Stein Mart 2014 Annual Report Download - page 39

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STEIN MART, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in tables in thousands, except per share amounts)
F-15
At January 31, 2015, future contractual minimum lease payments under operating leases are:
2015 85,363$
2016 78,245
2017 64,393
2018 50,889
2019 39,993
Thereafter 108,435
Total 427,318$
6. Income Taxes
Temporary differences, which give rise to deferred tax assets and liabilities, are as follows:
Januar
y
31, Februar
y
1,
2015 2014
Deferred income tax assets:
Employee benefit expense 13,648$ 12,946$
Deferred rents 11,888 10,118
Net operating loss carryforwards 177 733
Other 5,679 6,544
Total deferred income tax assets 31,392$ 30,341$
Deferred income tax liabilities:
Property and equipment (33,681)$ (31,543)$
Inventory (2,652) (2,478)
Othe
r
(1,281) (1,264)
Total deferred income tax liabilities (37,614) (35,285)
Net deferred income tax liabilities (6,222)$ (4,944)$
As of January 31, 2015, the Company had net operating losses (NOL) carryforwards for state income tax purposes of $3.6 million that will
begin to expire in 2016.
Deferred tax assets (liabilities) are reflected on the Consolidated Balance Sheets as follows:
January 31, February 1,
2015 2014
Current deferred tax assets (included in other current assets) 3,393$4,364$
Non-current deferred tax liabilities (included in other liabilities) (9,615) (9,308)
Net deferred tax liability (6,222)$ (4,944)$
The components of income tax expense (benefit) are as follows:
2014 2013 2012
Current:
Federal 15,475$ 14,466$7,358$
State 861 1,213 697
16,336 15,679 8,055
Deferred:
Federal 499 (597) 2,512
State 702 (69) 404
1,201 (666) 2,916
Income tax expense 17,537$ 15,013$ 10,971$