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Income Taxes (Tables)

12 Months Ended

Jan. 31, 2012

Reconciliation of income tax computed at the federal statutory rate to the company's effective income tax rate

The reconciliation of income tax computed at the federal statutory rate to the company's effective income tax rate was as follows:



	For the years ended January 31
	2012		2011		2010
Tax at U.S. federal statutory rate	35.0	%	35.0	%	35.0	%
State and local income taxes, net of U.S. federal benefit	1.0		1.3		1.3
Tax benefit on qualified production activities	(2.4	)	(3.0	)	(2.1	)
Tax credit for research activities	(0.7	)	(0.7	)	(0.7	)
Other, net	0.2		0.2		0.5
	33.1	%	32.8	%	34.0	%

Significant components of the company's income tax provision

Significant components of the company's income tax provision were as follows:



	For the years ended January 31
	2012		2011		2010
Income taxes:
Currently payable	$	19,705	$	19,322	$	14,653
Deferred	5,358		423		95
	$	25,063	$	19,745	$	14,748

Significant components of the company's deferred tax assets and liabilities

Significant components of the company's deferred tax assets and liabilities were as follows:



	As of January 31
	2012			2011			2010
Current deferred tax assets:
Accounts receivable	$	58		$	103		$	103
Inventories	452			463			344
Accrued vacation	1,248			1,008			857
Insurance obligations	559			485			553
Warranty obligations	595			503			441
Other accrued liabilities	387			171			173
	3,299			2,733			2,471

Non-current deferred tax assets (liabilities):
Postretirement benefits	2,571			2,014			1,849
Depreciation and amortization	(9,673		)	(3,050		)	(1,970		)
Uncertain tax positions	1,673			1,426			1,180
Other	911			534			521
	(4,518		)	924			1,580
Net deferred tax asset (liability)	$	(1,219	)	$	3,657		$	4,051

Summary of the activity related to the gross unrecognized tax benefits (excluding interest and penalties)

A summary of the activity related to the gross unrecognized tax benefits (excluding interest and penalties) is as follows:



	For the years ended January 31
	2012			2011			2010
Gross unrecognized tax benefits at beginning of year	$	3,112		$	2,656		$	2,269
Increases in tax positions related to the current year	699			601			463
Decreases as a result of a lapse in applicable statute of limitations	(244		)	(145		)	(76		)
Gross unrecognized tax benefits at end of year	$	3,567		$	3,112		$	2,656

- 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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