Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 26, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Stock Building Supply Holdings, Inc. | ||
Entity Central Index Key | 1574815 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $291,525,824 | ||
Entity Common Stock, Shares Outstanding | 26,176,056 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $5,806 | $1,138 |
Restricted assets | 1,076 | 460 |
Accounts receivable, net | 114,448 | 111,285 |
Inventories, net | 98,259 | 91,303 |
Costs in excess of billings on uncompleted contracts | 7,981 | 7,921 |
Assets held for sale | 0 | 2,363 |
Current income taxes receivable | 4,863 | 0 |
Prepaid expenses and other current assets | 11,718 | 9,332 |
Deferred income taxes | 4,081 | 3,332 |
Total current assets | 248,232 | 227,134 |
Property and equipment, net of accumulated depreciation | 90,611 | 56,039 |
Intangible assets, net of accumulated amortization | 22,536 | 24,789 |
Goodwill | 7,186 | 7,186 |
Restricted assets | 861 | 1,359 |
Other assets | 1,792 | 2,033 |
Total assets | 371,218 | 318,540 |
Current liabilities | ||
Accounts payable | 72,029 | 64,984 |
Accrued expenses and other liabilities | 32,957 | 30,528 |
Income taxes payable | 0 | 2,989 |
Current portion of restructuring reserve | 892 | 1,594 |
Current portion of capital lease obligation | 1,706 | 1,240 |
Billings in excess of costs on uncompleted contracts | 592 | 1,599 |
Total current liabilities | 108,176 | 102,934 |
Revolving line of credit | 90,114 | 59,072 |
Long-term portion of capital lease obligation | 5,955 | 6,011 |
Deferred income taxes | 18,880 | 15,496 |
Other long-term liabilities | 7,222 | 7,346 |
Total liabilities | 230,347 | 190,859 |
Commitments and contingencies (Note 16) | ||
Stockholders' equity | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding at December 31, 2014 and December 31, 2013 | 0 | 0 |
Common stock, $0.01 par value, 300,000,000 shares authorized, 26,176,056 and 26,112,007 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively | 262 | 261 |
Additional paid-in capital | 147,340 | 144,570 |
Retained deficit | -6,731 | -17,150 |
Total stockholders' equity | 140,871 | 127,681 |
Total liabilities and stockholders' equity | $371,218 | $318,540 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 14, 2013 |
Stockholders' Equity: | |||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 26,176,056 | 26,112,007 | |
Common stock, shares outstanding (in shares) | 26,176,056 | 26,112,007 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net sales | $1,295,716 | $1,197,037 | $942,398 |
Cost of goods sold | 988,062 | 922,634 | 727,670 |
Gross profit | 307,654 | 274,403 | 214,728 |
Selling, general and administrative expenses | 279,717 | 254,935 | 221,192 |
Depreciation expense | 6,731 | 5,890 | 7,759 |
Amortization expense | 2,253 | 2,236 | 1,470 |
Impairment assets held for sale | 48 | 432 | 361 |
Public offering transaction-related costs | 508 | 10,008 | 0 |
Restructuring expense | 73 | 141 | 2,853 |
Total operating expenses | 289,330 | 273,642 | 233,635 |
Income (loss) from operations | 18,324 | 761 | -18,907 |
Other income (expenses) | |||
Interest expense | -2,684 | -3,793 | -4,037 |
Other income (expense), net | 787 | 870 | 278 |
Income (loss) from continuing operations before income taxes | 16,427 | -2,162 | -22,666 |
Income tax expense | 6,340 | 2,874 | -8,084 |
Income (loss) from continuing operations | 10,087 | -5,036 | -14,582 |
Income from discontinued operations, net of income tax expense of $201, $243 and $52, respectively | 332 | 401 | 49 |
Net income (loss) | 10,419 | -4,635 | -14,533 |
Redeemable Class B Senior Preferred stock deemed dividend | 0 | -1,836 | -4,480 |
Accretion of beneficial conversion feature on Convertible Class C Preferred stock | 0 | 0 | -5,000 |
Income (loss) attributable to common stockholders | $10,419 | ($6,471) | ($24,013) |
Weighted average common shares outstanding | |||
Weighted average common shares outstanding, basic (in shares) | 25,764,484 | 18,205,892 | 13,153,446 |
Weighted average common shares outstanding, diluted (in shares) | 26,226,115 | 18,205,892 | 13,153,446 |
Basic and diluted income (loss) per share | |||
Income (loss) from continuing operations (in dollars per share) | $0.39 | ($0.38) | ($1.83) |
Income from discontinued operations (in dollars per share) | $0.01 | $0.02 | $0 |
Net income (loss) per share (in dollars per share) | $0.40 | ($0.36) | ($1.83) |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Discontinued operations, income tax expense (benefit) | $201 | $243 | $52 |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY Statement (USD $) | Total | Common stock [Member] | Common stock [Member] | Common stock [Member] | Common stock [Member] | Common stock [Member] | Common stock [Member] | Additional paid-in capital [Member] | Retained earnings (deficit) [Member] |
In Thousands, except Share data, unless otherwise specified | Class A Voting common stock [Member] | Class B Nonvoting common stock [Member] | Conversion of Class_A Common [Member] | Conversion of Class_B Common [Member] | Reclassification and conversion of preferred stock to common stock in connection with the IPO [Member] | ||||
Stockholders' equity, beginning of period at Dec. 31, 2011 | $51,426 | $116 | $17 | $49,275 | $2,018 | ||||
Common stock outstanding, beginning of period (in shares) at Dec. 31, 2011 | 11,590,005 | 1,700,803 | |||||||
Consolidated Statement of Stockholders' Equity [Roll Forward] | |||||||||
Recognition of beneficial conversion feature on Convertible Class C Preferred stock | 5,000 | 5,000 | |||||||
Deemed dividend on Convertible Class C Preferred stock | -5,000 | -5,000 | |||||||
Dividends accrued on Class B Preferred stock | 4,480 | ||||||||
Dividends accrued on Class B Preferred stock | -4,480 | -4,480 | |||||||
Issuance of common stock to related party (in shares) | 110,381 | ||||||||
Issuance of common stock to related party | 107 | 1 | 106 | ||||||
Issuance of shares to existing stockholders (in shares) | 337,636 | ||||||||
Issuance of shares to existing stockholders | 328 | 3 | 325 | ||||||
Conversion of stock, issued | 0 | ||||||||
Stockholder loans related to tax withholding on stock issuance | 11 | 11 | |||||||
Issuance of nonvested stock awards, net of forfeitures (in shares) | 175,648 | ||||||||
Issuance of nonvested stock awards, net of forfeitures | 0 | 2 | -2 | ||||||
Exercise of stock options (in shares) | 546,244 | ||||||||
Exercise of stock options (Note 18) | 0 | 6 | -6 | ||||||
Stock compensation expense | 1,305 | 1,305 | |||||||
Net income (loss) | -14,533 | -14,533 | |||||||
Stockholders' equity, end of period at Dec. 31, 2012 | 34,164 | 0 | 116 | 29 | 46,534 | -12,515 | |||
Common stock outstanding, end of period (in shares) at Dec. 31, 2012 | 0 | 11,590,005 | 2,870,712 | ||||||
Consolidated Statement of Stockholders' Equity [Roll Forward] | |||||||||
Dividends accrued on Class B Preferred stock | 1,836 | ||||||||
Dividends accrued on Class B Preferred stock | -1,836 | -1,836 | |||||||
Issuance of common stock (in shares) | 4,411,765 | ||||||||
Issuance of common stock, net of offering costs | 55,225 | 44 | 55,181 | ||||||
Conversion of stock, converted (in shares) | -11,590,005 | -2,870,712 | |||||||
Conversion of stock, converted | 0 | -116 | -29 | ||||||
Conversion of stock, issued (in shares) | 11,590,005 | 2,870,712 | 7,191,891 | ||||||
Conversion of stock, issued | 43,313 | 116 | 29 | 72 | 43,241 | ||||
Issuance of nonvested stock awards, net of forfeitures (in shares) | 47,634 | ||||||||
Issuance of nonvested stock awards, net of forfeitures | 0 | 0 | |||||||
Repayment of stockholder loans | 401 | 401 | |||||||
Stock compensation expense | 1,049 | 1,049 | |||||||
Net income (loss) | -4,635 | -4,635 | |||||||
Stockholders' equity, end of period at Dec. 31, 2013 | 127,681 | 261 | 0 | 0 | 144,570 | -17,150 | |||
Common stock outstanding, end of period (in shares) at Dec. 31, 2013 | 26,112,007 | 26,112,007 | 0 | 0 | |||||
Consolidated Statement of Stockholders' Equity [Roll Forward] | |||||||||
Dividends accrued on Class B Preferred stock | 0 | ||||||||
Conversion of stock, issued | 0 | ||||||||
Issuance of nonvested stock awards, net of forfeitures (in shares) | 44,245 | ||||||||
Issuance of nonvested stock awards, net of forfeitures | 0 | 1 | -1 | ||||||
Exercise of stock options (in shares) | 14,804 | ||||||||
Exercise of stock options (Note 18) | 15 | 15 | |||||||
Conversion of restricted stock units (Note 18) | 5,000 | ||||||||
Tax benefits related to stock based compensation plans | 87 | 87 | |||||||
Stock compensation expense | 2,669 | 2,669 | |||||||
Net income (loss) | 10,419 | 10,419 | |||||||
Stockholders' equity, end of period at Dec. 31, 2014 | $140,871 | $262 | $147,340 | ($6,731) | |||||
Common stock outstanding, end of period (in shares) at Dec. 31, 2014 | 26,176,056 | 26,176,056 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net income (loss) | $10,419 | ($4,635) | ($14,533) |
Adjustments to reconcile net income (loss) to net cash from operating activities | |||
Depreciation expense | 11,090 | 9,827 | 10,299 |
Amortization of intangible assets | 2,253 | 2,236 | 1,470 |
Amortization of debt issuance costs | 466 | 596 | 902 |
Deferred income taxes | 2,635 | -1,257 | -3,633 |
Non-cash stock compensation expense | 2,669 | 1,049 | 1,305 |
Impairment of assets held for sale | 96 | 432 | 481 |
(Gain) loss on sale of property, equipment and real estate | -1,314 | -60 | 169 |
Gain on reduction of earnout liability | 0 | -195 | 0 |
Bad debt expense | 523 | 1,051 | 2,333 |
Change in assets and liabilities | |||
Accounts receivable | -3,686 | -21,008 | -27,026 |
Inventories, net | -6,956 | -16,858 | -22,712 |
Costs in excess of billings on uncompleted contracts | -60 | -2,745 | -1,288 |
Prepaid expenses and other current assets | -2,292 | -650 | -784 |
Current income taxes receivable/payable | -4,911 | 50 | 12,110 |
Other assets | -39 | -13 | 2,314 |
Accounts payable | 9,675 | -10,795 | 24,821 |
Accrued expenses and other liabilities | -1,794 | 3,736 | 1,798 |
Restructuring reserve | -1,779 | -1,522 | 1,125 |
Billings in excess of costs on uncompleted contracts | -1,007 | 360 | 131 |
Other long-term liabilities | 953 | 137 | -1,525 |
Net cash provided by (used in) operating activities | 16,941 | -40,264 | -12,243 |
Cash flows from investing activities | |||
Purchases of property, equipment and real estate | -43,306 | -7,448 | -2,741 |
Proceeds from sale of property, equipment and real estate | 3,783 | 3,754 | 1,393 |
Change in restricted assets | -118 | 4,204 | 3,069 |
Purchases of businesses | 0 | -2,373 | -5,732 |
Loan to seller of Total Building Services Group, LLC | 0 | 0 | -850 |
Net cash used in investing activities | -39,641 | -1,863 | -4,861 |
Cash flows from financing activities | |||
Proceeds from revolving line of credit | 1,409,955 | 1,301,290 | 1,042,850 |
Repayments of proceeds from revolving line of credit | -1,378,913 | -1,314,436 | -1,004,482 |
Redemption of Class B Senior Preferred stock | 0 | 0 | -12,372 |
Proceeds from issuance of common stock, net of offering costs | 0 | 55,225 | 0 |
Exercise of stock options | 15 | 0 | 0 |
Excess tax benefit related to stock based compensation | 89 | 0 | 0 |
Loans from related parties | 0 | 401 | 11 |
Sale of Class B Senior Preferred stock | 0 | 0 | 328 |
Dividends paid on Class B Senior Preferred stock | 0 | 0 | -10,628 |
Payments of debt issuance costs | -186 | -298 | -555 |
Holdback payment related to acquisition | -231 | 0 | 0 |
Payments on capital leases | -1,696 | -1,610 | -1,311 |
Secured borrowings | -1,665 | 2 | 997 |
Net cash provided by financing activities | 27,368 | 40,574 | 14,838 |
Net increase (decrease) in cash and cash equivalents | 4,668 | -1,553 | -2,266 |
Cash and cash equivalents | |||
Beginning of period | 1,138 | 2,691 | 4,957 |
End of period | 5,806 | 1,138 | 2,691 |
Supplemental disclosure of cash flow information | |||
Interest paid | 2,187 | 3,424 | 3,046 |
Income taxes paid | 8,736 | 4,535 | 244 |
Income tax refunds received | 226 | 206 | 16,399 |
Non-cash investing and financing transactions | |||
Accrued purchases of property and equipment | 1,053 | 1,651 | 0 |
Non-cash fixed asset additions | 1,145 | 0 | 0 |
Sale of assets in exchange for note receivable | 0 | 305 | 0 |
Assets acquired under capital lease obligations | 2,112 | 1,951 | 6,135 |
Disposal of capital lease assets | 6 | 54 | 0 |
Reclassification and conversion of preferred stock to common stock in connection with the IPO | 0 | 43,313 | 0 |
Dividends accrued on Class B Preferred stock | 0 | 1,836 | 4,480 |
Issuance of Convertible Class C Preferred stock | 0 | 0 | 5,000 |
Dividends on Convertible Class C Preferred stock | 0 | 0 | 5,000 |
Beneficial conversion feature on Class C Convertible Preferred stock | 0 | 0 | 5,000 |
Issuance of Class B common stock | 0 | 0 | 107 |
Fair value of earnout agreement | $0 | $0 | $1,075 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization |
Stock Building Supply Holdings, Inc., formerly known as Saturn Acquisition Holdings, LLC ("Saturn"), and its subsidiaries (the “Company,” “we,” “us” and “our”) distributes lumber and building materials to new construction and repair and remodeling contractors. Additionally, we provide solution-based services to our customers, including component design, production specification and installation management services. | |
On May 2, 2013, Saturn filed a Certificate of Conversion with the Secretary of State of the State of Delaware to effect a conversion from a Delaware limited liability company to a Delaware corporation and change the name of Saturn to Stock Building Supply Holdings, Inc. In connection with the conversion to a corporation, each one share of Class A Common stock, Class B Common stock, Class A Junior Preferred stock and Class C Convertible Preferred stock converted into one share of the same class of the converted entity. Each share of Class B Senior Preferred stock converted into 1.02966259 shares of the same class of the converted entity (with the additional shares representing the accumulated dividends thereon to the date of the conversion). | |
On July 29, 2013, the Company filed an amendment to its Certificate of Incorporation effecting a 25.972-for-1 stock split of the Company’s common stock. The consolidated financial statements give retroactive effect to the stock split. |
Initial_Public_Offering
Initial Public Offering | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Equity [Abstract] | |||||
Initial Public Offering | Initial Public Offering | ||||
On August 14, 2013, the Company completed its Initial Public Offering ("IPO") of 7,000,000 shares of common stock at a price of $14.00 per share. A total of 4,411,765 shares were offered by the Company and a total of 2,588,235 shares were sold by Gores Building Holdings, LLC and other selling stockholders of the Company. In connection with the IPO, the underwriters exercised in full their option to purchase an additional 1,050,000 shares of common stock from certain selling stockholders. As a result, the total IPO size was 8,050,000 shares. The Company received net proceeds of $55.2 million after deducting underwriting discounts of $4.3 million and other expenses directly associated with the IPO of $2.2 million, including legal, accounting, printing and roadshow expenses. The underwriting discounts and other expenses directly associated with the IPO have been recorded in additional paid-in-capital as a reduction of the IPO proceeds on the condensed consolidated balance sheets as of December 31, 2013. The Company used $46.2 million of the net proceeds to pay down outstanding balances under its revolving line of credit and $9.0 million was paid to The Gores Group, LLC ("Gores") to terminate our management services agreement with Gores (the "Gores Termination Fee"). | |||||
Upon the closing of the IPO, all outstanding shares of the Company’s Class A Common stock and Class B Common stock were reclassified and converted into an equal number of shares of a single class of common stock, all outstanding options to purchase Class B Common stock held by certain members of management were reclassified and converted into options to purchase an equal number of shares of common stock and all outstanding Class A Junior Preferred stock, Class B Senior Preferred stock and Class C Convertible Preferred stock were reclassified and converted into an aggregate of 7,191,891 shares of the Company’s common stock. | |||||
As a result of the IPO, the Company expensed certain costs associated with the offering that were not directly attributable to the securities offered. The following table summarizes these costs for the year ended December 31, 2013: | |||||
(in thousands) | Year Ended December 31, 2013 | ||||
Gores Termination Fee | $ | 9,000 | |||
Other IPO transaction-related costs | 1,008 | ||||
$ | 10,008 | ||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Basis of Presentation | Summary of Significant Accounting Policies | ||||||||
Basis of presentation | |||||||||
The accompanying consolidated financial statements have been prepared by management in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). | |||||||||
Principles of consolidation | |||||||||
The consolidated financial statements include all accounts of Stock Building Supply, Inc., and its wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. | |||||||||
Use of estimates | |||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis and bases its estimates on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. The significant estimates which could change by a material amount in the near term include accounts receivable reserves, inventory reserves, supplier rebates and goodwill impairment. Actual results may differ materially from these estimates under different assumptions or conditions. | |||||||||
Business and credit concentrations | |||||||||
The Company maintains cash at financial institutions in excess of federally insured limits. Accounts receivable potentially expose the Company to concentrations of credit risk. Mitigating this credit risk is collateral underlying certain accounts receivable (perfected liens or lien rights) as well as the Company’s analysis of a customer’s credit history prior to extending credit. Concentrations of credit risk with respect to accounts receivable are limited due to the Company’s large number of customers and their dispersion across various regions of the United States. At December 31, 2014 and 2013, no customer represented more than 10% of accounts receivable. For the years ended December 31, 2014, 2013 and 2012, no customer represented more than 10% of revenue. | |||||||||
The Company’s future results could be adversely affected by a number of factors including competitive pressure on sales and pricing, weather conditions, consumer spending and debt levels, interest rates, existing residential home sales and new home construction, lumber prices and product mix. | |||||||||
Cash and cash equivalents | |||||||||
Cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and have a maturity of three months or less from the time of purchase. | |||||||||
Restricted assets | |||||||||
Restricted assets consisted of the following at December 31, 2014 and 2013: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Deposits for payment of casualty & health insurance claims | $ | 785 | $ | 1,306 | |||||
Other deposits | 1,152 | 513 | |||||||
$ | 1,937 | $ | 1,819 | ||||||
Restricted assets are classified as current or non-current assets based on their designated purpose. | |||||||||
Fair value of financial instruments | |||||||||
ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: | |||||||||
Level 1 | Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. | ||||||||
Level 2 | Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. | ||||||||
Level 3 | Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. | ||||||||
If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. | |||||||||
Accounts receivable | |||||||||
Accounts receivable result from the extending of credit to trade customers for the purchase of goods and services. The terms generally provide for payment within 30 days of being invoiced. On occasion, when necessary to compete in certain circumstances, the Company will sell product under extended payment terms. Accounts receivable are stated at estimated net realizable value. The allowance for doubtful accounts is based on an assessment of individual past due accounts, historical write-off experience, accounts receivable aging, customer disputes and the business environment. Account balances are charged off when the potential for recovery is considered remote. The Company grants trade discounts on a percentage basis. The Company records an allowance against accounts receivable for the amount of discounts it estimates will be taken by customers. The discounts are recorded as a reduction to revenue when products are sold. | |||||||||
Consideration received from suppliers | |||||||||
The Company enters into agreements with many of its suppliers providing for inventory purchase rebates (“supplier rebates”) upon achievement of specified volume purchasing levels. Supplier rebates are accrued as part of cost of goods sold based on progress towards earning the supplier rebates, taking into consideration cumulative purchases of inventory to date and projected purchases through the end of the year. The Company estimates the rebates applicable to inventory on-hand at each period end based on the inventory turns of the related items. Total rebates receivable at December 31, 2014 and 2013 are $4.5 million and $4.9 million, respectively, included in prepaid expenses and other current assets. | |||||||||
Revenue recognition | |||||||||
The Company recognizes revenue when products are shipped and the customer takes ownership and assumes risk of loss, collection of the relevant receivable is reasonably assured, persuasive evidence of an arrangement exists and the sales price is fixed or determinable. All sales recognized are net of allowances for discounts and estimated returns, based on historical experience, and sales tax. | |||||||||
Revenues from construction contracts generally are recognized on the completed contract basis, as these contracts generally are completed within 30 days. Revenues from certain construction contracts, which are generally greater than 30 days, are recognized on the percentage-of-completion method, measured by the percentage of costs incurred to date to estimated costs for each contract. Costs of goods sold related to construction contracts include all direct material, subcontractor and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools and repairs. General and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. | |||||||||
Shipping and handling costs | |||||||||
The Company includes shipping and handling costs in selling, general and administrative expenses on the consolidated statements of operations. Shipping and handling costs were $71.1 million, $62.5 million and $50.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
Property and equipment | |||||||||
Property and equipment are stated at cost. Expenditures for renewals and betterments, which extend the useful lives of assets, are capitalized while maintenance and repairs are charged to expense as incurred. Property and equipment obtained through acquisition are stated at estimated fair market value as of the acquisition date, and are depreciated over their estimated remaining useful lives, which may differ from our stated policies for certain assets. Gains and losses related to the sale of property and equipment are recorded as selling, general and administrative expenses. | |||||||||
Property and equipment are depreciated using the straight-line method and are generally depreciated over the following estimated service lives: | |||||||||
Buildings and improvements | 40 years | ||||||||
Leasehold improvements | Lesser of life of the asset or remaining | ||||||||
lease term, and not to exceed 10 years | |||||||||
Furniture, fixtures and equipment | 2–10 years | ||||||||
Vehicles | 4–7 years | ||||||||
Assets are classified as held for sale if the Company commits to a plan to sell the asset within one year and actively markets the asset in its current condition for a price that is reasonable in comparison to its estimated fair value. Assets held for sale are stated at the lower of depreciated cost or estimated fair value less expected disposition costs. | |||||||||
Goodwill and other intangible assets | |||||||||
At least annually, or more frequently as changes in circumstances indicate, the Company tests goodwill for impairment. To the extent that the carrying value of the net assets of any of the reporting units having goodwill is greater than their estimated fair value, the Company may be required to record impairment charges. The Company’s reporting units are its East and West geographic divisions and Coleman Floor. The Company is required to make certain assumptions and estimates regarding the fair value of the reporting units containing goodwill when assessing for impairment. Changes in the fact patterns underlying such assumptions and estimates could ultimately result in the recognition of additional impairment losses. | |||||||||
During the third quarter of 2014, 2013 and 2012, the Company performed its annual impairment assessment of goodwill which did not indicate that an impairment existed. During each assessment, the Company determined that the fair value of its reporting units containing goodwill substantially exceeded their carrying value. The Company estimated the fair value of the reporting units using the income approach. The income approach uses a reporting unit’s projection of estimated future cash flows that is discounted at a market derived weighted average cost of capital. The projection uses management’s best estimates of economic and market conditions over the projected period including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures. As part of the 2014 and 2013 assessments, the aggregate fair values of the reporting units were compared and reconciled to the Company's market capitalization. There was no active trading market for our equity or debt in 2012. | |||||||||
Acquired intangible assets other than goodwill are amortized over their weighted average amortization period unless they are determined to be indefinite. Acquired intangible assets are carried at cost, less accumulated amortization. For intangible assets purchased in a business combination, the estimated fair values of the assets received are used to establish the carrying value. The fair value of acquired intangible assets is determined using common valuation techniques, and the Company employs assumptions developed using the perspective of a market participant. | |||||||||
Impairment of long-lived assets | |||||||||
Long-lived assets, such as property, equipment and purchased intangible assets subject to amortization are reviewed for impairment whenever facts and circumstances indicate that the carrying amount of an asset may not be recoverable. For impairment testing of long-lived assets, the Company identifies asset groups at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the assets. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. | |||||||||
Income taxes | |||||||||
The Company computes income taxes using the asset and liability method in accordance with ASC 740, Income Taxes (“ASC 740”). Deferred taxes represent the difference between the tax basis of assets or liabilities, calculated under tax laws, and the reported amounts in the Company’s consolidated financial statements. The Company will establish a valuation allowance for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. Periodically, the valuation allowance is reviewed and adjusted based on management’s assessments of realizable deferred tax assets. | |||||||||
ASC 740 also prescribes a recognition threshold and certain measurement principles for the financial statements related to tax positions taken or expected to be taken on a tax return. Under ASC 740, the impact of an uncertain tax position on an income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Additionally, ASC 740 provides guidance on derecognition, classification, interest and penalties associated with income taxes, accounting in interim periods, disclosures and transition requirements. | |||||||||
The Company’s policy is to recognize interest and penalties related to income tax liabilities and unrecognized tax benefits in income tax expense. | |||||||||
Casualty and health insurance | |||||||||
The Company carries insurance for general liability, auto liability and workers' compensation exposures subject to deductibles it believes to be reasonable under the circumstances, and the Company self-insures for employee and eligible dependent health care claims, with insurance purchased from independent carriers to cover individual claims in excess of the self-insured limits. The expected liability for unpaid claims, including incurred but not reported losses, is reflected on the consolidated balance sheets as a liability with current and long-term components. The amount recoverable from insurance providers is reflected on the consolidated balance sheets in prepaid expenses and other current assets. Provisions for losses are developed from valuations that rely upon the Company’s past claims experience, which considers both the frequency and settlement of claims. The casualty and health insurance liabilities are recorded at their undiscounted value. | |||||||||
Retirement savings program | |||||||||
The Company sponsors a defined contribution retirement savings plan. Employees who have attained the age of 18 and have completed 90 days of service prior to the plan entry date are eligible to participate in the plan. The Company has recorded expense of $0.2 million, $1.2 million and $0.9 million related to its retirement savings programs for the years ended December 31, 2014, 2013 and 2012, respectively, which is included in selling, general and administrative expenses on the consolidated statements of operations. | |||||||||
Lease obligations | |||||||||
The Company recognizes lease obligations with fixed escalations of rental payments on a straight-line basis over the lease term, with the amount of rental expense in excess of lease payments recorded as a deferred rent liability. As of December 31, 2014 and 2013, the Company had a deferred rent liability of $1.5 million and $1.6 million, respectively, included in accrued expenses and other liabilities and other long-term liabilities on the consolidated balance sheets. | |||||||||
Advertising and promotion | |||||||||
Costs associated with advertising and promoting products and services are expensed in the period incurred and totaled $2.0 million, $1.6 million and $1.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. These costs are included in selling, general and administrative expenses on the consolidated statements of operations. | |||||||||
Stock-based compensation | |||||||||
In accordance with the requirements of ASC 718, Compensation—Stock Compensation (“ASC 718”), the Company measures and recognizes compensation expense for all share-based payment awards made to employees using a fair value based pricing model. The compensation expense is recognized over the requisite service period. | |||||||||
Restructuring and related expenses | |||||||||
The Company accounts for costs associated with exit or disposal in accordance with ASC 420, Exit or Disposal Cost Obligations (“ASC 420”), which requires that: (i) liabilities associated with exit and disposal activities be measured at fair value; (ii) one-time termination benefits be expensed at the date the entity notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period; (iii) liabilities related to an operating lease/contract be recognized and measured at its fair value when the contract does not have any future economic benefit to the entity (i.e., the entity ceases to utilize the rights conveyed by the contract); and (iv) for typically all other costs related to an exit or disposal activity to be expensed as incurred. | |||||||||
Debt issuance costs | |||||||||
Costs incurred in connection with the Company’s secured credit agreement are capitalized and amortized over the term of the agreement. Total debt issuance costs, net of accumulated amortization, included in other assets on the consolidated balance sheets were $1.4 million and $1.6 million as of December 31, 2014 and 2013, respectively. Amortization of debt issuance costs for the years ended December 31, 2014, 2013 and 2012 was $0.5 million, $0.6 million and $0.9 million, respectively, and is included in interest expense on the consolidated statements of operations. | |||||||||
Derivatives | |||||||||
The Company recognizes all derivative instruments as assets or liabilities in the Company’s balance sheets at fair value. Changes in the fair value of derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are reported in earnings. The Company elected not to designate any new derivative instruments as hedges for the years 2014, 2013 or 2012, and therefore all changes in the fair market value of the hedge contracts have been reported in cost of goods sold on the consolidated statements of operations. | |||||||||
The Company does not enter into any derivatives for speculative or trading purposes; all derivatives are used to offset existing or expected risks associated with fluctuations in interest rates or commodities. | |||||||||
Warranty expense | |||||||||
The Company has warranty obligations with respect to most manufactured products. As of December 31, 2014 and 2013, the Company had warranty liabilities of $0.5 million and $0.3 million, respectively, included in accrued expenses and other liabilities on the consolidated balance sheets. | |||||||||
Comprehensive income (loss) | |||||||||
Comprehensive income (loss) is equal to the net income (loss) for all periods presented. | |||||||||
Recently issued accounting pronouncements | |||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 provides a comprehensive revenue recognition model requiring companies to recognize revenue for the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 is effective for the Company's annual and interim periods beginning on January 1, 2017. Early application is not permitted. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of the standard on our current accounting policies. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions |
For all acquisitions, the Company allocates the purchase price to the estimated fair values of the assets acquired and liabilities assumed as of the date of the acquisition. The market approach, which indicates value based on available market pricing for comparable assets, is utilized to estimate the fair value of inventory, property and equipment. The income approach, which indicates value based on the present value of future cash flows, is primarily used to value intangible assets. The cost approach, which estimates values by determining the current cost of replacing an asset with another of equivalent utility, is used, as appropriate, for certain assets for which the market and income approaches could not be applied due to the nature of the asset. | |
Total Building Services Group, LLC | |
On December 22, 2012, the Company purchased certain assets and liabilities of Total Building Services Group, LLC (“TBSG”) for $6.8 million. TBSG consists of one location in Georgia and sells framing, millwork and building materials and services primarily to residential contractors. Under the asset purchase agreement to acquire the assets of TBSG, we entered into an earnout agreement ("Earnout") in which the seller of TBSG participates in earnings over certain thresholds during the three fiscal years beginning January 1, 2013. The Company advanced $0.9 million against future Earnout payments and earns 9% interest on the advanced amount. As of December 31, 2014, the net value of the Earnout and related advance was $0, based on cash flow projections as of that date. | |
Chesapeake Structural Systems | |
On April 8, 2013, Commonwealth Acquisition Holdings, LLC, a wholly-owned subsidiary of the Company, purchased certain assets and assumed certain liabilities of Chesapeake Structural Systems, Inc., Creative Wood Products, LLC and Chestruc, LLC (collectively “Chesapeake”) for an adjusted purchase price of $2.6 million. This amount included an initial holdback amount of $0.2 million, which was paid to the sellers during the year ended December 31, 2014. The acquisition provides the Company with component manufacturing capability to serve customers in the Central and Northern Virginia markets. The Company incurred transaction costs of $0.2 million during the year ended December 31, 2013 which are included in selling, general and administrative expenses on the consolidated statements of operations. Net sales of Chesapeake for the year ended December 31, 2014 and the period from April 8, 2013 through December 31, 2013 were $7.9 million and $7.9 million, respectively. The impact of this acquisition on our operating results was not considered material for the reporting of pro forma financial information. | |
The Company acquired total assets of $3.1 million and assumed liabilities of $1.4 million. The assets acquired include a customer relationship intangible asset of $1.2 million. Goodwill of $0.7 million arising from the acquisition consists of expected synergies and cost savings from excess purchase price over identifiable intangible net assets, as well as intangible assets that do not qualify for separate recognition, such as assembled workforce. All of the goodwill from this transaction is deductible for income tax purposes. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Discontinued operations | Discontinued Operations | ||||||||||||
During certain prior years, the Company ceased operations in certain geographic markets. The Company will have no further significant continuing involvement in the sold operations and exited geographic markets. The cessation of operations in these markets has been treated as discontinued operations as the markets had distinguishable cash flows and operations that have been eliminated from ongoing operations. To determine if cash flows have been (or will be) eliminated from ongoing operations, we evaluate a number of qualitative and quantitative factors, including, but not limited to, proximity of a closing store to any remaining open stores and the potential sales migration from the closed store to any stores remaining open. | |||||||||||||
The operating results of the discontinued operations for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Net sales | $ | — | $ | — | $ | 1,103 | |||||||
Restructuring expense | 16 | 31 | 55 | ||||||||||
Income from discontinued operations before income taxes | 533 | 644 | 101 | ||||||||||
Income tax expense | 201 | 243 | 52 | ||||||||||
Income from discontinued operations | 332 | 401 | 49 | ||||||||||
The assets and liabilities of discontinued operations reflected on the consolidated balance sheets at December 31, 2014 and 2013 are as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Real estate held for sale | $ | — | $ | 700 | |||||||||
Prepaid expenses and other current assets | 7 | 8 | |||||||||||
Current assets of discontinued operations | 7 | 708 | |||||||||||
Accrued expenses and other liabilities | 175 | 37 | |||||||||||
Restructuring reserve | 71 | 295 | |||||||||||
Current liabilities of discontinued operations | 246 | 332 | |||||||||||
Long-term restructuring reserve | — | 89 | |||||||||||
Noncurrent liabilities of discontinued operations | $ | — | $ | 89 | |||||||||
Restructuring_Costs
Restructuring Costs | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring costs | Restructuring Costs | ||||||||||||
In addition to discontinuing operations in certain markets, the Company has instituted store closures and reductions in headcount in continuing markets (collectively, the “Restructurings”) in an effort to: (i) strengthen the Company’s competitive position; (ii) reduce costs and (iii) improve operating margins within existing markets that management believes have favorable long-term growth demographics. No additional costs, other than interest accretion, are expected to be incurred related to the Restructurings. | |||||||||||||
The following table summarizes the restructuring expenses incurred in connection with the Restructurings and the remaining reserves as of and for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
(in thousands) | Work Force | Store | Total | ||||||||||
Reductions | Closures | ||||||||||||
Restructuring reserves, December 31, 2011 | $ | 65 | $ | 3,935 | $ | 4,000 | |||||||
Restructuring charges incurred | 353 | 2,555 | 2,908 | ||||||||||
Cash payments | (65 | ) | (1,718 | ) | (1,783 | ) | |||||||
Restructuring reserves, December 31, 2012 | 353 | 4,772 | 5,125 | ||||||||||
Restructuring charges incurred | — | 209 | 209 | ||||||||||
Cash payments | (163 | ) | (1,569 | ) | (1,732 | ) | |||||||
Restructuring reserves, December 31, 2013 | 190 | 3,412 | 3,602 | ||||||||||
Restructuring charges incurred | — | 89 | 89 | ||||||||||
Cash payments | (176 | ) | (1,691 | ) | (1,867 | ) | |||||||
Restructuring reserves, December 31, 2014 | $ | 14 | $ | 1,810 | $ | 1,824 | |||||||
The restructuring charges incurred for store closures for the year ended December 31, 2012 primarily relate to management’s determination that subleasing closed properties was no longer reasonably assumed which resulted in revised estimates. | |||||||||||||
The remaining accrual for work force reductions was fully paid in January 2015. The remaining accrual for store closures is expected to be fully paid by January 2017 as the related leases expire. | |||||||||||||
The restructuring reserve at December 31, 2014 consists of a current portion of $0.9 million and a long-term portion of $0.9 million, which is included in other long-term liabilities on the consolidated balance sheets. |
Accounts_Receivable_Accounts_R
Accounts Receivable Accounts Receivable | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Accounts receivable | Accounts Receivable | ||||||||||||
Accounts receivable consist of the following at December 31, 2014 and 2013: | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Trade receivables | $ | 118,531 | $ | 115,876 | |||||||||
Allowance for doubtful accounts | (2,101 | ) | (2,707 | ) | |||||||||
Allowance for sales returns and discounts | (1,982 | ) | (1,884 | ) | |||||||||
$ | 114,448 | $ | 111,285 | ||||||||||
The following table shows the changes in our allowance for doubtful accounts: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at January 1 | $ | 2,707 | $ | 3,095 | $ | 2,669 | |||||||
Additions charged to expense | 523 | 1,051 | 2,333 | ||||||||||
Deductions (write-offs) | (1,129 | ) | (1,439 | ) | (1,907 | ) | |||||||
Balance at December 31 | $ | 2,101 | $ | 2,707 | $ | 3,095 | |||||||
Recoveries of amounts previously written off were $2.1 million, $1.8 million and $3.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Inventories_Inventories
Inventories Inventories | 12 Months Ended |
Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories |
Inventories consist principally of materials purchased for resale, including lumber, sheet goods, millwork, windows and doors, as well as certain manufactured products and are valued at the lower of cost or market, with cost being measured using a weighted average cost approach, which approximates the first-in, first-out approach. A provision for excess and obsolete inventory of $2.2 million is recorded as of December 31, 2014 and 2013. |
Property_and_Equipment_Propert
Property and Equipment Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and equipment | Property and Equipment | ||||||||
Property and equipment consists of the following at December 31, 2014 and 2013: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Land | $ | 31,400 | $ | 18,210 | |||||
Buildings and improvements | 27,085 | 25,279 | |||||||
Leasehold improvements | 8,442 | 7,721 | |||||||
Furniture, fixtures and equipment | 60,953 | 51,713 | |||||||
Vehicles | 41,773 | 27,918 | |||||||
Construction-in-progress | 4,174 | 2,719 | |||||||
173,827 | 133,560 | ||||||||
Less: Accumulated depreciation | (83,216 | ) | (77,521 | ) | |||||
$ | 90,611 | $ | 56,039 | ||||||
Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $11.1 million, $9.8 million and $10.3 million, respectively, including amortization expense related to capital leases. Depreciation expense of $4.4 million, $3.9 million and $2.5 million was included in cost of goods sold, in 2014, 2013 and 2012, respectively. | |||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company recorded impairment charges related to assets held for sale of $0.1 million, $0.4 million and $0.5 million, respectively. The impairment charges arose primarily from declining commercial real estate values. The Company estimated the fair value of the assets classified as held for sale using recent sales data for similar properties in the area and analyzed the expected cash flows from different sales scenarios. | |||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company had proceeds from the sale of property and equipment of $1.0 million, $0.6 million and $1.0 million, respectively, and proceeds from the sales of real estate held for sale of $2.8 million, $3.2 million and $0.4 million, respectively. These disposals were primarily related to assets of stores closed as part of the restructuring events discussed in Note 6. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets, net | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||
Goodwill and intangible assets | Goodwill and Intangible Assets, Net | |||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||
The carrying amount of goodwill was $7.2 million as of December 31, 2014 and 2013. All of the Company's goodwill as of December 31, 2014 is recorded in the Geographic divisions reportable segment (Note 19). | ||||||||||||||||||||||||||||
Intangible assets | ||||||||||||||||||||||||||||
Intangible assets represent the value assigned to trademarks, customer relationships and a supply agreement in connection with acquired companies. The trademarks, customer relationships and supply agreement are being amortized over weighted-average periods of 17.3 years , 11.6 years and 13.0 years, respectively. The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets. | ||||||||||||||||||||||||||||
Trademarks | Customer Relationships | Supply Agreement | ||||||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||||||
Carrying | Accumulated | Carrying | Accumulated | Carrying | Accumulated | |||||||||||||||||||||||
(in thousands) | Amount | Amortization | Amount | Amortization | Amount | Amortization | Total | |||||||||||||||||||||
December 31, 2012 | $ | 16,985 | $ | (3,130 | ) | $ | 8,949 | $ | (1,414 | ) | $ | 4,484 | $ | (9 | ) | $ | 25,865 | |||||||||||
Acquisitions | — | — | 1,160 | — | — | — | 1,160 | |||||||||||||||||||||
Amortization | — | (990 | ) | — | (896 | ) | — | (350 | ) | (2,236 | ) | |||||||||||||||||
December 31, 2013 | 16,985 | (4,120 | ) | 10,109 | (2,310 | ) | 4,484 | (359 | ) | 24,789 | ||||||||||||||||||
Acquisitions | — | — | — | — | — | — | — | |||||||||||||||||||||
Amortization | — | (988 | ) | — | (920 | ) | — | (345 | ) | (2,253 | ) | |||||||||||||||||
December 31, 2014 | $ | 16,985 | $ | (5,108 | ) | $ | 10,109 | $ | (3,230 | ) | $ | 4,484 | $ | (704 | ) | $ | 22,536 | |||||||||||
Aggregate amortization expense was $2.3 million, $2.2 million and $1.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. Based upon current assumptions, the Company expects that its definite-lived intangible assets will be amortized according to the following schedule: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
2015 | $ | 2,253 | ||||||||||||||||||||||||||
2016 | 2,253 | |||||||||||||||||||||||||||
2017 | 2,253 | |||||||||||||||||||||||||||
2018 | 2,253 | |||||||||||||||||||||||||||
2019 | 2,246 | |||||||||||||||||||||||||||
Thereafter | 11,278 | |||||||||||||||||||||||||||
$ | 22,536 | |||||||||||||||||||||||||||
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued expenses and other liabilities | Accrued Expenses and Other Liabilities | ||||||||
Accrued expenses and other liabilities consists of the following at December 31, 2014 and 2013: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Accrued payroll and other employee related expenses | $ | 9,701 | $ | 12,595 | |||||
Accrued taxes | 6,528 | 5,421 | |||||||
Self-insurance reserves | 5,475 | 3,236 | |||||||
Advances from customers | 3,905 | 3,725 | |||||||
Liability for uncertain tax positions | 2,942 | — | |||||||
Accrued professional fees | 558 | 1,366 | |||||||
Accrued short-term deferred rent | 541 | 586 | |||||||
Accrued rebates payable | 537 | 853 | |||||||
Accrued interest and lending fees | 217 | 178 | |||||||
Accrued related party management fees | 64 | 130 | |||||||
Litigation reserve | — | 140 | |||||||
Other | 2,489 | 2,298 | |||||||
$ | 32,957 | $ | 30,528 | ||||||
Secured_Credit_Agreement
Secured Credit Agreement | 12 Months Ended | |
Dec. 31, 2014 | ||
Debt Disclosure [Abstract] | ||
Secured Credit Agreement | Secured Credit Agreement | |
On June 30, 2009, the Company entered into a Secured Credit Agreement (the “Credit Agreement”) with Wells Fargo Capital Finance (“WFCF”), which includes a revolving line of credit (the “Revolver”). The Revolver has been amended for changes in financial covenants, maximum availability, maturity date and interest rate. The following is a summary of the significant terms of the Revolver as of December 31, 2014: | ||
Maturity | December 31, 2017 | |
Interest/Usage Rate | Company’s option of Base Rate(a) plus a Base Rate Margin (ranges from 0.50%–1.00% based on Revolver availability) or LIBOR plus a LIBOR Rate Margin (ranges from 1.50%–2.00% based on Revolver availability) | |
Maximum Availability | Lesser of $200 million or the borrowing base(b) | |
Periodic Principal Payments | None | |
(a) | Base Rate is the higher of (i) the Federal Funds Rate plus 0.5% or (ii) the prime rate. | |
(b) | The Revolver’s borrowing base is calculated as the sum of (i) 85% of the Company’s eligible accounts receivable plus (ii) the lesser of 90% of the eligible credit card receivables and $5 million, plus (iii) the lesser of $150 million, 65% of the eligible inventory or 85% of the net liquidation value of eligible inventory as defined in the Credit Agreement plus (iv) the lesser of $30 million, 85% of the net liquidation value of eligible fixed assets or the net book value of fixed asstes, all as defined in the Credit Agreement, minus (v) reserves from time to time set by the administrative agent. The eligible accounts receivable and inventories are further adjusted as specified in the Credit Agreement. The Company’s borrowing base can also be increased pursuant to certain terms outlined in the Credit Agreement. | |
The Credit Agreement provides that the Company can use the Revolver availability to issue letters of credit. The fees on any outstanding letters of credit issued under the Revolver include a participation fee equal to the LIBOR Rate Margin. The fee on the unused portion of the Revolver is 0.25% . The Revolver includes a financial covenant that requires the Company to maintain a minimum Fixed Charge Coverage Ratio of 1.00:1.00 as defined by the Credit Agreement. The Fixed Charge Coverage Ratio requirement is only applicable if Adjusted Liquidity, defined as the sum of (i) availability under the Revolver and (ii) Qualified Cash (which includes cash and cash equivalents in deposit accounts or securities accounts or any combination thereof that are subject to a control agreement), is less than $20 million, and remains in effect until the date on which Adjusted Liquidity has been greater than or equal to $20 million for a period of 30 consecutive days. The Company incurred an operating loss for the year ended December 31, 2012 and has used cash for operating activities for the years ended December 31, 2013 and 2012. While there can be no assurances, based upon the Company’s forecast, the Company does not expect the financial covenants to become applicable during the year ended December 31, 2015. | ||
The Company had outstanding borrowings of $90.1 million and $59.1 million with net availability of $72.6 million and $71.0 million as of December 31, 2014 and 2013, respectively. The interest rate on outstanding LIBOR Rate borrowings of $84.0 million was 1.7% and the interest rate on outstanding Base Rate borrowings of $6.1 million was 3.8% as of December 31, 2014. The interest rate on outstanding LIBOR Rate borrowings of $52.0 million was 1.9% and the interest rate on outstanding Base Rate borrowings of $7.1 million was 4.0% as of December 31, 2013. The Company had $8.2 million and $8.9 million in letters of credit outstanding under the Credit Agreement as of December 31, 2014 and 2013, respectively. The Revolver is collateralized by substantially all assets of the Company. The carrying value of the Revolver at December 31, 2014 and December 31, 2013 approximates fair value as the Revolver contains a variable interest rate. As such, the fair value of the Revolver was classified as a Level 2 measurement in accordance with ASC 820. |
Other_Longterm_Liabilities_Oth
Other Long-term Liabilities Other Long-term Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities, Noncurrent [Abstract] | |||||||||
Other long-term liabilities | Other Long-term Liabilities | ||||||||
Other long-term liabilities consists of the following at December 31, 2014 and 2013: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Self-insurance reserve | $ | 4,849 | $ | 4,310 | |||||
Long-term deferred rent | 983 | 1,028 | |||||||
Long-term restructuring reserve | 932 | 2,008 | |||||||
Other | 458 | — | |||||||
$ | 7,222 | $ | 7,346 | ||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related Party Transactions |
During the years ended December 31, 2014, 2013 and 2012, the Company incurred expenses related to professional services provided by Glendon Saturn Holdings, LLC ("Glendon"), an affiliate of Gores. During the years ended December 31, 2013 and 2012, the Company incurred expenses related to management services provided by Gores. For the years ended December 31, 2014, 2013 and 2012, these expenses totaled $0.2 million, $1.3 million and $1.4 million, respectively, and are included in selling, general and administrative expenses on the consolidated statements of operations. The management services agreement with Gores was terminated on August 14, 2013 in connection with the IPO, and the Company paid Gores a $9.0 million termination fee on that date (Note 2). | |
During the years ended December 31, 2014 and 2013, the Company incurred expense of $0.3 million and $0.1 million, respectively, related to board fees for members of the Company's Board of Directors who are employed by Gores and Glendon. These fees are included in selling, general and administrative expenses on the consolidated statements of operations. | |
As of December 31, 2012, the Company had related party promissory note balances of $0.4 million, which represented advances, and accrued interest thereon, due from Glendon and other shareholders of the Company. These notes were repaid in full during the second quarter of 2013. | |
On July 1, 2012, the Company made a $0.5 million loan to an executive of the Company related to an exercise of stock options. This loan was forgiven by the Company on June 14, 2013 (Note 18). | |
On March 1, 2012, the Company issued Glendon 110,381 Class B Common shares. | |
Prior to July 1, 2013, the Company was part of a group health care plan with Gores. The Company kept funds on deposit with Gores as a reserve for the payment of run-off health care claims in the event of a Plan termination. These funds were refunded to the Company during the year ended December 31, 2013. As of July 1, 2013, the Company is no longer part of the group health care plan with Gores and maintains an independent health care plan. | |
On February 22, 2010, the Company entered into a Software, Services, License and Maintenance Services Agreement with United Road Services Inc. and its subsidiary Vehix Transvision, LLC (collectively “URS”) for the development, implementation, maintenance and support of customized software related to our Stock Logistics Solutions capability. The agreement with URS was subsequently amended and restated on March 3, 2013 to update certain services and deliverables. When the Company entered into the original agreement in 2010, URS was also owned by Gores as one of its portfolio companies. Gores divested its ownership interest in URS on December 14, 2012 and URS is no longer under common ownership with the Company. Accordingly, the Company does not consider URS a related party subsequent to December 14, 2012. The Company paid URS $0.8 million during the year ended December 31, 2012. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income taxes | Income Taxes | ||||||||||||
The components of income tax expense (benefit) for the years ended December, 31 2014, 2013 and 2012 are as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current | |||||||||||||
Federal | $ | 3,363 | $ | 3,961 | $ | (4,596 | ) | ||||||
State | 543 | 413 | 197 | ||||||||||
3,906 | 4,374 | (4,399 | ) | ||||||||||
Deferred | |||||||||||||
Federal | 2,643 | (1,859 | ) | (2,759 | ) | ||||||||
State | (8 | ) | 602 | (874 | ) | ||||||||
2,635 | (1,257 | ) | (3,633 | ) | |||||||||
$ | 6,541 | $ | 3,117 | $ | (8,032 | ) | |||||||
The 2014 income tax expense of $6.5 million consists of $6.3 million tax expense related to continuing operations and $0.2 million tax expense related to discontinued operations. The 2013 income tax expense of $3.1 million consists of $2.9 million tax expense related to continuing operations and $0.2 million tax expense related to discontinued operations. The 2012 income tax benefit of $8.0 million consists of $8.1 million tax benefit related to continuing operations and $0.1 million tax expense related to discontinued operations. | |||||||||||||
A reconciliation of differences between the statutory U.S. federal income tax rate of 35% and the Company’s effective tax rate from continuing operations for the years ended December 31, 2014, 2013, and 2012 follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal tax | 3 | (0.4 | ) | 1.7 | |||||||||
Gores Termination Fee | (17.9 | ) | (157.6 | ) | — | ||||||||
Nondeductible capitalized transaction costs | 1.1 | (3.8 | ) | — | |||||||||
Nondeductible compensation expense | — | (8.1 | ) | — | |||||||||
Nondeductible (permanent) items- other | 0.2 | (1.3 | ) | (1.0 | ) | ||||||||
IRC Section 199 manufacturing deduction | (1.1 | ) | 17 | — | |||||||||
Changes in tax rates | (0.4 | ) | (11.2 | ) | 0.5 | ||||||||
Uncertain tax positions | 17.9 | — | 1.5 | ||||||||||
Other items | 1.4 | (3.7 | ) | 0.3 | |||||||||
Valuation allowance | (0.6 | ) | 1.2 | (2.3 | ) | ||||||||
Effective tax rate | 38.6 | % | (132.9 | )% | 35.7 | % | |||||||
Significant components of the Company’s deferred tax assets and liabilities are as follows at December 31, 2014 and 2013: | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets related to | |||||||||||||
Accounts receivable | $ | 1,125 | $ | 1,385 | |||||||||
Inventory | 1,461 | 1,322 | |||||||||||
Accrued expenses | 3,739 | 3,375 | |||||||||||
Other reserves and liabilities | 5,288 | 5,464 | |||||||||||
Net operating loss and credit carryforwards | 1,983 | 2,160 | |||||||||||
13,596 | 13,706 | ||||||||||||
Valuation allowance | (1,817 | ) | (1,919 | ) | |||||||||
Total deferred tax assets | 11,779 | 11,787 | |||||||||||
Deferred tax liabilities related to | |||||||||||||
Real estate held for sale | (203 | ) | (903 | ) | |||||||||
Intangible assets | (4,264 | ) | (4,523 | ) | |||||||||
Property and equipment | (20,849 | ) | (17,474 | ) | |||||||||
Other assets | (1,262 | ) | (1,051 | ) | |||||||||
Total deferred tax liabilities | (26,578 | ) | (23,951 | ) | |||||||||
Net deferred tax liability | $ | (14,799 | ) | $ | (12,164 | ) | |||||||
At December 31, 2014, the Company had $48.6 million of state net operating loss carryforwards expiring at various dates through 2032. During 2013, the Company fully utilized its prior year Federal net operating loss carryforward and credits to reduce its current year federal income tax liability. | |||||||||||||
Section 382 of the Internal Revenue Code (“IRC”) imposes annual limitations on the utilization of net operating loss carry-forwards, other tax carry-forwards, and certain built-in losses upon an ownership change as defined under that section. In general terms, an ownership change may result from transactions that increase the aggregate ownership of certain stockholders in the Company’s stock by more than 50 percentage points over a three year testing period. If the Company were to experience an IRC section 382 ownership change, an annual limitation could be imposed on certain of the Company’s tax attributes, including its net operating losses, capital loss carry-forwards, and certain other losses, credits, deductions or tax basis. | |||||||||||||
The Company recognized a net current income tax receivable of $4.9 million at December 31, 2014 and a current income tax payable of $3.0 million at December 31, 2013. | |||||||||||||
During 2014 and 2013, the Company paid $8.7 million and $4.5 million in federal and state income tax payments, respectively. The Company received tax refunds of $0.2 million in 2014 and $0.2 million in 2013. As of December 31, 2014, the Company is not able to carry back its state tax net operating losses; therefore, to the extent the Company generates future tax net operating losses, the Company may be required to increase the valuation allowance on net deferred tax assets and income tax benefit would be adversely affected. | |||||||||||||
In accordance with ASC 740, the Company evaluates its deferred tax assets to determine if valuation allowances are required. In assessing the realizability of deferred tax assets, the Company considers both positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The primary negative evidence considered includes the cumulative operating losses generated in prior periods. The primary positive evidence considered includes the reversal of deferred tax liabilities related to depreciation and amortization that would occur within the same jurisdiction and during the carry forward period necessary to absorb the federal and state net operating losses and other deferred tax assets. The reversal of such liabilities would utilize the state net operating losses and other deferred tax assets. | |||||||||||||
Based upon the positive and negative evidence considered, the Company believes it is more likely than not that it will realize the benefit of the deferred tax assets, net of the existing state tax valuation allowances of $1.8 million and $1.9 million as of December 31, 2014 and 2013, respectively. To the extent the Company generates sufficient taxable income in the future to fully utilize the tax benefits of the net deferred tax assets on which a valuation allowance was recorded, the Company’s effective tax rate would be impacted as the valuation allowance is reversed. | |||||||||||||
The following table shows the changes in the amount of the Company’s valuation allowance: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at January 1, | $ | 1,919 | $ | 1,946 | $ | 1,418 | |||||||
Additions charged to expense | — | — | 528 | ||||||||||
Deductions - other | (102 | ) | (27 | ) | — | ||||||||
Balance at December 31, | $ | 1,817 | $ | 1,919 | $ | 1,946 | |||||||
During 2014, the Company reduced its valuation allowance largely due to the reduction of its deferred tax assets from the utilization of state net operating loss carry-forwards. During 2013, several state tax jurisdictions in which the Company conducts business enacted new laws to change their respective income tax rates prospectively. As a result of the change in tax rates, the Company reduced its net deferred tax liabilities and assets as well as the respective valuation allowances. | |||||||||||||
During 2014, the Company recorded a liability of $2.9 million for an uncertain tax position related to deducting the Gores Termination Fee on its federal and state income tax returns, which is included in accrued expenses and other liabilities and other long-term liabilities on the consolidated balance sheets as of December 31, 2014. In addition, during 2014, the Company also reduced its net deferred tax assets related to state net operating loss carry-forwards by $0.2 million as a result of this uncertain tax position. At December 31, 2014, the Company anticipates that it is reasonably possible that the total unrecognized tax benefits may be settled and recognized within the next twelve months, which could impact the effective tax rate. In 2013, the Company recognized no material uncertain tax positions. During 2012, the statute of limitations expired for certain tax periods where the Company had previously recognized a long-term liability related to uncertain tax positions. As a result, the Company increased current income tax benefit for the year ended December 31, 2012 by $0.3 million and decreased the long-term liability related to the uncertain tax positions. The Company also recognized $0.3 million within other income (expense), net, on the consolidated statement of operations due to the reduction in a corresponding related Wolseley indemnity asset. | |||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (exclusive of the effect of interest and penalties) is as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at January 1, | $ | — | $ | — | $ | 266 | |||||||
Tax positions taken in prior periods: | |||||||||||||
Gross increases | — | — | — | ||||||||||
Gross decreases | — | — | — | ||||||||||
Tax positions taken in current period: | |||||||||||||
Gross increases | 3,283 | — | — | ||||||||||
Settlements with taxing authorities | — | — | — | ||||||||||
Lapse of applicable statute of limitations | — | — | (266 | ) | |||||||||
Balance at December 31, | $ | 3,283 | $ | — | $ | — | |||||||
The Company‘s state tax returns are open to examination for an average of three years. However, certain jurisdictions remain open to examination longer than three years due to the existence of net operating losses and statutory waivers. The Company’s federal returns are open to examination for three years; however, due to statutory waivers, the Company's tax years ended July 31, 2008 and May 5, 2009 remain open until December 31, 2015 with the federal tax authorities. The Company is currently under examination by the IRS for its tax years ended July 31, 2008 and May 5, 2009. At December 31, 2014 and 2013, the Company has recognized $0.0 million and $2.9 million, respectively, related to expected tax, penalties and interest payments as a result of the IRS audits in income taxes payable on the consolidated balance sheets. | |||||||||||||
The Company’s policy is to recognize interest and penalties related to income tax liabilities and unrecognized tax benefits in income tax expense and to the extent the liability relates to pre-Acquisition Date tax periods, the Company recognizes a corresponding benefit related to the indemnity agreement from a subsidiary of Wolseley. As of December 31, 2014 and 2013, the Company has neither material unrecognized tax benefits nor any associated interest and penalties. During the years ended December 31, 2014, 2013 and 2012, penalties and interest related to income tax liabilities and uncertain tax benefits were not material. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Commitments and contingencies | Commitments and Contingencies | |||||||||
The Company is obligated under capital leases covering fleet vehicles and certain equipment, as well as one facility. The fleet vehicles and equipment leases generally have terms ranging from three to six years and the facility lease has a remaining term of nine years. The carrying value of property and equipment under capital leases was $7.5 million and $7.2 million at December 31, 2014 and 2013, respectively, net of accumulated depreciation of $4.9 million and $3.9 million, respectively. Amortization of assets held under capital leases is included with depreciation expense on the consolidated statements of operations. | ||||||||||
The Company also has noncancellable operating leases, primarily for buildings, improvements, and equipment. These leases generally contain renewal options for periods ranging from one to five years and require the Company to pay all executory costs such as property taxes, maintenance and insurance. | ||||||||||
Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of December 31, 2014 are as follows: | ||||||||||
(in thousands) | Capital | Operating | ||||||||
Leases | Leases | |||||||||
2015 | $ | 2,104 | $ | 17,593 | ||||||
2016 | 1,759 | 15,075 | ||||||||
2017 | 1,262 | 11,393 | ||||||||
2018 | 856 | 9,011 | ||||||||
2019 | 700 | 7,959 | ||||||||
Thereafter | 2,640 | 18,162 | ||||||||
9,321 | $ | 79,193 | (a) | |||||||
Less: Amounts representing interest | (1,660 | ) | ||||||||
Total obligation under capital leases | 7,661 | |||||||||
Less: Current portion of capital lease obligation | (1,706 | ) | ||||||||
Long term capital lease obligation | $ | 5,955 | ||||||||
(a) Minimum operating lease payments have not been reduced by minimum sublease rentals of $1.0 million due in the future under noncancelable subleases. | ||||||||||
Total rent expense under operating leases, including short-term rentals, for the years ended December 31, 2014, 2013 and 2012 was $20.2 million, $19.6 million and $18.9 million, respectively, which are included in selling, general and administrative expenses on the consolidated statements of operations. Future payments for certain leases will be adjusted based on increases in the consumer price index. | ||||||||||
As of December 31, 2014, the Company had commitments to purchase $5.2 million of vehicles and certain equipment, which are enforceable and legally binding on us. We expect to pay for and take possession of these assets during the first and second quarters of 2015. | ||||||||||
From time to time, various claims, legal proceedings and litigation are asserted or commenced against the Company principally arising from alleged product liability, warranty, casualty, construction defect, contract, tort, employment and other disputes. In determining loss contingencies, management considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recorded when it is considered probable that such a liability has been incurred and when the amount of loss can be reasonably estimated. It is not certain that the Company will prevail in these matters. However, the Company does not believe that the ultimate outcome of any pending matters will have a material adverse effect on its consolidated financial position, results of operations or cash flows. |
Equity_and_Redeemable_Securiti
Equity and Redeemable Securities | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Equity and Temporary Equity Disclsoure [Abstract] | ||||||||||||||||||||||
Equity and redeemable securities | Equity and Redeemable Securities | |||||||||||||||||||||
Equity securities subsequent to the IPO | ||||||||||||||||||||||
Upon the consummation of the IPO and the filing of its Amended and Restated Certificate of Incorporation on August 14, 2013, and as of December 31, 2014 and 2013, the Company’s classes of stockholders’ equity consist of (i) common stock, $0.01 par value, 300,000,000 shares authorized and (ii) preferred stock, $0.01 par value, 50,000,000 shares authorized. | ||||||||||||||||||||||
Equity and redeemable securities prior to the IPO | ||||||||||||||||||||||
Prior to the IPO, the Company had the following classes of common and preferred stock: | ||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||
The Company's common stock consisted of Class A Voting Common shares and Class B Nonvoting Common shares, each with a par value of $0.01 per share. | ||||||||||||||||||||||
Class A Junior Preferred Stock | ||||||||||||||||||||||
These preferred shares, held by Gores, had a par value of $0.01 per share and were redeemable by the Company at any time after July 31, 2012 for the liquidation preference of $1.00 per share, but had no voting or participation rights other than in the event of a liquidation. | ||||||||||||||||||||||
In the event of an involuntary liquidation, these shares were entitled to the liquidation preference which was to be paid out after Class B Senior Preferred shares and Class C Convertible Preferred shares but before all common shares. Further, these shares had no conversion features into common shares. | ||||||||||||||||||||||
Class B Senior Preferred Stock | ||||||||||||||||||||||
These preferred shares, held by Gores, had a par value of $0.01 per share and were redeemable at any time after May 5, 2011 by the Company for the liquidation preference of $1,000 per share plus accumulated and unpaid dividends. | ||||||||||||||||||||||
These shares had no voting or participating rights, but were eligible to receive cumulative preferential distributions of 8% annually when authorized by the board. Dividends earned, but not declared or paid by the Class B Senior Preferred shares as of December 31, 2012 were $0.1 million. In the event of an involuntary liquidation, these shares were entitled to the liquidation preference which was to be paid out before all other preferred and common shares. These shares were also mandatorily redeemable at the liquidation preference upon an IPO. These shares had no conversion features into common shares. | ||||||||||||||||||||||
Class C Convertible Preferred Stock | ||||||||||||||||||||||
These preferred shares, held by Gores, had the same voting rights as the Class A Common shares. The shares were entitled to receive distributions equal to the amount of distributions as if the shares had been converted into Class A Common shares. In the event of an involuntary liquidation, these shares were entitled to the liquidation which was to be paid out after Class B Senior Preferred shares but before all other preferred and common shares. These shares also provided Gores with the option to convert into 4,454,889 Class A Common shares at any time at a conversion price of $1.1223625. | ||||||||||||||||||||||
As the conversion rate was less than the deemed fair value of the Class A Common shares of $2.25, the Class C Convertible Preferred shares contained a beneficial conversion feature as described in ASC 470. The difference in the stated conversion price and estimated fair value of the Class A Common shares of $5.0 million was accounted for as a beneficial conversion feature. As the option to convert the shares belonged to the holders, the beneficial conversion feature was recognized in the year ended December 31, 2012 as a deemed dividend, which increased the Company's net loss attributable to common stockholders by $5.0 million as well as the Company's net loss per share by $0.38. | ||||||||||||||||||||||
As discussed in Note 2, upon the closing of the IPO, all shares of existing common and preferred stock were reclassified and converted into shares of common stock. | ||||||||||||||||||||||
The following table shows the changes in the classes of preferred stock from December 31, 2012 to December 31, 2013, which had been recorded as redeemable securities (outside of permanent equity). | ||||||||||||||||||||||
(in thousands, except share amounts) | Class A | Class B | Class C | |||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||
31-Dec-12 | 5,100 | — | 36,388 | 36,477 | 5,000 | 5,000 | ||||||||||||||||
Conversion of Saturn Acquisition Holdings, LLC preferred stock to Stock Building Supply Holdings, Inc. preferred stock | — | — | 1,079 | — | — | — | ||||||||||||||||
Dividends accrued on Class B Senior Preferred stock | — | — | — | 1,836 | — | — | ||||||||||||||||
Reclassification and conversion of preferred stock to common stock in connection with the IPO | (5,100 | ) | — | (37,467 | ) | (38,313 | ) | (5,000 | ) | (5,000 | ) | |||||||||||
31-Dec-13 | — | $ | — | — | $ | — | — | $ | — | |||||||||||||
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||
Equity based compensation | Stock Based Compensation | ||||||||||||||
2013 Incentive Plan | |||||||||||||||
In connection with the IPO, the Company adopted the Stock Building Supply Holdings, Inc. 2013 Incentive Compensation Plan ("2013 Incentive Plan"). The 2013 Incentive Plan provides for grants of stock options, stock appreciation rights, restricted stock, other stock-based awards, other cash-based compensation and performance awards. The aggregate number of shares of common stock which may be issued or used for reference purposes under the 2013 Incentive Plan or with respect to which awards may be granted may not exceed 1,800,000 shares. In general, if awards under the 2013 Incentive Plan are for any reason canceled, or expire or terminate unexercised, the shares covered by such awards may again be available for the grant of awards under the 2013 Incentive Plan. As of December 31, 2014, a total of 875,163 common shares were available for issuance under the 2013 Incentive Plan. | |||||||||||||||
Nonvested stock awards | |||||||||||||||
Certain employees of the Company were granted common shares during the years ended December 31, 2014, 2013 and 2012. These shares vest over a period of three or four years based on continued employment with the Company. | |||||||||||||||
Stock option awards | |||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, certain employees of the Company were awarded options to purchase common shares. These options vest over a period of three or four years based on continued employment with the Company. The stock options have a maximum contractual term of 10 years from the date of grant. | |||||||||||||||
Restricted stock units | |||||||||||||||
During the years ended December 31, 2014 and 2013, certain directors of the Company were awarded restricted stock units. These units vest over a period of one or two years based on continuing service on the Company's Board of Directors. Restricted stock units convert to shares of common stock upon vesting. | |||||||||||||||
Stock purchases | |||||||||||||||
In January 2012, the Company’s board of directors approved the issuance and sale of 337,636 Class B Common shares to certain members of management for $0.97 per share. These shares were estimated to have a fair value at issuance of $1.98 per share. The Company recorded $0.3 million in stock compensation expense in 2012 as a result of these sales of stock at a price below fair value. | |||||||||||||||
Shares awarded that revert to the Company as a result of forfeiture or termination, expiration or cancellation of an award or that are used to exercise an award or for tax withholding, will be again available for issuance. Stock based compensation is included in selling, general and administrative expenses on the consolidated statements of operations. The following table highlights stock based compensation for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||
Nonvested stock | $ | 843 | $ | 512 | $ | 580 | |||||||||
Stock options | 1,632 | 511 | 383 | ||||||||||||
Restricted stock units | 194 | 26 | — | ||||||||||||
Stock purchases | — | — | 342 | ||||||||||||
Stock based compensation | $ | 2,669 | $ | 1,049 | $ | 1,305 | |||||||||
The fair value of stock options was estimated using the Black-Scholes option pricing model. The Company used the following assumptions to value the stock options issued during the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||
Expected volatility factor (a) | 47% - 49% | 49% - 51% | 58 | % | |||||||||||
Risk-free interest rate (b) | 1.8% - 1.9% | 1.8% - 2.0% | 0.8% - 0.9% | ||||||||||||
Expected term (in years) (c) | 6 | 6.0 - 6.5 | 3.7 - 3.9 | ||||||||||||
(a) The Company estimated its volatility factor based on the average volatilities of similar public entities. | |||||||||||||||
(b) The risk-free interest rate is based on U.S. Treasury yields in effect at the time of grant. | |||||||||||||||
(c) For stock options granted during the years ended December 31, 2014 and 2013, the expected term was derived utilizing | |||||||||||||||
the "simplified method" in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 110, which uses the mid-point between the vesting date and the expiration date of the award. We believe use of this approach is appropriate given the lack of prior history of option exercises upon which to base an expected term. For stock options granted during the year ended December 31, 2012, the expected term was based on the vesting term and contractual term of the options and the expected exercise behavior of the option holders. | |||||||||||||||
The following is a summary of nonvested stock and restricted stock unit activity: | |||||||||||||||
Nonvested Stock | Restricted Stock Units | ||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||
Shares | Average | Units | Average | ||||||||||||
Outstanding | Grant Date | Outstanding | Grant Date | ||||||||||||
Fair Value | Fair Value | ||||||||||||||
December 31, 2011 | 668,779 | $ | 1.11 | — | $ | — | |||||||||
Granted | 234,086 | 1.98 | — | — | |||||||||||
Vested | (448,355 | ) | 1.51 | — | — | ||||||||||
Forfeited | (58,437 | ) | 1.92 | — | — | ||||||||||
December 31, 2012 | 396,073 | 1.06 | — | — | |||||||||||
Granted | 593,878 | 16.78 | 10,000 | 13.96 | |||||||||||
Vested | (561,958 | ) | 6.51 | — | — | ||||||||||
Forfeited | — | — | — | — | |||||||||||
December 31, 2013 | 427,993 | 15.72 | 10,000 | 13.96 | |||||||||||
Granted | 44,245 | 20.34 | 11,124 | 18.39 | |||||||||||
Vested | (388,298 | ) | 15.87 | (5,000 | ) | 13.96 | |||||||||
Forfeited | — | — | — | — | |||||||||||
December 31, 2014 | 83,940 | $ | 17.46 | 16,124 | $ | 17.02 | |||||||||
The following is a summary of stock option award activity: | |||||||||||||||
Number of Options | Weighted Average Exercise Price | Contractual | Intrinsic | ||||||||||||
Term | Value | ||||||||||||||
(in years) | (in thousands) | ||||||||||||||
Outstanding at December 31, 2011 | 910,189 | $ | 2.04 | ||||||||||||
Granted | 1,006,936 | 0.97 | |||||||||||||
Exercised | — | — | |||||||||||||
Forfeited | (1,144,274 | ) | 1.82 | ||||||||||||
Outstanding at December 31, 2012 | 772,851 | 0.97 | |||||||||||||
Granted | 489,377 | 14.17 | |||||||||||||
Exercised | (546,244 | ) | 0.97 | ||||||||||||
Forfeited | (1,500 | ) | 14 | ||||||||||||
Outstanding at December 31, 2013 | 714,484 | 9.98 | |||||||||||||
Granted | 362,939 | 20.29 | |||||||||||||
Exercised | (14,804 | ) | 0.97 | ||||||||||||
Forfeited | (36,403 | ) | 14.71 | ||||||||||||
Expired | (2,579 | ) | 14 | ||||||||||||
Outstanding at December 31, 2014 | 1,023,637 | $ | 13.59 | 8.5 | $ | 3,602 | |||||||||
Exercisable at December 31, 2014 | 235,107 | $ | 7.76 | 7.4 | $ | 1,795 | |||||||||
Vested and expected to vest at December 31, 2014 | 944,442 | $ | 13.22 | 8.5 | $ | 3,566 | |||||||||
During the year ended December 31, 2014, the aggregate intrinsic value of the options exercised was $0.2 million. | |||||||||||||||
The weighted average grant date fair value of stock options granted during the years ended December 31, 2014, 2013 and 2012 was $9.81, $7.03 and $1.23, respectively. The weighted average grant date fair value for 2012 excludes 910,189 stock options that were affected by the modification described below. | |||||||||||||||
As described in Note 14, the Company forgave a $0.5 million loan to an executive of the Company on June 14, 2013 related to an exercise of 546,244 stock options. Prior to the date of the loan forgiveness, the options were legally exercised, but not considered exercised for accounting purposes. As of the date of the loan forgiveness, the options were considered exercised for accounting purposes. The exercised shares retained their original vesting requirements, and as such, are presented as both an exercise of stock options and a grant of nonvested stock in the tables above. | |||||||||||||||
During the year ended December 31, 2012, the exercise price on 910,189 stock options was revised to $0.97, and 234,086 options were canceled and reissued as nonvested shares. These transactions were accounted for as modifications under ASC 718. | |||||||||||||||
The following table summarizes the Company’s total unrecognized compensation cost related to equity based compensation as of December 31, 2014: | |||||||||||||||
(in thousands, except period data) | Unrecognized Compensation Cost | Weighted Average Remaining Period of Expense Recognition | |||||||||||||
(in years) | |||||||||||||||
Nonvested stock | $ | 1,053 | 2.4 | ||||||||||||
Stock options | 4,166 | 2.3 | |||||||||||||
Restricted stock units | 124 | 0.5 | |||||||||||||
$ | 5,343 | ||||||||||||||
Segments
Segments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segments | Segments | ||||||||||||||||||||
ASC 280, Segment Reporting (“ASC 280”) defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. | |||||||||||||||||||||
The Company's operating segments consist of the East and West divisions along with Coleman Floor, which offers professional flooring installation services. Due to the similar economic characteristics, nature of products, distribution methods and customers, the Company has aggregated our East and West operating segments into one reportable segment, "Geographic divisions." | |||||||||||||||||||||
In addition to our reportable segment, the Company's consolidated results include "Coleman Floor" and "Other reconciling items." Other reconciling items is comprised of our corporate activities. | |||||||||||||||||||||
The following tables present Net sales, Adjusted EBITDA and certain other measures for the reportable segment and total continuing operations for the periods indicated. | |||||||||||||||||||||
Year Ended December 31, 2014 | 31-Dec-14 | ||||||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | Total Assets | ||||||||||||||||
Geographic divisions | $ | 1,242,584 | $ | 298,304 | $ | 12,245 | $ | 69,979 | $ | 334,990 | |||||||||||
Coleman Floor | 53,132 | 9,350 | 117 | (453 | ) | 8,939 | |||||||||||||||
Other reconciling items | — | — | 981 | (32,637 | ) | 27,289 | |||||||||||||||
$ | 1,295,716 | $ | 307,654 | $ | 13,343 | $ | 371,218 | ||||||||||||||
Year Ended December 31, 2013 | 31-Dec-13 | ||||||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | Total Assets | ||||||||||||||||
Geographic divisions | $ | 1,148,032 | $ | 264,322 | $ | 11,124 | $ | 52,780 | $ | 292,047 | |||||||||||
Coleman Floor | 49,005 | 10,081 | 134 | 2,127 | 10,096 | ||||||||||||||||
Other reconciling items | — | — | 802 | (27,104 | ) | 16,397 | |||||||||||||||
$ | 1,197,037 | $ | 274,403 | $ | 12,060 | $ | 318,540 | ||||||||||||||
Year Ended December 31, 2012 | 31-Dec-12 | ||||||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | Total Assets | ||||||||||||||||
Geographic divisions | $ | 905,278 | $ | 206,407 | $ | 9,901 | $ | 23,992 | $ | 255,441 | |||||||||||
Coleman Floor | 37,120 | 8,204 | 118 | 1,798 | 6,327 | ||||||||||||||||
Other reconciling items | — | 117 | 1,699 | (23,797 | ) | 24,244 | |||||||||||||||
$ | 942,398 | $ | 214,728 | $ | 11,718 | $ | 286,012 | ||||||||||||||
Reconciliation to consolidated financial statements: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 16,427 | $ | (2,162 | ) | $ | (22,666 | ) | |||||||||||||
Interest expense | 2,684 | 3,793 | 4,037 | ||||||||||||||||||
Depreciation and amortization | 13,343 | 12,060 | 11,718 | ||||||||||||||||||
Impairment of assets held for sale | 48 | 432 | 361 | ||||||||||||||||||
Public offering transaction-related costs | 508 | 10,008 | — | ||||||||||||||||||
Restructuring expense | 73 | 141 | 2,853 | ||||||||||||||||||
Management fees | 182 | 1,307 | 1,379 | ||||||||||||||||||
Non-cash stock compensation expense | 2,669 | 1,049 | 1,305 | ||||||||||||||||||
Acquisition costs | 176 | 257 | 284 | ||||||||||||||||||
Severance and other items related to store closures and business optimization | 779 | 1,113 | 2,375 | ||||||||||||||||||
Reduction of tax indemnification asset | — | — | 347 | ||||||||||||||||||
Other items | — | (195 | ) | — | |||||||||||||||||
Adjusted EBITDA of Coleman Floor | 453 | (2,127 | ) | (1,798 | ) | ||||||||||||||||
Adjusted EBITDA of other reconciling items | 32,637 | 27,104 | 23,797 | ||||||||||||||||||
Adjusted EBITDA of geographic divisions reportable segment | $ | 69,979 | $ | 52,780 | $ | 23,992 | |||||||||||||||
The Company does not earn revenues or have long-lived assets located in foreign countries. In accordance with the enterprise-wide disclosure requirements of the accounting standard, the Company's net sales from external customers by main product lines are as follows for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Structural components | $ | 175,051 | $ | 157,975 | $ | 106,745 | |||||||||||||||
Millwork & other interior products | 241,283 | 219,191 | 178,449 | ||||||||||||||||||
Lumber & lumber sheet goods | 447,565 | 428,384 | 333,952 | ||||||||||||||||||
Windows & other exterior products | 271,300 | 249,711 | 202,532 | ||||||||||||||||||
Other building products & services | 160,517 | 141,776 | 120,720 | ||||||||||||||||||
Total net sales | $ | 1,295,716 | $ | 1,197,037 | $ | 942,398 | |||||||||||||||
Income_Loss_Per_Common_Share
Income (Loss) Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Income (loss) per common share | Income (Loss) Per Common Share | ||||||||||||
Basic net income (loss) per share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average shares outstanding during the period. Diluted EPS is calculated by adjusting weighted average shares outstanding for the dilutive effect of potential common shares, determined using the treasury-stock method. For purposes of the diluted EPS calculation, stock options, nonvested stock and restricted stock unit awards are considered to be potential common shares. During periods of net income, participating securities are allocated a proportional share of net income determined by dividing total weighted average participating securities by the sum of total weighted average common shares and participating securities (“the two-class method”). During periods of net loss, no effect is given to participating securities since they do not share in the losses of the Company. | |||||||||||||
The basic and diluted EPS calculations for the years ended December 31, 2014, 2013 and 2012 are presented below: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except share and per share amounts) | 2014 | 2013 | 2012 | ||||||||||
Income (loss) from continuing operations | $ | 10,087 | $ | (5,036 | ) | $ | (14,582 | ) | |||||
Redeemable Class B Senior Preferred stock deemed dividend | — | (1,836 | ) | (4,480 | ) | ||||||||
Accretion of beneficial conversion feature on Class C Convertible Preferred stock | — | — | (5,000 | ) | |||||||||
Income (loss) attributable to common stockholders, from continuing operations | 10,087 | (6,872 | ) | (24,062 | ) | ||||||||
Income from discontinued operations, net of tax | 332 | 401 | 49 | ||||||||||
Income (loss) attributable to common stockholders | $ | 10,419 | $ | (6,471 | ) | $ | (24,013 | ) | |||||
Weighted average common shares outstanding, basic | 25,764,484 | 18,205,892 | 13,153,446 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Nonvested stock | 317,481 | — | — | ||||||||||
Stock options | 138,820 | — | — | ||||||||||
Restricted stock units | 5,330 | — | — | ||||||||||
Weighted average common shares outstanding, diluted | 26,226,115 | 18,205,892 | 13,153,446 | ||||||||||
Basic and Diluted EPS | |||||||||||||
Income (loss) from continuing operations | $ | 0.39 | $ | (0.38 | ) | $ | (1.83 | ) | |||||
Income from discontinued operations | 0.01 | 0.02 | — | ||||||||||
Net income (loss) per share | $ | 0.4 | $ | (0.36 | ) | $ | (1.83 | ) | |||||
The following table provides the securities that could potentially dilute basic earnings per share in the future, but were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Stock option awards | 811,834 | 714,484 | 772,851 | ||||||||||
Nonvested stock awards | 44,245 | 427,993 | 396,073 | ||||||||||
Restricted stock units | — | 10,000 | — | ||||||||||
Class C Convertible Preferred Stock (as converted basis) | — | — | 4,454,889 | ||||||||||
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Data Unaudited Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
Unaudited quarterly financial data | Unaudited Quarterly Financial Data | ||||||||||||||||
The following tables summarize the consolidated quarterly results of operations for 2014 and 2013: | |||||||||||||||||
2014 | |||||||||||||||||
(in thousands, except per share amounts) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net sales | $ | 279,983 | $ | 344,586 | $ | 354,060 | $ | 317,087 | |||||||||
Gross profit | 65,242 | 82,214 | 84,392 | 75,806 | |||||||||||||
Income (loss) from continuing operations | (3,309 | ) | 5,480 | 4,934 | 2,982 | ||||||||||||
Income from discontinued operations, net of taxes | 21 | 147 | 40 | 124 | |||||||||||||
Net income (loss) | (3,288 | ) | 5,627 | 4,974 | 3,106 | ||||||||||||
Basic income (loss) per share | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.13 | ) | $ | 0.21 | $ | 0.19 | $ | 0.12 | ||||||||
Income from discontinued operations | — | 0.01 | — | — | |||||||||||||
Net income (loss) per share | $ | (0.13 | ) | $ | 0.22 | $ | 0.19 | $ | 0.12 | ||||||||
Diluted income (loss) per share | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.13 | ) | $ | 0.21 | $ | 0.19 | $ | 0.12 | ||||||||
Income from discontinued operations | — | — | — | — | |||||||||||||
Net income (loss) per share | $ | (0.13 | ) | $ | 0.21 | $ | 0.19 | $ | 0.12 | ||||||||
2013 | |||||||||||||||||
(in thousands, except per share amounts) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net sales | $ | 248,726 | $ | 314,653 | $ | 328,468 | $ | 305,190 | |||||||||
Gross profit | 53,790 | 71,510 | 75,381 | 73,722 | |||||||||||||
Income (loss) from continuing operations | (4,214 | ) | 1,884 | (5,603 | ) | 2,897 | |||||||||||
Income from discontinued operations, net of taxes | 157 | 94 | 90 | 60 | |||||||||||||
Net income (loss) | (4,057 | ) | 1,978 | (5,513 | ) | 2,957 | |||||||||||
Basic income (loss) per share | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.36 | ) | $ | 0.06 | $ | (0.30 | ) | $ | 0.12 | |||||||
Income from discontinued operations | 0.01 | 0.01 | — | — | |||||||||||||
Net income (loss) per share | $ | (0.35 | ) | $ | 0.07 | $ | (0.30 | ) | $ | 0.12 | |||||||
Diluted income (loss) per share | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.36 | ) | $ | 0.06 | $ | (0.30 | ) | $ | 0.11 | |||||||
Income from discontinued operations | 0.01 | 0.01 | — | — | |||||||||||||
Net income (loss) per share | $ | (0.35 | ) | $ | 0.07 | $ | (0.30 | ) | $ | 0.11 | |||||||
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent Events |
In February 2015, the Company completed a sale-leaseback transaction under which it sold an operating facility to an unrelated third party for net proceeds of $15.3 million and entered into a lease agreement with an initial term of 15 years. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Basis of presentation | Basis of presentation | ||
The accompanying consolidated financial statements have been prepared by management in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). | |||
Principles of consolidation | Principles of consolidation | ||
The consolidated financial statements include all accounts of Stock Building Supply, Inc., and its wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. | |||
Use of estimates | Use of estimates | ||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis and bases its estimates on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. The significant estimates which could change by a material amount in the near term include accounts receivable reserves, inventory reserves, supplier rebates and goodwill impairment. Actual results may differ materially from these estimates under different assumptions or conditions. | |||
Business and credit concentrations | Business and credit concentrations | ||
The Company maintains cash at financial institutions in excess of federally insured limits. Accounts receivable potentially expose the Company to concentrations of credit risk. Mitigating this credit risk is collateral underlying certain accounts receivable (perfected liens or lien rights) as well as the Company’s analysis of a customer’s credit history prior to extending credit. Concentrations of credit risk with respect to accounts receivable are limited due to the Company’s large number of customers and their dispersion across various regions of the United States. At December 31, 2014 and 2013, no customer represented more than 10% of accounts receivable. For the years ended December 31, 2014, 2013 and 2012, no customer represented more than 10% of revenue. | |||
The Company’s future results could be adversely affected by a number of factors including competitive pressure on sales and pricing, weather conditions, consumer spending and debt levels, interest rates, existing residential home sales and new home construction, lumber prices and product mix. | |||
Cash and cash equivalents | Cash and cash equivalents | ||
Cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and have a maturity of three months or less from the time of purchase. | |||
Restricted assets | Restricted assets are classified as current or non-current assets based on their designated purpose. | ||
Fair value of financial instruments | Fair value of financial instruments | ||
ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: | |||
Level 1 | Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. | ||
Level 2 | Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. | ||
Level 3 | Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. | ||
If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. | |||
Accounts receivable | Accounts receivable | ||
Accounts receivable result from the extending of credit to trade customers for the purchase of goods and services. The terms generally provide for payment within 30 days of being invoiced. On occasion, when necessary to compete in certain circumstances, the Company will sell product under extended payment terms. Accounts receivable are stated at estimated net realizable value. The allowance for doubtful accounts is based on an assessment of individual past due accounts, historical write-off experience, accounts receivable aging, customer disputes and the business environment. Account balances are charged off when the potential for recovery is considered remote. The Company grants trade discounts on a percentage basis. The Company records an allowance against accounts receivable for the amount of discounts it estimates will be taken by customers. The discounts are recorded as a reduction to revenue when products are sold. | |||
Consideration received from suppliers | Consideration received from suppliers | ||
The Company enters into agreements with many of its suppliers providing for inventory purchase rebates (“supplier rebates”) upon achievement of specified volume purchasing levels. Supplier rebates are accrued as part of cost of goods sold based on progress towards earning the supplier rebates, taking into consideration cumulative purchases of inventory to date and projected purchases through the end of the year. The Company estimates the rebates applicable to inventory on-hand at each period end based on the inventory turns of the related items. | |||
Revenue recognition | Revenue recognition | ||
The Company recognizes revenue when products are shipped and the customer takes ownership and assumes risk of loss, collection of the relevant receivable is reasonably assured, persuasive evidence of an arrangement exists and the sales price is fixed or determinable. All sales recognized are net of allowances for discounts and estimated returns, based on historical experience, and sales tax. | |||
Revenues from construction contracts generally are recognized on the completed contract basis, as these contracts generally are completed within 30 days. Revenues from certain construction contracts, which are generally greater than 30 days, are recognized on the percentage-of-completion method, measured by the percentage of costs incurred to date to estimated costs for each contract. Costs of goods sold related to construction contracts include all direct material, subcontractor and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools and repairs. General and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. | |||
Shipping and handling costs | Shipping and handling costs | ||
The Company includes shipping and handling costs in selling, general and administrative expenses on the consolidated statements of operations. | |||
Property and equipment | Property and equipment | ||
Property and equipment are stated at cost. Expenditures for renewals and betterments, which extend the useful lives of assets, are capitalized while maintenance and repairs are charged to expense as incurred. Property and equipment obtained through acquisition are stated at estimated fair market value as of the acquisition date, and are depreciated over their estimated remaining useful lives, which may differ from our stated policies for certain assets. Gains and losses related to the sale of property and equipment are recorded as selling, general and administrative expenses. | |||
Property and equipment are depreciated using the straight-line method and are generally depreciated over the following estimated service lives: | |||
Buildings and improvements | 40 years | ||
Leasehold improvements | Lesser of life of the asset or remaining | ||
lease term, and not to exceed 10 years | |||
Furniture, fixtures and equipment | 2–10 years | ||
Vehicles | 4–7 years | ||
Assets are classified as held for sale if the Company commits to a plan to sell the asset within one year and actively markets the asset in its current condition for a price that is reasonable in comparison to its estimated fair value. Assets held for sale are stated at the lower of depreciated cost or estimated fair value less expected disposition costs. | |||
Goodwill and other intangible assets | Goodwill and other intangible assets | ||
At least annually, or more frequently as changes in circumstances indicate, the Company tests goodwill for impairment. To the extent that the carrying value of the net assets of any of the reporting units having goodwill is greater than their estimated fair value, the Company may be required to record impairment charges. The Company’s reporting units are its East and West geographic divisions and Coleman Floor. The Company is required to make certain assumptions and estimates regarding the fair value of the reporting units containing goodwill when assessing for impairment. Changes in the fact patterns underlying such assumptions and estimates could ultimately result in the recognition of additional impairment losses. | |||
During the third quarter of 2014, 2013 and 2012, the Company performed its annual impairment assessment of goodwill which did not indicate that an impairment existed. During each assessment, the Company determined that the fair value of its reporting units containing goodwill substantially exceeded their carrying value. The Company estimated the fair value of the reporting units using the income approach. The income approach uses a reporting unit’s projection of estimated future cash flows that is discounted at a market derived weighted average cost of capital. The projection uses management’s best estimates of economic and market conditions over the projected period including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures. As part of the 2014 and 2013 assessments, the aggregate fair values of the reporting units were compared and reconciled to the Company's market capitalization. There was no active trading market for our equity or debt in 2012. | |||
Acquired intangible assets other than goodwill are amortized over their weighted average amortization period unless they are determined to be indefinite. Acquired intangible assets are carried at cost, less accumulated amortization. For intangible assets purchased in a business combination, the estimated fair values of the assets received are used to establish the carrying value. The fair value of acquired intangible assets is determined using common valuation techniques, and the Company employs assumptions developed using the perspective of a market participant. | |||
Impairment of long-lived assets | Impairment of long-lived assets | ||
Long-lived assets, such as property, equipment and purchased intangible assets subject to amortization are reviewed for impairment whenever facts and circumstances indicate that the carrying amount of an asset may not be recoverable. For impairment testing of long-lived assets, the Company identifies asset groups at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the assets. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. | |||
Income taxes | Income taxes | ||
The Company computes income taxes using the asset and liability method in accordance with ASC 740, Income Taxes (“ASC 740”). Deferred taxes represent the difference between the tax basis of assets or liabilities, calculated under tax laws, and the reported amounts in the Company’s consolidated financial statements. The Company will establish a valuation allowance for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. Periodically, the valuation allowance is reviewed and adjusted based on management’s assessments of realizable deferred tax assets. | |||
ASC 740 also prescribes a recognition threshold and certain measurement principles for the financial statements related to tax positions taken or expected to be taken on a tax return. Under ASC 740, the impact of an uncertain tax position on an income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Additionally, ASC 740 provides guidance on derecognition, classification, interest and penalties associated with income taxes, accounting in interim periods, disclosures and transition requirements. | |||
The Company’s policy is to recognize interest and penalties related to income tax liabilities and unrecognized tax benefits in income tax expense. | |||
Casualty and health insurance | Casualty and health insurance | ||
The Company carries insurance for general liability, auto liability and workers' compensation exposures subject to deductibles it believes to be reasonable under the circumstances, and the Company self-insures for employee and eligible dependent health care claims, with insurance purchased from independent carriers to cover individual claims in excess of the self-insured limits. The expected liability for unpaid claims, including incurred but not reported losses, is reflected on the consolidated balance sheets as a liability with current and long-term components. The amount recoverable from insurance providers is reflected on the consolidated balance sheets in prepaid expenses and other current assets. Provisions for losses are developed from valuations that rely upon the Company’s past claims experience, which considers both the frequency and settlement of claims. The casualty and health insurance liabilities are recorded at their undiscounted value. | |||
Retirement savings program | Retirement savings program | ||
The Company sponsors a defined contribution retirement savings plan. Employees who have attained the age of 18 and have completed 90 days of service prior to the plan entry date are eligible to participate in the plan. | |||
Lease obligations | Lease obligations | ||
The Company recognizes lease obligations with fixed escalations of rental payments on a straight-line basis over the lease term, with the amount of rental expense in excess of lease payments recorded as a deferred rent liability. | |||
Advertising and promotion | Advertising and promotion | ||
Costs associated with advertising and promoting products and services are expensed in the period incurred | |||
Stock-based compensation | Stock-based compensation | ||
In accordance with the requirements of ASC 718, Compensation—Stock Compensation (“ASC 718”), the Company measures and recognizes compensation expense for all share-based payment awards made to employees using a fair value based pricing model. The compensation expense is recognized over the requisite service period. | |||
Restructuring and related expenses | Restructuring and related expenses | ||
The Company accounts for costs associated with exit or disposal in accordance with ASC 420, Exit or Disposal Cost Obligations (“ASC 420”), which requires that: (i) liabilities associated with exit and disposal activities be measured at fair value; (ii) one-time termination benefits be expensed at the date the entity notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period; (iii) liabilities related to an operating lease/contract be recognized and measured at its fair value when the contract does not have any future economic benefit to the entity (i.e., the entity ceases to utilize the rights conveyed by the contract); and (iv) for typically all other costs related to an exit or disposal activity to be expensed as incurred. | |||
Debt issuance costs | Debt issuance costs | ||
Costs incurred in connection with the Company’s secured credit agreement are capitalized and amortized over the term of the agreement. | |||
Derivatives | Derivatives | ||
The Company recognizes all derivative instruments as assets or liabilities in the Company’s balance sheets at fair value. Changes in the fair value of derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are reported in earnings. The Company elected not to designate any new derivative instruments as hedges for the years 2014, 2013 or 2012, and therefore all changes in the fair market value of the hedge contracts have been reported in cost of goods sold on the consolidated statements of operations. | |||
The Company does not enter into any derivatives for speculative or trading purposes; all derivatives are used to offset existing or expected risks associated with fluctuations in interest rates or commodities. | |||
Warranty expense | Warranty expense | ||
The Company has warranty obligations with respect to most manufactured products. | |||
Comprehensive income (loss) | Comprehensive income (loss) | ||
Comprehensive income (loss) is equal to the net income (loss) for all periods presented. | |||
Recently issued accounting pronouncements | Recently issued accounting pronouncements | ||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 provides a comprehensive revenue recognition model requiring companies to recognize revenue for the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 is effective for the Company's annual and interim periods beginning on January 1, 2017. Early application is not permitted. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of the standard on our current accounting policies. |
Initial_Public_Offering_Initia
Initial Public Offering Initial Public Offering (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Equity [Abstract] | |||||
Initial Public Offering Costs [Table Text Block] | The following table summarizes these costs for the year ended December 31, 2013: | ||||
(in thousands) | Year Ended December 31, 2013 | ||||
Gores Termination Fee | $ | 9,000 | |||
Other IPO transaction-related costs | 1,008 | ||||
$ | 10,008 | ||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | Restricted assets consisted of the following at December 31, 2014 and 2013: | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Deposits for payment of casualty & health insurance claims | $ | 785 | $ | 1,306 | |||||
Other deposits | 1,152 | 513 | |||||||
$ | 1,937 | $ | 1,819 | ||||||
Estimated Useful Lives [Table Text Block] | Property and equipment are depreciated using the straight-line method and are generally depreciated over the following estimated service lives: | ||||||||
Buildings and improvements | 40 years | ||||||||
Leasehold improvements | Lesser of life of the asset or remaining | ||||||||
lease term, and not to exceed 10 years | |||||||||
Furniture, fixtures and equipment | 2–10 years | ||||||||
Vehicles | 4–7 years |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Schedule of discontinued operations, income statement and balance sheet | The operating results of the discontinued operations for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Net sales | $ | — | $ | — | $ | 1,103 | |||||||
Restructuring expense | 16 | 31 | 55 | ||||||||||
Income from discontinued operations before income taxes | 533 | 644 | 101 | ||||||||||
Income tax expense | 201 | 243 | 52 | ||||||||||
Income from discontinued operations | 332 | 401 | 49 | ||||||||||
The assets and liabilities of discontinued operations reflected on the consolidated balance sheets at December 31, 2014 and 2013 are as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Real estate held for sale | $ | — | $ | 700 | |||||||||
Prepaid expenses and other current assets | 7 | 8 | |||||||||||
Current assets of discontinued operations | 7 | 708 | |||||||||||
Accrued expenses and other liabilities | 175 | 37 | |||||||||||
Restructuring reserve | 71 | 295 | |||||||||||
Current liabilities of discontinued operations | 246 | 332 | |||||||||||
Long-term restructuring reserve | — | 89 | |||||||||||
Noncurrent liabilities of discontinued operations | $ | — | $ | 89 | |||||||||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Schedule of restructuring expenses | The following table summarizes the restructuring expenses incurred in connection with the Restructurings and the remaining reserves as of and for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
(in thousands) | Work Force | Store | Total | ||||||||||
Reductions | Closures | ||||||||||||
Restructuring reserves, December 31, 2011 | $ | 65 | $ | 3,935 | $ | 4,000 | |||||||
Restructuring charges incurred | 353 | 2,555 | 2,908 | ||||||||||
Cash payments | (65 | ) | (1,718 | ) | (1,783 | ) | |||||||
Restructuring reserves, December 31, 2012 | 353 | 4,772 | 5,125 | ||||||||||
Restructuring charges incurred | — | 209 | 209 | ||||||||||
Cash payments | (163 | ) | (1,569 | ) | (1,732 | ) | |||||||
Restructuring reserves, December 31, 2013 | 190 | 3,412 | 3,602 | ||||||||||
Restructuring charges incurred | — | 89 | 89 | ||||||||||
Cash payments | (176 | ) | (1,691 | ) | (1,867 | ) | |||||||
Restructuring reserves, December 31, 2014 | $ | 14 | $ | 1,810 | $ | 1,824 | |||||||
Accounts_Receivable_Accounts_R1
Accounts Receivable Accounts Receivable (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable consist of the following at December 31, 2014 and 2013: | ||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Trade receivables | $ | 118,531 | $ | 115,876 | |||||||||
Allowance for doubtful accounts | (2,101 | ) | (2,707 | ) | |||||||||
Allowance for sales returns and discounts | (1,982 | ) | (1,884 | ) | |||||||||
$ | 114,448 | $ | 111,285 | ||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following table shows the changes in our allowance for doubtful accounts: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at January 1 | $ | 2,707 | $ | 3,095 | $ | 2,669 | |||||||
Additions charged to expense | 523 | 1,051 | 2,333 | ||||||||||
Deductions (write-offs) | (1,129 | ) | (1,439 | ) | (1,907 | ) | |||||||
Balance at December 31 | $ | 2,101 | $ | 2,707 | $ | 3,095 | |||||||
Property_and_Equipment_Propert1
Property and Equipment Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | Property and equipment consists of the following at December 31, 2014 and 2013: | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Land | $ | 31,400 | $ | 18,210 | |||||
Buildings and improvements | 27,085 | 25,279 | |||||||
Leasehold improvements | 8,442 | 7,721 | |||||||
Furniture, fixtures and equipment | 60,953 | 51,713 | |||||||
Vehicles | 41,773 | 27,918 | |||||||
Construction-in-progress | 4,174 | 2,719 | |||||||
173,827 | 133,560 | ||||||||
Less: Accumulated depreciation | (83,216 | ) | (77,521 | ) | |||||
$ | 90,611 | $ | 56,039 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets. | |||||||||||||||||||||||||||
Trademarks | Customer Relationships | Supply Agreement | ||||||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||||||
Carrying | Accumulated | Carrying | Accumulated | Carrying | Accumulated | |||||||||||||||||||||||
(in thousands) | Amount | Amortization | Amount | Amortization | Amount | Amortization | Total | |||||||||||||||||||||
December 31, 2012 | $ | 16,985 | $ | (3,130 | ) | $ | 8,949 | $ | (1,414 | ) | $ | 4,484 | $ | (9 | ) | $ | 25,865 | |||||||||||
Acquisitions | — | — | 1,160 | — | — | — | 1,160 | |||||||||||||||||||||
Amortization | — | (990 | ) | — | (896 | ) | — | (350 | ) | (2,236 | ) | |||||||||||||||||
December 31, 2013 | 16,985 | (4,120 | ) | 10,109 | (2,310 | ) | 4,484 | (359 | ) | 24,789 | ||||||||||||||||||
Acquisitions | — | — | — | — | — | — | — | |||||||||||||||||||||
Amortization | — | (988 | ) | — | (920 | ) | — | (345 | ) | (2,253 | ) | |||||||||||||||||
December 31, 2014 | $ | 16,985 | $ | (5,108 | ) | $ | 10,109 | $ | (3,230 | ) | $ | 4,484 | $ | (704 | ) | $ | 22,536 | |||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Based upon current assumptions, the Company expects that its definite-lived intangible assets will be amortized according to the following schedule: | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
2015 | $ | 2,253 | ||||||||||||||||||||||||||
2016 | 2,253 | |||||||||||||||||||||||||||
2017 | 2,253 | |||||||||||||||||||||||||||
2018 | 2,253 | |||||||||||||||||||||||||||
2019 | 2,246 | |||||||||||||||||||||||||||
Thereafter | 11,278 | |||||||||||||||||||||||||||
$ | 22,536 | |||||||||||||||||||||||||||
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Liabilities and Other Current Liabilities | Accrued expenses and other liabilities consists of the following at December 31, 2014 and 2013: | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Accrued payroll and other employee related expenses | $ | 9,701 | $ | 12,595 | |||||
Accrued taxes | 6,528 | 5,421 | |||||||
Self-insurance reserves | 5,475 | 3,236 | |||||||
Advances from customers | 3,905 | 3,725 | |||||||
Liability for uncertain tax positions | 2,942 | — | |||||||
Accrued professional fees | 558 | 1,366 | |||||||
Accrued short-term deferred rent | 541 | 586 | |||||||
Accrued rebates payable | 537 | 853 | |||||||
Accrued interest and lending fees | 217 | 178 | |||||||
Accrued related party management fees | 64 | 130 | |||||||
Litigation reserve | — | 140 | |||||||
Other | 2,489 | 2,298 | |||||||
$ | 32,957 | $ | 30,528 | ||||||
Secured_Credit_Agreement_Table
Secured Credit Agreement (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Debt Disclosure [Abstract] | ||
Schedule of secured credit agreement | The following is a summary of the significant terms of the Revolver as of December 31, 2014: | |
Maturity | December 31, 2017 | |
Interest/Usage Rate | Company’s option of Base Rate(a) plus a Base Rate Margin (ranges from 0.50%–1.00% based on Revolver availability) or LIBOR plus a LIBOR Rate Margin (ranges from 1.50%–2.00% based on Revolver availability) | |
Maximum Availability | Lesser of $200 million or the borrowing base(b) | |
Periodic Principal Payments | None | |
(a) | Base Rate is the higher of (i) the Federal Funds Rate plus 0.5% or (ii) the prime rate. | |
(b) | The Revolver’s borrowing base is calculated as the sum of (i) 85% of the Company’s eligible accounts receivable plus (ii) the lesser of 90% of the eligible credit card receivables and $5 million, plus (iii) the lesser of $150 million, 65% of the eligible inventory or 85% of the net liquidation value of eligible inventory as defined in the Credit Agreement plus (iv) the lesser of $30 million, 85% of the net liquidation value of eligible fixed assets or the net book value of fixed asstes, all as defined in the Credit Agreement, minus (v) reserves from time to time set by the administrative agent. The eligible accounts receivable and inventories are further adjusted as specified in the Credit Agreement. The Company’s borrowing base can also be increased pursuant to certain terms outlined in the Credit Agreement. |
Other_Longterm_Liabilities_Oth1
Other Long-term Liabilities Other Long-term Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities, Noncurrent [Abstract] | |||||||||
Other Noncurrent Liabilities [Table Text Block] | Other long-term liabilities consists of the following at December 31, 2014 and 2013: | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Self-insurance reserve | $ | 4,849 | $ | 4,310 | |||||
Long-term deferred rent | 983 | 1,028 | |||||||
Long-term restructuring reserve | 932 | 2,008 | |||||||
Other | 458 | — | |||||||
$ | 7,222 | $ | 7,346 | ||||||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income tax expense (benefit) for the years ended December, 31 2014, 2013 and 2012 are as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current | |||||||||||||
Federal | $ | 3,363 | $ | 3,961 | $ | (4,596 | ) | ||||||
State | 543 | 413 | 197 | ||||||||||
3,906 | 4,374 | (4,399 | ) | ||||||||||
Deferred | |||||||||||||
Federal | 2,643 | (1,859 | ) | (2,759 | ) | ||||||||
State | (8 | ) | 602 | (874 | ) | ||||||||
2,635 | (1,257 | ) | (3,633 | ) | |||||||||
$ | 6,541 | $ | 3,117 | $ | (8,032 | ) | |||||||
Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of differences between the statutory U.S. federal income tax rate of 35% and the Company’s effective tax rate from continuing operations for the years ended December 31, 2014, 2013, and 2012 follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal tax | 3 | (0.4 | ) | 1.7 | |||||||||
Gores Termination Fee | (17.9 | ) | (157.6 | ) | — | ||||||||
Nondeductible capitalized transaction costs | 1.1 | (3.8 | ) | — | |||||||||
Nondeductible compensation expense | — | (8.1 | ) | — | |||||||||
Nondeductible (permanent) items- other | 0.2 | (1.3 | ) | (1.0 | ) | ||||||||
IRC Section 199 manufacturing deduction | (1.1 | ) | 17 | — | |||||||||
Changes in tax rates | (0.4 | ) | (11.2 | ) | 0.5 | ||||||||
Uncertain tax positions | 17.9 | — | 1.5 | ||||||||||
Other items | 1.4 | (3.7 | ) | 0.3 | |||||||||
Valuation allowance | (0.6 | ) | 1.2 | (2.3 | ) | ||||||||
Effective tax rate | 38.6 | % | (132.9 | )% | 35.7 | % | |||||||
Components of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company’s deferred tax assets and liabilities are as follows at December 31, 2014 and 2013: | ||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets related to | |||||||||||||
Accounts receivable | $ | 1,125 | $ | 1,385 | |||||||||
Inventory | 1,461 | 1,322 | |||||||||||
Accrued expenses | 3,739 | 3,375 | |||||||||||
Other reserves and liabilities | 5,288 | 5,464 | |||||||||||
Net operating loss and credit carryforwards | 1,983 | 2,160 | |||||||||||
13,596 | 13,706 | ||||||||||||
Valuation allowance | (1,817 | ) | (1,919 | ) | |||||||||
Total deferred tax assets | 11,779 | 11,787 | |||||||||||
Deferred tax liabilities related to | |||||||||||||
Real estate held for sale | (203 | ) | (903 | ) | |||||||||
Intangible assets | (4,264 | ) | (4,523 | ) | |||||||||
Property and equipment | (20,849 | ) | (17,474 | ) | |||||||||
Other assets | (1,262 | ) | (1,051 | ) | |||||||||
Total deferred tax liabilities | (26,578 | ) | (23,951 | ) | |||||||||
Net deferred tax liability | $ | (14,799 | ) | $ | (12,164 | ) | |||||||
Valuation Allowance Roll Forward [Table Text Block] | The following table shows the changes in the amount of the Company’s valuation allowance: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at January 1, | $ | 1,919 | $ | 1,946 | $ | 1,418 | |||||||
Additions charged to expense | — | — | 528 | ||||||||||
Deductions - other | (102 | ) | (27 | ) | — | ||||||||
Balance at December 31, | $ | 1,817 | $ | 1,919 | $ | 1,946 | |||||||
Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (exclusive of the effect of interest and penalties) is as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at January 1, | $ | — | $ | — | $ | 266 | |||||||
Tax positions taken in prior periods: | |||||||||||||
Gross increases | — | — | — | ||||||||||
Gross decreases | — | — | — | ||||||||||
Tax positions taken in current period: | |||||||||||||
Gross increases | 3,283 | — | — | ||||||||||
Settlements with taxing authorities | — | — | — | ||||||||||
Lapse of applicable statute of limitations | — | — | (266 | ) | |||||||||
Balance at December 31, | $ | 3,283 | $ | — | $ | — | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Schedule Of Future Minimum Lease Payments [Table Text Block] | Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of December 31, 2014 are as follows: | |||||||||
(in thousands) | Capital | Operating | ||||||||
Leases | Leases | |||||||||
2015 | $ | 2,104 | $ | 17,593 | ||||||
2016 | 1,759 | 15,075 | ||||||||
2017 | 1,262 | 11,393 | ||||||||
2018 | 856 | 9,011 | ||||||||
2019 | 700 | 7,959 | ||||||||
Thereafter | 2,640 | 18,162 | ||||||||
9,321 | $ | 79,193 | (a) | |||||||
Less: Amounts representing interest | (1,660 | ) | ||||||||
Total obligation under capital leases | 7,661 | |||||||||
Less: Current portion of capital lease obligation | (1,706 | ) | ||||||||
Long term capital lease obligation | $ | 5,955 | ||||||||
(a) Minimum operating lease payments have not been reduced by minimum sublease rentals of $1.0 million due in the future under noncancelable subleases. |
Equity_and_Redeemable_Securiti1
Equity and Redeemable Securities (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Equity and Temporary Equity Disclsoure [Abstract] | ||||||||||||||||||||||
Schedule of temporary equity | The following table shows the changes in the classes of preferred stock from December 31, 2012 to December 31, 2013, which had been recorded as redeemable securities (outside of permanent equity). | |||||||||||||||||||||
(in thousands, except share amounts) | Class A | Class B | Class C | |||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||
31-Dec-12 | 5,100 | — | 36,388 | 36,477 | 5,000 | 5,000 | ||||||||||||||||
Conversion of Saturn Acquisition Holdings, LLC preferred stock to Stock Building Supply Holdings, Inc. preferred stock | — | — | 1,079 | — | — | — | ||||||||||||||||
Dividends accrued on Class B Senior Preferred stock | — | — | — | 1,836 | — | — | ||||||||||||||||
Reclassification and conversion of preferred stock to common stock in connection with the IPO | (5,100 | ) | — | (37,467 | ) | (38,313 | ) | (5,000 | ) | (5,000 | ) | |||||||||||
31-Dec-13 | — | $ | — | — | $ | — | — | $ | — | |||||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||
Schedule of expenses related to share-based payments | The following table highlights stock based compensation for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||
Nonvested stock | $ | 843 | $ | 512 | $ | 580 | |||||||||
Stock options | 1,632 | 511 | 383 | ||||||||||||
Restricted stock units | 194 | 26 | — | ||||||||||||
Stock purchases | — | — | 342 | ||||||||||||
Stock based compensation | $ | 2,669 | $ | 1,049 | $ | 1,305 | |||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The Company used the following assumptions to value the stock options issued during the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||
Expected volatility factor (a) | 47% - 49% | 49% - 51% | 58 | % | |||||||||||
Risk-free interest rate (b) | 1.8% - 1.9% | 1.8% - 2.0% | 0.8% - 0.9% | ||||||||||||
Expected term (in years) (c) | 6 | 6.0 - 6.5 | 3.7 - 3.9 | ||||||||||||
(a) The Company estimated its volatility factor based on the average volatilities of similar public entities. | |||||||||||||||
(b) The risk-free interest rate is based on U.S. Treasury yields in effect at the time of grant. | |||||||||||||||
(c) For stock options granted during the years ended December 31, 2014 and 2013, the expected term was derived utilizing | |||||||||||||||
the "simplified method" in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 110, which uses the mid-point between the vesting date and the expiration date of the award. We believe use of this approach is appropriate given the lack of prior history of option exercises upon which to base an expected term. For stock options granted during the year ended December 31, 2012, the expected term was based on the vesting term and contractual term of the options and the expected exercise behavior of the option holders. | |||||||||||||||
Schedule of nonvested stock awards and restricted stock units awards | The following is a summary of nonvested stock and restricted stock unit activity: | ||||||||||||||
Nonvested Stock | Restricted Stock Units | ||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||
Shares | Average | Units | Average | ||||||||||||
Outstanding | Grant Date | Outstanding | Grant Date | ||||||||||||
Fair Value | Fair Value | ||||||||||||||
December 31, 2011 | 668,779 | $ | 1.11 | — | $ | — | |||||||||
Granted | 234,086 | 1.98 | — | — | |||||||||||
Vested | (448,355 | ) | 1.51 | — | — | ||||||||||
Forfeited | (58,437 | ) | 1.92 | — | — | ||||||||||
December 31, 2012 | 396,073 | 1.06 | — | — | |||||||||||
Granted | 593,878 | 16.78 | 10,000 | 13.96 | |||||||||||
Vested | (561,958 | ) | 6.51 | — | — | ||||||||||
Forfeited | — | — | — | — | |||||||||||
December 31, 2013 | 427,993 | 15.72 | 10,000 | 13.96 | |||||||||||
Granted | 44,245 | 20.34 | 11,124 | 18.39 | |||||||||||
Vested | (388,298 | ) | 15.87 | (5,000 | ) | 13.96 | |||||||||
Forfeited | — | — | — | — | |||||||||||
December 31, 2014 | 83,940 | $ | 17.46 | 16,124 | $ | 17.02 | |||||||||
Schedule of stock options | The following is a summary of stock option award activity: | ||||||||||||||
Number of Options | Weighted Average Exercise Price | Contractual | Intrinsic | ||||||||||||
Term | Value | ||||||||||||||
(in years) | (in thousands) | ||||||||||||||
Outstanding at December 31, 2011 | 910,189 | $ | 2.04 | ||||||||||||
Granted | 1,006,936 | 0.97 | |||||||||||||
Exercised | — | — | |||||||||||||
Forfeited | (1,144,274 | ) | 1.82 | ||||||||||||
Outstanding at December 31, 2012 | 772,851 | 0.97 | |||||||||||||
Granted | 489,377 | 14.17 | |||||||||||||
Exercised | (546,244 | ) | 0.97 | ||||||||||||
Forfeited | (1,500 | ) | 14 | ||||||||||||
Outstanding at December 31, 2013 | 714,484 | 9.98 | |||||||||||||
Granted | 362,939 | 20.29 | |||||||||||||
Exercised | (14,804 | ) | 0.97 | ||||||||||||
Forfeited | (36,403 | ) | 14.71 | ||||||||||||
Expired | (2,579 | ) | 14 | ||||||||||||
Outstanding at December 31, 2014 | 1,023,637 | $ | 13.59 | 8.5 | $ | 3,602 | |||||||||
Exercisable at December 31, 2014 | 235,107 | $ | 7.76 | 7.4 | $ | 1,795 | |||||||||
Vested and expected to vest at December 31, 2014 | 944,442 | $ | 13.22 | 8.5 | $ | 3,566 | |||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | The following table summarizes the Company’s total unrecognized compensation cost related to equity based compensation as of December 31, 2014: | ||||||||||||||
(in thousands, except period data) | Unrecognized Compensation Cost | Weighted Average Remaining Period of Expense Recognition | |||||||||||||
(in years) | |||||||||||||||
Nonvested stock | $ | 1,053 | 2.4 | ||||||||||||
Stock options | 4,166 | 2.3 | |||||||||||||
Restricted stock units | 124 | 0.5 | |||||||||||||
$ | 5,343 | ||||||||||||||
Segments_Tables
Segments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Schedule of net sales, adjusted EBITDA and certain other measures by reportable segment | The following tables present Net sales, Adjusted EBITDA and certain other measures for the reportable segment and total continuing operations for the periods indicated. | ||||||||||||||||||||
Year Ended December 31, 2014 | 31-Dec-14 | ||||||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | Total Assets | ||||||||||||||||
Geographic divisions | $ | 1,242,584 | $ | 298,304 | $ | 12,245 | $ | 69,979 | $ | 334,990 | |||||||||||
Coleman Floor | 53,132 | 9,350 | 117 | (453 | ) | 8,939 | |||||||||||||||
Other reconciling items | — | — | 981 | (32,637 | ) | 27,289 | |||||||||||||||
$ | 1,295,716 | $ | 307,654 | $ | 13,343 | $ | 371,218 | ||||||||||||||
Year Ended December 31, 2013 | 31-Dec-13 | ||||||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | Total Assets | ||||||||||||||||
Geographic divisions | $ | 1,148,032 | $ | 264,322 | $ | 11,124 | $ | 52,780 | $ | 292,047 | |||||||||||
Coleman Floor | 49,005 | 10,081 | 134 | 2,127 | 10,096 | ||||||||||||||||
Other reconciling items | — | — | 802 | (27,104 | ) | 16,397 | |||||||||||||||
$ | 1,197,037 | $ | 274,403 | $ | 12,060 | $ | 318,540 | ||||||||||||||
Year Ended December 31, 2012 | 31-Dec-12 | ||||||||||||||||||||
(in thousands) | Net Sales | Gross Profit | Depreciation & Amortization | Adjusted EBITDA | Total Assets | ||||||||||||||||
Geographic divisions | $ | 905,278 | $ | 206,407 | $ | 9,901 | $ | 23,992 | $ | 255,441 | |||||||||||
Coleman Floor | 37,120 | 8,204 | 118 | 1,798 | 6,327 | ||||||||||||||||
Other reconciling items | — | 117 | 1,699 | (23,797 | ) | 24,244 | |||||||||||||||
$ | 942,398 | $ | 214,728 | $ | 11,718 | $ | 286,012 | ||||||||||||||
Reconciliation to consolidated financial statements: | Reconciliation to consolidated financial statements: | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 16,427 | $ | (2,162 | ) | $ | (22,666 | ) | |||||||||||||
Interest expense | 2,684 | 3,793 | 4,037 | ||||||||||||||||||
Depreciation and amortization | 13,343 | 12,060 | 11,718 | ||||||||||||||||||
Impairment of assets held for sale | 48 | 432 | 361 | ||||||||||||||||||
Public offering transaction-related costs | 508 | 10,008 | — | ||||||||||||||||||
Restructuring expense | 73 | 141 | 2,853 | ||||||||||||||||||
Management fees | 182 | 1,307 | 1,379 | ||||||||||||||||||
Non-cash stock compensation expense | 2,669 | 1,049 | 1,305 | ||||||||||||||||||
Acquisition costs | 176 | 257 | 284 | ||||||||||||||||||
Severance and other items related to store closures and business optimization | 779 | 1,113 | 2,375 | ||||||||||||||||||
Reduction of tax indemnification asset | — | — | 347 | ||||||||||||||||||
Other items | — | (195 | ) | — | |||||||||||||||||
Adjusted EBITDA of Coleman Floor | 453 | (2,127 | ) | (1,798 | ) | ||||||||||||||||
Adjusted EBITDA of other reconciling items | 32,637 | 27,104 | 23,797 | ||||||||||||||||||
Adjusted EBITDA of geographic divisions reportable segment | $ | 69,979 | $ | 52,780 | $ | 23,992 | |||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | In accordance with the enterprise-wide disclosure requirements of the accounting standard, the Company's net sales from external customers by main product lines are as follows for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Structural components | $ | 175,051 | $ | 157,975 | $ | 106,745 | |||||||||||||||
Millwork & other interior products | 241,283 | 219,191 | 178,449 | ||||||||||||||||||
Lumber & lumber sheet goods | 447,565 | 428,384 | 333,952 | ||||||||||||||||||
Windows & other exterior products | 271,300 | 249,711 | 202,532 | ||||||||||||||||||
Other building products & services | 160,517 | 141,776 | 120,720 | ||||||||||||||||||
Total net sales | $ | 1,295,716 | $ | 1,197,037 | $ | 942,398 | |||||||||||||||
Income_Loss_Per_Common_Share_T
Income (Loss) Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of basic and diluted EPS calculations | The basic and diluted EPS calculations for the years ended December 31, 2014, 2013 and 2012 are presented below: | ||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except share and per share amounts) | 2014 | 2013 | 2012 | ||||||||||
Income (loss) from continuing operations | $ | 10,087 | $ | (5,036 | ) | $ | (14,582 | ) | |||||
Redeemable Class B Senior Preferred stock deemed dividend | — | (1,836 | ) | (4,480 | ) | ||||||||
Accretion of beneficial conversion feature on Class C Convertible Preferred stock | — | — | (5,000 | ) | |||||||||
Income (loss) attributable to common stockholders, from continuing operations | 10,087 | (6,872 | ) | (24,062 | ) | ||||||||
Income from discontinued operations, net of tax | 332 | 401 | 49 | ||||||||||
Income (loss) attributable to common stockholders | $ | 10,419 | $ | (6,471 | ) | $ | (24,013 | ) | |||||
Weighted average common shares outstanding, basic | 25,764,484 | 18,205,892 | 13,153,446 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Nonvested stock | 317,481 | — | — | ||||||||||
Stock options | 138,820 | — | — | ||||||||||
Restricted stock units | 5,330 | — | — | ||||||||||
Weighted average common shares outstanding, diluted | 26,226,115 | 18,205,892 | 13,153,446 | ||||||||||
Basic and Diluted EPS | |||||||||||||
Income (loss) from continuing operations | $ | 0.39 | $ | (0.38 | ) | $ | (1.83 | ) | |||||
Income from discontinued operations | 0.01 | 0.02 | — | ||||||||||
Net income (loss) per share | $ | 0.4 | $ | (0.36 | ) | $ | (1.83 | ) | |||||
Schedule of anti-dilutive securities excluded from computation of earnings per share | The following table provides the securities that could potentially dilute basic earnings per share in the future, but were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Stock option awards | 811,834 | 714,484 | 772,851 | ||||||||||
Nonvested stock awards | 44,245 | 427,993 | 396,073 | ||||||||||
Restricted stock units | — | 10,000 | — | ||||||||||
Class C Convertible Preferred Stock (as converted basis) | — | — | 4,454,889 | ||||||||||
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Data Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | The following tables summarize the consolidated quarterly results of operations for 2014 and 2013: | ||||||||||||||||
2014 | |||||||||||||||||
(in thousands, except per share amounts) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net sales | $ | 279,983 | $ | 344,586 | $ | 354,060 | $ | 317,087 | |||||||||
Gross profit | 65,242 | 82,214 | 84,392 | 75,806 | |||||||||||||
Income (loss) from continuing operations | (3,309 | ) | 5,480 | 4,934 | 2,982 | ||||||||||||
Income from discontinued operations, net of taxes | 21 | 147 | 40 | 124 | |||||||||||||
Net income (loss) | (3,288 | ) | 5,627 | 4,974 | 3,106 | ||||||||||||
Basic income (loss) per share | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.13 | ) | $ | 0.21 | $ | 0.19 | $ | 0.12 | ||||||||
Income from discontinued operations | — | 0.01 | — | — | |||||||||||||
Net income (loss) per share | $ | (0.13 | ) | $ | 0.22 | $ | 0.19 | $ | 0.12 | ||||||||
Diluted income (loss) per share | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.13 | ) | $ | 0.21 | $ | 0.19 | $ | 0.12 | ||||||||
Income from discontinued operations | — | — | — | — | |||||||||||||
Net income (loss) per share | $ | (0.13 | ) | $ | 0.21 | $ | 0.19 | $ | 0.12 | ||||||||
2013 | |||||||||||||||||
(in thousands, except per share amounts) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net sales | $ | 248,726 | $ | 314,653 | $ | 328,468 | $ | 305,190 | |||||||||
Gross profit | 53,790 | 71,510 | 75,381 | 73,722 | |||||||||||||
Income (loss) from continuing operations | (4,214 | ) | 1,884 | (5,603 | ) | 2,897 | |||||||||||
Income from discontinued operations, net of taxes | 157 | 94 | 90 | 60 | |||||||||||||
Net income (loss) | (4,057 | ) | 1,978 | (5,513 | ) | 2,957 | |||||||||||
Basic income (loss) per share | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.36 | ) | $ | 0.06 | $ | (0.30 | ) | $ | 0.12 | |||||||
Income from discontinued operations | 0.01 | 0.01 | — | — | |||||||||||||
Net income (loss) per share | $ | (0.35 | ) | $ | 0.07 | $ | (0.30 | ) | $ | 0.12 | |||||||
Diluted income (loss) per share | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.36 | ) | $ | 0.06 | $ | (0.30 | ) | $ | 0.11 | |||||||
Income from discontinued operations | 0.01 | 0.01 | — | — | |||||||||||||
Net income (loss) per share | $ | (0.35 | ) | $ | 0.07 | $ | (0.30 | ) | $ | 0.11 | |||||||
Organization_Details
Organization (Details) | 0 Months Ended | |
Jul. 29, 2013 | 2-May-13 | |
Schedule of Business Organization [Line Items] | ||
Stock split ratio | 25.972 | |
Class A Voting common stock [Member] | ||
Schedule of Business Organization [Line Items] | ||
Shares issued per share converted (in shares) | 1 | |
Class B Nonvoting common stock [Member] | ||
Schedule of Business Organization [Line Items] | ||
Shares issued per share converted (in shares) | 1 | |
Class A Junior Preferred Stock [Member] | ||
Schedule of Business Organization [Line Items] | ||
Shares issued per share converted (in shares) | 1 | |
Redeemable Class B Senior Preferred Stock [Member] | ||
Schedule of Business Organization [Line Items] | ||
Shares issued per share converted (in shares) | 1.02966259 | |
Class C Convertible Preferred Stock [Member] | ||
Schedule of Business Organization [Line Items] | ||
Shares issued per share converted (in shares) | 1 |
Initial_Public_Offering_Initia1
Initial Public Offering Initial Public Offering (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 14, 2013 |
Initial Public Offering [Line Items] | ||||
Public offering transaction-related costs | $508 | $10,008 | $0 | |
IPO [Member] | ||||
Initial Public Offering [Line Items] | ||||
Public offering transaction-related costs | 10,008 | 2,200 | ||
IPO [Member] | Termination of management services agreement [Member] | ||||
Initial Public Offering [Line Items] | ||||
Public offering transaction-related costs | 9,000 | |||
IPO [Member] | Other Public Offering Transaction Related Costs [Member] | ||||
Initial Public Offering [Line Items] | ||||
Public offering transaction-related costs | $1,008 |
Initial_Public_Offering_Initia2
Initial Public Offering Initial Public Offering (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 14, 2013 | |
Initial Public Offering [Line Items] | ||||
Proceeds from IPO | $0 | $55,225,000 | $0 | |
Public offering transaction-related costs | 508,000 | 10,008,000 | 0 | |
IPO [Member] | ||||
Initial Public Offering [Line Items] | ||||
Stock issued (in shares) | 7,000,000 | |||
Share price (in dollars per share) | $14 | |||
Proceeds from IPO | 55,200,000 | |||
Underwriting fees | 4,300,000 | |||
Public offering transaction-related costs | 10,008,000 | 2,200,000 | ||
Conversion of preferred stock (in shares) | 7,191,891 | |||
IPO [Member] | Debt repayment [Member] | ||||
Initial Public Offering [Line Items] | ||||
Proceeds from IPO | 46,200,000 | |||
IPO [Member] | Termination of management services agreement [Member] | ||||
Initial Public Offering [Line Items] | ||||
Proceeds from IPO | 9,000,000 | |||
Public offering transaction-related costs | $9,000,000 | |||
IPO [Member] | Shares Offered By Company [Member] | ||||
Initial Public Offering [Line Items] | ||||
Stock issued (in shares) | 4,411,765 | |||
IPO [Member] | Shares sold by Gores Building Holdings, LLC and other selling stockholders [Member] | ||||
Initial Public Offering [Line Items] | ||||
Stock issued (in shares) | 2,588,235 | |||
IPO [Member] | Shares purchased by underwriters [Member] | ||||
Initial Public Offering [Line Items] | ||||
Stock issued (in shares) | 1,050,000 | |||
IPO [Member] | Aggregate shares sold [Member] | ||||
Initial Public Offering [Line Items] | ||||
Stock issued (in shares) | 8,050,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Restricted Cash) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restricted assets [Line Items] | ||
Document Fiscal Year Focus | 2014 | |
Restricted assets | $1,937 | $1,819 |
Deposits for payment of casualty & health insurance claims [Member] | ||
Restricted assets [Line Items] | ||
Restricted assets | 785 | 1,306 |
Other deposits [Member] | ||
Restricted assets [Line Items] | ||
Restricted assets | $1,152 | $513 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Building and improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | Lesser of life of the asset or remaining lease term |
Leasehold improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Furniture, fixtures and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Furniture, fixtures and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 4 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Organization Consolidation And Presentation [Line Items] | |||
Amortization of debt issuance costs | $466,000 | $596,000 | $902,000 |
Selling, general and administrative expenses [Member] | |||
Organization Consolidation And Presentation [Line Items] | |||
Shipping and handling costs | 71,100,000 | 62,500,000 | 50,900,000 |
Advertising expense | 2,000,000 | 1,600,000 | 1,300,000 |
Selling, general and administrative expenses [Member] | Retirement Savings Plan [Member] | |||
Organization Consolidation And Presentation [Line Items] | |||
Retirement savings expense recorded | 200,000 | 1,200,000 | 900,000 |
Interest expense [Member] | |||
Organization Consolidation And Presentation [Line Items] | |||
Amortization of debt issuance costs | 466,000 | 596,000 | 902,000 |
Prepaid expenses and other current assets [Member] | |||
Organization Consolidation And Presentation [Line Items] | |||
Vendor Allowance Receivable | 4,500,000 | 4,900,000 | |
Other assets [Member] | |||
Organization Consolidation And Presentation [Line Items] | |||
Debt issuance cost | 1,400,000 | 1,600,000 | |
Accrued expenses and other liabilities and other long-term liabilities [Member] | |||
Organization Consolidation And Presentation [Line Items] | |||
Deferred rent liability | 1,500,000 | 1,600,000 | |
Accrued expenses and other liabilities [Member] | |||
Organization Consolidation And Presentation [Line Items] | |||
Warranty obligations | $500,000 | $300,000 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 22, 2012 | Apr. 08, 2013 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||||||||||||
Gain on reduction of earnout liability | $0 | $195,000 | $0 | |||||||||||
Holdback payment related to acquisition | -231,000 | 0 | 0 | |||||||||||
Transaction costs | 176,000 | 257,000 | 284,000 | |||||||||||
Net sales | 317,087,000 | 354,060,000 | 344,586,000 | 279,983,000 | 305,190,000 | 328,468,000 | 314,653,000 | 248,726,000 | 1,295,716,000 | 1,197,037,000 | 942,398,000 | |||
Selling, general and administrative expenses [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Holdback payment related to acquisition | -231,000 | |||||||||||||
TBSG [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Date of acquisition | 22-Dec-12 | |||||||||||||
Assets and liabilities purchased | 6,800,000 | |||||||||||||
Earnout advance | 900,000 | |||||||||||||
Earnout advance interest rate | 0.09 | |||||||||||||
Net earnout liability | 0 | 0 | ||||||||||||
Commonwealth Acquisition Holdings, LLC [Member] | Chesapeake [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Date of acquisition | 8-Apr-13 | |||||||||||||
Acquisition purchase price, including holdback | 2,600,000 | |||||||||||||
Initial holdback amount | 200,000 | |||||||||||||
Business combination, net sales of acquiree since acquisition date, actual | 7,900,000 | 7,900,000 | ||||||||||||
Total assets acquired | 3,100,000 | |||||||||||||
Total liabilities assumed | 1,400,000 | |||||||||||||
Goodwill | 700,000 | |||||||||||||
Commonwealth Acquisition Holdings, LLC [Member] | Chesapeake [Member] | Selling, general and administrative expenses [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Transaction costs | 200,000 | |||||||||||||
Customer relationships [Member] | Commonwealth Acquisition Holdings, LLC [Member] | Chesapeake [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible assets acquired | $1,200,000 |
Discontinued_Operations_Income
Discontinued Operations (Income Statement) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income tax expense | ($201) | ($243) | ($52) | ||||||||
Income from discontinued operations, net of tax | 124 | 40 | 147 | 21 | 60 | 90 | 94 | 157 | 332 | 401 | 49 |
Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 0 | 0 | 1,103 | ||||||||
Restructuring expense | -16 | -31 | -55 | ||||||||
Income from discontinued operations before income taxes | 533 | 644 | 101 | ||||||||
Income tax expense | -201 | -243 | -52 | ||||||||
Income from discontinued operations, net of tax | $332 | $401 | $49 |
Discontinued_Operations_Discon
Discontinued Operations Discontinued Operations (Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Current assets of discontinued operations | $0 | $2,363 |
Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Real estate held for sale | 0 | 700 |
Prepaid expenses and other current assets | 7 | 8 |
Current assets of discontinued operations | 7 | 708 |
Accrued expenses and other liabilities | 175 | 37 |
Restructuring reserve | 71 | 295 |
Current liabilities of discontinued operations | 246 | 332 |
Long-term restructuring reserve | 0 | 89 |
Noncurrent liabilities of discontinued operations | $0 | $89 |
Restructuring_Costs_Schedule_o
Restructuring Costs (Schedule of restructuring expenses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserves, beginning balance | $3,602 | $5,125 | $4,000 |
Restructuring charges incurred | 89 | 209 | 2,908 |
Cash payments | -1,867 | -1,732 | -1,783 |
Restructuring reserves, ending balance | 1,824 | 3,602 | 5,125 |
Work force reductions [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserves, beginning balance | 190 | 353 | 65 |
Restructuring charges incurred | 0 | 0 | 353 |
Cash payments | -176 | -163 | -65 |
Restructuring reserves, ending balance | 14 | 190 | 353 |
Store closures [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserves, beginning balance | 3,412 | 4,772 | 3,935 |
Restructuring charges incurred | 89 | 209 | 2,555 |
Cash payments | -1,691 | -1,569 | -1,718 |
Restructuring reserves, ending balance | $1,810 | $3,412 | $4,772 |
Restructuring_Costs_Narrative_
Restructuring Costs (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ||
Current portion of restructuring reserve | 892 | $1,594 |
Long-term restructuring reserve | 932 | $2,008 |
Work force reductions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve completion date | 31-Jan-15 | |
Store closures [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve completion date | 31-Jan-17 |
Accounts_Receivable_Accounts_R2
Accounts Receivable Accounts Receivable (Accounts Receivable) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Trade receivables | $118,531 | $115,876 |
Allowance for doubtful accounts | -2,101 | -2,707 |
Allowance for sales returns and discounts | -1,982 | -1,884 |
Accounts receivable, net | $114,448 | $111,285 |
Accounts_Receivable_Accounts_R3
Accounts Receivable Accounts Receivable (Allowance) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at January 1 | $2,707 | $3,095 | $2,669 |
Additions charged to expense | 523 | 1,051 | 2,333 |
Deductions (write-offs) | -1,129 | -1,439 | -1,907 |
Balance at December 31 | $2,101 | $2,707 | $3,095 |
Accounts_Receivable_Accounts_R4
Accounts Receivable Accounts Receivable (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | |||
Recoveries of amounts previously written off | $2.10 | $1.80 | $3.40 |
Inventories_Inventories_Narrat
Inventories Inventories (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Provision for excess and obsolete inventory | $2.20 | $2.20 |
Property_and_Equipment_Propert2
Property and Equipment Property and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $173,827 | $133,560 |
Less: Accumulated depreciation | -83,216 | -77,521 |
Property and equipment, net of accumulated depreciation | 90,611 | 56,039 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 31,400 | 18,210 |
Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 27,085 | 25,279 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,442 | 7,721 |
Furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 60,953 | 51,713 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 41,773 | 27,918 |
Construction-in-progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $4,174 | $2,719 |
Property_and_Equipment_Propert3
Property and Equipment Property and Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $11,090,000 | $9,827,000 | $10,299,000 |
Depreciation expense, cost of goods sold | 4,400,000 | 3,900,000 | 2,500,000 |
Impairment of assets held for sale | 96,000 | 432,000 | 481,000 |
Proceeds from sale of property and equipment | 1,000,000 | 600,000 | 1,000,000 |
Proceeds from sale of real estate held for sale | $2,800,000 | $3,200,000 | $400,000 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, net Goodwill and Intangible Assets (Intangible Rollforward) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-lived Intangible Assets [Roll Forward] | |||
Net Finite-lived Intangible Assets, beginning of period | $24,789 | $25,865 | |
Acquisitions | 0 | 1,160 | |
Amortization | -2,253 | -2,236 | -1,470 |
Net Finite-lived Intangible Assets, end of period | 22,536 | 24,789 | 25,865 |
Trademarks [Member] | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Gross Carrying Amount, beginning of period | 16,985 | 16,985 | |
Accumulated Amortization, beginning of period | -4,120 | -3,130 | |
Acquisitions | 0 | 0 | |
Amortization | -988 | -990 | |
Gross Carrying Amount, end of period | 16,985 | 16,985 | |
Accumulated Amortization, end of period | -5,108 | -4,120 | |
Customer relationships [Member] | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Gross Carrying Amount, beginning of period | 10,109 | 8,949 | |
Accumulated Amortization, beginning of period | -2,310 | -1,414 | |
Acquisitions | 0 | 1,160 | |
Amortization | -920 | -896 | |
Gross Carrying Amount, end of period | 10,109 | 10,109 | |
Accumulated Amortization, end of period | -3,230 | -2,310 | |
Supply agreement [Member] | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Gross Carrying Amount, beginning of period | 4,484 | 4,484 | |
Accumulated Amortization, beginning of period | -359 | -9 | |
Acquisitions | 0 | 0 | |
Amortization | -345 | -350 | |
Gross Carrying Amount, end of period | 4,484 | 4,484 | |
Accumulated Amortization, end of period | ($704) | ($359) |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, net Goodwill and Intangible Assets (Intangible Amortization Schedule) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2015 | $2,253 | ||
2016 | 2,253 | ||
2017 | 2,253 | ||
2018 | 2,253 | ||
2019 | 2,246 | ||
Thereafter | 11,278 | ||
Finite-lived intangible assets, net | $22,536 | $24,789 | $25,865 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, net Goodwill and Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $7,186 | $7,186 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 2,253 | 2,236 | 1,470 |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-average amortization period (in years) | 17 years 3 months 18 days | ||
Amortization expense | 988 | 990 | |
Customer relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-average amortization period (in years) | 11 years 7 months 6 days | ||
Amortization expense | 920 | 896 | |
Supply agreement [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-average amortization period (in years) | 13 years | ||
Amortization expense | $345 | $350 |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accrued payroll and other employee related expenses | $9,701 | $12,595 |
Accrued taxes | 6,528 | 5,421 |
Self-insurance reserves | 5,475 | 3,236 |
Advances from customers | 3,905 | 3,725 |
Liability for uncertain tax positions | 2,942 | 0 |
Accrued professional fees | 558 | 1,366 |
Accrued short-term deferred rent | 541 | 586 |
Accrued rebates payable | 537 | 853 |
Accrued interest and lending fees | 217 | 178 |
Accrued related party management fees | 64 | 130 |
Litigation reserve | 0 | 140 |
Other | 2,489 | 2,298 |
Accrued expenses and other liabilities | $32,957 | $30,528 |
Secured_Credit_Agreement_Detai
Secured Credit Agreement (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Line of Credit Facility [Line Items] | |||
Revolving line of credit | $90,114,000 | $59,072,000 | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | 31-Dec-17 | ||
Maximum borrowing capacity | 200,000,000 | [1] | |
Unused capacity, commitment fee percentage | 0.25% | ||
Minimum fixed charge coverage ratio | 1 | ||
Threshold for minimum adjusted liquidity | 20,000,000 | ||
Maximum adjusted liquidity for 30 consecutive days | 20,000,000 | ||
Revolving line of credit | 90,114,000 | 59,072,000 | |
Remaining borrowing capacity | 72,600,000 | 71,000,000 | |
Letters of credit, amount outstanding | 8,200,000 | 8,900,000 | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Line of Credit Facility [Line Items] | |||
Fair value of Revolver | 90,114,000 | 59,072,000 | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | 85% of eligible accounts receivable [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowing base, percentage of accounts receivable | 85.00% | ||
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Lesser of 90% of eligible credit card receivables and $5 million [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowing base, percentage of credit card receivables | 90.00% | ||
Portion of borrowing base | 5,000,000 | ||
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Lesser of $150 million, 65% of the eligible inventory or 85% of the net liquidation value of eligible inventory [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowing base, percentage of eligible inventory | 65.00% | ||
Borrowing base, percentage of net liquidation value of eligible inventory | 85.00% | ||
Portion of borrowing base | 150,000,000 | ||
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Lesser of $30 million, 85% of the net liquidation value of eligible fixed assets or the net book value of fixed assets. | |||
Line of Credit Facility [Line Items] | |||
Borrowing base, percentage of net liquidation value of eligible fixed assets | 85.00% | ||
Portion of borrowing base | 30,000,000 | ||
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | LIBOR [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving line of credit | 84,000,000 | 52,000,000 | |
Interest rate at period end | 1.70% | 1.90% | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Base Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving line of credit | $6,100,000 | $7,100,000 | |
Interest rate at period end | 3.80% | 4.00% | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Base Rate Option [Member] | Federal Funds Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Base Rate Option [Member] | Base Rate [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.50% | [2] | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Base Rate Option [Member] | Base Rate [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.00% | [2] | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | LIBOR Rate Option [Member] | LIBOR [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.50% | [2] | |
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | LIBOR Rate Option [Member] | LIBOR [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 2.00% | [2] | |
[1] | The Revolverbs borrowing base is calculated as the sum of (i) 85% of the Companybs eligible accounts receivable plus (ii) the lesser of 90% of the eligible credit card receivables and $5 million, plus (iii) the lesser of $150 million, 65% of the eligible inventory or 85% of the net liquidation value of eligible inventory as defined in the Credit Agreement plus (iv) the lesser of $30 million, 85% of the net liquidation value of eligible fixed assets or the net book value of fixed asstes, all as defined in the Credit Agreement, minus (v) reserves from time to time set by the administrative agent. The eligible accounts receivable and inventories are further adjusted as specified in the Credit Agreement. The Companybs borrowing base can also be increased pursuant to certain terms outlined in the Credit Agreement. | ||
[2] | Base Rate is the higher of (i) the Federal Funds Rate plus 0.5% or (ii) the prime rate. |
Other_Longterm_Liabilities_Oth2
Other Long-term Liabilities Other Long-term Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Noncurrent [Abstract] | ||
Self-insurance reserve | $4,849 | $4,310 |
Long-term deferred rent | 983 | 1,028 |
Long-term restructuring reserve | 932 | 2,008 |
Other | 458 | 0 |
Total other long-term liabilities | $7,222 | $7,346 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | ||||
Jun. 14, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 14, 2013 | Jun. 30, 2014 | Jul. 01, 2012 | Mar. 01, 2012 | |
Related Party Transaction [Line Items] | ||||||||
Related party expenses | $182,000 | $1,307,000 | $1,379,000 | |||||
Public offering transaction-related costs | 508,000 | 10,008,000 | 0 | |||||
Common stock, shares issued (in shares) | 26,176,056 | 26,112,007 | ||||||
Forgiveness of related party note | 500,000 | |||||||
IPO [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Public offering transaction-related costs | 10,008,000 | 2,200,000 | ||||||
Termination of management services agreement [Member] | IPO [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Public offering transaction-related costs | 9,000,000 | |||||||
URS [Member] | Software, Services, License And Maintenance Services Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Software services | 800,000 | |||||||
Gores and Glendon [Member] | Management Services [Member] | Selling, general and administrative expenses [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party expenses | 1,306,000 | 1,379,000 | ||||||
Gores Group LLC [Member] | Termination of management services agreement [Member] | IPO [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Public offering transaction-related costs | 9,000,000 | |||||||
Glendon [Member] | Management Services [Member] | Selling, general and administrative expenses [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party expenses | 182,000 | |||||||
Director [Member] | Management Services [Member] | Selling, general and administrative expenses [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party expenses | 300,000 | 100,000 | ||||||
Management [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Notes receivable, related parties | 500,000 | |||||||
Forgiveness of related party note | 500,000 | |||||||
Shareholders [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Notes receivable, related parties | 400,000 | |||||||
Repayments of related party notes | $400,000 | |||||||
Class B Nonvoting common stock [Member] | Gores and Glendon [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common stock, shares issued (in shares) | 110,381 |
Income_Taxes_Income_Taxes_Comp
Income Taxes Income Taxes (Components of Income Tax) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||
Federal | $3,363 | $3,961 | ($4,596) |
State | 543 | 413 | 197 |
Current income tax expense (benefit) | 3,906 | 4,374 | -4,399 |
Deferred | |||
Federal | 2,643 | -1,859 | -2,759 |
State | -8 | 602 | -874 |
Deferred income tax expense (benefit) | 2,635 | -1,257 | -3,633 |
Income tax expense (benefit) | $6,541 | $3,117 | ($8,032) |
Income_Taxes_Income_Taxes_Effe
Income Taxes Income Taxes (Effective Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense at statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal tax | 3.00% | -0.40% | 1.70% |
Termination fee on management services agreement | -17.90% | -157.60% | 0.00% |
Nondeductible capitalized transaction costs | 1.10% | -3.80% | 0.00% |
Nondeductible compensation expense | 0.00% | -8.10% | 0.00% |
Nondeductible (permanent) items - other | 0.20% | -1.30% | -1.00% |
IRC Section 199 manufacturing deduction | -1.10% | 17.00% | 0.00% |
Changes in tax rates | -0.40% | -11.20% | 0.50% |
Uncertain tax positions | 17.90% | 0.00% | 1.50% |
Other items | 1.40% | -3.70% | 0.30% |
Valuation allowance | -0.60% | 1.20% | -2.30% |
Effective income tax rate | 38.60% | -132.90% | 35.70% |
Income_Taxes_Income_Taxes_Defe
Income Taxes Income Taxes (Deferred Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Deferred tax assets related to | ||||
Accounts receivable | $1,125 | $1,385 | ||
Inventory | 1,461 | 1,322 | ||
Accrued expenses | 3,739 | 3,375 | ||
Other reserves and liabilities | 5,288 | 5,464 | ||
Net operating loss and credit carryforwards | 1,983 | 2,160 | ||
Deferred tax assets, gross | 13,596 | 13,706 | ||
Valuation allowance | -1,817 | -1,919 | -1,946 | -1,418 |
Total deferred tax assets | 11,779 | 11,787 | ||
Deferred tax liabilities related to | ||||
Real estate held for sale | -203 | -903 | ||
Intangible assets | -4,264 | -4,523 | ||
Property and equipment | -20,849 | -17,474 | ||
Other assets | -1,262 | -1,051 | ||
Total deferred tax liabilities | -26,578 | -23,951 | ||
Net deferred tax liability | ($14,799) | ($12,164) |
Income_Taxes_Income_Taxes_Valu
Income Taxes Income Taxes (Valuation Allowance) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at January 1, | $1,418 | |||
Balance at December 31, | 1,817 | 1,919 | 1,946 | 1,418 |
Additions charged to expense [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Increase (decrease) in valuation allowance from continuing operations | 0 | 0 | 528 | |
Deductions - other [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Increase (decrease) in valuation allowance from continuing operations | ($102) | ($27) | $0 |
Income_Taxes_Income_Taxes_Unre
Income Taxes Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1, | $0 | $0 | $266 |
Tax positions taken in prior periods: | |||
Gross increases | 0 | 0 | 0 |
Gross decreases | 0 | 0 | 0 |
Tax positions taken in current period: | |||
Gross increases | 3,283 | 0 | 0 |
Settlements with taxing authorities | 0 | 0 | 0 |
Lapse of applicable statute of limitations | 0 | 0 | -266 |
Balance at December 31, | $3,283 | $0 | $0 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ||||
Current income tax expense (benefit) | $3,906,000 | $4,374,000 | ($4,399,000) | |
Total income tax expense (benefit) | 6,541,000 | 3,117,000 | -8,032,000 | |
Income tax expense, continuing | 6,340,000 | 2,874,000 | -8,084,000 | |
Income tax expense (benefit), discontinued operations | 201,000 | 243,000 | 52,000 | |
State net operating loss carryforwards | 48,600,000 | |||
Current income taxes receivable | 4,863,000 | 0 | ||
Income taxes payable | 0 | 2,989,000 | ||
Income taxes paid | 8,736,000 | 4,535,000 | 244,000 | |
Income tax refunds received | 226,000 | 206,000 | 16,399,000 | |
Valuation allowance | 1,817,000 | 1,919,000 | 1,946,000 | 1,418,000 |
Liability for uncertain tax positions | 2,942,000 | 0 | ||
Reduction of tax indemnification asset | 787,000 | 870,000 | 278,000 | |
Penalties and interest expense | 0 | 2,900,000 | ||
Income tax expense at statutory rate | 35.00% | 35.00% | 35.00% | |
Accrued expenses and other liabilities [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Liability for uncertain tax positions | 2,942,000 | |||
Lapse of applicable statute of limitations [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Current income tax expense (benefit) | 300,000 | |||
Wolseley indemnity asset [Member] | Other income (expense), net [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Reduction of tax indemnification asset | 300,000 | |||
State net operating loss carry-forwards [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Change in deferred tax assets, net | $200,000 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income Tax Examination Period | 3 years | |||
Operating loss carryforwards expiration date | 31-Dec-32 | |||
Federal [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income Tax Examination Period | 3 years | |||
Tax Year 2008 [Member] | Federal [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Open tax year end | 31-Jul-08 | |||
Tax Year 2009 [Member] | Federal [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Open tax year end | 5-May-09 |
Commitments_and_Contingencies_1
Commitments and Contingencies Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | $2,104 | ||
2016 | 1,759 | ||
2017 | 1,262 | ||
2018 | 856 | ||
2019 | 700 | ||
Thereafter | 2,640 | ||
Total minimum lease payments | 9,321 | ||
Less: Amounts representing interest | -1,660 | ||
Total obligation under capital leases | 7,661 | ||
Less: Current portion of capital lease obligation | -1,706 | -1,240 | |
Long-term portion of capital lease obligation | 5,955 | 6,011 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | 17,593 | ||
2016 | 15,075 | ||
2017 | 11,393 | ||
2018 | 9,011 | ||
2019 | 7,959 | ||
Thereafter | 18,162 | ||
Total minimum lease payments | $79,193 | [1] | |
[1] | Minimum operating lease payments have not been reduced by minimum sublease rentals of $1.0 million due in the future under noncancelable subleases. |
Commitments_and_Contingencies_2
Commitments and Contingencies Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loss Contingencies [Line Items] | |||
Capital lease carrying value | $7.50 | $7.20 | |
Capital leases, accumulated depreciation | 4.9 | 3.9 | |
Future minimum rentals under noncancelable subleases | 1 | ||
Commitment to purchase | 5.2 | ||
Vehicles [Member] | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Capital lease term | 3 years | ||
Vehicles [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Capital lease term | 6 years | ||
Furniture, fixtures and equipment [Member] | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Capital lease term | 3 years | ||
Operating lease term | 1 year | ||
Furniture, fixtures and equipment [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Capital lease term | 6 years | ||
Operating lease term | 5 years | ||
Building and improvements [Member] | |||
Loss Contingencies [Line Items] | |||
Remaining term on capital lease | 9 years | ||
Building and improvements [Member] | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Operating lease term | 1 year | ||
Building and improvements [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Operating lease term | 5 years | ||
Selling, general and administrative expenses [Member] | |||
Loss Contingencies [Line Items] | |||
Operating leases, rent expense | $20.20 | $19.60 | $18.90 |
Equity_and_Redeemable_Securiti2
Equity and Redeemable Securities (Schedule of temporary equity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Temporary Equity [Abstract] | |||
Dividends accrued on Class B Preferred stock | $0 | $1,836 | $4,480 |
Reclassification and conversion of preferred stock to common stock in connection with the IPO (Note 2) | 0 | ||
Redeemable Class A Junior Preferred Stock [Member] | |||
Temporary Equity [Abstract] | |||
Beginning balance | 0 | ||
Reclassification and conversion of preferred stock to common stock in connection with the IPO (Note 2) | 0 | ||
Ending balance | 0 | ||
Temporary Equity, Shares [Abstract] | |||
Beginning balance (in shares) | 5,100 | ||
Reclassification and conversion of preferred stock to common stock in connection with the IPO (Note 2) (in shares) | -5,100 | ||
Ending balance (in shares) | 0 | ||
Redeemable Class B Senior Preferred Stock [Member] | |||
Temporary Equity [Abstract] | |||
Beginning balance | 36,477 | ||
Dividends accrued on Class B Preferred stock | 1,836 | ||
Reclassification and conversion of preferred stock to common stock in connection with the IPO (Note 2) | -38,313 | ||
Ending balance | 0 | ||
Temporary Equity, Shares [Abstract] | |||
Beginning balance (in shares) | 36,388 | ||
Conversion of Saturn Acquisition Holdings, LLC preferred stock to Stock Building Supply Holdings, Inc. preferred stock (Note 1) (in shares) | 1,079 | ||
Reclassification and conversion of preferred stock to common stock in connection with the IPO (Note 2) (in shares) | -37,467 | ||
Ending balance (in shares) | 0 | ||
Class C Convertible Preferred Stock [Member] | |||
Temporary Equity [Abstract] | |||
Beginning balance | 5,000 | ||
Reclassification and conversion of preferred stock to common stock in connection with the IPO (Note 2) | -5,000 | ||
Ending balance | $0 | ||
Temporary Equity, Shares [Abstract] | |||
Beginning balance (in shares) | 5,000 | ||
Reclassification and conversion of preferred stock to common stock in connection with the IPO (Note 2) (in shares) | -5,000 | ||
Ending balance (in shares) | 0 |
Equity_and_Redeemable_Securiti3
Equity and Redeemable Securities (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 14, 2013 | |
Class of Stock [Line Items] | ||||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 | 300,000,000 | |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | |
Beneficial conversion feature on Convertible Class C Preferred stock | $0 | $0 | $5,000,000 | |
Recognition of beneficial conversion feature on Convertible Class C Preferred stock | 5,000,000 | |||
Preferred stock, shares issued (in shares) | 0 | 0 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||
Common stock, shares issued (in shares) | 26,176,056 | 26,112,007 | ||
Common stock, shares outstanding (in shares) | 26,176,056 | 26,112,007 | ||
Redeemable Class A Junior Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred shares, par value (in dollars per share) | $0.01 | |||
Date from which preferred shares are exercisable | 31-Jul-12 | |||
Preferred shares, liquidation preference (in dollars per share) | $1 | |||
Redeemable Class B Senior Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred shares, par value (in dollars per share) | $0.01 | |||
Date from which preferred shares are exercisable | 5-May-11 | |||
Preferred shares, liquidation preference (in dollars per share) | $1,000 | |||
Preferred shares, dividend rate | 8.00% | |||
Preferred shares, dividends earned but not declared or paid | 100,000 | |||
Class C Convertible Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred shares, number of securities called by rights (in shares) | 4,454,889 | |||
Preferred shares, exercise price of rights (in dollars per share) | $1.12 | |||
Beneficial conversion feature on Convertible Class C Preferred stock | 5,000,000 | |||
Recognition of beneficial conversion feature on Convertible Class C Preferred stock | $5,000,000 | |||
Convertible preferred beneficial conversion feature (in dollars on share) | $0.38 | |||
Class A Voting common stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, par value (in dollars per share) | $0.01 | |||
Common stock, fair value per share (in dollars per share) | $2.25 | |||
Class B Nonvoting common stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, par value (in dollars per share) | $0.01 |
Stock_Based_Compensation_Stock
Stock Based Compensation (Stock based compensation expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation | $2,669 | $1,049 | $1,305 |
Nonvested stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation | 843 | 512 | 580 |
Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation | 1,632 | 511 | 383 |
Restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation | 194 | 26 | 0 |
Stock purchases [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation | $0 | $0 | $342 |
Stock_Based_Compensation_Stock1
Stock Based Compensation Stock Based Compensation (Valuation assumptions) (Details) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | |||
Expected volatility factor, minimum | 47.00% | [1] | 49.00% | [1] | ||
Expected volatility factor, maximum | 49.00% | [1] | 51.00% | [1] | ||
Expected volatility factor | 58.00% | [1] | ||||
Risk-free interest rate, minimum | 1.80% | [2] | 1.80% | [2] | 0.80% | [2] |
Risk-free interest rate, maximum | 1.90% | [2] | 2.00% | [2] | 0.90% | [2] |
Expected term (in years) | 6 years | [3] | ||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected term (in years) | 6 years | [3] | 3 years 8 months 12 days | [3] | ||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected term (in years) | 6 years 6 months | [3] | 3 years 10 months 24 days | [3] | ||
[1] | The Company estimated its volatility factor based on the average volatilities of similar public entities. | |||||
[2] | The risk-free interest rate is based on U.S. Treasury yields in effect at the time of grant. | |||||
[3] | For stock options granted during the years ended December 31, 2014 and 2013, the expected term was derived utilizing the "simplified method" in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 110, which uses the mid-point between the vesting date and the expiration date of the award. We believe use of this approach is appropriate given the lack of prior history of option exercises upon which to base an expected term. For stock options granted during the year ended December 31, 2012, the expected term was based on the vesting term and contractual term of the options and the expected exercise behavior of the option holders. |
Stock_Based_Compensation_Summa
Stock Based Compensation (Summary of non-vested stock awards and restricted stock) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Nonvested stock [Member] | |||
Nonvested Stock and Restricted Stock Units, Number of shares outstanding (in shares): | |||
Beginning balance (in shares) | 427,993 | 396,073 | 668,779 |
Granted (in shares) | 44,245 | 593,878 | 234,086 |
Vested (in shares) | -388,298 | -561,958 | -448,355 |
Forfeited (in shares) | 0 | 0 | -58,437 |
Ending balance (in shares) | 83,940 | 427,993 | 396,073 |
Nonvested Stock and Restricted Stock Units, Weighted average grant date fair value (in dollars per share): | |||
Beginning balance (in dollars per share) | $15.72 | $1.06 | $1.11 |
Granted (in dollars per share) | $20.34 | $16.78 | $1.98 |
Vested (in dollars per share) | $15.87 | $6.51 | $1.51 |
Forfeited (in dollars per share) | $0 | $0 | $1.92 |
Ending balance (in dollars per share) | $17.46 | $15.72 | $1.06 |
Restricted stock units [Member] | |||
Nonvested Stock and Restricted Stock Units, Number of shares outstanding (in shares): | |||
Beginning balance (in shares) | 10,000 | 0 | |
Granted (in shares) | 11,124 | 10,000 | |
Vested (in shares) | -5,000 | ||
Forfeited (in shares) | 0 | ||
Ending balance (in shares) | 16,124 | 10,000 | |
Nonvested Stock and Restricted Stock Units, Weighted average grant date fair value (in dollars per share): | |||
Beginning balance (in dollars per share) | $13.96 | $0 | |
Granted (in dollars per share) | $18.39 | $13.96 | |
Vested (in dollars per share) | $13.96 | ||
Forfeited (in dollars per share) | $0 | ||
Ending balance (in dollars per share) | $17.02 | $13.96 |
Stock_Based_Compensation_Stock2
Stock Based Compensation Stock Based Compensation (Summary of stock option awards) (Details) (Stock options [Member], USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 14, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock options [Member] | ||||
Stock Options, Number of options outstanding (in shares): | ||||
Outstanding, beginning balance (in shares) | 714,484 | 772,851 | 910,189 | |
Granted (in shares) | 362,939 | 489,377 | 1,006,936 | |
Exercised (in shares) | -546,244 | -14,804 | -546,244 | 0 |
Forfeited (in shares) | -36,403 | -1,500 | -1,144,274 | |
Expired (in shares) | -2,579 | |||
Outstanding, ending balance (in shares) | 1,023,637 | 714,484 | 772,851 | |
Exercisable at December 31, 2013 (in shares) | 235,107 | |||
Vested and expected to vest at December 31, 2013 | 944,442 | |||
Stock Options, Weighted average exercise price (in dollars per share): | ||||
Outstanding, beginning balance (in dollars per share) | $9.98 | $0.97 | $2.04 | |
Granted (in dollars per share) | $20.29 | $14.17 | $0.97 | |
Exercised (in dollars per share) | $0.97 | $0.97 | $0 | |
Forfeited (in dollars per share) | $14.71 | $14 | $1.82 | |
Expired (in dollars per share) | $14 | |||
Outstanding, ending balance (in dollars per share) | $13.59 | $9.98 | $0.97 | |
Exercisable at December 31, 2013 (in dollars per share) | $7.76 | |||
Vested and expected to vest at December 31, 2103 | $13.22 | |||
Stock Options, Contractual Term (in years) | ||||
Outstanding at December 31, 2013 | 8 years 6 months | |||
Exercisable at December 31, 2013 | 7 years 5 months | |||
Vested and expected to vest at December 31, 2013 | 8 years 6 months | |||
Stock Options, Intrinsic Value | ||||
Outstanding at December 31, 2013 | $3,602 | |||
Exercisable at December 31, 2103 | 1,795 | |||
Vested and expected to vest at December 31, 2013 | $3,566 |
Stock_Based_Compensation_Stock3
Stock Based Compensation Stock Based Compensation (Unrecognized compensation costs) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Unrecognized compensation cost | $5,343 |
Nonvested stock [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Unrecognized compensation cost | 1,053 |
Weighted average remaining period of expense recognition (in years) | 2 years 5 months |
Stock options [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Unrecognized compensation cost | 4,166 |
Weighted average remaining period of expense recognition (in years) | 2 years 4 months |
Restricted stock units [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Unrecognized compensation cost | $124 |
Weighted average remaining period of expense recognition (in years) | 0 years 6 months |
Stock_Based_Compensation_Narra
Stock Based Compensation (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | |||
Jun. 14, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate intrinsic value of options exercised | $200,000 | |||||
Stock based compensation expense | 2,669,000 | 1,049,000 | 1,305,000 | |||
Forgiveness of related party note | 500,000 | |||||
Nonvested stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | 843,000 | 512,000 | 580,000 | |||
Stock options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum contractual term (in years) | 10 years | |||||
Options, grants in period (in dollars per share) | $20.29 | $14.17 | $0.97 | |||
Stock based compensation expense | 1,632,000 | 511,000 | 383,000 | |||
Options outstanding (in shares) | 1,023,637 | 714,484 | 772,851 | 910,189 | ||
Weighted average remaining contractual life, exercisable (in years) | 7 years 5 months | |||||
Weighted average remaining contractual life, outstanding (in years) | 8 years 6 months | |||||
Aggregate intrinsic value, exercisable | 1,795,000 | |||||
Aggregate intrinsic value, outstanding | 3,602,000 | |||||
Shares modified (in shares) | 910,189 | |||||
Modified exercise price (in dollars per share) | $0.97 | |||||
Shares canceled and reissued (in shares) | 234,086 | |||||
Options exercised (in shares) | 546,244 | 14,804 | 546,244 | 0 | ||
Fair value at issue date (in dollars per share) | $9.81 | $7.03 | $1.23 | |||
Restricted stock units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | 194,000 | 26,000 | 0 | |||
Stock purchases [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | 0 | 0 | 342,000 | |||
2013 Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized (in shares) | 1,800,000 | |||||
Shares available for future issuance (in shares) | 875,163 | |||||
Class B Nonvoting common stock [Member] | Stock purchases [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized (in shares) | 337,636 | |||||
Options, grants in period (in dollars per share) | $0.97 | |||||
Fair value at issue date (in dollars per share) | $1.98 | |||||
Minimum [Member] | Nonvested stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period (in years) | 3 years | |||||
Minimum [Member] | Stock options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period (in years) | 3 years | |||||
Minimum [Member] | Restricted stock units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period (in years) | 1 year | |||||
Maximum [Member] | Nonvested stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period (in years) | 4 years | |||||
Maximum [Member] | Stock options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period (in years) | 4 years | |||||
Maximum [Member] | Restricted stock units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period (in years) | 2 years | |||||
January 2012 [Member] | Class B Nonvoting common stock [Member] | Stock purchases [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | $300,000 |
Segments_Schedule_of_net_sales
Segments (Schedule of net sales, adjusted EBITDA and certain other measures by reportable segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $317,087 | $354,060 | $344,586 | $279,983 | $305,190 | $328,468 | $314,653 | $248,726 | $1,295,716 | $1,197,037 | $942,398 |
Gross profit | 75,806 | 84,392 | 82,214 | 65,242 | 73,722 | 75,381 | 71,510 | 53,790 | 307,654 | 274,403 | 214,728 |
Depreciation & amortization | 13,343 | 12,060 | 11,718 | ||||||||
Total assets | 371,218 | 318,540 | 371,218 | 318,540 | 286,012 | ||||||
Operating segments [Member] | Geographic divisions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,242,584 | 1,148,032 | 905,278 | ||||||||
Gross profit | 298,304 | 264,322 | 206,407 | ||||||||
Depreciation & amortization | 12,245 | 11,124 | 9,901 | ||||||||
Adjusted EBITDA | 69,979 | 52,780 | 23,992 | ||||||||
Total assets | 334,990 | 292,047 | 334,990 | 292,047 | 255,441 | ||||||
Operating segments [Member] | Coleman Floor [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 53,132 | 49,005 | 37,120 | ||||||||
Gross profit | 9,350 | 10,081 | 8,204 | ||||||||
Depreciation & amortization | 117 | 134 | 118 | ||||||||
Adjusted EBITDA | -453 | 2,127 | 1,798 | ||||||||
Total assets | 8,939 | 10,096 | 8,939 | 10,096 | 6,327 | ||||||
Other reconciling items [Member] | Other reconciling items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 117 | ||||||||
Depreciation & amortization | 981 | 802 | 1,699 | ||||||||
Adjusted EBITDA | -32,637 | -27,104 | -23,797 | ||||||||
Total assets | $27,289 | $16,397 | $27,289 | $16,397 | $24,244 |
Segments_Reconciliation_of_adj
Segments (Reconciliation of adjusted EBITDA to consolidated financial statements) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Income (loss) from continuing operations before income taxes | $16,427 | ($2,162) | ($22,666) |
Interest expense | 2,684 | 3,793 | 4,037 |
Depreciation and amortization | 13,343 | 12,060 | 11,718 |
Impairment assets held for sale | 48 | 432 | 361 |
Public offering transaction-related costs | 508 | 10,008 | 0 |
Restructuring expense | 73 | 141 | 2,853 |
Management fees | 182 | 1,307 | 1,379 |
Non-cash compensation expense | 2,669 | 1,049 | 1,305 |
Acquisition costs | 176 | 257 | 284 |
Severance and other expense related to store closures and business optimization | 779 | 1,113 | 2,375 |
Reduction of tax indemnification asset | 0 | 0 | 347 |
Other items | 0 | -195 | 0 |
Other reconciling items [Member] | Other reconciling items [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Depreciation and amortization | 981 | 802 | 1,699 |
Adjusted EBITDA | 32,637 | 27,104 | 23,797 |
Operating segments [Member] | Coleman Floor [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Depreciation and amortization | 117 | 134 | 118 |
Adjusted EBITDA | 453 | -2,127 | -1,798 |
Operating segments [Member] | Geographic divisions [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Depreciation and amortization | 12,245 | 11,124 | 9,901 |
Adjusted EBITDA | ($69,979) | ($52,780) | ($23,992) |
Segments_Segments_External_Cus
Segments Segments (External Customer Sales By Product) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue from External Customer [Line Items] | |||||||||||
Total net sales | $317,087 | $354,060 | $344,586 | $279,983 | $305,190 | $328,468 | $314,653 | $248,726 | $1,295,716 | $1,197,037 | $942,398 |
Structural components [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total net sales | 175,051 | 157,975 | 106,745 | ||||||||
Millwork & other interior products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total net sales | 241,283 | 219,191 | 178,449 | ||||||||
Lumber & lumber sheet goods [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total net sales | 447,565 | 428,384 | 333,952 | ||||||||
Windows & other exterior products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total net sales | 271,300 | 249,711 | 202,532 | ||||||||
Other building products & services [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total net sales | $160,517 | $141,776 | $120,720 |
Segments_Narrative_Details
Segments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Income_Loss_Per_Common_Share_B
Income (Loss) Per Common Share (Basic and Diluted EPS) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income (loss) from continuing operations | $2,982 | $4,934 | $5,480 | ($3,309) | $2,897 | ($5,603) | $1,884 | ($4,214) | $10,087 | ($5,036) | ($14,582) |
Redeemable Class B Senior Preferred stock deemed dividend | 0 | -1,836 | -4,480 | ||||||||
Accretion of beneficial conversion feature on Class C Convertible Preferred stock | 0 | 0 | -5,000 | ||||||||
Income (Loss) from Continuing Operations Attributable to Common Stockholders, Basic and Diluted | 10,087 | -6,872 | -24,062 | ||||||||
Income from discontinued operations, net of tax | 124 | 40 | 147 | 21 | 60 | 90 | 94 | 157 | 332 | 401 | 49 |
Income (loss) attributable to common stockholders | $10,419 | ($6,471) | ($24,013) | ||||||||
Weighted Average Number of Shares Issued, Basic | 25,764,484 | 18,205,892 | 13,153,446 | ||||||||
Weighted average common shares outstanding, diluted (in shares) | 26,226,115 | 18,205,892 | 13,153,446 | ||||||||
Basic EPS | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.12 | $0.19 | $0.21 | ($0.13) | $0.12 | ($0.30) | $0.06 | ($0.36) | |||
Income from discontinued operations (in dollars per share) | $0 | $0 | $0.01 | $0 | $0 | $0 | $0.01 | $0.01 | |||
Net income (loss) per share (in dollars per share) | $0.12 | $0.19 | $0.22 | ($0.13) | $0.12 | ($0.30) | $0.07 | ($0.35) | |||
Diluted EPS | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.12 | $0.19 | $0.21 | ($0.13) | $0.11 | ($0.30) | $0.06 | ($0.36) | |||
Income from discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 | $0 | $0 | $0.01 | $0.01 | |||
Net income (loss) per share (in dollars per share) | $0.12 | $0.19 | $0.21 | ($0.13) | $0.11 | ($0.30) | $0.07 | ($0.35) | |||
Basic and Diluted EPS | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.39 | ($0.38) | ($1.83) | ||||||||
Income from discontinued operations (in dollars per share) | $0.01 | $0.02 | $0 | ||||||||
Net income (loss) per share (in dollars per share) | $0.40 | ($0.36) | ($1.83) | ||||||||
Nonvested stock [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 317,481 | 0 | 0 | ||||||||
Stock options [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 138,820 | 0 | 0 | ||||||||
Restricted stock units [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 5,330 | 0 | 0 |
Income_Loss_Per_Common_Share_S
Income (Loss) Per Common Share (Schedule of anti-dilutive securities) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock option awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 811,834 | 714,484 | 772,851 |
Nonvested stock awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 44,245 | 427,993 | 396,073 |
Restricted stock units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 10,000 | 0 |
Class C Convertible Preferred Stock (as converted basis) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 4,454,889 |
Unaudited_Quarterly_Financial_2
Unaudited Quarterly Financial Data Unaudited Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data [Abstract] | |||||||||||
Net sales | $317,087 | $354,060 | $344,586 | $279,983 | $305,190 | $328,468 | $314,653 | $248,726 | $1,295,716 | $1,197,037 | $942,398 |
Gross profit | 75,806 | 84,392 | 82,214 | 65,242 | 73,722 | 75,381 | 71,510 | 53,790 | 307,654 | 274,403 | 214,728 |
Income (loss) from continuing operations | 2,982 | 4,934 | 5,480 | -3,309 | 2,897 | -5,603 | 1,884 | -4,214 | 10,087 | -5,036 | -14,582 |
Income from discontinued operations, net of tax | 124 | 40 | 147 | 21 | 60 | 90 | 94 | 157 | 332 | 401 | 49 |
Net income (loss) | $3,106 | $4,974 | $5,627 | ($3,288) | $2,957 | ($5,513) | $1,978 | ($4,057) | $10,419 | ($4,635) | ($14,533) |
Basic income (loss) per share | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.12 | $0.19 | $0.21 | ($0.13) | $0.12 | ($0.30) | $0.06 | ($0.36) | |||
Income from discontinued operations (in dollars per share) | $0 | $0 | $0.01 | $0 | $0 | $0 | $0.01 | $0.01 | |||
Net income (loss) per share (in dollars per share) | $0.12 | $0.19 | $0.22 | ($0.13) | $0.12 | ($0.30) | $0.07 | ($0.35) | |||
Diluted income (loss) per share | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.12 | $0.19 | $0.21 | ($0.13) | $0.11 | ($0.30) | $0.06 | ($0.36) | |||
Income from discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 | $0 | $0 | $0.01 | $0.01 | |||
Net income (loss) per share (in dollars per share) | $0.12 | $0.19 | $0.21 | ($0.13) | $0.11 | ($0.30) | $0.07 | ($0.35) | |||
Basic and diluted income (loss) per share | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.39 | ($0.38) | ($1.83) | ||||||||
Income from discontinued operations (in dollars per share) | $0.01 | $0.02 | $0 | ||||||||
Net income (loss) per share (in dollars per share) | $0.40 | ($0.36) | ($1.83) |
Subsequent_Events_Subsequent_E1
Subsequent Events Subsequent Events (Details) (Subsequent Event [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2015 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Subsequent event date | 28-Feb-15 |
Proceeds from sale-leaseback | $15.30 |
Initial lease term | 15 years |