Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
Jan. 31, 2015
Income Tax Disclosure [Abstract]  
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 January 31, 2015 and February 1, 2014 were as follows (in thousands):

 
 
January 31, 2015
 
February 1, 2014
Accruals and reserves not currently deductible for tax purposes
 
$
7,420

 
$
5,066

Inventory capitalization
 
1,459

 
966

Differences in depreciation lives and methods
 
2,866

 
2,811

Differences in basis of intangible assets
 
(1,968
)
 
(1,180
)
Differences in investments and other items
 
215

 
(141
)
Net operating loss carryforwards
 
112,318

 
113,229

Valuation allowance
 
(124,258
)
 
(121,909
)
Net deferred tax liability
 
$
(1,948
)
 
$
(1,158
)
Schedule of Components of Income Tax Expense (Benefit)
The provision from income taxes consisted of the following (in thousands):
 
 
For the Years Ended
 
 
January 31, 2015
 
February 1, 2014
 
February 2, 2013
Current
 
$
(31
)
 
$
(15
)
 
$
(20
)
Deferred
 
(788
)
 
(1,158
)
 

 
 
$
(819
)
 
$
(1,173
)
 
$
(20
)
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
 
 
January 31, 2015
 
February 1, 2014
 
February 2, 2013
Taxes at federal statutory rates
 
35.0
 %
 
35.0
 %
 
35.0
 %
State income taxes, net of federal tax benefit
 
(11.2
)
 
(5.3
)
 
1.8

Non-cash stock option vesting expense
 
(158.6
)
 
(43.3
)
 
(3.8
)
Other
 
(2.4
)
 
(0.6
)
 
0.1

FCC license deferred tax liability
 
(133.4
)
 
(81.5
)
 

Valuation allowance and NOL carryforward benefits
 
124.0

 
8.4

 
(33.2
)
Effective tax rate
 
(146.6
)%
 
(87.3
)%
 
(0.1
)%