Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Entity Information [Line Items] | ||
Entity Registrant Name | HAVERTY FURNITURE COMPANIES INC | |
Entity Central Index Key | 0000216085 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Common Stock [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 18,813,551 | |
Class A Common Stock [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,757,157 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 72,951 | $ 71,537 |
Restricted cash and cash equivalents | 6,549 | 8,272 |
Accounts receivable, net | 1,716 | 1,833 |
Inventories | 109,379 | 105,840 |
Prepaid expenses | 8,590 | 8,106 |
Other current assets | 8,573 | 6,262 |
Total current assets | 207,758 | 201,850 |
Accounts receivable, long-term, net | 213 | 226 |
Property and equipment, net | 158,316 | 216,852 |
Right-of-use lease assets | 188,400 | 0 |
Deferred income taxes | 10,757 | 12,544 |
Other assets | 9,639 | 8,707 |
Total assets | 575,083 | 440,179 |
Current liabilities | ||
Accounts payable | 22,134 | 19,840 |
Customer deposits | 29,437 | 24,465 |
Accrued liabilities | 32,078 | 39,903 |
Current lease liabilities | 28,799 | 0 |
Current portion of lease obligations | 0 | 4,018 |
Total current liabilities | 112,448 | 88,226 |
Noncurrent lease liabilities | 157,499 | 0 |
Lease obligations, less current portion | 0 | 46,785 |
Other liabilities | 23,210 | 30,539 |
Total liabilities | 293,157 | 165,550 |
Capital Stock, par value $1 per share | ||
Preferred Stock, Authorized - 1,000 shares; Issued: None | 0 | 0 |
Additional paid-in capital | 91,888 | 91,394 |
Retained earnings | 289,126 | 282,366 |
Accumulated other comprehensive loss | (1,456) | (1,465) |
Less treasury stock at cost - Common Stock (2019 and 2018 - 10,300 shares) and Convertible Class A Common Stock (2019 and 2018 - 522 shares) | (129,025) | (129,025) |
Total stockholders' equity | 281,926 | 274,629 |
Total liabilities and stockholders' equity | 575,083 | 440,179 |
Common Stock [Member] | ||
Capital Stock, par value $1 per share | ||
Common Stock | 29,113 | 29,079 |
Convertible Class A Common Stock [Member] | ||
Capital Stock, par value $1 per share | ||
Common Stock | $ 2,280 | $ 2,280 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Stockholders' equity | ||
Preferred Stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred Stock, shares authorized (in shares) | 1,000 | 1,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 1 | $ 1 |
Common Stock [Member] | ||
Stockholders' equity | ||
Common Stock, shares authorized (in shares) | 50,000 | 50,000 |
Common Stock, shares issued (in shares) | 29,113 | 29,079 |
Treasury Stock, common stock shares (in shares) | 10,300 | 10,300 |
Convertible Class A Common Stock [Member] | ||
Stockholders' equity | ||
Common Stock, shares authorized (in shares) | 15,000 | 15,000 |
Common Stock, shares issued (in shares) | 2,280 | 2,280 |
Treasury Stock, common stock shares (in shares) | 522 | 522 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales | $ 187,242 | $ 199,442 |
Cost of goods sold | 84,159 | 90,535 |
Gross profit | 103,083 | 108,907 |
Credit service charges | 22 | 32 |
Gross profit and other revenue | 103,105 | 108,939 |
Expenses: | ||
Selling, general and administrative | 98,879 | 101,004 |
Provision for doubtful accounts | 4 | 2 |
Other (income) expense, net | (154) | (995) |
Total expenses | 98,729 | 100,011 |
Income before interest and income taxes | 4,376 | 8,928 |
Interest (income) expense, net | (349) | 471 |
Income before income taxes | 4,725 | 8,457 |
Income tax expense | 1,104 | 2,144 |
Net income | 3,621 | 6,313 |
Other comprehensive income | ||
Adjustments related to retirement plans; net of tax expense of $3 in 2019 and $9 in 2018 | 9 | 25 |
Comprehensive income | $ 3,630 | $ 6,338 |
Basic earnings per share: | ||
Common Stock (in dollars per share) | $ 0.18 | $ 0.30 |
Diluted earnings per share: | ||
Common Stock (in dollars per share) | 0.17 | 0.29 |
Cash dividends per share: | ||
Common Stock (in dollars per share) | 0.18 | 0.18 |
Common Stock [Member] | ||
Basic earnings per share: | ||
Common Stock (in dollars per share) | 0.18 | 0.30 |
Diluted earnings per share: | ||
Common Stock (in dollars per share) | 0.17 | 0.29 |
Class A Common Stock [Member] | ||
Basic earnings per share: | ||
Common Stock (in dollars per share) | 0.17 | 0.28 |
Diluted earnings per share: | ||
Common Stock (in dollars per share) | 0.17 | 0.28 |
Cash dividends per share: | ||
Common Stock (in dollars per share) | $ 0.17 | $ 0.17 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other comprehensive income | ||
Adjustments related to retirement plans, tax expense | $ 3 | $ 9 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flows from Operating Activities: | ||
Net income | $ 3,621 | $ 6,313 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 5,105 | 7,535 |
Stock-based compensation expense | 1,061 | 1,571 |
Gain on insurance recovery | 0 | (307) |
Proceeds from insurance recovery | 0 | 266 |
Other | (485) | (762) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 126 | 347 |
Inventories | (3,539) | (5,587) |
Customer deposits | 4,972 | 500 |
Other assets and liabilities | (1,350) | 1,690 |
Accounts payable and accrued liabilities | (4,093) | (4,270) |
Net cash provided by operating activities | 5,418 | 7,296 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (3,764) | (7,128) |
Proceeds from sale of land, property and equipment | 2,255 | 998 |
Other | 0 | 55 |
Net cash used in investing activities | (1,509) | (6,075) |
Cash Flows from Financing Activities: | ||
Payments on lease obligations | 0 | (930) |
Dividends paid | (3,685) | (3,792) |
Common stock repurchased | 0 | (3,524) |
Other | (533) | (347) |
Net cash used in financing activities | (4,218) | (8,593) |
Decrease in cash, cash equivalents and restricted cash equivalents during the period | (309) | (7,372) |
Cash, cash equivalents and restricted cash equivalents at beginning of period | 79,809 | 87,606 |
Cash, cash equivalents and restricted cash equivalents at end of period | $ 79,500 | $ 80,234 |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Business and Basis of Presentation [Abstract] | |
Business and Basis of Presentation | NOTE A – Business and Basis of Presentation Haverty Furniture Companies, Inc. (“Havertys,” “the Company,” “we,” “our,” or “us”) is a retailer of a broad line of residential furniture in the middle to upper-middle price ranges. We operate all of our stores using the Havertys brand and do not franchise our concept. We operate within a single reportable segment. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes required by United States of America generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The Company believes that the disclosures made are adequate to make the information not misleading. The financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. We believe all adjustments, normal and recurring in nature, considered necessary for a fair presentation have been included. We suggest that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and accompanying footnotes included in our latest Annual Report on Form 10-K. The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenue and expenses. Actual results could differ from those estimates. The Company is subject to various claims and legal proceedings covering a wide range of matters that arise in the ordinary course of its business activities. We believe that any liability that may ultimately result from the resolution of these matters will not have a material adverse effect on our financial condition, results of operations or cash flows. The Company has revised its cash flow statement in the prior period to reflect the correct classification from the sale of property that had been transferred to assets held for sale. The revision resulted in a reclassification reducing the change in operating assets and liabilities of “Other assets and liabilities” and “Net cash provided by operating activities” and increasing “Proceeds from sale of land, property and equipment” and “Net cash used in investing activities” by $998,000 for the first quarter of 2018. |
Recently Adopted Accounting Pro
Recently Adopted Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Recently Adopted Accounting Pronouncements [Abstract] | |
Recently Adopted Accounting Pronouncements | NOTE B - Recently Adopted Accounting Pronouncements Recently Issued Accounting Pronouncements: Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). We considered the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations. Leases. We elected the transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification, and initial direct costs. We did not elect the hindsight practical expedient, which permits the use of hindsight when determining lease term and impairment of right-of-use assets. Further, we elected a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e. leases with terms of 12 months or less). For our real property leases, we did not elect the accounting policy to account for lease and non-lease components as a single component . As part of the adjustment for ASU 2016-02 effective January 1, 2019, we derecognized certain assets and liabilities associated with legacy build-to-suit arrangements and the deferred gain on previous sale leaseback transactions. Accordingly, $53.5 million of net property and equipment, $50.8 million of financing obligations, $9.3 of other net liabilities, and $2.3 million of deferred tax assets recorded on the balance sheet as of December 31, 2018 were removed as part of our transition adjustment. Effective January 1, 2019, we recognized right-of-use lease assets totaling $177.9 million and recorded lease liabilities totaling $175.4 million. The net adjustment recorded to equity as of January 1, 2019 was a credit of $6.8 million. Since we are not restating prior periods as part of adopting this guidance, our results in 2019 will not be directly comparable to our results for periods before 2019. Specifically, for those leases that were previously recognized on our balance sheet prior to 2019, their associated depreciation and interest expense will be characterized as rent expense. The adoption of ASU 2016-02 had an immaterial impact on our consolidated statement of income and our consolidated statement of cash flows for the three-month period ended March 31, 2019. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | NOTE C – Stockholders’ Equity The following outlines the changes in each caption of stockholders’ equity for the current and comparative periods and the dividends per share for each class of shares. (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Total Balances at December 31, 2018 $ 29,079 $ 2,280 $ 91,394 $ 282,366 $ (1,465 ) $ (129,025 ) $ 274,629 Net income 3,621 3,621 Dividends declared: Common Stock, $0.18 per share (3,386 ) (3,386 ) Class A Common Stock, $0.17 per share (299 ) (299 ) Restricted stock issuances 34 (567 ) (533 ) Amortization of restricted stock 1,061 1,061 Other comprehensive income 9 9 Cumulative effect adjustment 6,824 6,824 Balances at March 31, 2019 $ 29,113 $ 2,280 $ 91,888 $ 289,126 $ (1,456 ) $ (129,025 ) $ 281,926 (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Total Balances at December 31, 2017 $ 28,950 $ 2,290 $ 88,978 $ 287,390 $ (2,144 ) $ (111,322 ) $ 294,142 Net income 6,313 6,313 Dividends declared: Common Stock, $0.18 per share (3,491 ) (3,491 ) Class A Common Stock, $0.17 per share (301 ) (301 ) Acquisition of treasury stock (3,524 ) (3,524 ) Restricted Stock issuances 29 (375 ) (346 ) Amortization of restricted stock 1,571 1,571 Other comprehensive income 25 25 Cumulative effect adjustment 133 133 Balances at March 31, 2018 $ 28,979 $ 2,290 $ 90,174 $ 290,044 $ (2,119 ) $ (114,846 ) $ 294,522 |
Interim LIFO Calculations
Interim LIFO Calculations | 3 Months Ended |
Mar. 31, 2019 | |
Interim LIFO Calculations [Abstract] | |
Interim LIFO Calculations | NOTE D – Interim LIFO Calculations We calculate the LIFO index annually. Accordingly, interim LIFO calculations must necessarily be based on management’s estimates of inventory levels and inflation rates. Since these estimates may be affected by factors beyond management’s control, interim results are subject to change based upon the final year-end LIFO inventory valuations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | NOTE E – Fair Value of Financial Instruments The fair values of our cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and customer deposits approximate their carrying values due to their short-term nature. The assets related to our self-directed, non-qualified deferred compensation plans for certain executives and employees are valued using quoted market prices multiplied by the number of shares held, a Level 1 valuation technique. The assets related to our deferred compensation plans totaled approximately $7.1 million at March 31, 2019 and $6.4 million at March 31, 2018 and are included in other assets. The related liabilities of the same amounts are included in other liabilities. |
Credit Arrangement
Credit Arrangement | 3 Months Ended |
Mar. 31, 2019 | |
Credit Arrangement [Abstract] | |
Credit Arrangement | NOTE F – Credit Arrangement We have a $60.0 million revolving credit facility secured by our inventory, accounts receivable, cash, and certain other personal property. Availability fluctuates based on a borrowing base calculation reduced by outstanding letters of credit. Amounts available to borrow are based on the lesser of the borrowing base or the $60.0 million-line amount, reduced by $6.0 million if a fixed charge coverage ratio test for the immediately preceding 12 months is not met. The credit facility contains covenants that, among other things, limit our ability to incur certain types of debt or liens, enter into mergers and consolidations or use proceeds of borrowing for other than permitted uses. The covenants also limit our ability to pay dividends upon reaching $16.5 million of unused availability. The borrowing base was $60.0 million at March 31, 2019, there were no outstanding letters of credit, and the net availability was $50.0 million. The facility, which has not been used since its origination, matures March 31, 2021. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2019 | |
Revenues [Abstract] | |
Revenues | Note G – Revenues We recognize revenue at delivery. Havertys does not have a loyalty program or sell gift certificates. We also do not offer coupons for redemption for future purchases, such as those other retailers might issue for general marketing purposes or for those issued based in conjunction with prior purchases. The following table presents our revenues disaggregated by revenue source. Three Months Ended March 31, 2019 2018 (In thousands) Net Sales % of Net Sales Net Sales % of Net Sales Merchandise: Case Goods Bedroom Furniture $ 30,520 16.3 % $ 31,113 15.6 % Dining Room Furniture 19,597 10.5 21,634 10.8 Occasional 16,377 8.7 18,459 9.3 66,494 35.5 71,206 35.7 Upholstery 73,031 39.0 81,798 41.0 Mattresses 21,258 11.4 19,678 9.9 Accessories and Other (1) 26,459 14.1 26,760 13.4 $ 187,242 100.0 % $ 199,442 100.0 % (1) Includes delivery charges and product protection. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | NOTE H – Leases We have operating leases for offices, warehouses, and certain equipment. Our leases have remaining lease terms of 1 year to 14 years, some of which include options to extend the leases for up to 20 years. We determined if an arrangement is or contains a lease at lease inception. The table below presents the operating lease assets and liabilities recognized on the condensed consolidated balance sheets as of March 31, 2019 (in thousands): March 31, 2019 Operating Lease Assets: Right-of use lease assets $ 188,400 Operating Lease Liabilities: Current lease liabilities 28,799 Non-current lease liabilities 157,499 Total operating lease liabilities $ 186,298 Our leases generally do not provide an implicit rate, and therefore we used our incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. We used incremental borrowing rates as of January 1, 2019 for operating leases that commenced prior to that date. The weighted average remaining lease term and weighted average discount rate for operating leases as of March 31, 2019 are: March 31, 2019 Weighted Average Remaining Lease Term Operating leases 7.53 years Weighted Average Discount Rate Operating leases 6.67 % The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable leases with terms of more than one year to the total lease liabilities recognized on the condensed consolidated balance sheets as of March 31, 2019 (in thousands): Operating Leases April 1, 2019 thru December 31, 2019 $ 30,429 2020 38,161 2021 35,117 2022 29,726 2023 23,337 Thereafter 83,358 Total undiscounted future minimum lease payments 240,128 Less: difference between undiscounted lease payments and discounted operating lease liabilities (53,830 ) Total operating lease liabilities $ 186,298 Certain of our lease agreements for retail stores include variable lease payments, generally based on sales volume. The variable portion of payments are not included in the initial measurement of the right-of-use asset or lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. Certain of our equipment lease agreements include variable lease costs, generally based on usage of the underlying asset (mileage, fuel, etc.). The variable portion of payments are not included in the initial measurement of the right-of-use asset or lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. Components of lease expense were as follows (in thousands): Three months ended March 31, 2019 Operating lease cost $ 10,228 Short-term lease cost 10 Variable lease cost 1,531 Total lease expense $ 11,769 During the first quarter of 2019, we entered into two non-cancellable leases for real properties that had not commenced as of March 31, 2019. The initial terms are approximately 10 years, with options to extend for up to an additional 20 years. Upon lease commencement, the right-of-use asset and lease liability will be determined and recorded. Supplemental cash flow information related to leases was as follows (in thousands): Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,872 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 17,747 |
Other Income, Net
Other Income, Net | 3 Months Ended |
Mar. 31, 2019 | |
Other Income, Net [Abstract] | |
Other Income, Net | NOTE I – Other Income, net Other income for the three months ended March 31, 2018, includes gains from real estate sales and insurance recoveries on stores damaged or destroyed of approximately $0.9 million. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE J – Income Taxes Our effective tax rate for the three months ended March 31, 2019 and 2018 |
Stock Based Compensation Plan
Stock Based Compensation Plan | 3 Months Ended |
Mar. 31, 2019 | |
Stock-Based Compensation Plan [Abstract] | |
Stock-Based Compensation Plan | NOTE K – Stock Based Compensation Plan As more fully discussed in Note 12 of the notes to the consolidated financial statements in our 2018 Annual Report on Form 10-K, we have awards outstanding for Common Stock under stock-based employee compensation plans. The following table summarizes our award activity during the three months ended March 31, 2019: Service-Based Restricted Stock Awards Performance-Based Restricted Stock Awards Stock-Settled Appreciation Rights Shares or Units Weighted-Average Award Price Shares or Units Weighted-Average Award Price Rights Weighted-Average Award Price Outstanding at December 31, 2018 249,142 $ 22.05 209,754 $ 21.56 57,000 $ 18.14 Granted/Issued 126,510 20.37 107,190 20.37 — — Awards vested or rights exercised (1) — — (55,929 ) 18.80 — — Forfeited (2,000 ) 22.56 (39,966 ) 22.73 — — Outstanding at March 31, 2019 373,652 $ 21.48 221,049 $ 21.47 — — Exercisable at March 31, 2019 — — — — 57,000 $ 18.14 Awards expected to vest 373,652 $ 21.48 177,655 $ 21.73 — — (1) Includes shares repurchased from employees for employee’s tax liability. The aggregate intrinsic value of outstanding restricted stock awards was $8,176,000 at March 31, 2019. The restrictions on the service-based awards generally lapse or vest annually, primarily over four-year periods. The total fair value of performance-based restricted stock awards that vested during the three months ended March 31, 2019 was approximately $1,362,000. The aggregate intrinsic value of outstanding performance awards at March 31, 2019 expected to vest was $4,837,000. The performance awards are based on one-year performance periods but cliff vest in approximately three years from grant date. The fair value for stock-settled appreciation rights were estimated at the date of grant using a BlackScholes pricing model. The aggregate intrinsic value of vested and outstanding stock-settled appreciation rights at March 31, 2019 was approximately $213,000. The compensation for all awards is being charged to selling, general and administrative expense over the respective grants’ vesting periods, primarily on a straight-line basis, and for the three months ended March 31, 2019 and March 31, 2018 was approximately $1,061,000 and $1,571,000, respectively. Forfeitures are recognized as they occur. As of March 31, 2019, the total compensation cost related to unvested equity awards was approximately $7,100,000 and is expected to be recognized over a weighted-average period of 2.4 years. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE L – Earnings Per Share We report our earnings per share using the two-class method. The income per share for each class of common stock is calculated assuming 100% of our earnings are distributed as dividends to each class of common stock based on their contractual rights. The Common Stock of the Company has a preferential dividend rate of at least 105% of the dividend paid on the Class A Common Stock. The Class A Common Stock, which has ten votes per share as opposed to one vote per share for the Common Stock (on all matters other than the election of directors), may be converted at any time on a one-for-one basis into Common Stock at the option of the holder of the Class A Common Stock. Three Months Ended March 31, 2019 2018 Numerator: Common: Distributed earnings $ 3,386 $ 3,491 Undistributed earnings (59 ) 2,320 Basic 3,327 5,811 Class A Common earnings 294 502 Diluted $ 3,621 $ 6,313 Class A Common: Distributed earnings $ 299 $ 301 Undistributed earnings (5 ) 201 $ 294 $ 502 Denominator: Common: Weighted average shares outstanding - basic 18,792 19,418 Assumed conversion of Class A Common Stock 1,757 1,767 Dilutive options, awards and common stock equivalents 357 420 Total weighted-average diluted Common Stock 20,906 21,605 Class A Common: Weighted average shares outstanding 1,757 1,767 Basic earnings per share: Common Stock $ 0.18 $ 0.30 Class A Common Stock $ 0.17 $ 0.28 Diluted earnings per share: Common Stock $ 0.17 $ 0.29 Class A Common Stock $ 0.17 $ 0.28 |
Recently Adopted Accounting P_2
Recently Adopted Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Recently Adopted Accounting Pronouncements [Abstract] | |
Leases | Leases. We elected the transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification, and initial direct costs. We did not elect the hindsight practical expedient, which permits the use of hindsight when determining lease term and impairment of right-of-use assets. Further, we elected a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e. leases with terms of 12 months or less). For our real property leases, we did not elect the accounting policy to account for lease and non-lease components as a single component . As part of the adjustment for ASU 2016-02 effective January 1, 2019, we derecognized certain assets and liabilities associated with legacy build-to-suit arrangements and the deferred gain on previous sale leaseback transactions. Accordingly, $53.5 million of net property and equipment, $50.8 million of financing obligations, $9.3 of other net liabilities, and $2.3 million of deferred tax assets recorded on the balance sheet as of December 31, 2018 were removed as part of our transition adjustment. Effective January 1, 2019, we recognized right-of-use lease assets totaling $177.9 million and recorded lease liabilities totaling $175.4 million. The net adjustment recorded to equity as of January 1, 2019 was a credit of $6.8 million. Since we are not restating prior periods as part of adopting this guidance, our results in 2019 will not be directly comparable to our results for periods before 2019. Specifically, for those leases that were previously recognized on our balance sheet prior to 2019, their associated depreciation and interest expense will be characterized as rent expense. The adoption of ASU 2016-02 had an immaterial impact on our consolidated statement of income and our consolidated statement of cash flows for the three-month period ended March 31, 2019. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity [Abstract] | |
Stock by Class | The following outlines the changes in each caption of stockholders’ equity for the current and comparative periods and the dividends per share for each class of shares. (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Total Balances at December 31, 2018 $ 29,079 $ 2,280 $ 91,394 $ 282,366 $ (1,465 ) $ (129,025 ) $ 274,629 Net income 3,621 3,621 Dividends declared: Common Stock, $0.18 per share (3,386 ) (3,386 ) Class A Common Stock, $0.17 per share (299 ) (299 ) Restricted stock issuances 34 (567 ) (533 ) Amortization of restricted stock 1,061 1,061 Other comprehensive income 9 9 Cumulative effect adjustment 6,824 6,824 Balances at March 31, 2019 $ 29,113 $ 2,280 $ 91,888 $ 289,126 $ (1,456 ) $ (129,025 ) $ 281,926 (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Total Balances at December 31, 2017 $ 28,950 $ 2,290 $ 88,978 $ 287,390 $ (2,144 ) $ (111,322 ) $ 294,142 Net income 6,313 6,313 Dividends declared: Common Stock, $0.18 per share (3,491 ) (3,491 ) Class A Common Stock, $0.17 per share (301 ) (301 ) Acquisition of treasury stock (3,524 ) (3,524 ) Restricted Stock issuances 29 (375 ) (346 ) Amortization of restricted stock 1,571 1,571 Other comprehensive income 25 25 Cumulative effect adjustment 133 133 Balances at March 31, 2018 $ 28,979 $ 2,290 $ 90,174 $ 290,044 $ (2,119 ) $ (114,846 ) $ 294,522 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenues [Abstract] | |
Disaggregation of Revenue Source | The following table presents our revenues disaggregated by revenue source. Three Months Ended March 31, 2019 2018 (In thousands) Net Sales % of Net Sales Net Sales % of Net Sales Merchandise: Case Goods Bedroom Furniture $ 30,520 16.3 % $ 31,113 15.6 % Dining Room Furniture 19,597 10.5 21,634 10.8 Occasional 16,377 8.7 18,459 9.3 66,494 35.5 71,206 35.7 Upholstery 73,031 39.0 81,798 41.0 Mattresses 21,258 11.4 19,678 9.9 Accessories and Other (1) 26,459 14.1 26,760 13.4 $ 187,242 100.0 % $ 199,442 100.0 % (1) Includes delivery charges and product protection. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Operating Lease Assets and Liabilities Recognized on Balance Sheets | The table below presents the operating lease assets and liabilities recognized on the condensed consolidated balance sheets as of March 31, 2019 (in thousands): March 31, 2019 Operating Lease Assets: Right-of use lease assets $ 188,400 Operating Lease Liabilities: Current lease liabilities 28,799 Non-current lease liabilities 157,499 Total operating lease liabilities $ 186,298 |
Weighted Average Remaining Lease Term and Discount Rate for Operating Leases | The weighted average remaining lease term and weighted average discount rate for operating leases as of March 31, 2019 are: March 31, 2019 Weighted Average Remaining Lease Term Operating leases 7.53 years Weighted Average Discount Rate Operating leases 6.67 % |
Undiscounted Future Minimum lease Payments | The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable leases with terms of more than one year to the total lease liabilities recognized on the condensed consolidated balance sheets as of March 31, 2019 (in thousands): Operating Leases April 1, 2019 thru December 31, 2019 $ 30,429 2020 38,161 2021 35,117 2022 29,726 2023 23,337 Thereafter 83,358 Total undiscounted future minimum lease payments 240,128 Less: difference between undiscounted lease payments and discounted operating lease liabilities (53,830 ) Total operating lease liabilities $ 186,298 |
Components of Lease Expense | Components of lease expense were as follows (in thousands): Three months ended March 31, 2019 Operating lease cost $ 10,228 Short-term lease cost 10 Variable lease cost 1,531 Total lease expense $ 11,769 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows (in thousands): Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,872 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 17,747 |
Stock Based Compensation Plan (
Stock Based Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stock-Based Compensation Plan [Abstract] | |
Share Option and Award Activity | The following table summarizes our award activity during the three months ended March 31, 2019: Service-Based Restricted Stock Awards Performance-Based Restricted Stock Awards Stock-Settled Appreciation Rights Shares or Units Weighted-Average Award Price Shares or Units Weighted-Average Award Price Rights Weighted-Average Award Price Outstanding at December 31, 2018 249,142 $ 22.05 209,754 $ 21.56 57,000 $ 18.14 Granted/Issued 126,510 20.37 107,190 20.37 — — Awards vested or rights exercised (1) — — (55,929 ) 18.80 — — Forfeited (2,000 ) 22.56 (39,966 ) 22.73 — — Outstanding at March 31, 2019 373,652 $ 21.48 221,049 $ 21.47 — — Exercisable at March 31, 2019 — — — — 57,000 $ 18.14 Awards expected to vest 373,652 $ 21.48 177,655 $ 21.73 — — (1) Includes shares repurchased from employees for employee’s tax liability. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings (Loss) and Number of Shares used in Calculating Diluted Earnings (Loss) Per Share | The Common Stock of the Company has a preferential dividend rate of at least 105% of the dividend paid on the Class A Common Stock. The Class A Common Stock, which has ten votes per share as opposed to one vote per share for the Common Stock (on all matters other than the election of directors), may be converted at any time on a one-for-one basis into Common Stock at the option of the holder of the Class A Common Stock. Three Months Ended March 31, 2019 2018 Numerator: Common: Distributed earnings $ 3,386 $ 3,491 Undistributed earnings (59 ) 2,320 Basic 3,327 5,811 Class A Common earnings 294 502 Diluted $ 3,621 $ 6,313 Class A Common: Distributed earnings $ 299 $ 301 Undistributed earnings (5 ) 201 $ 294 $ 502 Denominator: Common: Weighted average shares outstanding - basic 18,792 19,418 Assumed conversion of Class A Common Stock 1,757 1,767 Dilutive options, awards and common stock equivalents 357 420 Total weighted-average diluted Common Stock 20,906 21,605 Class A Common: Weighted average shares outstanding 1,757 1,767 Basic earnings per share: Common Stock $ 0.18 $ 0.30 Class A Common Stock $ 0.17 $ 0.28 Diluted earnings per share: Common Stock $ 0.17 $ 0.29 Class A Common Stock $ 0.17 $ 0.28 |
Business and Basis of Present_2
Business and Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flow Statement Classification [Abstract] | ||
Net cash provided by operating activities | $ 5,418 | $ 7,296 |
Net cash used in investing activities | (1,509) | (6,075) |
Change in other assets and liabilities | 1,350 | (1,690) |
Proceeds from sale of land, property and equipment | $ 2,255 | 998 |
Correct Classification from the Sale of Property that had been Transferred to Assets Held for Sale [Member] | Restatement Adjustment [Member] | ||
Cash Flow Statement Classification [Abstract] | ||
Net cash provided by operating activities | 998 | |
Net cash used in investing activities | 998 | |
Change in other assets and liabilities | 998 | |
Proceeds from sale of land, property and equipment | $ 998 |
Recently Adopted Accounting P_3
Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Recently Issued and Adopted Accounting Pronouncement [Abstract] | ||
Property and equipment, net | $ 158,316 | $ 216,852 |
Financing obligations | 0 | 46,785 |
Other net liabilities | 23,210 | 30,539 |
Deferred tax assets | 10,757 | 12,544 |
Right to use of assets | 188,400 | 0 |
Recorded lease liabilities | 186,298 | |
ASU 2016-02 [Member] | ||
Recently Issued and Adopted Accounting Pronouncement [Abstract] | ||
Right to use of assets | 177,900 | |
Recorded lease liabilities | 175,400 | |
Adjustment recorded amount in equity | $ 6,800 | |
ASU 2016-02 [Member] | Restatement Adjustment [Member] | ||
Recently Issued and Adopted Accounting Pronouncement [Abstract] | ||
Property and equipment, net | (53,500) | |
Financing obligations | (50,800) | |
Other net liabilities | (9,300) | |
Deferred tax assets | $ (2,300) |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 274,629 | $ 294,142 |
Net income | 3,621 | 6,313 |
Dividends declared | (3,386) | (3,491) |
Acquisition of treasury stock | (3,524) | |
Restricted stock issuances | (533) | (346) |
Amortization of restricted stock | 1,061 | 1,571 |
Other comprehensive income | 9 | 25 |
Cumulative effect adjustment | 6,824 | 133 |
Ending balance | $ 281,926 | $ 294,522 |
Cash dividends, common stock (in dollars per share) | $ 0.18 | $ 0.18 |
Class A Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Dividends declared | $ (299) | $ (301) |
Cash dividends, common stock (in dollars per share) | $ 0.17 | $ 0.17 |
Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 29,079 | $ 28,950 |
Restricted stock issuances | 34 | 29 |
Ending balance | $ 29,113 | $ 28,979 |
Cash dividends, common stock (in dollars per share) | $ 0.18 | $ 0.18 |
Common Stock [Member] | Class A Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 2,280 | $ 2,290 |
Ending balance | 2,280 | 2,290 |
Additional Paid-In Capital [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 91,394 | 88,978 |
Restricted stock issuances | (567) | (375) |
Amortization of restricted stock | 1,061 | 1,571 |
Ending balance | 91,888 | 90,174 |
Retained Earnings [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 282,366 | 287,390 |
Net income | 3,621 | 6,313 |
Dividends declared | (3,386) | (3,491) |
Cumulative effect adjustment | 6,824 | 133 |
Ending balance | 289,126 | 290,044 |
Retained Earnings [Member] | Class A Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Dividends declared | (299) | (301) |
Accumulated Other Comprehensive Income [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (1,465) | (2,144) |
Other comprehensive income | 9 | 25 |
Ending balance | (1,456) | (2,119) |
Treasury Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (129,025) | (111,322) |
Acquisition of treasury stock | (3,524) | |
Ending balance | $ (129,025) | $ (114,846) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Level 1 [Member] | ||
Fair Values of Financial Instruments [Abstract] | ||
Deferred compensation plans | $ 7.1 | $ 6.4 |
Credit Arrangement (Details)
Credit Arrangement (Details) - Credit Agreement [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Line of Credit Facility, Amount [Abstract] | |
Maximum borrowing capacity | $ 60 |
Reduction in borrowing base due to deficit in fixed charges coverage ratio test | $ 6 |
Number of trailing months to compute fixed charges coverage ratio | 12 months |
Current borrowing base | $ 60 |
Outstanding letters of credit | 0 |
Net availability | $ 50 |
Maturity date | Mar. 31, 2021 |
Minimum [Member] | |
Line of Credit Facility, Amount [Abstract] | |
Unused availability covenant limit to pay dividends | $ 16.5 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Disaggregation of Revenue [Abstract] | |||
Net sales | $ 187,242 | $ 199,442 | |
Net Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Percentage of net sales | 100.00% | 100.00% | |
Case Goods [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | $ 66,494 | $ 71,206 | |
Case Goods [Member] | Net Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Percentage of net sales | 35.50% | 35.70% | |
Bedroom Furniture [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | $ 30,520 | $ 31,113 | |
Bedroom Furniture [Member] | Net Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Percentage of net sales | 16.30% | 15.60% | |
Dining Room Furniture [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | $ 19,597 | $ 21,634 | |
Dining Room Furniture [Member] | Net Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Percentage of net sales | 10.50% | 10.80% | |
Occasional [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | $ 16,377 | $ 18,459 | |
Occasional [Member] | Net Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Percentage of net sales | 8.70% | 9.30% | |
Upholstery [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | $ 73,031 | $ 81,798 | |
Upholstery [Member] | Net Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Percentage of net sales | 39.00% | 41.00% | |
Mattresses [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | $ 21,258 | $ 19,678 | |
Mattresses [Member] | Net Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Percentage of net sales | 11.40% | 9.90% | |
Accessories and Other [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | [1] | $ 26,459 | $ 26,760 |
Accessories and Other [Member] | Net Sales [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Percentage of net sales | [1] | 14.10% | 13.40% |
[1] | Includes delivery charges and product protection. |
Leases (Details)
Leases (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)Lease | Dec. 31, 2018USD ($) | |
Operating Leases [Abstract] | ||
Number of non-cancellable operating leases entered during period | Lease | 2 | |
Initial lease term | 10 years | |
Operating Lease Assets [Abstract] | ||
Right-of use lease assets | $ 188,400 | $ 0 |
Operating Lease Liabilities [Abstract] | ||
Current lease liabilities | 28,799 | 0 |
Non-current lease liabilities | 157,499 | $ 0 |
Total operating lease liabilities | $ 186,298 | |
Weighted-Average Remaining Lease Term and Discount Rate [Abstract] | ||
Weighted Average Remaining Lease Term, Operating leases | 7 years 6 months 11 days | |
Weighted Average Discount Rate, Operating leases | 6.67% | |
Undiscounted Future Minimum Lease Payments [Abstract] | ||
April 1, 2019 thru December 31, 2019 | $ 30,429 | |
2020 | 38,161 | |
2021 | 35,117 | |
2022 | 29,726 | |
2023 | 23,337 | |
Thereafter | 83,358 | |
Total undiscounted future minimum lease payments | 240,128 | |
Less: difference between undiscounted lease payments and discounted operating lease liabilities | (53,830) | |
Total operating lease liabilities | 186,298 | |
Lease Expense [Abstract] | ||
Operating lease cost | 10,228 | |
Short-term lease cost | 10 | |
Variable lease cost | 1,531 | |
Total lease expense | 11,769 | |
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||
Operating cash flows from operating leases | 9,872 | |
Right-of-use assets obtained in exchange for lease obligations [Abstract] | ||
Operating leases | $ 17,747 | |
Minimum [Member] | ||
Operating Leases [Abstract] | ||
Remaining lease term | 1 year | |
Maximum [Member] | ||
Operating Leases [Abstract] | ||
Remaining lease term | 14 years | |
Lease term extension option | 20 years |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Income, Net [Abstract] | ||
Other income from real estate sales and insurance recoveries | $ 154 | $ 995 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Abstract] | ||
Effective tax rate | 23.40% | 25.40% |
Excess tax expense (benefit) from vested stock awards and state income taxes | $ (0.1) |
Stock Based Compensation Plan_2
Stock Based Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Additional Disclosures [Abstract] | |||
Stock based compensation expense | $ 1,061 | $ 1,571 | |
Total compensation cost related to unvested equity awards | $ 7,100 | ||
Weighted-average period of recognition of cost | 2 years 4 months 24 days | ||
Service-Based Restricted Stock Awards [Member] | |||
Shares or Units and Rights [Roll Forward] | |||
Outstanding, beginning balance (in shares) | 249,142 | ||
Granted/Issued (in shares) | 126,510 | ||
Awards vested or rights exercised (in shares) | [1] | 0 | |
Forfeited (in shares) | (2,000) | ||
Outstanding, ending balance (in shares) | 373,652 | ||
Exercisable, ending balance (in shares) | 0 | ||
Awards expected to vest (in shares) | 373,652 | ||
Weighted-Average Award Price [Roll Forward] | |||
Outstanding, beginning balance (in dollars per share) | $ 22.05 | ||
Granted/Issued (in dollars per share) | 20.37 | ||
Awards vested or rights exercised (in dollars per share) | [1] | 0 | |
Forfeited (in dollars per share) | 22.56 | ||
Outstanding, ending balance (in dollars per share) | 21.48 | ||
Exercisable, ending balance (in dollars per share) | 0 | ||
Awards expected to vest (in dollars per share) | $ 21.48 | ||
Additional Disclosures [Abstract] | |||
Aggregate intrinsic value of outstanding awards | $ 8,176 | ||
Vesting period of awards | 4 years | ||
Performance-Based Restricted Stock Awards [Member] | |||
Shares or Units and Rights [Roll Forward] | |||
Outstanding, beginning balance (in shares) | 209,754 | ||
Granted/Issued (in shares) | 107,190 | ||
Awards vested or rights exercised (in shares) | [1] | (55,929) | |
Forfeited (in shares) | (39,966) | ||
Outstanding, ending balance (in shares) | 221,049 | ||
Exercisable, ending balance (in shares) | 0 | ||
Awards expected to vest (in shares) | 177,655 | ||
Weighted-Average Award Price [Roll Forward] | |||
Outstanding, beginning balance (in dollars per share) | $ 21.56 | ||
Granted/Issued (in dollars per share) | 20.37 | ||
Awards vested or rights exercised (in dollars per share) | [1] | 18.80 | |
Forfeited (in dollars per share) | 22.73 | ||
Outstanding, ending balance (in dollars per share) | 21.47 | ||
Exercisable, ending balance (in dollars per share) | 0 | ||
Awards expected to vest (in dollars per share) | $ 21.73 | ||
Additional Disclosures [Abstract] | |||
Aggregate intrinsic value of outstanding awards | $ 4,837 | ||
Vesting period of awards | 3 years | ||
Fair value of vested shares | $ 1,362 | ||
Performance period | 1 year | ||
Stock-Settled Appreciation Rights [Member] | |||
Shares or Units and Rights [Roll Forward] | |||
Outstanding, beginning balance (in shares) | 57,000 | ||
Granted/Issued (in shares) | 0 | ||
Awards vested or rights exercised (in shares) | [1] | 0 | |
Forfeited (in shares) | 0 | ||
Outstanding, ending balance (in shares) | 0 | ||
Exercisable, ending balance (in shares) | 57,000 | ||
Awards expected to vest (in shares) | 0 | ||
Weighted-Average Award Price [Roll Forward] | |||
Outstanding, beginning balance (in dollars per share) | $ 18.14 | ||
Granted/Issued (in dollars per share) | 0 | ||
Awards vested or rights exercised (in dollars per share) | [1] | 0 | |
Forfeited (in dollars per share) | 0 | ||
Outstanding, ending balance (in dollars per share) | 0 | ||
Exercisable, ending balance (in dollars per share) | 18.14 | ||
Awards expected to vest (in dollars per share) | $ 0 | ||
Additional Disclosures [Abstract] | |||
Aggregate intrinsic value of outstanding awards | $ 213 | ||
Aggregate intrinsic value of vested awards | $ 213 | ||
[1] | Includes shares repurchased from employees for employee's tax liability. |
Earnings Per Share (Details)
Earnings Per Share (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)Vote$ / sharesshares | Mar. 31, 2018USD ($)$ / sharesshares | |
Earnings Per Share, by Common Class Method [Abstract] | ||
Percentage of earnings or losses assumed in calculation | 100.00% | |
Preferential dividend rate of dividend paid on Class A Common Stock | 105.00% | |
Basic earnings per share [Abstract] | ||
Common Stock (in dollars per share) | $ / shares | $ 0.18 | $ 0.30 |
Diluted earnings per share [Abstract] | ||
Common Stock (in dollars per share) | $ / shares | $ 0.17 | $ 0.29 |
Common Stock [Member] | ||
Earnings Per Share, by Common Class Method [Abstract] | ||
Number of votes per share | Vote | 1 | |
Numerator [Abstract] | ||
Distributed earnings | $ 3,386 | $ 3,491 |
Undistributed earnings | (59) | 2,320 |
Basic | 3,327 | 5,811 |
Class A Common earnings | 294 | 502 |
Diluted | $ 3,621 | $ 6,313 |
Denominator [Abstract] | ||
Weighted average shares outstanding - basic (in shares) | shares | 18,792 | 19,418 |
Assumed conversion of Class A Common Stock (in shares) | shares | 1,757 | 1,767 |
Dilutive options, awards and common stock equivalents (in shares) | shares | 357 | 420 |
Total weighted-average diluted Common Stock (in shares) | shares | 20,906 | 21,605 |
Basic earnings per share [Abstract] | ||
Common Stock (in dollars per share) | $ / shares | $ 0.18 | $ 0.30 |
Diluted earnings per share [Abstract] | ||
Common Stock (in dollars per share) | $ / shares | $ 0.17 | $ 0.29 |
Class A Common [Member] | ||
Earnings Per Share, by Common Class Method [Abstract] | ||
Number of votes per share | Vote | 10 | |
Numerator [Abstract] | ||
Distributed earnings | $ 299 | $ 301 |
Undistributed earnings | (5) | 201 |
Class A Common earnings | $ 294 | $ 502 |
Denominator [Abstract] | ||
Weighted average shares outstanding (in shares) | shares | 1,757 | 1,767 |
Basic earnings per share [Abstract] | ||
Common Stock (in dollars per share) | $ / shares | $ 0.17 | $ 0.28 |
Diluted earnings per share [Abstract] | ||
Common Stock (in dollars per share) | $ / shares | $ 0.17 | $ 0.28 |