Pep Boys 2010 Annual Report Download - page 113

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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 29, 2011, January 30, 2010 and January 31, 2009
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 29, January 30, January 31,
2011 2010 2009
Statutory tax rate ....................... 35.0% 35.0% (35.0)%
State income taxes, net of federal tax ......... 2.4 2.4 (1.2)
Job credits ............................ (0.3) (0.9) (1.5)
Texas law change impact .................. — — (6.4)
Tax uncertainty adjustment ................ 0.2 (0.5) (1.3)
Valuation allowance ..................... (3.5) — 8.9
Non deductible expenses .................. 0.5 0.3 5.3
Stock compensation ...................... 0.2 0.8 3.9
Foreign taxes, net of federal ............... 2.4 (0.7) 2.0
Officer’s life insurance gain on surrender value . . 0.0 0.0 4.3
Other, net ............................ (0.5) (0.5) 3.4
36.4% 35.9% (17.6)%
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