DSW 2012 Annual Report Download - page 76
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F- 36
Rate Reconciliation- The following table presents a reconciliation of the expected income taxes for continuing operations based
upon the statutory federal income tax rate:
Fiscal years ended
February 2, 2013 January 28, 2012 January 29, 2011
(in thousands)
Income tax expense at federal statutory rate $ 84,215 $ 49,794 $ 39,128
State and local taxes-net 7,631 9,199 11,269
Warrants 2,142 4,292 5,113
PIES — 17,207 —
Merger related items — (140,072) —
Change in subsidiary basis — — 2,409
Other 1,439 1,511 2,054
Income tax provision (benefit) $ 95,427 $ (58,069) $ 59,973
For fiscal 2011, the effective tax rate was favorably impacted by merger related tax items, which was reflected as an income tax
benefit in the Company’s consolidated statements of operations.
Deferred Tax Assets and Liabilities- The following tables present the deferred tax assets and liabilities and the components of
deferred tax assets and liabilities as of the periods presented:
February 2, 2013 January 28, 2012
(in thousands)
Current deferred tax assets $ 67,397 $ 116,473
Non-current deferred tax assets 9,443 15,653
Total net deferred tax asset $ 76,840 132,126
Table of Contents DSW INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS