434
	32,696			50,277
Gross deferred tax liabilities:
Inventory	(1,862		)	(4,706		)
Depreciation and amortization	(24,342		)	(45,703		)
	(26,204		)	(50,409		)

Valuation allowance	(6,492		)	(415		)
Net deferred tax liabilities	$	—		$	(547	)