Pep Boys 2009 Annual Report Download - page 116

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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 30, 2010, January 31, 2009 and February 2, 2008
(dollar amounts in thousands, except share and per share data)
NOTE 8—INCOME TAXES (Continued)
A reconciliation of the statutory federal income tax rate to the effective rate for income tax
expense (benefit) follows:
Year Ended
January 30, January 31, February 2,
2010 2009 2008
Statutory tax rate ....................... 35.0% (35.0)% (35.0)%
State income taxes, net of federal tax ......... 2.4 (1.2) (3.1)
Job credits ............................ (0.9) (1.5) (0.9)
Texas law change impact .................. — (6.4) —
Tax uncertainty adjustment ................. (0.5) (1.3) (4.2)
Valuation allowance ...................... — 8.9 —
Non deductible expenses .................. 0.3 5.3 0.1
Stock compensation ...................... 0.8 3.9 —
Foreign taxes, net of federal ................ (0.7) 2.0 (1.0)
Officer’s life insurance gain on surrender value . . 0.0 4.3 3.2
Other, net ............................. (0.5) 3.4 0.3
35.9% (17.6)% (40.6)%
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