Income Taxes (Tables)

12 Months Ended

Jan. 31, 2015

Notes to Financial Statements [Abstract]

Provision/(Benefit) for Income Taxes

The provision for income taxes for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013 consists of the following:

	Fiscal Year Ended
	January 31, 2015			February 1, 2014			February 2, 2013
	(in thousands)
Federal:
Current	$	35,414		$	57,631		$	30,404
Deferred	(627		)	(321		)	24,276
Total federal	34,787			57,310			54,680
State and local:
Current	5,031			12,654			5,174
Deferred	1,519			(1,075		)	5,421
Total state and local	6,550			11,579			10,595
Foreign:
Current	352			(99		)	702
Deferred	946			(1,257		)	(909		)
Total foreign	1,298			(1,356		)	(207		)
Total	$	42,635		$	67,533		$	65,068

Reconciliation Between Provision/(Benefit) for Income Taxes and Expected Provision/(benefit) for Income Taxes at U.S. Federal Statutory Rate

The reconciliation between the provision for income taxes and the expected provision for income taxes at the U.S. federal statutory rate of 35% for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013 is as follows:

	Fiscal Year Ended
	January 31, 2015			February 1, 2014			February 2, 2013
	(dollars in thousands)
U.S. operations	$	113,899		$	173,287		$	170,896
Foreign operations	(3,284		)	(3,324		)	(3,243		)
Income before income taxes	110,615			169,963			167,653
Federal statutory rate	35		%	35		%	35		%
Provision for income taxes at federal statutory rate	38,715			59,487			58,679
State and local income taxes, net of federal income tax benefit	4,132			6,962			6,886
Non-deductible expenses	1,408			2,068			2,341
Settlements of tax examinations	—			—			(4,113		)
Current and prior year tax credits	(2,330		)	—			—
Foreign	300			(507		)	909
Other	410			(477		)	366
Provision for income taxes	$	42,635		$	67,533		$	65,068

Tax Effects of Significant Items Comprising the Company's Deferred Tax Assets/ (Liabilities)

The tax effects of significant items comprising the Company’s deferred tax assets/(liabilities) as of January 31, 2015 and February 1, 2014 are as follows:

	As of
	January 31, 2015			February 1, 2014
	(in thousands)
Current:
Inventory	$	6,187		$	8,619
Accrued expenses and other	14,887			14,104
Deferred rent and lease incentives	4,972			6,131
Total gross deferred tax assets - current	26,046			28,854
Non-current:
Depreciation and amortization	(74,541		)	(95,171		)
Deferred rent and lease incentives	52,340			65,256
Benefits related	20,618			21,339
Other	12,539			14,175
Amounts included in accumulated other comprehensive loss	2,241			964
Total gross deferred tax assets - non-current	13,197			6,563
Less: valuation allowance	1,078			—
Total net deferred tax assets - non-current	$	12,119		$	6,563

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

	(in thousands)
Balance at January 28, 2012	$	7,797
Additions based on tax positions related to the current year	383
Additions for tax positions of prior years	396
Reductions for tax positions of prior years	(148		)
Settlements	(4,579		)
Lapses in statutes of limitation	(51		)
Balance at February 2, 2013	3,798
Additions based on tax positions related to the current year	639
Additions for tax positions of prior years	1,102
Reductions for tax positions of prior years	(70		)
Settlements	(17		)
Lapses in statutes of limitation	(79		)
Balance at February 1, 2014	5,373
Additions based on tax positions related to the current year	649
Additions for tax positions of prior years	1,167
Reductions for tax positions of prior years	(916		)
Settlements	(11		)
Lapses in statutes of limitation	(688		)
Balance at January 31, 2015	$	5,574