Irony is getting a bad rap. At least that’s the feeling of jazz chanteuse Holly Cole, a cool-toned vocalist with a gift for revealing unexpected emotional subtexts in familiar songs. Which isn’t to say there’s anything ironically postmodern about her music. Rather than interpreting cheesy material with over-the-top commitment, Cole is an expert at uncovering hints of bad faith and self-deception, so that a long-flickering torch song like “You’re My Thrill” suddenly flares up, taking on a menacing air of voyeurism.

“A lot of people confuse irony with sarcasm, and there’s a huge difference,” says Cole, 44, who performs at the Jazz & Blues Company on Saturday as part of her first U.S. tour in six years. “Sarcasm is the cheapest form of humor and not that interesting. Irony doesn’t necessarily have to say one thing and mean another. It can just be pointing out potential conflicts of interest. Irony has just a tinge of nasty with a nice flavor of the provocative. It’s a subtle thing.”

Speaking by phone from her home in Toronto, Cole enjoys dissecting songs and singers. A tithing member of the church of Sarah Vaughan (full discloser: I’m also a regular supplicant), she can thoughtfully analyze the artistry of famous jazz vocalists such as Billie Holiday, Ella Fitzgerald, and Anita O’Day, as well as the lesser known Betty Roché.

Not that she’s wedded to the jazz canon. Part of what makes Cole such a successful singer – since the release of her first CD in 1989 her albums have sold more than a million copies – is that she keeps one foot lightly planted in pop musical terrain, mixing tunes by the likes of Tom Waits and Elvis Costello in with American Songbook standards.

She’s a song stylist who pays close attention to the melody, imposing her interpretation through sly phrasing and carefully calibrated tempos. It’s a highly rewarding strategy. On Henry Mancini’s “Charade,” she resets the tune from three to four, so that instead of a graceful loping pace it unfolds at a gallop.

“A lot of times I slow things down, because I think the lyrics need to be more carefully inspected,” Cole says. “With ‘Charade,’ the lyrics are self explanatory. What’s fun is that the band is playing twice as fast as I’m singing. I’m singing it kind of half-time and floating over the band while they burn.”

As on several previous releases, her new self-named album is built upon a loose theme.

“For every album I try to come up with a through line, and for this one I decided to focus on self-deception,” Cole says. “I’m such a fan of subtext, and denial is a perfect candidate. It’s an undercurrent, not every song is about it.”

A beautifully crafted session featuring arrangements by pianist/accordionist Gil Goldstein, the CD was produced by the remarkably prolific bassist Greg Cohen, whose resume includes recordings with everyone from Bob Dylan to John Zorn. He effectively highlights her jazz chops by surrounding her with vivid improvisers such as reed master Marty Ehrlich and Vincent Chancey on French horn.

“Besides a beautiful voice, Holly’s got such a strong ear,” Cohen says. “I couldn’t help but be intrigued by putting her in a room with a group of people who could challenge her.”

For her U.S. performances though, Cole is touring with a minimalist combo featuring her long-time pianist Aaron Davis, upright bassist Marc Rogers and John Johnson on various reeds.

“I’m very comfortable being this intimate and exposed,” Cole says. “It allows a broader range of dynamics. Silence in music can be the most intense part. It’s all about tension and anticipation.”

HOLLY COLE Performs 7:30pm Saturday At The Jazz & Blues Company, San Carlos And Fifth, Carmel. Tickets Are $40. 624-6432, Thejazzandbluescompany.Com.