Income Taxes (Tables)

12 Months Ended

Feb. 03, 2018

Schedule of Deferred Tax Assets and Liabilities

The Company records deferred taxes for differences between the financial reporting and income tax bases of assets and liabilities, computed in accordance with tax laws in effect at that time. The deferred taxes related to such differences as of February 3, 2018 and January 28, 2017 were as follows (in thousands):



	February 3, 2018			January 28, 2017
Accruals and reserves not currently deductible for tax purposes	$	4,220		$	6,632
Inventory capitalization	1,354			2,207
Differences in depreciation lives and methods	(475		)	1,151
Differences in basis of intangible assets	23			(3,522		)
Differences in investments and other items	629			447
Net operating loss carryforwards	80,880			125,279
Valuation allowance	(86,631		)	(135,716		)
Net deferred tax liability	$	—		$	(3,522	)

Schedule of Components of Income Tax Provision (Benefit)

The income tax benefit (provision) consisted of the following (in thousands):



	For the Years Ended
	February 3, 2018			January 28, 2017			January 30, 2016
Current	$	(60	)	$	(13	)	$	(46	)
Deferred	3,505			(788		)	(788		)
	$	3,445		$	(801	)	$	(834	)

Schedule of Effective Income Tax Rate Reconciliation

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



	For the Years Ended
	February 3, 2018		January 28, 2017		January 30, 2016
Taxes at federal statutory rates	33.8	%	35.0	%	35.0	%
State income taxes, net of federal tax benefit	40.4		11.9		(0.6	)
Reestablishment of state net operating losses	—		—		6.0
Provision to return true-up	(41.6	)	18.1		—
Non-cash stock option vesting expense	(12.2	)	(2.3	)	(1.9	)
FCC license deferred tax liability impact on valuation allowance	100.4		(9.4	)	(6.5	)
Impact of Tax Act on deferred tax valuation	(1,382.3	)	—		—
Valuation allowance and NOL carryforward benefits	1,365.3		(60.9	)	(44.2	)
Other	0.5		(2.5	)	4.9
Effective tax rate	104.3	%	(10.1	)%	(7.3	)%