Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 27, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-20278 | |
Entity Registrant Name | ENCORE WIRE CORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 75-2274963 | |
Entity Address, Address Line One | 1329 Millwood Road | |
Entity Address, City or Town | McKinney | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75069 | |
City Area Code | 972 | |
Local Phone Number | 562-9473 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | WIRE | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,634,145 | |
Entity Central Index Key | 0000850460 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 154,968 | $ 183,123 |
Accounts receivable, net of allowance of $2,337 and $2,215 | 348,709 | 275,781 |
Inventories, net | 90,343 | 92,322 |
Income tax receivable | 0 | 1,256 |
Prepaid expenses and other | 2,278 | 2,651 |
Total current assets | 596,298 | 555,133 |
Property, plant and equipment - at cost: | ||
Land and land improvements | 60,662 | 60,662 |
Construction-in-progress | 113,788 | 91,688 |
Buildings and improvements | 153,141 | 153,094 |
Machinery and equipment | 378,465 | 373,902 |
Furniture and fixtures | 12,015 | 15,345 |
Total property, plant and equipment | 718,071 | 694,691 |
Accumulated depreciation | (284,853) | (283,923) |
Property, plant and equipment - net | 433,218 | 410,768 |
Other assets | 670 | 553 |
Total assets | 1,030,186 | 966,454 |
Current liabilities: | ||
Trade accounts payable | 69,811 | 56,726 |
Accrued liabilities | 34,886 | 36,866 |
Income taxes payable | 13,190 | 0 |
Total current liabilities | 117,887 | 93,592 |
Deferred income taxes and other | 32,902 | 35,133 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock value | 0 | 0 |
Common stock value | 270 | 270 |
Additional paid-in capital | 68,777 | 67,885 |
Treasury stock, at cost – 6,468,705 and 6,468,705 shares | (111,718) | (111,718) |
Retained earnings | 922,068 | 881,292 |
Total stockholders’ equity | 879,397 | 837,729 |
Total liabilities and stockholders’ equity | $ 1,030,186 | $ 966,454 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 2,337 | $ 2,215 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 27,040,850 | 27,025,388 |
Treasury stock, shares (in shares) | 6,468,705 | 6,468,705 |
Statements of Income
Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 444,140 | $ 302,794 |
Cost of goods sold | 359,636 | 257,021 |
Gross profit | 84,504 | 45,773 |
Selling, general, and administrative expenses | 31,152 | 22,290 |
Operating income | 53,352 | 23,483 |
Net interest and other income | 25 | 884 |
Income before income taxes | 53,377 | 24,367 |
Provision for income taxes | 12,188 | 5,760 |
Net income | $ 41,189 | $ 18,607 |
Earnings per common and common equivalent share - basic (in usd per share) | $ 2 | $ 0.89 |
Earnings per common and common equivalent share - diluted (in usd per share) | $ 1.99 | $ 0.89 |
Weighted average common and common equivalent shares outstanding - basic (in shares) | 20,568 | 20,792 |
Weighted average common and common equivalent shares outstanding - diluted (in shares) | 20,719 | 20,851 |
Cash dividends declared per share (in usd per share) | $ 0.02 | $ 0.02 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings |
Beginning balance (in shares) at Dec. 31, 2019 | 26,939,000 | (6,027,000) | |||
Beginning balance at Dec. 31, 2019 | $ 779,096 | $ 269 | $ 63,009 | $ (91,056) | $ 806,874 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 18,607 | 18,607 | |||
Exercise of stock options | 0 | ||||
Stock-based compensation (in shares) | 8,000 | ||||
Stock-based compensation | 460 | 460 | |||
Dividends declared | $ (411) | (411) | |||
Purchase of treasury stock (in shares) | (439,112) | (439,000) | |||
Purchase of treasury stock | $ (20,580) | $ (20,580) | |||
Ending balance (in shares) at Mar. 31, 2020 | 26,947,000 | (6,466,000) | |||
Ending balance at Mar. 31, 2020 | 777,172 | $ 269 | 63,469 | $ (111,636) | 825,070 |
Beginning balance (in shares) at Dec. 31, 2020 | 27,025,000 | (6,468,000) | |||
Beginning balance at Dec. 31, 2020 | 837,729 | $ 270 | 67,885 | $ (111,718) | 881,292 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 41,189 | 41,189 | |||
Exercise of stock options (in shares) | 3,000 | ||||
Exercise of stock options | 155 | 155 | |||
Stock-based compensation (in shares) | 13,000 | ||||
Stock-based compensation | 737 | 737 | |||
Dividends declared | $ (413) | (413) | |||
Purchase of treasury stock (in shares) | 0 | ||||
Ending balance (in shares) at Mar. 31, 2021 | 27,041,000 | (6,468,000) | |||
Ending balance at Mar. 31, 2021 | $ 879,397 | $ 270 | $ 68,777 | $ (111,718) | $ 922,068 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared per share (in usd per share) | $ 0.02 | $ 0.02 |
Statements of Cash Flow
Statements of Cash Flow - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities: | ||
Net income | $ 41,189 | $ 18,607 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 5,300 | 4,571 |
Deferred income taxes | (2,276) | 2,719 |
Stock-based compensation attributable to equity awards | 737 | 460 |
Other | 48 | 530 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (72,928) | (1,725) |
Inventories | 1,979 | (884) |
Other assets | 907 | (2,127) |
Trade accounts payable and accrued liabilities | 9,753 | (16,302) |
Current income taxes receivable / payable | 14,446 | 3,156 |
Net cash provided by (used in) operating activities | (845) | 9,005 |
Investing Activities: | ||
Purchases of property, plant and equipment | (26,504) | (12,224) |
Proceeds from sale of assets | 0 | 90 |
Net cash used in investing activities | (26,504) | (12,134) |
Financing Activities: | ||
Deferred financing fees | (550) | 0 |
Purchase of treasury stock | 0 | (20,580) |
Proceeds from issuance of common stock, net | 155 | 0 |
Dividends paid | (411) | (418) |
Net cash used in financing activities | (806) | (20,998) |
Net decrease in cash and cash equivalents | (28,155) | (24,127) |
Cash and cash equivalents at beginning of period | 183,123 | 230,965 |
Cash and cash equivalents at end of period | $ 154,968 | $ 206,838 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited financial statements of Encore Wire Corporation (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Results of operations for interim periods presented do not necessarily indicate the results that may be expected for the entire year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In March 2020, the World Health Organization declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide. To date, COVID-19 has surfaced in nearly all regions around the world and resulted in travel restrictions and business slowdowns or shutdowns in affected areas. Almost all U.S. states, and many local jurisdictions and countries around the world, have, at times during the pandemic, issued “shelter-in-place” orders, quarantines, executive orders and similar government orders, restrictions, and recommendations for their residents to control the spread of COVID-19. The Company is unable to predict the impact that the continued spread of COVID-19 may have on our financial position and operating results in future periods due to numerous uncertainties. The duration and severity of the outbreak and its long-term impact on our business remain uncertain. Revenue Recognition The majority of our revenue is derived by fulfilling customer orders for the purchase of our products, which include electrical building wire and cable. We recognize revenue at the point in time that control of the ordered products is transferred to the customer, which is typically upon shipment to the customer from our manufacturing facilities and based on agreed upon shipping terms on the related purchase order. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis through standard payment terms. Revenue is measured as the amount of consideration we expect to receive in exchange for fulfilling product orders. The amount of consideration we expect to receive and revenue we recognize includes estimates for trade payment discounts and customer rebates which are estimated using historical experience and other relevant factors and is recorded within the same period that the revenue is recognized. We review and update these estimates regularly and the impact of any adjustments are recognized in the period the adjustments are identified. The adjustments resulting from updated estimates of trade payment discounts and customer rebates were not material. Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the sole source of authoritative U.S. GAAP other than Securities and Exchange Commission ("SEC") issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standard Update (“ASU”) to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. The following are those ASUs that are relevant to the Company. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. This ASU is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those reporting periods. We adopted this new standard January 1, 2021, and it has had no material impact on the Company's financial statements or disclosures. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories are stated at the lower of cost, determined by the last-in, first-out (LIFO) method, or market. Inventories consist of the following: In Thousands March 31, 2021 December 31, 2020 Raw materials $ 42,401 $ 40,842 Work-in-process 43,146 30,311 Finished goods 94,135 88,544 Total Inventory at FIFO cost 179,682 159,697 Adjust to LIFO cost (89,339) (67,375) Inventory, net $ 90,343 $ 92,322 Inventories are stated at the lower of cost, using the last-in, first out (“LIFO”) method, or market. The Company maintains two inventory pools for LIFO purposes. As permitted by U.S. generally accepted accounting principles, the Company maintains its inventory costs and cost of goods sold on a first-in, first-out (“FIFO”) basis and makes a monthly adjustment to adjust total inventory and cost of goods sold from FIFO to LIFO. The Company applies the lower of cost or market (“LCM”) test by comparing the LIFO cost of its raw materials, work-in-process and finished goods inventories to estimated market values, which are based primarily upon the most recent quoted market price of copper and other material prices as of the end of each reporting period. The Company performs a lower of cost or market calculation quarterly. As of March 31, 2021, no LCM adjustment was required. However, decreases in copper and other material prices could necessitate establishing an LCM reserve in future periods. Additionally, future reductions in the quantity of inventory on hand could cause copper or other raw materials that are carried in inventory at costs different from the cost of copper and other raw materials in the period in which the reduction occurs to be included in costs of goods sold for that period at the different price. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities consist of the following: In Thousands March 31, 2021 December 31, 2020 Sales rebates payable $ 17,793 $ 19,317 SAR Liability 4,551 5,343 Property taxes payable 1,009 4,427 Accrued salaries 6,560 4,096 Other accrued liabilities 4,973 3,683 Total accrued liabilities $ 34,886 $ 36,866 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income taxes were accrued at an effective rate of 22.8% in the first quarter of 2021 versus 23.6% in the first quarter of 2020, consistent with the Company’s estimated liabilities. In all periods, the differences between the provisions for income taxes and the income taxes computed using the federal income tax statutory rate are due primarily to the incremental taxes accrued for state and local taxes. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Earnings per common and common equivalent share are computed using the weighted average number of shares of common stock and common stock equivalents outstanding during each period. If dilutive, the effect of stock awards, treated as common stock equivalents, is calculated using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, In Thousands 2021 2020 Numerator: Net income $ 41,189 $ 18,607 Denominator: Denominator for basic earnings per share – weighted average shares 20,568 20,792 Effect of dilutive securities: Employee stock awards 151 59 Denominator for diluted earnings per share – weighted average shares 20,719 20,851 The weighted average number of employee stock awards excluded from the determination of diluted earnings per common and common equivalent share for the first quarter was zero in 2021 and 240,786 in 2020. Such awards were anti-dilutive for their respective periods. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT On February 9, 2021, the Company terminated its previous credit agreement and entered into a new Credit Agreement (the “2021 Credit Agreement”) with two banks, Bank of America, N.A., as administrative agent and letter of credit issuer, and Wells Fargo Bank, National Association, as syndication agent. The 2021 Credit Agreement extends through February 9, 2026 and provides for maximum borrowings of $200.0 million. At our request, and subject to certain conditions, the commitments under the 2021 Credit Agreement may be increased by a maximum of up to $100.0 million as long as existing or new lenders agree to provide such additional commitments. Borrowings under the line of credit bear interest, at the Company’s option, at either (1) LIBOR plus a margin that varies from 1.000% to 1.875% depending upon the Leverage Ratio (as defined in the 2021 Credit Agreement), or (2) the base rate (which is the highest of the federal funds rate plus 0.5%, the prime rate, or LIBOR plus 1.0%) plus 0% to 0.375% (depending upon the Leverage Ratio). A commitment fee ranging from 0.200% to 0.325% (depending upon the Leverage Ratio) is payable on the unused line of credit. At March 31, 2021, there were no borrowings outstanding under the 2021 Credit Agreement, and letters of credit outstanding in the amount of $0.6 million left $199.4 million of credit available under the 2021 Credit Agreement. Obligations under the 2021 Credit Agreement are the only contractual borrowing obligations or commercial borrowing commitments of the Company. Obligations under the 2021 Credit Agreement are unsecured and contain customary covenants and events of default. The Company was in compliance with the covenants as of March 31, 2021. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY On November 10, 2006, the Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to an authorized number of shares of its common stock on the open market or through privately negotiated transactions at prices determined by the President of the Company during the term of the program. The Company’s Board of Directors has authorized several increases and annual extensions of this stock repurchase program, and, as of March 31, 2021, 1,000,000 shares remained authorized for repurchase through March 31, 2022. The Company repurchased zero shares of its stock in the three months ended March 31, 2021 versus 439,112 shares in the three months ended March 31, 2020. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIESThere are no material pending proceedings to which the Company is a party or to which any of its property is subject. However, the Company is from time to time involved in litigation, certain other claims and arbitration matters arising in the ordinary course of its business. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited financial statements of Encore Wire Corporation (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Results of operations for interim periods presented do not necessarily indicate the results that may be expected for the entire year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. |
Revenue Recognition | Revenue Recognition The majority of our revenue is derived by fulfilling customer orders for the purchase of our products, which include electrical building wire and cable. We recognize revenue at the point in time that control of the ordered products is transferred to the customer, which is typically upon shipment to the customer from our manufacturing facilities and based on agreed upon shipping terms on the related purchase order. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis through standard payment terms. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the sole source of authoritative U.S. GAAP other than Securities and Exchange Commission ("SEC") issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standard Update (“ASU”) to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. The following are those ASUs that are relevant to the Company. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. This ASU is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those reporting periods. We adopted this new standard January 1, 2021, and it has had no material impact on the Company's financial statements or disclosures. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consist of the following: In Thousands March 31, 2021 December 31, 2020 Raw materials $ 42,401 $ 40,842 Work-in-process 43,146 30,311 Finished goods 94,135 88,544 Total Inventory at FIFO cost 179,682 159,697 Adjust to LIFO cost (89,339) (67,375) Inventory, net $ 90,343 $ 92,322 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: In Thousands March 31, 2021 December 31, 2020 Sales rebates payable $ 17,793 $ 19,317 SAR Liability 4,551 5,343 Property taxes payable 1,009 4,427 Accrued salaries 6,560 4,096 Other accrued liabilities 4,973 3,683 Total accrued liabilities $ 34,886 $ 36,866 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Earnings (Loss) Per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, In Thousands 2021 2020 Numerator: Net income $ 41,189 $ 18,607 Denominator: Denominator for basic earnings per share – weighted average shares 20,568 20,792 Effect of dilutive securities: Employee stock awards 151 59 Denominator for diluted earnings per share – weighted average shares 20,719 20,851 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 42,401 | $ 40,842 |
Work-in-process | 43,146 | 30,311 |
Finished goods | 94,135 | 88,544 |
Total Inventory at FIFO cost | 179,682 | 159,697 |
Adjust to LIFO cost | (89,339) | (67,375) |
Inventory, net | $ 90,343 | $ 92,322 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | ||
Increase (decrease) in cost of sales from LIFO adjustment | $ 22 | $ (9.6) |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities, Current [Abstract] | ||
Sales rebates payable | $ 17,793 | $ 19,317 |
SAR Liability | 4,551 | 5,343 |
Property taxes payable | 1,009 | 4,427 |
Accrued salaries | 6,560 | 4,096 |
Other accrued liabilities | 4,973 | 3,683 |
Total accrued liabilities | $ 34,886 | $ 36,866 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate (as a percent) | 22.80% | 23.60% |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Net Earnings (Loss) Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net income | $ 41,189 | $ 18,607 |
Denominator: | ||
Denominator for basic earnings per share – weighted average shares (in shares) | 20,568 | 20,792 |
Effect of dilutive securities: | ||
Denominator for diluted earnings per share – weighted average shares (in shares) | 20,719 | 20,851 |
Employee stock awards | ||
Effect of dilutive securities: | ||
Employee stock awards (in shares) | 151 | 59 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Weighted average employee stock options excluded from the determination of diluted net income per common and common equivalent share (in shares) | 0 | 240,786 |
Debt (Details)
Debt (Details) | Feb. 09, 2021USD ($)bank | Mar. 31, 2021USD ($) |
Line of Credit Facility [Line Items] | ||
Number of banks to which company is party to a credit agreement | bank | 2 | |
Outstanding borrowings | $ 0 | |
Letters of credit outstanding | 600,000 | |
Remaining borrowing capacity | $ 199,400,000 | |
Credit Agreement | ||
Line of Credit Facility [Line Items] | ||
Calculated maximum borrowings | $ 200,000,000 | |
Available increase in borrowings under Credit Agreement | $ 100,000,000 | |
Credit Agreement | Minimum | ||
Line of Credit Facility [Line Items] | ||
Percentage of commitment fee | 0.20% | |
Credit Agreement | Maximum | ||
Line of Credit Facility [Line Items] | ||
Percentage of commitment fee | 0.325% | |
Credit Agreement | Credit Agreement Interest Rate Option One | Minimum | London Interbank Offered Rate (LIBOR) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument basis spread on variable rate (as a percent) | 1.00% | |
Credit Agreement | Credit Agreement Interest Rate Option One | Maximum | London Interbank Offered Rate (LIBOR) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument basis spread on variable rate (as a percent) | 1.875% | |
Credit Agreement | Credit Agreement Interest Rate Option Two | London Interbank Offered Rate (LIBOR) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument basis spread on variable rate (as a percent) | 1.00% | |
Credit Agreement | Credit Agreement Interest Rate Option Two | Minimum | Base Rate | ||
Line of Credit Facility [Line Items] | ||
Debt instrument basis spread on variable rate (as a percent) | 0.00% | |
Credit Agreement | Credit Agreement Interest Rate Option Two | Maximum | Federal Funds Rate | ||
Line of Credit Facility [Line Items] | ||
Debt instrument basis spread on variable rate (as a percent) | 0.50% | |
Credit Agreement | Credit Agreement Interest Rate Option Two | Maximum | Base Rate | ||
Line of Credit Facility [Line Items] | ||
Debt instrument basis spread on variable rate (as a percent) | 0.375% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Repurchase of common stock authorized remaining (in shares) | 1,000,000,000 | |
Purchase of treasury stock (in shares) | 0 | 439,112 |