Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Jan. 28, 2012
Income taxes [Abstract]  
Provision for income taxes
                         
    Fiscal
2011
    Fiscal
2010
    Fiscal
2009
 

Current:

                       

Federal

  $ 53,495     $ 32,288     $ 20,296  

State

    11,022       7,070       2,744  
   

 

 

   

 

 

   

 

 

 

Total current

    64,517       39,358       23,040  

Deferred:

                       

Federal

    10,796       8,076       3,237  

State

    31       (335     318  
   

 

 

   

 

 

   

 

 

 

Total deferred

    10,827       7,741       3,555  
   

 

 

   

 

 

   

 

 

 

Provision for income taxes

  $ 75,344     $ 47,099     $ 26,595  
   

 

 

   

 

 

   

 

 

 
Reconciliation of the federal statutory rate to the Company's effective tax rate
                         
    Fiscal
2011
    Fiscal
2010
    Fiscal
2009
 

Federal statutory rate

    35.0     35.0     35.0

State effective rate, net of federal tax benefit

    3.7     3.7     3.0

Other

    (0.2 %)      1.2     2.3
   

 

 

   

 

 

   

 

 

 

Effective tax rate

    38.5     39.9     40.3
   

 

 

   

 

 

   

 

 

 
Company's deferred tax assets and liabilities
                 
    January 28,
2012
    January 29,
2011
 

Deferred tax assets:

               

Reserves not currently deductible

  $ 13,207     $ 10,433  

Employee benefits

    4,970       5,327  

Net operating loss carryforwards

    179       334  

Accrued liabilities

    3,499       3,202  

Inventory valuation

    1,570       311  
   

 

 

   

 

 

 

Total deferred tax assets

    23,425       19,607  

Deferred tax liabilities:

               

Property and equipment

    32,414       23,321  

Deferred rent obligation

    16,572       12,050  

Prepaid expenses

    6,370       5,340  
   

 

 

   

 

 

 

Total deferred tax liabilities

    55,356       40,711  
   

 

 

   

 

 

 

Net deferred tax liability

  $ (31,931   $ (21,104
   

 

 

   

 

 

 
Reconciliation of the Company's unrecognized tax benefits, excluding interest and penalties
                 
    January 28,
2012
    January 29,
2011
 

Balance at beginning of the period

  $ 862     $ 5,110  

Decrease in a change to a prior period position

    (862      

Decrease attributable to audit settlements during the current period

          (4,248
   

 

 

   

 

 

 

Balance at the end of the period

  $     $ 862