Pep Boys 2012 Annual Report Download - page 95
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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended February 2, 2013, January 28, 2012 and January 29, 2011
NOTE 8—INCOME TAXES (Continued)
A reconciliation of the statutory federal income tax rate to the effective rate for income tax
expense follows:
Year Ended
February 2, January 28, January 29,
2013 2012 2011
Statutory tax rate ....................... 35.0% 35.0% 35.0%
State income taxes, net of federal tax ......... 4.1 3.2 2.4
Job credits ............................ (4.9) (1.5) (0.3)
Hire credits ............................ — (2.1) —
Tax uncertainty adjustment ................. (1.5) (0.1) 0.2
Valuation allowance ...................... — (8.3) (3.5)
Non deductible expenses .................. 2.2 2.0 0.5
Stock compensation ...................... 1.8 0.1 0.2
Foreign taxes, net of federal tax ............. 5.6 1.7 2.4
Other, net ............................. (0.8) — (0.5)
41.5% 30.0% 36.4%
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