Income Taxes (Tables)
 12 Months Ended
Feb. 03, 2018
Income Taxes  
Schedule of income tax (benefit) expense

Income tax expense for fiscal 2017,  2016 and 2015 consists of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

    

2017

    

2016

    

2015

 

Current:

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(5,249)

 

$

(3,759)

 

$

(6,805)

 

State

 

 

(948)

 

 

(779)

 

 

(1,283)

 

Total current

 

 

(6,197)

 

 

(4,538)

 

 

(8,088)

 

Deferred:

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(3,078)

 

 

(1,541)

 

 

(806)

 

State

 

 

349

 

 

59

 

 

107

 

Total deferred

 

 

(2,729)

 

 

(1,482)

 

 

(699)

 

Total income tax expense

 

$

(8,926)

 

$

(6,020)

 

$

(8,787)

 

 

Schedule of the reconciliation of income tax (benefit) expense computed using the federal statutory rate to the reported income tax (benefit) expense

Income tax expense computed using the federal statutory rate is reconciled to the reported income tax expense as follows for fiscal 2017,  2016 and 2015 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

    

2017

    

2016

    

2015

 

Statutory rate applied to income before income taxes

 

$

(7,924)

 

$

(6,773)

 

$

(8,510)

 

Revaluation of net deferred tax assets due to the Tax Cuts and Jobs Act

 

 

(1,925)

 

 

 —

 

 

 —

 

State income taxes, net of federal benefit

 

 

(549)

 

 

(903)

 

 

(950)

 

State tax credits

 

 

252

 

 

226

 

 

186

 

State tax credits - valuation allowance (net of federal benefit)

 

 

(79)

 

 

 —

 

 

 —

 

Tax exempt interest

 

 

24

 

 

20

 

 

 6

 

General business credits

 

 

1,273

 

 

1,605

 

 

978

 

Excess compensation

 

 

 —

 

 

 —

 

 

(263)

 

Excess tax benefits from stock based compensation

 

 

70

 

 

 —

 

 

 —

 

Other

 

 

(68)

 

 

(195)

 

 

(234)

 

Income tax expense

 

$

(8,926)

 

$

(6,020)

 

$

(8,787)

 

 

Schedule of the components of deferred tax assets and deferred tax liabilities

The components of deferred tax assets and deferred tax liabilities as of February 3, 2018 and January 28, 2017 are as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

    

February 3,

    

January 28,

 

 

    

2018

    

2017

 

Deferred tax assets:

 

 

 

 

 

 

 

Deferred rent amortization

 

$

558

 

$

722

 

Inventory capitalization

 

 

1,863

 

 

2,895

 

Federal jobs credits

 

 

 —

 

 

95

 

Book and tax depreciation differences

 

 

312

 

 

526

 

Vacation liability

 

 

585

 

 

921

 

State tax credits

 

 

2,676

 

 

2,161

 

Stock compensation

 

 

834

 

 

1,340

 

Legal expense reserve

 

 

73

 

 

407

 

Insurance liabilities

 

 

537

 

 

845

 

Other

 

 

342

 

 

481

 

Subtotal deferred tax assets

 

 

7,780

 

 

10,393

 

Less: State tax credits valuation allowance - net

 

 

(1,624)

 

 

(1,272)

 

Total deferred tax assets

 

 

6,156

 

 

9,121

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

Prepaid expenses

 

 

(379)

 

 

(615)

 

Total deferred tax liabilities

 

 

(379)

 

 

(615)

 

Net deferred tax asset

 

$

5,777

 

$

8,506