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Income Taxes (Tables)

12 Months Ended

Feb. 01, 2020

The provision for income taxes consisted of:

(In thousands)	2019			2018			2017
Current:
Federal	$	6,799		$	11,468		$	14,579
State		2,175			1,693			2,241
Puerto Rico		241			700			242
Total current		9,215			13,861			17,062
Deferred:
Federal		2,749			(894	)		2,383
State		3			(745	)		(965	)
Puerto Rico		246			643			2,500
Total deferred		2,998			(996	)		3,918
Valuation allowance		(379	)		(643	)		(2,500	)
Total provision	$	11,834		$	12,222		$	18,480

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation between the statutory federal income tax rate and the effective income tax rate is as follows:

Fiscal years	2019			2018			2017
U.S. Federal statutory tax rate		21.0	%		21.0	%		33.7	%
State and local income taxes, net of federal tax benefit		3.2			3.0			3.0
Puerto Rico		0.5			4.2			0.7
Valuation allowance		(0.7	)		(1.3	)		(6.7	)
Tax effect of foreign losses		0.4			(2.7	)		6.3
Remeasurement of deferred tax assets and liabilities due to the Tax Act		0.0			0.0			11.6
Excess tax benefit on stock-based compensation		(3.6	)		0.0			0.0
Other		0.8			0.1			0.8
Effective income tax rate		21.6	%		24.3	%		49.4	%

Schedule of Deferred Tax Asset/Liability

Deferred income taxes are the result of temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. The sources of these differences and the tax effect of each are as follows:

(In thousands)	February 1, 2020			February 2, 2019
Deferred tax assets:
Lease obligations	$	57,891		$	7,480
Accrued compensation		4,844			7,843
Inventory		938			787
Other		1,282			1,490
Total deferred tax assets		64,955			17,600
Valuation allowance		(194	)		(574	)
Total deferred tax assets – net of valuation allowance		64,761			17,026
Deferred tax liabilities:
Lease right-of-use assets		51,367			0
Property and equipment		4,711			6,484
Other		850			920
Total deferred tax liabilities		56,928			7,404
Long-term deferred income taxes, net	$	7,833		$	9,622