Petsmart 2010 Annual Report Download - page 66

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Income tax expense consisted of the following (in thousands):
January 30,
2011
January 31,
2010
February 1,
2009
Year Ended
Current provision:
Federal ....................................... $133,753 $111,911 $ 73,017
State/Foreign .................................. 17,968 19,215 9,056
151,721 131,126 82,073
Deferred:
Federal ....................................... (7,906) (4,439) 34,372
State/Foreign .................................. (3,419) (9,133) 4,574
(11,325) (13,572) 38,946
Income tax expense ............................... $140,396 $117,554 $121,019
A reconciliation of the federal statutory income tax rate to our effective tax rate is as follows (dollars in
thousands):
January 30,
2011
January 31,
2010
February 1,
2009
Year Ended
Provision at federal statutory tax rate. . . $129,462 35.0% $108,266 35.0% $108,882 35.0%
State income taxes, net of federal
income tax benefit .............. 5,591 1.5 8,725 2.8 8,860 2.8
Adjustments to tax reserves.......... 3,636 1.0 (295) (0.1) (486) (0.2)
Tax exempt interest income .......... (96) (0.0) (90) (0.0) — —
Adjustment to valuation allowance . . . . 8 0.0 (343) (0.1) 158 0.1
Tax on equity income from Banfield . . . 3,630 1.0 2,292 0.7 907 0.3
Other .......................... (1,835) (0.5) (1,001) (0.3) 2,698 0.9
$140,396 38.0% $117,554 38.0% $121,019 38.9%
F-16
PetSmart, Inc. and Subsidiaries
Notes to Consolidated Financial Statements — (Continued)