Stein Mart 2012 Annual Report Download - page 49

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STEIN MART, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in tables in thousands, except per share amounts)
F-21
7. Income Taxes
Temporary differences, which give rise to deferred tax assets and liabilities, are as follows:
February 2, January 28,
2013 2012
(Restated)
Gross deferred tax assets:
Unredeemed gift and return card liabilities 277$ 1,023$
Deferred rent liability 9,862 8,910
Deferred compensation liability 4,985 1,557
Insurance reserves 2,359 2,550
Share-based compensation 3,915 3,950
Store closing reserves 806 1,191
A
ccrued vacation 2,523 2,480
Other accrued liabilities 3,803 2,123
Unredeemed credit card awards 726 758
NOL and credit carry forwards 554 1,043
Othe
r
158 214
Gross deferred tax assets 29,968 25,799
Gross deferred tax liabilities:
Inventory 4,580 3,210
Property and equipment 28,789 22,141
Prepaid items 1,411 1,123
Other assets 86 135
Gross deferred tax liabilities 34,866 26,609
Net deferred tax liability (4,898)$ (810)$
As of February 2, 2013, the Company had net operating losses (“NOL”) carryforwards for state income tax purposes of $12.5 million that
will begin to expire in 2013.
Deferred tax assets (liabilities) are reflected on the Consolidated Balance Sheets as follows:
February 2, January 28,
2013 2012
(Restated)
Current deferred tax assets (included in Other current assets) 2,602$ 2,049$
Non-current deferred tax liabilities (included in Other liabilities) (7,500) (2,859)
Net deferred tax liability (4,898)$ (810)$