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Table of Contents
STEIN MART, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in tables in thousands, except per share amounts)
At January 28, 2012, future contractual minimum lease payments under both operating and capital leases are:
Obligations under capital leases as of January 28, 2012 include a current portion of $4.9 million (recorded in Accrued expenses and other
current liabilities) and a long-term portion of $1.5 million (recorded in Other liabilities). Interest rates on our capital leases are less than 0.1
percent.
7. Income Taxes
Temporary differences, which give rise to deferred tax assets and liabilities, are as follows:
As of January 28, 2012, the Company had net operating losses (“NOL”) carryforwards for state income tax purposes of $14.2 million that will
begin to expire in 2018. In addition, the Company had tax credit carryforwards of $0.2 million for federal income tax purposes, which will
begin to expire in 2031.
Deferred tax assets (liabilities) are reflected on the Consolidated Balance Sheets as follows:
F
-
12
Operating
Capital
Total
2012
$
73,956
$
4,871
$
78,827
2013
66,117
1,480
67,597
2014
55,822
—
55,822
2015
46,197
—
46,197
2016
34,543
—
34,543
Thereafter
60,901
—
60,901
Total
$
337,536
$
6,351
$
343,887
January 28,
2012
January 29,
2011
Gross deferred tax assets:
Unredeemed gift and return card liabilities
$
1,023
$
998
Deferred rent liability
3,560
3,170
Deferred compensation liability
1,556
1,171
Insurance reserves
2,550
2,666
Share
-
based compensation
3,950
4,239
Store closing reserves
1,190
1,910
Other accrued liabilities
1,974
3,287
Unredeemed credit card awards
758
1,511
NOL and credit carry forwards
1,043
843
Other
213
215
Gross deferred tax assets
17,817
20,010
Gross deferred tax liabilities:
Inventory
3,958
2,808
Property and equipment
20,390
9,568
Prepaid items
1,021
1,470
Other assets
134
191
Gross deferred tax liabilities
25,503
14,037
Net deferred tax (liability) asset
$
(7,686
)
$
5,973
January 28,
2012
January 29,
2011
Current deferred tax assets (included in Other current assets)
$
700
$
4,003
Non
-
current deferred tax asset (included in Other assets)
—
1,970
Non
-
current deferred tax liabilities (included in Other liabilities)
(8,386
)
—
Net deferred tax (liability) asset
$
(7,686
)
$
5,973