Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 28, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Transition Report | false | |
Entity File Number | 1-14445 | |
Entity Registrant Name | HAVERTY FURNITURE COMPANIES, INC | |
Entity Central Index Key | 0000216085 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 58-0281900 | |
Entity Address, Address Line One | 780 Johnson Ferry Road, Suite 800 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30342 | |
City Area Code | 404 | |
Local Phone Number | 443-2900 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Stock [Member] | ||
Document and Entity Information [Abstract] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | HVT | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 16,532,392 | |
Class A Common Stock [Member] | ||
Document and Entity Information [Abstract] | ||
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | HVTA | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 1,287,142 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 225,674 | $ 200,058 |
Restricted cash and cash equivalents | 6,716 | 6,713 |
Inventories | 118,961 | 89,908 |
Prepaid expenses | 13,729 | 9,580 |
Other current assets | 13,441 | 9,985 |
Total current assets | 378,521 | 316,244 |
Property and equipment, net | 124,795 | 108,366 |
Right-of-use lease assets | 229,975 | 228,749 |
Deferred income taxes | 18,120 | 15,814 |
Other assets | 12,349 | 11,199 |
Total assets | 763,760 | 680,372 |
Current liabilities | ||
Accounts payable | 34,663 | 31,429 |
Customer deposits | 120,149 | 86,183 |
Accrued liabilities | 56,880 | 52,963 |
Current lease liabilities | 34,108 | 33,466 |
Total current liabilities | 245,800 | 204,041 |
Noncurrent lease liabilities | 203,935 | 200,200 |
Other liabilities | 22,484 | 23,164 |
Total liabilities | 472,219 | 427,405 |
Capital Stock, par value $1 per share | ||
Preferred Stock, Authorized - 1,000 shares; Issued: None | ||
Additional paid-in capital | 100,816 | 96,850 |
Retained earnings | 358,113 | 304,626 |
Accumulated other comprehensive loss | (2,412) | (2,560) |
Less treasury stock at cost - Common Stock (2021 - 13,374; and 2020 - 12,862 shares) and Convertible Class A Common Stock (2021 and 2020 - 522 shares) | (196,692) | (177,545) |
Total stockholders' equity | 291,541 | 252,967 |
Total liabilities and stockholders' equity | 763,760 | 680,372 |
Common Stock [Member] | ||
Capital Stock, par value $1 per share | ||
Common Stock | 29,906 | 29,600 |
Convertible Class A Common Stock [Member] | ||
Capital Stock, par value $1 per share | ||
Common Stock | $ 1,810 | $ 1,996 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Stockholders' equity | ||
Capital 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 [Member] | ||
Stockholders' equity | ||
Common Stock, shares authorized (in shares) | 50,000 | 50,000 |
Common Stock, shares issued (in shares) | 29,906 | 29,600 |
Treasury Stock, shares (in shares) | 13,374 | 12,862 |
Convertible Class A Common Stock [Member] | ||
Stockholders' equity | ||
Common Stock, shares authorized (in shares) | 15,000 | 15,000 |
Common Stock, shares issued (in shares) | 1,810 | 1,996 |
Treasury Stock, shares (in shares) | 522 | 522 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net sales | $ 260,378 | $ 217,513 | $ 746,858 | $ 506,913 |
Cost of goods sold | 112,375 | 95,336 | 322,320 | 225,537 |
Gross profit | 148,003 | 122,177 | 424,538 | 281,376 |
Expenses: | ||||
Selling, general and administrative | 116,156 | 100,097 | 338,315 | 270,281 |
Other expense (income), net | 2 | (2,401) | (40) | (34,298) |
Total expenses | 116,158 | 97,696 | 338,275 | 235,983 |
Income before interest and income taxes | 31,845 | 24,481 | 86,263 | 45,393 |
Interest income, net | 58 | 51 | 173 | 64 |
Income before income taxes | 31,903 | 24,532 | 86,436 | 45,457 |
Income tax expense | 7,670 | 6,271 | 19,939 | 11,737 |
Net income | 24,233 | 18,261 | 66,497 | 33,720 |
Other comprehensive income | ||||
Adjustments related to retirement plans; net of tax expense of $16 and $48 in 2021 and $10 and $30 in 2020 | 50 | 30 | 148 | 90 |
Comprehensive income | $ 24,283 | $ 18,291 | $ 66,645 | $ 33,810 |
Common Stock [Member] | ||||
Other comprehensive income | ||||
Basic earnings per share (in dollars per share) | $ 1.35 | $ 0.98 | $ 3.67 | $ 1.80 |
Diluted earnings per share (in dollars per share) | 1.31 | 0.97 | 3.55 | 1.77 |
Cash dividends per share (in dollars per share) | 0.25 | 0.20 | 0.72 | 0.55 |
Class A Common Stock [Member] | ||||
Other comprehensive income | ||||
Basic earnings per share (in dollars per share) | 1.28 | 0.94 | 3.45 | 1.71 |
Diluted earnings per share (in dollars per share) | 1.25 | 0.93 | 3.38 | 1.70 |
Cash dividends per share (in dollars per share) | $ 0.23 | $ 0.19 | $ 0.65 | $ 0.52 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other comprehensive income | ||||
Adjustments related to retirement plans, tax expense | $ 16 | $ 10 | $ 48 | $ 30 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net income | $ 66,497 | $ 33,720 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 12,099 | 13,959 |
Share-based compensation expense | 6,456 | 3,362 |
Gain from sale of land, property and equipment | (74) | (34,202) |
Other | (1,484) | 1,259 |
Changes in operating assets and liabilities: | ||
Inventories | (29,053) | 13,873 |
Customer deposits | 33,966 | 58,287 |
Operating lease assets and liabilities, net | 3,151 | 1,156 |
Other assets and liabilities | (9,239) | (4,997) |
Accounts payable and accrued liabilities | 6,679 | 13,404 |
Net cash provided by operating activities | 88,998 | 99,821 |
Cash Flows from Investing Activities | ||
Capital expenditures | (28,060) | (7,205) |
Proceeds from sale of land, property and equipment | 78 | 74,399 |
Net cash (used in) provided by investing activities | (27,982) | 67,194 |
Cash Flows from Financing Activities | ||
Proceeds from borrowings under revolving credit facility | 0 | 43,800 |
Payments of borrowings under revolving credit facility | 0 | (43,800) |
Net change in borrowings under revolving credit facility | 0 | 0 |
Dividends paid | (13,010) | (10,271) |
Common stock repurchased | (19,493) | (19,708) |
Other | (2,894) | (876) |
Net cash used in financing activities | (35,397) | (30,855) |
Increase in cash, cash equivalents and restricted cash equivalents during the period | 25,619 | 136,160 |
Cash, cash equivalents and restricted cash equivalents at beginning of period | 206,771 | 82,402 |
Cash, cash equivalents and restricted cash equivalents at end of period | $ 232,390 | $ 218,562 |
Business and Basis of Presentat
Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
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 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. |
COVID-19
COVID-19 | 9 Months Ended |
Sep. 30, 2021 | |
COVID-19 [Abstract] | |
COVID-19 | Note B – COVID-19 In December 2019, a novel strain of coronavirus, subsequently named COVID-19, emerged from China and spread worldwide. The World Health Organization declared COVID-19 a pandemic and a national health emergency was declared by the United States beginning on March 1, 2020. In response, many states and local governments began a series of restrictions on public gatherings, retail store closures, stay at home orders and advisories and quarantining of people who may have been exposed to the virus. In an effort to mitigate the spread of COVID-19 and protect our team members, customers, and communities, Havertys closed all of its stores and halted deliveries in mid-March 2020, with the expectation at that time of reopening stores on April 2, 2020. Our stores remained closed during April and we reopened 103 locations on May 1, 2020 and the remaining 17 stores were reopened by June 20, 2020. We restarted our delivery operations on May 5, 2020. The pandemic continues to disrupt several segments of the economy. Although we and many other businesses are open, some businesses and industries have only recently reopened or are operating on a reduced scale. Our business has been very strong since reopening. Consumers not negatively impacted financially are spending more money on furniture and accessories as they spend more time at home. However, many manufacturers are struggling to meet the increased consumer demand, resulting in product shortages and delays in a number of merchandise categories. In addition to experiencing supply chain disruptions and delays we have encountered difficulties in increasing our distribution and delivery capacity due to staffing shortages. The COVID-19 pandemic is complex and continues to evolve with sporadic resurgences, new shutdowns and disruptions of vendor operations, new virus variants, and the vaccine rollout. At this point, we cannot reasonably estimate the duration and extent of the pandemic’s influence on consumers, the “nesting” economy, and our business. Accordingly, our estimates and assumptions could change in subsequent interim reports, and it is reasonably possible that such changes could be significant (although the potential effects cannot be estimated at this time). |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
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. For the three months ended September 30, 2021: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Total Balances at June 30, 2021 $ 29,903 $ 1,813 $ 99,016 $ 338,341 $ (2,462 ) $ (177,199 ) $ 289,412 Net income 24,233 24,233 Dividends declared: Common Stock, $0.25 per share (4,164 ) (4,164 ) Class A Common Stock, $0.23 per share (297 ) (297 ) Class A conversion 3 (3 ) — Acquisition of treasury stock (19,493 ) (19,493 ) Amortization of restricted stock 1,800 1,800 Other comprehensive income 50 50 Balances at September 30, 2021 $ 29,906 $ 1,810 $ 100,816 $ 358,113 $ (2,412 ) $ (196,692 ) $ 291,541 For the nine months ended September 30, 2021: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Total Balances at December 31, 2020 $ 29,600 $ 1,996 $ 96,850 $ 304,626 $ (2,560 ) $ (177,545 ) $ 252,967 Net income 66,497 66,497 Dividends declared: Common Stock, $0.72 per share (12,142 ) (12,142 ) Class A Common Stock, $0.65 per share (868 ) (868 ) Class A conversion 186 (186 ) — Acquisition of treasury stock (19,493 ) (19,493 ) Restricted stock issuances 120 (3,014 ) (2,894 ) Amortization of restricted stock 6,456 6,456 Directors’ Compensation Plan 524 346 870 Other comprehensive income 148 148 Balances at September 30, 2021 $ 29,906 $ 1,810 $ 100,816 $ 358,113 $ (2,412 ) $ (196,692 ) $ 291,541 For the three months ended September 30, 2020: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Total Balances at June 30, 2020 $ 29,538 $ 2,054 $ 94,581 $ 304,900 $ (2,027 ) $ (164,668 ) $ 264,378 Net income 18,261 18,261 Dividends declared: Common Stock, $0.20 per share (3,423 ) (3,423 ) Class A Common Stock, $0.19 per share (290 ) (290 ) Class A conversion 17 (17 ) — Acquisition of treasury stock (12,899 ) (12,899 ) Amortization of restricted stock 1,325 1,325 Directors’ Compensation Plan (5 ) (5 ) Other comprehensive income 30 30 Balances at September 30, 2020 $ 29,555 $ 2,037 $ 95,901 $ 319,448 $ (1,997 ) $ (177,567 ) $ 267,377 For the nine months ended September 30, 2020: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Total Balances at December 31, 2019 $ 29,431 $ 2,054 $ 93,208 $ 295,999 $ (2,087 ) $ (158,102 ) $ 260,503 Net income 33,720 33,720 Dividends declared: Common Stock, $0.55 per share (9,475 ) (9,475 ) Class A Common Stock, $0.52 per share (796 ) (796 ) Class A conversion 17 (17 ) — Acquisition of treasury stock (19,708 ) (19,708 ) Restricted stock issuances 107 (983 ) (876 ) Amortization of restricted stock 3,362 3,362 Directors’ Compensation Plan 314 243 557 Other comprehensive income 90 90 Balances at September 30, 2020 $ 29,555 $ 2,037 $ 95,901 $ 319,448 $ (1,997 ) $ (177,567 ) $ 267,377 |
Interim LIFO Calculations
Interim LIFO Calculations | 9 Months Ended |
Sep. 30, 2021 | |
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 | 9 Months Ended |
Sep. 30, 2021 | |
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 $ 9.2 million at September 30, 2021 and $ million at December 31, 2020 and are included in other assets. September 30 . |
Credit Agreement
Credit Agreement | 9 Months Ended |
Sep. 30, 2021 | |
Credit Agreement [Abstract] | |
Credit Agreement | NOTE F – Credit Agreement On May 15, 2020 we entered into the Third Amendment to Amended and Restated Credit Agreement (as amended, the “Credit Agreement”) with a bank to permit certain sale-leaseback transactions as described in Note H. Our first borrowings under the facility, since its origination in 2008, were in March 2020. The Credit Agreement is a $60.0 million revolving credit facility secured by our inventory, accounts receivable, cash, and certain other personal property and matures on September 27, 2024. 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. 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 if unused availability is less than $12.5 million. We borrowed $43.8 million under the Credit Agreement in March 2020 and repaid the borrowings in June 2020. The interest rate on the outstanding balance was based on the three-month Euro dollar LIBOR rate plus 1.25% and on a weighted average basis was approximately 2.37%. Total interest paid under the Credit Agreement was $0.4 million for the nine months ended September 30, 2020. The borrowing base was $15.7 million at September 30, 2021, there were no outstanding letters of credit, and the net availability was $15.7 million. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2021 | |
Revenues [Abstract] | |
Revenues | Note G – Revenues We recognize revenue from merchandise sales and related service fees, net of expected returns and sales tax, at the time the merchandise is delivered to the customer. We record customer deposits when payments are received in advance of the delivery of merchandise, which totaled $120.1 million and $86.2 million at September 30, 2021 and December 31, 2020, respectively. Of the customer deposit liabilities at December 31, 2020, approximately $0.5 million has not been recognized through net sales in the nine months ended September 30, 2021. The following table presents our revenues disaggregated by each major product category and service (dollars in thousands, amounts and percentages may not always add due to rounding): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) Net Sales % of Net Sales Net Sales % of Net Sales Net Sales % of Net Sales Net Sales % of Net Sales Merchandise: Case Goods Bedroom Furniture $ 41,438 15.9 % $ 29,725 13.7 % $ 121,848 16.3 % $ 76,638 15.1 % Dining Room Furniture 29,047 11.2 22,994 10.6 84,965 11.4 54,067 10.7 Occasional 21,955 8.4 19,220 8.8 66,128 8.8 46,665 9.2 92,440 35.5 71,939 33.1 272,941 36.5 177,371 35.0 Upholstery 109,375 42.0 95,554 43.9 305,842 41.0 213,656 42.1 Mattresses 23,616 9.1 21,431 9.9 68,257 9.1 50,625 10.0 Accessories and Other (1) 34,948 13.4 28,590 13.1 99,818 13.4 65,261 12.9 $ 260,378 100.0 % $ 217,513 100.0 % $ 746,858 100.0 % $ 506,913 100.0 % (1) |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | NOTE H – Leases We have operating leases for retail stores, 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 determine if an arrangement is or contains a lease at lease inception. Our leases do not have any residual value guarantees or any restrictions or covenants imposed by lessors. We have lease agreements for real estate with lease and non-lease components, which are accounted for separately. 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 in the period incurred. As of September 30, 2021, we had entered into one lease for an additional retail location which had not yet commenced and was under construction. Lease expense is charged to selling, general and administrative expenses. Components of lease expense were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 11,440 $ 11,596 $ 35,140 $ 33,111 Variable lease cost 1,739 1,627 4,856 3,825 Total lease expense $ 13,179 $ 13,223 $ 39,996 $ 36,936 In June 2021, we renewed the lease covering ten retail locations. This increased our right-of-use assets approximately $17.6 million and lease liability $20.6 million, and we recorded $3.0 million in tenant incentives. In August 2021, we purchased a distribution center which was part of the sale and leaseback transaction which occurred in May 2020 and which is described below. We also purchased a retail location at the end of its lease term. These purchases decreased our right of use assets and lease liabilities approximately $5.3 million . Supplemental cash flow information related to leases is as follows (in thousands): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,428 $ 25,099 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 24,213 $ 83,550 S ale and Leaseback Transaction On May 18, 2020, we completed a sale and leaseback transaction of three of our distribution facilities. The total purchase price for the three properties, excluding costs and taxes, was $70.0 million and the net book value was $37.9 million. We recorded a gain of $31.6 million in May 2020 which is included in other income. The three properties were leased back to us under 15-year operating lease agreements with renewal options. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE I – Income Taxes Our effective tax rate for the nine months ended September 30, 2021 and 2020 was 23.1% and 25.8%, respectively. The primary difference in the effective rate and the statutory rate was due to state income taxes and the tax impact from vested stock awards. |
Stock Based Compensation Plan
Stock Based Compensation Plan | 9 Months Ended |
Sep. 30, 2021 | |
Stock Based Compensation Plan [Abstract] | |
Stock Based Compensation Plan | NOTE J – Stock Based Compensation Plan As more fully discussed in Note 12 of the notes to the consolidated financial statements in our 2020 Annual Report on Form 10-K, we have awards outstanding for Common Stock under stock-based employee compensation plans. Our shareholders approved a new stock-based compensation plan, the 2021 Long-Term Incentive Plan (the “2021 LTIP Plan”) and the 1,500,000 shares reserved for issuance under the 2021 LTIP Plan were registered with the SEC in August 2021. The 2021 LTIP Plan is substantially the same as our 2014 Long-Term Incentive Plan (the “2014 LTIP Plan”). No new grants may be awarded under the 2014 LTIP Plan. The following table summarizes our award activity during the nine months ended September 30, 2021: Service-Based Restricted Stock Awards Performance-Based Restricted Stock Awards Shares or Units (#) Weighted-Average Award Price ($) Shares or Units (#) Weighted-Average Award Price ($) Outstanding at December 31, 2020 239,281 20.77 213,895 21.08 Granted/Issued 119,921 33.29 93,685 32.83 Awards vested or rights exercised (1) (130,323 ) 21.28 (56,578 ) 22.95 Forfeited (5,621 ) 24.74 — — Additional units earned due to performance — — 77,265 20.42 Outstanding at September 30, 2021 223,258 27.10 328,267 23.96 Restricted units expected to vest 223,258 27.10 387,512 25.36 (1) Includes shares repurchased from employees for employee’s tax liability. The total fair value of service-based restricted stock awards that vested during the nine months ended September 30, 2021 was $ 6.1 million. The aggregate intrinsic value of outstanding service-based restricted stock awards was $7.5 million at September 30, 2021. The restrictions on the service-based awards generally lapse or vest annually, primarily over four-year and three-year periods. The total fair value of performance-based restricted stock awards that vested during the nine months ended September 30, 2021 was $2.0 million. The aggregate intrinsic value of outstanding performance awards at September 30, 2021 expected to vest was $13.1 million. The performance awards are based on one-year performance periods but cliff vest in approximately three years from grant date. The compensation for all awards is charged to selling, general and administrative expense over the respective grants’ vesting periods, primarily on a straight-line basis. The amount charged was approximately $6.5 million for the nine months ended September 30, 2021 and $3.4 million for the same period in 2020. Forfeitures are recognized as they occur. As of September 30, 2021, the total compensation cost related to unvested equity awards was approximately $8.6 million and is expected to be recognized over a weighted-average period of two years. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE K – 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Common: Distributed earnings $ 4,164 $ 3,423 $ 12,142 $ 9,475 Undistributed earnings 18,424 13,408 49,713 21,624 Basic 22,588 16,831 61,855 31,099 Class A Common earnings 1,645 1,430 4,642 2,621 Diluted $ 24,233 $ 18,261 $ 66,497 $ 33,720 Class A Common: Distributed earnings $ 297 $ 290 $ 868 $ 796 Undistributed earnings 1,348 1,140 3,774 1,825 $ 1,645 $ 1,430 $ 4,642 $ 2,621 Denominator: Common: Weighted average shares outstanding - basic 16,794 17,098 16,862 17,267 Assumed conversion of Class A Common Stock 1,290 1,526 1,344 1,530 Dilutive options, awards and common stock equivalents 478 240 506 241 Total weighted-average diluted Common Stock 18,562 18,864 18,712 19,038 Class A Common: Weighted average shares outstanding 1,290 1,526 1,344 1,530 Basic earnings per share: Common Stock $ 1.35 $ 0.98 $ 3.67 $ 1.80 Class A Common Stock $ 1.28 $ 0.94 $ 3.45 $ 1.71 Diluted earnings per share: Common Stock $ 1.31 $ 0.97 $ 3.55 $ 1.77 Class A Common Stock $ 1.25 $ 0.93 $ 3.38 $ 1.70 |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Business and Basis of Presentation [Abstract] | |
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 |
Use of Estimates | 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. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity [Abstract] | |
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. For the three months ended September 30, 2021: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Total Balances at June 30, 2021 $ 29,903 $ 1,813 $ 99,016 $ 338,341 $ (2,462 ) $ (177,199 ) $ 289,412 Net income 24,233 24,233 Dividends declared: Common Stock, $0.25 per share (4,164 ) (4,164 ) Class A Common Stock, $0.23 per share (297 ) (297 ) Class A conversion 3 (3 ) — Acquisition of treasury stock (19,493 ) (19,493 ) Amortization of restricted stock 1,800 1,800 Other comprehensive income 50 50 Balances at September 30, 2021 $ 29,906 $ 1,810 $ 100,816 $ 358,113 $ (2,412 ) $ (196,692 ) $ 291,541 For the nine months ended September 30, 2021: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Total Balances at December 31, 2020 $ 29,600 $ 1,996 $ 96,850 $ 304,626 $ (2,560 ) $ (177,545 ) $ 252,967 Net income 66,497 66,497 Dividends declared: Common Stock, $0.72 per share (12,142 ) (12,142 ) Class A Common Stock, $0.65 per share (868 ) (868 ) Class A conversion 186 (186 ) — Acquisition of treasury stock (19,493 ) (19,493 ) Restricted stock issuances 120 (3,014 ) (2,894 ) Amortization of restricted stock 6,456 6,456 Directors’ Compensation Plan 524 346 870 Other comprehensive income 148 148 Balances at September 30, 2021 $ 29,906 $ 1,810 $ 100,816 $ 358,113 $ (2,412 ) $ (196,692 ) $ 291,541 For the three months ended September 30, 2020: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Total Balances at June 30, 2020 $ 29,538 $ 2,054 $ 94,581 $ 304,900 $ (2,027 ) $ (164,668 ) $ 264,378 Net income 18,261 18,261 Dividends declared: Common Stock, $0.20 per share (3,423 ) (3,423 ) Class A Common Stock, $0.19 per share (290 ) (290 ) Class A conversion 17 (17 ) — Acquisition of treasury stock (12,899 ) (12,899 ) Amortization of restricted stock 1,325 1,325 Directors’ Compensation Plan (5 ) (5 ) Other comprehensive income 30 30 Balances at September 30, 2020 $ 29,555 $ 2,037 $ 95,901 $ 319,448 $ (1,997 ) $ (177,567 ) $ 267,377 For the nine months ended September 30, 2020: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Total Balances at December 31, 2019 $ 29,431 $ 2,054 $ 93,208 $ 295,999 $ (2,087 ) $ (158,102 ) $ 260,503 Net income 33,720 33,720 Dividends declared: Common Stock, $0.55 per share (9,475 ) (9,475 ) Class A Common Stock, $0.52 per share (796 ) (796 ) Class A conversion 17 (17 ) — Acquisition of treasury stock (19,708 ) (19,708 ) Restricted stock issuances 107 (983 ) (876 ) Amortization of restricted stock 3,362 3,362 Directors’ Compensation Plan 314 243 557 Other comprehensive income 90 90 Balances at September 30, 2020 $ 29,555 $ 2,037 $ 95,901 $ 319,448 $ (1,997 ) $ (177,567 ) $ 267,377 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenues [Abstract] | |
Revenues Disaggregated by Major Product Category and Service | The following table presents our revenues disaggregated by each major product category and service (dollars in thousands, amounts and percentages may not always add due to rounding): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) Net Sales % of Net Sales Net Sales % of Net Sales Net Sales % of Net Sales Net Sales % of Net Sales Merchandise: Case Goods Bedroom Furniture $ 41,438 15.9 % $ 29,725 13.7 % $ 121,848 16.3 % $ 76,638 15.1 % Dining Room Furniture 29,047 11.2 22,994 10.6 84,965 11.4 54,067 10.7 Occasional 21,955 8.4 19,220 8.8 66,128 8.8 46,665 9.2 92,440 35.5 71,939 33.1 272,941 36.5 177,371 35.0 Upholstery 109,375 42.0 95,554 43.9 305,842 41.0 213,656 42.1 Mattresses 23,616 9.1 21,431 9.9 68,257 9.1 50,625 10.0 Accessories and Other (1) 34,948 13.4 28,590 13.1 99,818 13.4 65,261 12.9 $ 260,378 100.0 % $ 217,513 100.0 % $ 746,858 100.0 % $ 506,913 100.0 % (1) |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Components of Lease Expense | Lease expense is charged to selling, general and administrative expenses. Components of lease expense were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 11,440 $ 11,596 $ 35,140 $ 33,111 Variable lease cost 1,739 1,627 4,856 3,825 Total lease expense $ 13,179 $ 13,223 $ 39,996 $ 36,936 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases is as follows (in thousands): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,428 $ 25,099 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 24,213 $ 83,550 |
Stock Based Compensation Plan (
Stock Based Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stock Based Compensation Plan [Abstract] | |
Award Activity | The following table summarizes our award activity during the nine months ended September 30, 2021: Service-Based Restricted Stock Awards Performance-Based Restricted Stock Awards Shares or Units (#) Weighted-Average Award Price ($) Shares or Units (#) Weighted-Average Award Price ($) Outstanding at December 31, 2020 239,281 20.77 213,895 21.08 Granted/Issued 119,921 33.29 93,685 32.83 Awards vested or rights exercised (1) (130,323 ) 21.28 (56,578 ) 22.95 Forfeited (5,621 ) 24.74 — — Additional units earned due to performance — — 77,265 20.42 Outstanding at September 30, 2021 223,258 27.10 328,267 23.96 Restricted units expected to vest 223,258 27.10 387,512 25.36 (1) Includes shares repurchased from employees for employee’s tax liability. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Common: Distributed earnings $ 4,164 $ 3,423 $ 12,142 $ 9,475 Undistributed earnings 18,424 13,408 49,713 21,624 Basic 22,588 16,831 61,855 31,099 Class A Common earnings 1,645 1,430 4,642 2,621 Diluted $ 24,233 $ 18,261 $ 66,497 $ 33,720 Class A Common: Distributed earnings $ 297 $ 290 $ 868 $ 796 Undistributed earnings 1,348 1,140 3,774 1,825 $ 1,645 $ 1,430 $ 4,642 $ 2,621 Denominator: Common: Weighted average shares outstanding - basic 16,794 17,098 16,862 17,267 Assumed conversion of Class A Common Stock 1,290 1,526 1,344 1,530 Dilutive options, awards and common stock equivalents 478 240 506 241 Total weighted-average diluted Common Stock 18,562 18,864 18,712 19,038 Class A Common: Weighted average shares outstanding 1,290 1,526 1,344 1,530 Basic earnings per share: Common Stock $ 1.35 $ 0.98 $ 3.67 $ 1.80 Class A Common Stock $ 1.28 $ 0.94 $ 3.45 $ 1.71 Diluted earnings per share: Common Stock $ 1.31 $ 0.97 $ 3.55 $ 1.77 Class A Common Stock $ 1.25 $ 0.93 $ 3.38 $ 1.70 |
Business and Basis of Present_3
Business and Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2021Segment | |
Business and Basis of Presentation [Abstract] | |
Number of reportable segments | 1 |
COVID-19 (Details)
COVID-19 (Details) - Store | May 01, 2020 | Jun. 20, 2020 |
COVID-19 [Member] | ||
COVID-19 [Abstract] | ||
Number of stores reopened | 103 | 17 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 289,412 | $ 264,378 | $ 252,967 | $ 260,503 |
Net income | 24,233 | 18,261 | 66,497 | 33,720 |
Class A conversion | 0 | 0 | 0 | 0 |
Acquisition of treasury stock | (19,493) | (12,899) | (19,493) | (19,708) |
Restricted stock issuances | (2,894) | (876) | ||
Amortization of restricted stock | 1,800 | 1,325 | 6,456 | 3,362 |
Director's compensation plan | 870 | 557 | ||
Director's compensation plan | (5) | |||
Other comprehensive income | 50 | 30 | 148 | 90 |
Ending balance | 291,541 | 267,377 | 291,541 | 267,377 |
Common Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Dividends declared | $ (4,164) | $ (3,423) | $ (12,142) | $ (9,475) |
Dividends declared (in dollars per share) | $ 0.25 | $ 0.20 | $ 0.72 | $ 0.55 |
Class A Common Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Dividends declared | $ (297) | $ (290) | $ (868) | $ (796) |
Dividends declared (in dollars per share) | $ 0.23 | $ 0.19 | $ 0.65 | $ 0.52 |
Common Stock [Member] | Common Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 29,903 | $ 29,538 | $ 29,600 | $ 29,431 |
Class A conversion | 3 | 17 | 186 | 17 |
Restricted stock issuances | 120 | 107 | ||
Ending balance | 29,906 | 29,555 | 29,906 | 29,555 |
Common Stock [Member] | Class A Common Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 1,813 | 2,054 | 1,996 | 2,054 |
Class A conversion | (3) | (17) | (186) | (17) |
Ending balance | 1,810 | 2,037 | 1,810 | 2,037 |
Additional Paid-In Capital [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 99,016 | 94,581 | 96,850 | 93,208 |
Restricted stock issuances | (3,014) | (983) | ||
Amortization of restricted stock | 1,800 | 1,325 | 6,456 | 3,362 |
Director's compensation plan | 524 | 314 | ||
Director's compensation plan | (5) | |||
Ending balance | 100,816 | 95,901 | 100,816 | 95,901 |
Retained Earnings [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 338,341 | 304,900 | 304,626 | 295,999 |
Net income | 24,233 | 18,261 | 66,497 | 33,720 |
Ending balance | 358,113 | 319,448 | 358,113 | 319,448 |
Retained Earnings [Member] | Common Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Dividends declared | (4,164) | (3,423) | (12,142) | (9,475) |
Retained Earnings [Member] | Class A Common Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Dividends declared | (297) | (290) | (868) | (796) |
Accumulated Other Comprehensive Loss [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (2,462) | (2,027) | (2,560) | (2,087) |
Other comprehensive income | 50 | 30 | 148 | 90 |
Ending balance | (2,412) | (1,997) | (2,412) | (1,997) |
Treasury Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (177,199) | (164,668) | (177,545) | (158,102) |
Acquisition of treasury stock | (19,493) | (12,899) | (19,493) | (19,708) |
Director's compensation plan | 346 | 243 | ||
Ending balance | $ (196,692) | $ (177,567) | $ (196,692) | $ (177,567) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - Level 1 [Member] - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Other Assets [Member] | ||
Fair Values of Financial Instruments [Abstract] | ||
Deferred compensation plans | $ 9.2 | $ 7.9 |
Other Liabilities [Member] | ||
Fair Values of Financial Instruments [Abstract] | ||
Deferred compensation plans | $ 9.2 | $ 8.1 |
Credit Agreement (Details)
Credit Agreement (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Credit Agreement [Abstract] | |||||
Proceeds from borrowings | $ 0 | $ 43,800 | |||
Repayment of borrowings | 0 | 43,800 | |||
Credit Agreement [Member] | |||||
Credit Agreement [Abstract] | |||||
Maximum borrowing capacity | $ 60,000 | ||||
Maturity date | Sep. 27, 2024 | ||||
Covenant limit for unused availability to pay dividends | $ 12,500 | ||||
Proceeds from borrowings | $ 43,800 | ||||
Repayment of borrowings | $ 43,800 | ||||
Weighted average interest rate | 2.37% | 2.37% | |||
Interest paid | $ 400 | ||||
Borrowing base | 15,700 | ||||
Outstanding letters of credit | 0 | ||||
Net availability | $ 15,700 | ||||
Credit Agreement [Member] | Euro Dollar LIBOR Rate [Member] | |||||
Credit Agreement [Abstract] | |||||
Term of variable interest rate | 3 months | ||||
Basis spread on variable rate | 1.25% |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||
Revenues [Abstract] | ||||||
Customer deposits | $ 120,149 | $ 120,149 | $ 86,183 | |||
Customer deposits not recognized through net sales | 500 | |||||
Disaggregation of Revenue [Abstract] | ||||||
Net sales | $ 260,378 | $ 217,513 | $ 746,858 | $ 506,913 | ||
Percentage of net sales | 100.00% | 100.00% | 100.00% | 100.00% | ||
Case Goods [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Net sales | $ 92,440 | $ 71,939 | $ 272,941 | $ 177,371 | ||
Percentage of net sales | 35.50% | 33.10% | 36.50% | 35.00% | ||
Bedroom Furniture [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Net sales | $ 41,438 | $ 29,725 | $ 121,848 | $ 76,638 | ||
Percentage of net sales | 15.90% | 13.70% | 16.30% | 15.10% | ||
Dining Room Furniture [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Net sales | $ 29,047 | $ 22,994 | $ 84,965 | $ 54,067 | ||
Percentage of net sales | 11.20% | 10.60% | 11.40% | 10.70% | ||
Occasional [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Net sales | $ 21,955 | $ 19,220 | $ 66,128 | $ 46,665 | ||
Percentage of net sales | 8.40% | 8.80% | 8.80% | 9.20% | ||
Upholstery [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Net sales | $ 109,375 | $ 95,554 | $ 305,842 | $ 213,656 | ||
Percentage of net sales | 42.00% | 43.90% | 41.00% | 42.10% | ||
Mattresses [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Net sales | $ 23,616 | $ 21,431 | $ 68,257 | $ 50,625 | ||
Percentage of net sales | 9.10% | 9.90% | 9.10% | 10.00% | ||
Accessories and Other [Member] | ||||||
Disaggregation of Revenue [Abstract] | ||||||
Net sales | [1] | $ 34,948 | $ 28,590 | $ 99,818 | $ 65,261 | |
Percentage of net sales | 13.40% | 13.10% | 13.40% | 12.90% | ||
[1] | Includes delivery charges and product protection. |
Leases (Details)
Leases (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Aug. 31, 2021USD ($) | Jun. 30, 2021USD ($)Location | May 31, 2020USD ($) | Sep. 30, 2021USD ($)Lease | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Lease | Sep. 30, 2020USD ($) | May 18, 2020USD ($)Property | |
Operating Leases [Abstract] | ||||||||
Number of leases for additional retail locations not yet commenced | Lease | 1 | 1 | ||||||
Lease Expense [Abstract] | ||||||||
Operating lease cost | $ 11,440 | $ 11,596 | $ 35,140 | $ 33,111 | ||||
Variable lease cost | 1,739 | 1,627 | 4,856 | 3,825 | ||||
Total lease expense | $ 13,179 | $ 13,223 | 39,996 | 36,936 | ||||
Number of leases covering retail locations renewed | Location | 10 | |||||||
Increase (decrease) in right-of-use assets | $ (5,300) | $ 17,600 | ||||||
Increase (decrease) in lease liability | $ (5,300) | 20,600 | ||||||
Tenant incentives | $ 3,000 | |||||||
Cash Paid for Amounts Included in the Measurement of Lease Liabilities [Abstract] | ||||||||
Operating cash flows from operating leases | 35,428 | 25,099 | ||||||
Right-of-use Assets Obtained in Exchange for Lease Obligations [Abstract] | ||||||||
Operating leases | $ 24,213 | $ 83,550 | ||||||
Sale and Leaseback Transaction [Abstract] | ||||||||
Number of properties included in sale and leaseback transaction | Property | 3 | |||||||
Purchase price | $ 70,000 | |||||||
Net book value of three properties | $ 37,900 | |||||||
Term of operating lease | 15 years | 15 years | ||||||
Minimum [Member] | ||||||||
Operating Leases [Abstract] | ||||||||
Remaining lease term | 1 year | 1 year | ||||||
Maximum [Member] | ||||||||
Operating Leases [Abstract] | ||||||||
Remaining lease term | 14 years | 14 years | ||||||
Term of lease extension | 20 years | 20 years | ||||||
Other Income [Member] | ||||||||
Sale and Leaseback Transaction [Abstract] | ||||||||
Gain on sale and leaseback transaction | $ 31,600 |
Income Taxes (Details)
Income Taxes (Details) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income Taxes [Abstract] | ||
Effective tax rate | 23.10% | 25.80% |
Stock Based Compensation Plan_2
Stock Based Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Aug. 31, 2021 | ||
Stock Based Compensation Plan [Abstract] | ||||
Compensation cost related to unvested equity awards | $ 8.6 | |||
Weighted-average period for recognition of cost | 2 years | |||
Selling, General and Administrative Expense [Member] | ||||
Stock Based Compensation Plan [Abstract] | ||||
Stock-based compensation expense | $ 6.5 | $ 3.4 | ||
Service-Based Restricted Stock Awards [Member] | ||||
Award Activity [Roll Forward] | ||||
Outstanding, beginning balance (in shares) | 239,281 | |||
Granted/Issued (in shares) | 119,921 | |||
Awards vested or rights exercised (in shares) | [1] | (130,323) | ||
Forfeited (in shares) | (5,621) | |||
Outstanding, ending balance (in shares) | 223,258 | |||
Expected to vest (in shares) | 223,258 | |||
Weighted-Average Award Price [Roll Forward] | ||||
Outstanding, beginning balance (in dollars per share) | $ 20.77 | |||
Granted/Issued (in dollars per share) | 33.29 | |||
Awards vested or rights exercised (in dollars per share) | [1] | 21.28 | ||
Forfeited (in dollars per share) | 24.74 | |||
Outstanding, ending balance (in dollars per share) | 27.10 | |||
Expected to vest (in dollars per share) | $ 27.10 | |||
Stock Based Compensation Plan [Abstract] | ||||
Fair value of vested shares | $ 6.1 | |||
Aggregate intrinsic value of outstanding awards | $ 7.5 | |||
Service-Based Restricted Stock Awards [Member] | Minimum [Member] | ||||
Stock Based Compensation Plan [Abstract] | ||||
Vesting period of awards | 3 years | |||
Service-Based Restricted Stock Awards [Member] | Maximum [Member] | ||||
Stock Based Compensation Plan [Abstract] | ||||
Vesting period of awards | 4 years | |||
Performance-Based Restricted Stock Awards [Member] | ||||
Award Activity [Roll Forward] | ||||
Outstanding, beginning balance (in shares) | 213,895 | |||
Granted/Issued (in shares) | 93,685 | |||
Awards vested or rights exercised (in shares) | [1] | (56,578) | ||
Forfeited (in shares) | 0 | |||
Additional units earned due to performance (in shares) | 77,265 | |||
Outstanding, ending balance (in shares) | 328,267 | |||
Expected to vest (in shares) | 387,512 | |||
Weighted-Average Award Price [Roll Forward] | ||||
Outstanding, beginning balance (in dollars per share) | $ 21.08 | |||
Granted/Issued (in dollars per share) | 32.83 | |||
Awards vested or rights exercised (in dollars per share) | [1] | 22.95 | ||
Forfeited (in dollars per share) | 0 | |||
Additional units earned due to performance (in dollars per share) | 20.42 | |||
Outstanding, ending balance (in dollars per share) | 23.96 | |||
Expected to vest (in dollars per share) | $ 25.36 | |||
Stock Based Compensation Plan [Abstract] | ||||
Fair value of vested shares | $ 2 | |||
Aggregate intrinsic value of outstanding awards | $ 13.1 | |||
Performance period | 1 year | |||
Cliff vesting period | 3 years | |||
2021 LTIP Plan [Member] | ||||
Stock Based Compensation Plan [Abstract] | ||||
Shares registered under the plan (in shares) | 1,500,000 | |||
[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 | 9 Months Ended | ||
Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2021USD ($)Vote$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | |
Common Stock [Member] | ||||
Earnings Per Share [Abstract] | ||||
Percentage of earnings assumed to be distributed as dividends in earnings per share calculation | 100.00% | |||
Preferential dividend rate | 105.00% | |||
Number of votes per share | Vote | 1 | |||
Numerator [Abstract] | ||||
Distributed earnings | $ 4,164 | $ 3,423 | $ 12,142 | $ 9,475 |
Undistributed earnings | 18,424 | 13,408 | 49,713 | 21,624 |
Basic | 22,588 | 16,831 | 61,855 | 31,099 |
Diluted | $ 24,233 | $ 18,261 | $ 66,497 | $ 33,720 |
Denominator [Abstract] | ||||
Weighted average shares outstanding - basic (in shares) | shares | 16,794 | 17,098 | 16,862 | 17,267 |
Assumed conversion of Class A Common Stock (in shares) | shares | 1,290 | 1,526 | 1,344 | 1,530 |
Dilutive options, awards and common stock equivalents (in shares) | shares | 478 | 240 | 506 | 241 |
Total weighted-average diluted Common Stock (in shares) | shares | 18,562 | 18,864 | 18,712 | 19,038 |
Earnings Per Share [Abstract] | ||||
Basic earnings per share (in dollars per share) | $ / shares | $ 1.35 | $ 0.98 | $ 3.67 | $ 1.80 |
Diluted earnings per share (in dollars per share) | $ / shares | $ 1.31 | $ 0.97 | $ 3.55 | $ 1.77 |
Class A Common Stock [Member] | ||||
Earnings Per Share [Abstract] | ||||
Number of votes per share | Vote | 10 | |||
Numerator [Abstract] | ||||
Distributed earnings | $ 297 | $ 290 | $ 868 | $ 796 |
Undistributed earnings | 1,348 | 1,140 | 3,774 | 1,825 |
Basic | $ 1,645 | $ 1,430 | $ 4,642 | $ 2,621 |
Denominator [Abstract] | ||||
Weighted average shares outstanding (in shares) | shares | 1,290 | 1,526 | 1,344 | 1,530 |
Earnings Per Share [Abstract] | ||||
Basic earnings per share (in dollars per share) | $ / shares | $ 1.28 | $ 0.94 | $ 3.45 | $ 1.71 |
Diluted earnings per share (in dollars per share) | $ / shares | $ 1.25 | $ 0.93 | $ 3.38 | $ 1.70 |