Maybe its getting established in it's new spot? Sometimes palms take a while to start growing when newly planted and if the fronds are still green then there is something going on (maybe its making roots underground and getting ready for a growing season!). How does the emerging frond (the spear looking thing) look? Is it green, is it there at all? Keep an eye on it and see if it grows in the next few weeks. If it grows even a little then it means that your palm is just growing really slowly, but its still alive and growing.
How much water does it get? It shouldn't dry out unless it's really cold and it shouldnt be waterlogged either.
Good luck!
-Alex

We've planed it in Feb 2011, so it's been there for more than a year. I don't think a few weeks will make a difference. Emerging frond became brown last fall, but nothing change since.

Looks like a typical King Palm. I would remove the old leaf base that is brown, sometimes you can get pink rot or scale insects under them.
How do you fertilize with all the rocks around it? I fertilize my kings every three months with palms and tropical's a granular fertilizer, in between that I hit em with miracle grow. Like Alex said they tend to sit for a year and once they get a root system started then the fronds will pick up.
One thing I do is take a perm. marker (black) and mark the new spear as far down as you can see, then keep an eye on the mark to see if it is moving up, if it is then the palm is growing. one thing I know is kings love water, as long as you have good drainage the more water you give them the quicker they grow. Hope this helps.

Cold damage ? Looks like the palm has been stressed in the past from something. Fertilize and it might start growing this year. If it does not grow this year I would invest in another palm and send that one to the burn pile. I have wasted my time waiting on a palm to grow only to see it do nothing. It can be beneficial to have some in pots ready to take there place just in case. Good luck hope it starts to grow again.

i agree, if the spear is still snug hit it with some fertilizer & more water. it should come around come warmer weather. it probably went in to shock cause it was planted in feb. so that spring & summer & fall it just tried getting established then to get hit by old man winter again.
goodluck!

Thanks all for the reply. I'll clean up palm, add fertilizer and I'll wait till fall. If palm is not back by then...