Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CARRIAGE SERVICES INC | ' |
Entity Central Index Key | '0001016281 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 18,498,656 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $731 | $1,377 |
Accounts receivable, net of allowance for bad debts of $847 in 2013 and $1,015 in 2014 | 18,252 | 17,950 |
Assets held for sale | 1,354 | 3,544 |
Inventories | 5,345 | 5,300 |
Prepaid expenses | 3,345 | 4,421 |
Other current assets | 3,130 | 3,525 |
Total current assets | 32,157 | 36,117 |
Preneed cemetery trust investments | 75,646 | 68,341 |
Preneed funeral trust investments | 100,347 | 97,144 |
Preneed receivables, net of allowance for bad debts of $1,825 in 2013 and $1,938 in 2014 | 26,439 | 24,521 |
Receivables from preneed trusts | 11,780 | 11,166 |
Property, plant and equipment, net of accumulated depreciation of $88,627 in 2013 and $91,795 in 2014 | 176,283 | 160,690 |
Cemetery property | 75,459 | 72,911 |
Goodwill | 253,573 | 221,087 |
Deferred charges and other non-current assets | 18,657 | 12,280 |
Cemetery perpetual care trust investments | 52,812 | 42,342 |
Total assets | 823,153 | 746,599 |
Current liabilities: | ' | ' |
Current portion of long-term debt and capital lease obligations | 9,908 | 13,424 |
Accounts payable | 6,162 | 7,046 |
Other liabilities | 9,329 | 9,939 |
Accrued liabilities | 13,301 | 12,854 |
Liabilities associated with assets held for sale | 360 | 4,357 |
Total current liabilities | 39,060 | 47,620 |
Long-term debt, net of current portion | 116,699 | 105,642 |
Revolving credit facility | 42,400 | 36,900 |
Convertible junior subordinated debentures due in 2029 to an affiliate | 0 | 89,770 |
Convertible subordinated notes due 2021 | 112,955 | 0 |
Obligations under capital leases, net of current portion | 3,201 | 3,786 |
Deferred preneed cemetery revenue | 57,394 | 55,479 |
Deferred preneed funeral revenue | 30,597 | 30,588 |
Deferred tax liability | 21,890 | 11,915 |
Other long-term liabilities | 1,220 | 1,548 |
Deferred preneed cemetery receipts held in trust | 75,646 | 68,341 |
Deferred preneed funeral receipts held in trust | 100,347 | 97,144 |
Care trusts’ corpus | 52,304 | 41,893 |
Total liabilities | 653,713 | 590,626 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock, $.01 par value; 80,000,000 shares authorized; 22,183,000 and 22,427,000 shares issued at December 31, 2013 and June 30, 2014, respectively | 224 | 222 |
Additional paid-in capital | 212,325 | 204,324 |
Accumulated deficit | -27,842 | -33,306 |
Treasury stock, at cost; 3,922,000 shares at December 31, 2013 and June 30, 2014 | -15,267 | -15,267 |
Total stockholders’ equity | 169,440 | 155,973 |
Total liabilities and stockholders’ equity | $823,153 | $746,599 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for bad debts | $1,015 | $847 |
Preneed receivables, allowance for bad debts | 1,938 | 1,825 |
Accumulated depreciation of property, plant and equipment | $91,795 | $88,627 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 22,427,000 | 22,183,000 |
Treasury stock, shares | 3,922,000 | 3,922,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | $56,504 | $53,811 | $112,157 | $110,934 |
Field costs and expenses: | ' | ' | ' | ' |
Depreciation and amortization | 2,675 | 2,694 | 5,090 | 5,162 |
Regional and unallocated funeral and cemetery costs | 1,693 | 2,313 | 4,073 | 5,072 |
Total field costs and expenses | 38,515 | 36,931 | 76,152 | 75,149 |
Gross profit | 17,989 | 16,880 | 36,005 | 35,785 |
Corporate costs and expenses: | ' | ' | ' | ' |
General and administrative costs and expenses | 6,847 | 7,076 | 16,182 | 13,358 |
Home office depreciation and amortization | 354 | 372 | 695 | 719 |
Total corporate costs and expenses | 7,201 | 7,448 | 16,877 | 14,077 |
Operating income | 10,788 | 9,432 | 19,128 | 21,708 |
Interest expense | -2,686 | -3,664 | -5,531 | -6,259 |
Amortization of Debt Discount (Premium) | -694 | 0 | -865 | 0 |
Loss on early extinguishment of debt | -1,042 | 0 | -1,042 | 0 |
Loss on redemption of convertible junior subordinated debentures | 0 | 0 | -3,779 | 0 |
Other Income | 0 | 0 | 1,130 | 0 |
Income from continuing operations before income taxes | 6,366 | 5,768 | 9,041 | 15,449 |
Provision for income taxes | -2,483 | -2,192 | -3,526 | -6,469 |
Net income from continuing operations | 3,883 | 3,576 | 5,515 | 8,980 |
Income (loss) from discontinued operations, net of tax | -637 | 568 | -51 | 423 |
Net income | 3,246 | 4,144 | 5,464 | 9,403 |
Preferred stock dividend | 0 | 0 | 0 | -4 |
Net income available to common stockholders | 3,246 | 4,144 | 5,464 | 9,399 |
Basic earnings (loss) per common share: | ' | ' | ' | ' |
Continuing operations (in dollars per Share) | $0.21 | $0.20 | $0.30 | $0.50 |
Discontinued operations (in dollars per Share) | ($0.03) | $0.03 | $0 | $0.02 |
Basic earnings per common share (in dollars per Share) | $0.18 | $0.23 | $0.30 | $0.52 |
Diluted earnings (loss) per common share: | ' | ' | ' | ' |
Continuing operations (in dollars per Share) | $0.21 | $0.20 | $0.30 | $0.46 |
Discontinued operations (in dollars per Share) | ($0.04) | $0.03 | ($0.01) | $0.02 |
Diluted earnings per common share (in dollars per Share) | $0.17 | $0.23 | $0.29 | $0.48 |
Dividends declared per common share (in dollars per Share) | $0.03 | $0.03 | $0.05 | $0.05 |
Weighted average number of common and common equivalent shares outstanding: | ' | ' | ' | ' |
Basic (in Shares) | 18,123 | 17,830 | 18,054 | 17,744 |
Diluted (in Shares) | 18,247 | 17,994 | 18,195 | 22,316 |
Funeral [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 42,192 | 40,436 | 86,157 | 85,295 |
Field costs and expenses: | ' | ' | ' | ' |
Total field costs and expenses | 26,093 | 24,287 | 51,976 | 50,463 |
Corporate costs and expenses: | ' | ' | ' | ' |
Income from continuing operations before income taxes | ' | ' | 27,291 | 27,300 |
Cemetery [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 14,312 | 13,375 | 26,000 | 25,639 |
Field costs and expenses: | ' | ' | ' | ' |
Total field costs and expenses | 8,054 | 7,637 | 15,013 | 14,452 |
Corporate costs and expenses: | ' | ' | ' | ' |
Income from continuing operations before income taxes | ' | ' | $8,074 | $7,811 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $5,464 | $9,403 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Gain on sale of businesses and purchase of other assets | -2,039 | -146 |
Impairment of goodwill | 1,180 | 100 |
Loss on early extinguishment of debt | 1,042 | 0 |
Depreciation and amortization | 5,801 | 5,953 |
Amortization of deferred financing costs | 456 | -36 |
Accretion of discount on convertible subordinated notes | 865 | 0 |
Provision for losses on accounts receivable | 1,338 | 782 |
Stock-based compensation expense | 2,782 | 1,624 |
Deferred income tax expense (benefit) | -1,884 | 1,894 |
Loss on redemption of convertible junior subordinated debentures | 3,779 | 0 |
Gain (Loss) On Repurchase Of Convertible Junior Subordinated Debentures Less Premium Paid | -2,932 | ' |
Other | -8 | 210 |
Changes in operating assets and liabilities that provided (required) cash: | ' | ' |
Accounts and preneed receivables | -1,783 | -2,070 |
Inventories and other current assets | 818 | 1,211 |
Deferred charges and other | -174 | 24 |
Preneed funeral and cemetery trust investments | -10,057 | -1,363 |
Accounts payable | -871 | -160 |
Accrued and other liabilities | -2,117 | 1,265 |
Deferred preneed funeral and cemetery revenue | 345 | -9,755 |
Deferred preneed funeral and cemetery receipts held in trust | 9,229 | 13,879 |
Net cash provided by operating activities | 13,319 | 22,815 |
Cash flows from investing activities: | ' | ' |
Acquisitions and land for new construction | -54,850 | -6,051 |
Net proceeds from the sale of businesses and other assets | 200 | 2,736 |
Capital expenditures | -9,693 | -4,468 |
Net cash used in investing activities | -64,343 | -7,783 |
Cash flows from financing activities: | ' | ' |
Net (payments) borrowings on the revolving credit facility | 5,500 | -10,100 |
Net (payments) borrowings on the term loan | 8,000 | -5,000 |
Proceeds from the issuance of convertible subordinated notes | 143,750 | 0 |
Payment of debt issuance costs related to the convertible subordinated notes | -4,650 | 0 |
Payments on other long-term debt and obligations under capital leases | -542 | -307 |
Redemption of convertible junior subordinated debentures | -89,748 | 0 |
Payments for performance-based stock awards | -16,150 | 0 |
Proceeds from the exercise of stock options and employee stock purchase plan contributions | 863 | 492 |
Dividends on common stock | -917 | -906 |
Dividend on redeemable preferred stock | 0 | -4 |
Payment of loan origination costs related to the credit facility | -797 | -565 |
Excess tax benefit of equity compensation | 5,069 | 1,178 |
Net cash provided by (used in) financing activities | 50,378 | -15,212 |
Net decrease in cash and cash equivalents | -646 | -180 |
Cash and cash equivalents at beginning of period | 1,377 | ' |
Cash and cash equivalents at end of period | $731 | ' |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
The Company | ||||||||
Carriage Services, Inc. (“Carriage”, the “Company”, “we”, “us” or “our”) is a leading provider of deathcare services and merchandise in the United States. As of June 30, 2014, we operated 167 funeral homes in 27 states and 32 cemeteries in 11 states. | ||||||||
Our operations are reported in two business segments: Funeral Home Operations and Cemetery Operations. Funeral homes are principally service businesses that provide funeral services (traditional burial and cremation) and sell related merchandise, such as caskets and urns. Cemeteries are primarily sales businesses providing interment rights (grave sites and mausoleums) and related merchandise, such as markers and memorials. | ||||||||
Principles of Consolidation | ||||||||
The accompanying Consolidated Financial Statements include us and our subsidiaries. All significant intercompany balances and transactions have been eliminated. | ||||||||
Interim Condensed Disclosures | ||||||||
The information for the three and six month periods ended June 30, 2013 and 2014 is unaudited, but in the opinion of management, reflects all adjustments which are normal, recurring and necessary for a fair presentation of our financial position and results of operations as of and for the interim periods presented. Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. The accompanying Consolidated Financial Statements have been prepared consistent with the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2013 and should be read in conjunction therewith. Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation with no effect on previously reported results of operations, consolidated financial position or cash flows. | ||||||||
Cash and Cash Equivalents | ||||||||
We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | ||||||||
Use of Estimates | ||||||||
The preparation of our Consolidated Financial Statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue recognition, realization of accounts receivable, goodwill, intangible assets, property and equipment and deferred tax assets and liabilities. We base our estimates on historical experience, third party data and assumptions that we believe to be reasonable under the circumstances. The results of these considerations form the basis for making judgments about the amount and timing of revenues and expenses, the carrying value of assets and the recorded amounts of liabilities. Actual results may differ from these estimates and such estimates may change if the underlying conditions or assumptions change. Historical performance should not be viewed as indicative of future performance, as there can be no assurance that our results of operations will be consistent from year to year. | ||||||||
Funeral and Cemetery Operations | ||||||||
We record the revenue from sales of funeral and cemetery merchandise and services when the merchandise is delivered or the service is performed. Sales of cemetery interment rights are recorded as revenue in accordance with the retail land sales provisions for accounting for sales of real estate. This method provides for the recognition of revenue in the period in which the customer’s cumulative payments exceed 10% of the contract price related to the interment right. Costs related to the sales of interment rights, which include real property and other costs related to cemetery development activities, are charged to operations using the specific identification method in the period in which the sale of the interment right is recognized as revenue. Revenues to be recognized from the delivery of merchandise and performance of services related to contracts that were acquired in acquisitions are typically lower than those originated by the Company. Sales taxes collected are recognized on a net basis in our Consolidated Financial Statements. | ||||||||
Allowances for bad debts and customer cancellations are provided at the date that the sale is recognized as revenue and are based on our historical experience and the current economic environment. We also monitor changes in delinquency rates and provide additional bad debt and cancellation reserves when warranted. When preneed sales of funeral services and merchandise are funded through third-party insurance policies, we earn a commission on the sale of the policies. Insurance commissions are recognized as revenues at the point at which the commission is no longer subject to refund, which is typically one year after the policy is issued. | ||||||||
Accounts receivable included approximately $8.4 million and $8.3 million of funeral receivables at December 31, 2013 and June 30, 2014, respectively, and $8.3 million and $9.6 million of cemetery receivables at December 31, 2013 and June 30, 2014, respectively. Non-current preneed receivables represent the payments expected to be received beyond one year from the balance sheet date. Non-current preneed receivables consisted of approximately $8.1 million and $7.8 million of funeral receivables at December 31, 2013 and June 30, 2014, respectively, and $16.5 million and $18.6 million of cemetery receivables at December 31, 2013 and June 30, 2014, respectively. Accounts receivable also include minor amounts of other receivables. Bad debt expense totaled $0.3 million and $0.6 million for the three months ended June 30, 2013 and 2014, respectively, and $0.8 million and $1.3 million for the six months ended June 30, 2013 and 2014, respectively. | ||||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment (including equipment under capital leases) are stated at cost. The costs of ordinary maintenance and repairs are charged to operations as incurred, while renewals and betterments are capitalized. Depreciation of property, plant and equipment (including equipment under capital leases) is computed based on the straight-line method. | ||||||||
Property, plant and equipment was comprised of the following at December 31, 2013 and June 30, 2014: | ||||||||
31-Dec-13 | 30-Jun-14 | |||||||
(in thousands) | ||||||||
Land | $ | 55,639 | $ | 62,435 | ||||
Buildings and improvements | 132,172 | 141,763 | ||||||
Furniture, equipment and automobiles | 61,506 | 63,880 | ||||||
Property, plant and equipment, at cost | 249,317 | 268,078 | ||||||
Less: accumulated depreciation | (88,627 | ) | (91,795 | ) | ||||
Property, plant and equipment, net | $ | 160,690 | $ | 176,283 | ||||
Significant activity in property, plant and equipment during the six months ended June 30, 2014 consisted of assets acquired from certain subsidiaries of Service Corporation International (“SCI”) and the acquisition of previously leased properties. We recorded a gain of approximately $1.1 million on the purchase of one of these properties that we had originally acquired under a capital lease. We recorded depreciation expense of approximately $2.2 million and $2.3 million for the three months ended June 30, 2013 and 2014, respectively, and $4.4 million and $4.5 million for the six months ended June 30, 2013 and 2014, respectively. | ||||||||
Discontinued Operations | ||||||||
We continually review locations to optimize the sustainable earning power and return on our invested capital. These reviews could entail selling certain non-strategic businesses. When we receive a letter of intent and financing commitment from a buyer and the sale is expected to occur within one year, the location is no longer reported within our continuing operations. The assets and liabilities associated with the location are reclassified as held-for-sale on our Consolidated Balance Sheets, and the operating results are presented on a comparative basis in the discontinued operations section of our Consolidated Statements of Operations. During the first quarter of 2014, we sold a cemetery in Florida which was reported as held-for-sale at December 31, 2013. As of June 30, 2014, we had two businesses classified as held-for-sale. See Note 4 to the Consolidated Financial Statements herein for more information. | ||||||||
Business Combinations | ||||||||
Tangible and intangible assets acquired and liabilities assumed are recorded at fair value and goodwill is recognized for any difference between the price of the acquisition and fair value. We customarily estimate related transaction costs known at closing. To the extent that information not available to us at the closing date of an acquisition subsequently becomes available during the allocation period, we may adjust goodwill, assets or liabilities associated with such acquisition. Acquisition related costs are recognized separately from acquisitions and are expensed as incurred. During the second quarter of 2014, we acquired six businesses from certain subsidiaries of SCI. See Note 3 to the Consolidated Financial Statements herein for more information concerning this acquisition. | ||||||||
Goodwill | ||||||||
The excess of the purchase price over the fair value of identifiable net assets of businesses acquired is recorded as goodwill. Goodwill has primarily been recorded in connection with the acquisition of funeral businesses. Goodwill is tested for impairment by assessing the fair value of each of our reporting units. The funeral segment reporting units consist of our East, Central and West regions in the United States, and we perform our annual impairment test of goodwill using information as of August 31 of each year. In addition, we assess the impairment of goodwill whenever events or changes in circumstances indicate that the carrying value may be greater than fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant adverse changes in the business climate which may be indicated by a decline in our market capitalization or decline in operating results. | ||||||||
Our methodology for goodwill impairment testing is described in more detail in Notes 1 and 4 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2013 and further discussion of current period activity in Note 5 to the Consolidated Financial Statements herein. | ||||||||
Intangible Assets | ||||||||
Our intangible assets include tradenames primarily resulting from acquisitions. Our tradenames are included in Deferred charges and other non-current assets on our Consolidated Balance Sheets. Our tradenames are considered to have an indefinite life and are not subject to amortization. We test for impairment of intangible assets annually at year end. | ||||||||
In addition to our annual review, we assess the impairment of intangible assets whenever events or changes in circumstances indicate that the carrying value may be greater than the fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant under performance relative to historical results and significant negative industry or economic trends. | ||||||||
Stock Plans and Stock-Based Compensation | ||||||||
We have stock-based employee and director compensation plans under which we may grant restricted stock, stock options, performance awards and stock from our employee stock purchase plan, which are described in more detail in Note 17 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2013. We recognize compensation expense in an amount equal to the fair value of the share-based awards expected to vest over the requisite service period. Fair value is determined on the date of the grant. The fair value of options or awards containing options is determined using the Black-Scholes valuation model. The fair value of the performance awards is determined using a Monte-Carlo simulation pricing model. See Note 17 to the Consolidated Financial Statements herein for additional information on our stock-based compensation plans. | ||||||||
Computation of Earnings Per Common Share | ||||||||
Basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares consist of stock options, convertible junior subordinated debentures and convertible subordinated notes. | ||||||||
Share-based awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are recognized as participating securities and included in the computation of both basic and diluted earnings per share. Our grants of restricted stock awards to our employees and directors are considered participating securities, and we have prepared our earnings per share calculations attributable to common stockholders to exclude outstanding unvested restricted stock awards, using the two-class method, in both the basic and diluted weighted average shares outstanding calculation. | ||||||||
The fully diluted weighted average shares outstanding for the six months ended June 30, 2013, and the corresponding calculation of fully diluted earnings per share, include approximately 4.4 million shares that would have been issued upon the conversion of our convertible junior subordinated debentures as a result of the application of the if-converted method prescribed by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 260-10-45. For the three months ended June 30, 2013, and the three and six months ended June 30, 2014, shares from the conversion of our convertible junior subordinated debentures and our convertible subordinated notes are excluded from the fully diluted earnings per share calculation because the inclusion of such converted shares would result in an antidilutive impact. | ||||||||
Preneed Funeral and Cemetery Trust Funds | ||||||||
Our preneed and perpetual care trust funds are reported in accordance with the principles of consolidating Variable Interest Entities (“VIEs”). In the case of preneed trusts, the customers are the legal beneficiaries. In the case of perpetual care trusts, we do not have a right to access the corpus in the perpetual care trusts. For these reasons, we have recognized financial interests of third parties in the trust funds in our financial statements as Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus. The investments of such trust funds are classified as available-for-sale and are reported at fair market value; therefore, the unrealized gains and losses, as well as accumulated and undistributed income and realized gains and losses are recorded to Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus on our Consolidated Balance Sheets. Our future obligations to deliver merchandise and services are reported at estimated settlement amounts. Preneed funeral and cemetery trust investments are reduced by the trust investment earnings that we have been allowed to withdraw in certain states prior to maturity. These earnings, along with preneed contract collections not required to be placed in trust, are recorded in Deferred preneed funeral revenue and Deferred preneed cemetery revenue until the service is performed or the merchandise is delivered. | ||||||||
In accordance with respective state laws, we are required to deposit a specified amount into perpetual and memorial care trust funds for each interment/entombment right and certain memorials sold. Income from the trust funds is distributed to us and used to provide care and maintenance of the cemeteries and mausoleums. Such trust fund income is recognized as revenue when realized by the trust and distributable to us. We are restricted from withdrawing any of the principal balances of these funds. | ||||||||
An enterprise is required to perform an analysis to determine whether the enterprise’s variable interest(s) give it a controlling financial interest in a VIE. This analysis identifies the primary beneficiary of a VIE as the enterprise that has both the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity that could potentially be significant to the VIE, or the right to receive benefits from the entity that could potentially be significant to the VIE. Our analysis continues to support our position as the primary beneficiary in the majority of our funeral and cemetery trust funds. | ||||||||
Trust management fees are earned by us for investment management and advisory services that are provided by our wholly-owned registered investment advisor (“CSV RIA”). As of June 30, 2014, CSV RIA provided these services to two institutions, which have custody of 79% of our trust assets, for a fee based on the market value of trust assets. Under state trust laws, we are allowed to charge the trust a fee for advising on the investment of the trust assets and these fees are recognized as income in the period in which services are provided. | ||||||||
Fair Value Measurements | ||||||||
We define fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). We disclose the extent to which fair value is used to measure financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date. We currently do not have any assets that have fair values determined by Level 3 inputs and no liabilities measured at fair value. We have not elected to measure any additional financial instruments and certain other items at fair value that are not currently required to be measured at fair value. | ||||||||
To determine the fair value of assets and liabilities in an environment where the volume and level of activity for the asset or liability have significantly decreased, the exit price is used as the fair value measurement. For the three and six months ended June 30, 2014, we did not incur significant decreases in the volume or level of activity of any asset or liability. We consider an impairment of debt and equity securities other-than-temporary unless (a) the investor has the ability and intent to hold an investment and (b) evidence indicating the cost of the investment is recoverable before we are more likely than not required to sell the investment. If an impairment is indicated, then an adjustment is made to reduce the carrying amount to fair value with a corresponding reduction to deferred preneed receipts held in trust. For the three months ended June 30, 2014, we recorded a $0.4 million impairment charge for other-than-temporary declines in fair value related to unrealized losses on certain investments. | ||||||||
In the ordinary course of business, we are typically exposed to a variety of market risks. Currently, these are primarily related to changes in fair market values related to outstanding debts and changes in the values of securities associated with the preneed and perpetual care trusts. Management is actively involved in monitoring exposure to market risk and developing and utilizing risk management techniques when appropriate and when available for a reasonable price. | ||||||||
Additional required disclosures are provided in Notes 6, 10 and 11 to the Consolidated Financial Statements herein. | ||||||||
Income Taxes | ||||||||
We and our subsidiaries file a consolidated U.S. Federal income tax return, separate income tax returns in 16 states in which we operate and combined or unitary income tax returns in 11 states in which we operate. We record deferred taxes for temporary differences between the tax basis and financial reporting basis of assets and liabilities. We record a valuation allowance to reflect the estimated amount of deferred tax assets for which realization is uncertain. Management reviews the valuation allowance at the end of each quarter and makes adjustments if it is determined that it is more likely than not that the tax benefits will be realized. | ||||||||
We analyze tax benefits for uncertain tax positions and how they are to be recognized, measured and derecognized in financial statements; provide certain disclosures of uncertain tax matters; and specify how reserves for uncertain tax positions should be classified on our Consolidated Balance Sheets. We have reviewed our income tax positions and identified certain tax deductions, primarily related to business acquisitions that are not certain. Our policy with respect to potential penalties and interest is to record them as “Other” expense and “Interest” expense, respectively. The entire balance of unrecognized tax benefits, if recognized, would affect our effective tax rate. | ||||||||
We do not anticipate a significant increase or decrease in unrecognized tax benefits during the next twelve months. | ||||||||
In September 2013, the U.S. Department of the Treasury and the Internal Revenue Service released final regulations relating to guidance on applying tax rules to amounts paid to acquire, produce or improve tangible personal property as well as rules for materials and supplies. The new guidance is required to be applied no later than our current tax year, which began on January 1, 2014. These regulations are not expected to have a material impact on our financial statements. | ||||||||
See Note 22 for further information regarding income taxes. | ||||||||
Subsequent Events | ||||||||
Management evaluated events and transactions during the period subsequent to June 30, 2014 through the date the financial statements were issued for potential recognition or disclosure in the accompanying financial statements covered by this report. For more information regarding subsequent events, see Note 22 to the Consolidated Financial Statements herein. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
RECENTLY ISSUED ACCOUNTING STANDARDS | ' |
RECENTLY ISSUED ACCOUNTING STANDARDS | |
Revenue from Contracts with Customers | |
In May 2014, the FASB created ASC Topic 606, Revenue from Contracts with Customers. ASC Topic 606 supersedes the revenue recognition requirements under ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the ASC. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The new guidance will significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. The new guidance is effective for the annual reporting period beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. We are currently evaluating the impact the adoption of this new accounting standard will have on our Consolidated Financial Statements. | |
Discontinued Operations and Disclosure of Disposals of Components of an Entity | |
In April 2014, the FASB modified the requirements for reporting a discontinued operation. The amended definition of “discontinued operations” includes only disposals or held-for-sale classifications for components or groups of components of an entity that represent a strategic shift that either has or will have a major effect on the entity’s operations or financial results. Examples of a strategic shift that has or will have a major effect on an entity’s operations and financial results include a disposal of a major geographical area, line of business, equity method of investment or other parts of an entity. The new definition of discontinued operations will significantly reduce the volume of transactions requiring discontinued operation presentation and disclosure. However, the new guidance also expands the disclosures required when an entity reports a discontinued operation or when it disposes of or classifies as held-for-sale an individually significant component that does not meet the definition of a discontinued operation. The new guidance is effective for all disposals or classifications as held-for-sale that occur in annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity cannot apply the amended guidance to a component or to a business that is classified as held-for-sale before the effective date, even if the component or business is disposed of after the effective date. Early adoption is permitted, but only for disposals or classifications as held-for-sale that have not been reported in previously issued financial statements. We will adopt this new guidance effective January 1, 2015. | |
Income Taxes | |
In July 2013, the FASB amended the Income Tax Topic of the ASC to eliminate the diversity in practice in the presentation of unrecognized tax benefits. The guidance requires an entity to net its liability for unrecognized tax benefits against the deferred tax assets for all same jurisdiction net operating losses or similar tax loss carryforwards or tax credit carryforwards. A gross presentation will be required only if such carryforwards are not available to settle any additional income taxes resulting from disallowance of the uncertain tax position or the entity does not intend to use these carryforwards for this purpose. This guidance is effective for the first annual or interim period beginning after December 15, 2013, thus effective for us beginning January 1, 2014. Our adoption of this new guidance effective January 1, 2014 did not have a material impact on our financial position or results of operations. |
Acquisitions
Acquisitions | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Business Combinations [Abstract] | ' | |||
ACQUISITIONS | ' | |||
ACQUISITIONS | ||||
Our growth strategy includes the execution of our Strategic Acquisition Model. We assess the strategic positioning of acquisition candidates based on the size of the business, competitive standing in the market (market share), market size, market demographics, client family revenue profile (customer preferences), barriers to entry, institutional strength of the brand, and long term volume and price trends. Acquisition candidates are prequalified using our Standards Operating Model and 4E Leadership Model to determine alignment with our operating strategy. The value of the acquisition candidates is based on local market competitive dynamic which allows for appropriate and differentiating enterprise valuations and flexibility to customize the transactions. | ||||
On May 15, 2014, we completed the acquisition of six businesses from certain subsidiaries of SCI. We acquired four businesses in New Orleans, Louisiana, consisting of four funeral homes, one of which was a combination funeral home and cemetery, and two funeral businesses in Alexandria, Virginia (collectively the “SCI Acquisition”) for $54.9 million. The assets and liabilities were recorded at fair value and included goodwill of $33.8 million. We acquired substantially all of the assets and assumed certain operating liabilities, including obligations associated with existing preneed contracts and certain capital lease obligations. The pro forma impact of the acquisition on the prior periods is not presented since the impact is not material to our Consolidated Financial Statements. The results of the acquired businesses are included in our results of operations from the date of acquisition. | ||||
The following table summarizes the fair value of the assets acquired and the liabilities assumed in the SCI Acquisition (in thousands): | ||||
Current assets | $ | 1,998 | ||
Property, plant & equipment | 16,457 | |||
Preneed cemetery trust investments | 3,632 | |||
Preneed funeral trust investments | 45 | |||
Goodwill | 33,826 | |||
Deferred charges and other non-current assets | 6,208 | |||
Cemetery perpetual care investments | 7,491 | |||
Obligations under capital leases | (1,960 | ) | ||
Deferred preneed cemetery revenue | (1,679 | ) | ||
Deferred preneed cemetery receipts held in trust | (3,632 | ) | ||
Deferred preneed funeral receipts held in trust | (45 | ) | ||
Care trusts' corpus | (7,491 | ) | ||
Cash paid | $ | 54,850 | ||
There were no business acquisitions in the six months ended June 30, 2013. We acquired land for approximately $6.0 million during the first quarter of 2013 for funeral home expansion projects. |
Assets_Held_for_Sale_and_Disco
Assets Held for Sale and Discontinued Operations | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Assets Held For Sale and Discontinued Operations [Abstract] | ' | |||||||||||||||
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | ' | |||||||||||||||
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | ||||||||||||||||
We continually review locations to optimize the sustainable earning power and return on our invested capital. These reviews could entail selling certain non-strategic businesses. | ||||||||||||||||
During the first quarter of 2014, we sold a cemetery in Florida which was reported as held-for-sale at December 31, 2013 for approximately $0.2 million in cash. | ||||||||||||||||
As of June 30, 2014, we had letters of intent outstanding on funeral homes in Ohio and Kentucky; as such, these businesses are no longer reported within our continuing operations. The assets and liabilities associated with these businesses are included in Assets held for sale and Liabilities associated with assets held for sale on our Consolidated Balance Sheet at June 30, 2014 and the operating results are presented on a comparative basis within discontinued operations on our Consolidated Statements of Operations. | ||||||||||||||||
Assets and liabilities associated with the businesses held for sale on our Consolidated Balance Sheets at December 31, 2013 and June 30, 2014 consisted of the following (in thousands): | ||||||||||||||||
December 31, 2013 | June 30, 2014 | |||||||||||||||
Assets: | ||||||||||||||||
Current assets | $ | 30 | $ | 7 | ||||||||||||
Preneed cemetery trust investments | 2,477 | — | ||||||||||||||
Preneed funeral trust investments | — | 137 | ||||||||||||||
Preneed receivables | 31 | — | ||||||||||||||
Property, plant and equipment, net | 311 | 1,193 | ||||||||||||||
Goodwill | — | 17 | ||||||||||||||
Cemetery perpetual care trust investments | 695 | — | ||||||||||||||
Total | $ | 3,544 | $ | 1,354 | ||||||||||||
Liabilities: | ||||||||||||||||
Current liabilities | $ | 10 | $ | 34 | ||||||||||||
Deferred preneed cemetery revenue | 1,185 | — | ||||||||||||||
Deferred preneed funeral revenue | — | 189 | ||||||||||||||
Deferred preneed cemetery receipts held in trust | 2,477 | — | ||||||||||||||
Deferred preneed funeral receipts held in trust | — | 137 | ||||||||||||||
Care trusts corpus | 685 | — | ||||||||||||||
Total | $ | 4,357 | $ | 360 | ||||||||||||
The operating results of the discontinued businesses for the three and six months ended June 30, 2013 and 2014, as well as the gain or loss on the disposal, is presented within discontinued operations on our Consolidated Statements of Operations, along with the income tax effect, as follows (in thousands): | ||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||
June 30, | ||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Revenues | $ | 1,289 | $ | 380 | $ | 2,913 | $ | 627 | ||||||||
Operating income | $ | 287 | $ | 136 | $ | 633 | $ | 188 | ||||||||
Gain (loss) on disposition | 630 | (1,180 | ) | 47 | (271 | ) | ||||||||||
Income tax (provision) benefit | (349 | ) | 407 | (257 | ) | 32 | ||||||||||
Income (loss) from discontinued operations | $ | 568 | $ | (637 | ) | $ | 423 | $ | (51 | ) | ||||||
Goodwill
Goodwill | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
GOODWILL | ' | |||
GOODWILL | ||||
Many of the former owners and staff of acquired funeral homes have provided high quality service to families for generations. The resulting loyalty often represents a substantial portion of the value of a business. The excess of the purchase price over the fair value of net identifiable assets acquired and liabilities assumed, as determined by management in business acquisition transactions accounted for as purchases, is recorded as goodwill. | ||||
The following table presents the changes in goodwill on our Consolidated Balance Sheets (in thousands): | ||||
Goodwill as of December 31, 2013 | $ | 221,087 | ||
Increase in goodwill related to acquisitions | 33,826 | |||
Impairments and changes in previous estimates | (1,323 | ) | ||
Reclassification of assets held-for-sale | (17 | ) | ||
Goodwill as of June 30, 2014 | $ | 253,573 | ||
The increase to goodwill in the six months ended June 30, 2014 represents the goodwill recorded in connection with the SCI Acquisition completed in May 2014. During the six months ended June 30, 2014, we recorded an impairment of $1.2 million related to a business discontinued in the second quarter of 2014 as the carrying value exceeded fair value. As such, this amount is recorded within discontinued operations on our Consolidated Statement of Operations. Additionally, we recorded a $0.1 million purchase price allocation adjustment related to a funeral home business acquisition completed in November 2013. Our purchase price allocation for this acquisition, as well as the SCI Acquisition, is dependent upon certain valuations, which have not progressed to a stage where there is sufficient information to make a definitive measure and allocation of goodwill and other intangible assets. Material revisions to the ongoing current estimates may be necessary when the valuation process is completed, which is expected to occur within a year after the respective acquisition closing dates. |
Preneed_Trust_Investments
Preneed Trust Investments | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Preneed Trust Investments [Abstract] | ' | |||||||||||||||||||||||
PRENEED TRUST INVESTMENTS | ' | |||||||||||||||||||||||
PRENEED TRUST INVESTMENT | ||||||||||||||||||||||||
Preneed Cemetery Trust Investments | ||||||||||||||||||||||||
Preneed cemetery trust investments represent trust fund assets that we are generally permitted to withdraw when the merchandise or services are provided. The components of Preneed cemetery trust investments on our Consolidated Balance Sheets at December 31, 2013 and June 30, 2014 are as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | June 30, 2014 | |||||||||||||||||||||||
Preneed cemetery trust investments, at fair value | $ | 70,386 | $ | 77,790 | ||||||||||||||||||||
Less: allowance for contract cancellation | (2,045 | ) | (2,144 | ) | ||||||||||||||||||||
Preneed cemetery trust investments, net | $ | 68,341 | $ | 75,646 | ||||||||||||||||||||
Upon cancellation of a preneed cemetery contract, a customer is generally entitled to receive a refund of the corpus, and in some cases, some or all of the earnings held in trust. In certain jurisdictions, we may be obligated to fund any shortfall if the amounts deposited by the customer exceed the funds in trust, including some or all investment income. As a result, when realized or unrealized losses of a trust result in the trust being under-funded, we assess whether we are responsible for replenishing the corpus of the trust, in which case a loss provision is recorded. At June 30, 2014, our preneed cemetery trust investments were not under-funded. | ||||||||||||||||||||||||
Earnings from our preneed cemetery trust investments are recognized in revenue when a service is performed or merchandise is delivered. Trust management fees charged by our wholly-owned registered investment advisor are included in revenue in the period in which they are earned. | ||||||||||||||||||||||||
Where quoted prices are available in an active market, investments held by the trusts are classified as Level 1 investments pursuant to the three-level valuation hierarchy. Our Level 1 investments include cash and common stock. Where quoted market prices are not available for the specific security, fair values are estimated by using quoted prices of similar securities in active markets or other inputs other than quoted prices that can corroborate observable market data. These investments are fixed income securities including foreign debt, corporate debt, preferred stocks and mortgage backed securities, all of which are classified within Level 2 of the valuation hierarchy. We review and update our fair value hierarchy classifications quarterly. There were no transfers between Levels 1 and 2 for the three and six months ended June 30, 2014. There are no Level 3 investments in the preneed cemetery trust investment portfolio. See Note 11 for further information of the fair value measurement and the three-level valuation hierarchy. | ||||||||||||||||||||||||
The cost and fair market values associated with preneed cemetery trust investments at June 30, 2014 are detailed below (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 2,342 | $ | — | $ | — | $ | 2,342 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Foreign debt | 2 | 4,835 | 227 | — | 5,062 | |||||||||||||||||||
Corporate debt | 2 | 30,451 | 906 | (919 | ) | 30,438 | ||||||||||||||||||
Preferred stock | 2 | 18,271 | 916 | (87 | ) | 19,100 | ||||||||||||||||||
Mortgage backed securities | 2 | 1 | — | — | 1 | |||||||||||||||||||
Common stock | 1 | 15,566 | 4,757 | (254 | ) | 20,069 | ||||||||||||||||||
Trust securities | $ | 71,466 | $ | 6,806 | $ | (1,260 | ) | $ | 77,012 | |||||||||||||||
Accrued investment income | $ | 778 | $ | 778 | ||||||||||||||||||||
Preneed cemetery trust investments | $ | 77,790 | ||||||||||||||||||||||
Fair market value as a percentage of cost | 107.8 | % | ||||||||||||||||||||||
The estimated maturities of the fixed income securities included above are as follows (in thousands): | ||||||||||||||||||||||||
Due in one year or less | $ | — | ||||||||||||||||||||||
Due in one to five years | 6,578 | |||||||||||||||||||||||
Due in five to ten years | 8,752 | |||||||||||||||||||||||
Thereafter | 39,271 | |||||||||||||||||||||||
Total | $ | 54,601 | ||||||||||||||||||||||
The cost and fair market values associated with preneed cemetery trust investments at December 31, 2013 are detailed below (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 1,541 | $ | — | $ | — | $ | 1,541 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Foreign debt | 2 | 3,460 | 146 | (3 | ) | 3,603 | ||||||||||||||||||
Corporate debt | 2 | 32,958 | 386 | (1,150 | ) | 32,194 | ||||||||||||||||||
Preferred stock | 2 | 17,754 | 178 | (273 | ) | 17,659 | ||||||||||||||||||
Mortgage backed securities | 2 | 1 | — | — | 1 | |||||||||||||||||||
Common stock | 1 | 12,431 | 2,362 | (267 | ) | 14,526 | ||||||||||||||||||
Trust securities | $ | 68,145 | $ | 3,072 | $ | (1,693 | ) | $ | 69,524 | |||||||||||||||
Accrued investment income | $ | 862 | $ | 862 | ||||||||||||||||||||
Preneed cemetery trust investments | $ | 70,386 | ||||||||||||||||||||||
Fair market value as a percentage of cost | 102 | % | ||||||||||||||||||||||
We determine whether or not the assets in the preneed cemetery trust investments have an other-than-temporary impairment on a security-by-security basis. This assessment is made based upon a number of criteria including the length of time a security has been in a loss position, changes in market conditions and concerns related to the specific issuer. If a loss is considered to be other-than-temporary, the cost basis of the security is adjusted downward to its fair market value. Any reduction in the cost basis of the investment due to an other-than-temporary impairment is likewise recorded as a reduction in Deferred preneed cemetery receipts held in trust on our Consolidated Balance Sheets. During the three months ended June 30, 2014, we recorded a $0.2 million impairment charge for other-than temporary declines in fair value related to unrealized losses on certain investments. There will be no impact on earnings until such time that the loss is realized in the trusts, allocated to the preneed contracts and the services are performed or the merchandise is delivered causing the contract to be withdrawn from the trust in accordance with state regulations. | ||||||||||||||||||||||||
At June 30, 2014, we had corporate debt and equity investments within our preneed cemetery trust investments that had tax lots in loss positions for more than one year. Based on our analyses of these securities, the companies’ businesses and current market conditions, we determined that these investment losses were temporary in nature. | ||||||||||||||||||||||||
Our cemetery merchandise and service trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of June 30, 2014 and December 31, 2013, are shown in the following tables (in thousands): | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
In Loss Position Less than 12 months | In Loss Position Greater than 12 months | Total | ||||||||||||||||||||||
Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | |||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Corporate debt | $ | 5,331 | $ | (395 | ) | $ | 2,015 | $ | (524 | ) | $ | 7,346 | $ | (919 | ) | |||||||||
Preferred stock | 1,712 | (16 | ) | 3,371 | (71 | ) | 5,083 | (87 | ) | |||||||||||||||
Common stock | 3,126 | (220 | ) | 102 | (34 | ) | 3,228 | (254 | ) | |||||||||||||||
Total temporary impaired securities | $ | 10,169 | $ | (631 | ) | $ | 5,488 | $ | (629 | ) | $ | 15,657 | $ | (1,260 | ) | |||||||||
31-Dec-13 | ||||||||||||||||||||||||
In Loss Position Less than 12 months | In Loss Position Greater than 12 months | Total | ||||||||||||||||||||||
Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | |||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Foreign debt | $ | 802 | $ | (3 | ) | $ | — | $ | — | $ | 802 | $ | (3 | ) | ||||||||||
Corporate debt | 11,561 | (553 | ) | 769 | (597 | ) | 12,330 | (1,150 | ) | |||||||||||||||
Preferred stock | 9,601 | (273 | ) | — | — | 9,601 | (273 | ) | ||||||||||||||||
Common stock | 1,077 | (171 | ) | 705 | (96 | ) | 1,782 | (267 | ) | |||||||||||||||
Total temporary impaired securities | $ | 23,041 | $ | (1,000 | ) | $ | 1,474 | $ | (693 | ) | $ | 24,515 | $ | (1,693 | ) | |||||||||
Preneed cemetery trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the three and six months ended June 30, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||
Investment income | $ | 1,072 | $ | 889 | $ | 1,765 | $ | 1,432 | ||||||||||||||||
Realized gains | 1,547 | 1,161 | 1,585 | 1,700 | ||||||||||||||||||||
Realized losses | (144 | ) | (640 | ) | (574 | ) | (828 | ) | ||||||||||||||||
Expenses and taxes | (1,684 | ) | (384 | ) | (2,065 | ) | (942 | ) | ||||||||||||||||
Decrease in deferred preneed cemetery receipts held in trust | (791 | ) | (1,026 | ) | (711 | ) | (1,362 | ) | ||||||||||||||||
$ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Purchases and sales of investments in the preneed cemetery trusts were as follows (in thousands): | ||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||
Purchases | $ | (11,543 | ) | $ | (13,498 | ) | $ | (15,705 | ) | $ | (21,658 | ) | ||||||||||||
Sales | $ | 13,811 | $ | 14,383 | $ | 18,820 | $ | 22,921 | ||||||||||||||||
Preneed Funeral Trust Investments | ||||||||||||||||||||||||
Preneed funeral trust investments represent trust fund assets that we are permitted to withdraw as services and merchandise are provided to customers. Preneed funeral contracts are secured by funds paid by the customer to us. Preneed funeral trust investments are reduced by the trust earnings we have been allowed to withdraw prior to our performance and amounts received from customers that are not required to be deposited into trust, pursuant to various state laws. The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2013 and June 30, 2014 were as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | June 30, 2014 | |||||||||||||||||||||||
Preneed funeral trust investments, at market value | $ | 100,005 | $ | 103,237 | ||||||||||||||||||||
Less: allowance for contract cancellation | (2,861 | ) | (2,890 | ) | ||||||||||||||||||||
Preneed funeral trust investments, net | $ | 97,144 | $ | 100,347 | ||||||||||||||||||||
Upon cancellation of a preneed funeral contract, a customer is generally entitled to receive a refund of the corpus and some or all of the earnings held in trust. In certain jurisdictions, we may be obligated to fund any shortfall if the amounts deposited by the customer exceed the funds in trust, including some or all investment income. As a result, when realized or unrealized losses of a trust result in the trust being under-funded, we assess whether we are responsible for replenishing the corpus of the trust, in which case a loss provision is recorded. At June 30, 2014, our preneed funeral trust investments were not under-funded. | ||||||||||||||||||||||||
Earnings from our preneed funeral trust investments are recognized in revenue when a service is performed or merchandise is delivered. Trust management fees charged by our wholly-owned registered investment advisor are included in revenue in the period in which they are earned. | ||||||||||||||||||||||||
Where quoted prices are available in an active market, investments held by the trusts are classified as Level 1 investments pursuant to the three-level valuation hierarchy. Our Level 1 investments include cash, U. S. treasury debt, common stock and equity mutual funds. Where quoted market prices are not available for the specific security, then fair values are estimated by using quoted prices of similar securities in active markets or other inputs other than quoted prices that can corroborate observable market data. These investments are fixed income securities including U.S. agency obligations, foreign debt, corporate debt, preferred stocks, mortgage backed securities and fixed income mutual funds and other investments, all of which are classified within Level 2 of the valuation hierarchy. We review and update our fair value hierarchy classifications quarterly. There were no transfers between Levels 1 and 2 for the three months ended June 30, 2014. During the six months ended June 30, 2014, we reclassified $0.4 million of U.S. Agency obligations from Level 1 investments to Level 2 investments due to reduced trading activity of these securities which caused the fair market price to be determined by other inputs other than quoted prices. There are no Level 3 investments in the preneed funeral trust investment portfolio. See Note 11 for further information of the fair value measurement and the three-level valuation hierarchy. | ||||||||||||||||||||||||
The cost and fair market values associated with preneed funeral trust investments at June 30, 2014 are detailed below (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 13,967 | $ | — | $ | — | $ | 13,967 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. treasury debt | 1 | 2,605 | 39 | (28 | ) | 2,616 | ||||||||||||||||||
U.S. agency obligations | 2 | 31 | — | — | 31 | |||||||||||||||||||
Foreign debt | 2 | 3,886 | 182 | — | 4,068 | |||||||||||||||||||
Corporate debt | 2 | 25,165 | 898 | (741 | ) | 25,322 | ||||||||||||||||||
Preferred stock | 2 | 15,561 | 832 | (70 | ) | 16,323 | ||||||||||||||||||
Mortgage backed securities | 2 | 342 | 11 | (4 | ) | 349 | ||||||||||||||||||
Common stock | 1 | 12,737 | 3,903 | (210 | ) | 16,430 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 13,858 | 1,378 | (1 | ) | 15,235 | ||||||||||||||||||
Fixed income | 2 | 5,332 | 184 | (64 | ) | 5,452 | ||||||||||||||||||
Other investments | 2 | 2,838 | — | (29 | ) | 2,809 | ||||||||||||||||||
Trust securities | $ | 96,322 | $ | 7,427 | $ | (1,147 | ) | $ | 102,602 | |||||||||||||||
Accrued investment income | $ | 635 | $ | 635 | ||||||||||||||||||||
Preneed funeral trust investments | $ | 103,237 | ||||||||||||||||||||||
Fair market value as a percentage of cost | 106.5 | % | ||||||||||||||||||||||
The estimated maturities of the fixed income securities included above are as follows (in thousands): | ||||||||||||||||||||||||
Due in one year or less | $ | 571 | ||||||||||||||||||||||
Due in one to five years | 6,403 | |||||||||||||||||||||||
Due in five to ten years | 8,092 | |||||||||||||||||||||||
Thereafter | 33,643 | |||||||||||||||||||||||
Total | $ | 48,709 | ||||||||||||||||||||||
The cost and fair market values associated with preneed funeral trust investments at December 31, 2013 are detailed below (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 14,631 | $ | — | $ | — | $ | 14,631 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. treasury debt | 1 | 2,212 | 47 | (54 | ) | 2,205 | ||||||||||||||||||
U.S. agency obligations | 1 | 401 | 8 | (7 | ) | 402 | ||||||||||||||||||
Foreign debt | 2 | 2,726 | 115 | (2 | ) | 2,839 | ||||||||||||||||||
Corporate debt | 2 | 27,993 | 375 | (957 | ) | 27,411 | ||||||||||||||||||
Preferred stock | 2 | 15,949 | 292 | (282 | ) | 15,959 | ||||||||||||||||||
Mortgage backed securities | 2 | 1 | — | — | 1 | |||||||||||||||||||
Common stock | 1 | 10,681 | 2,092 | (237 | ) | 12,536 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 11,632 | 2,708 | (22 | ) | 14,318 | ||||||||||||||||||
Fixed income | 2 | 5,455 | 88 | (179 | ) | 5,364 | ||||||||||||||||||
Other investments | 2 | 3,686 | — | (26 | ) | 3,660 | ||||||||||||||||||
Trust securities | $ | 95,367 | $ | 5,725 | $ | (1,766 | ) | $ | 99,326 | |||||||||||||||
Accrued investment income | $ | 679 | $ | 679 | ||||||||||||||||||||
Preneed funeral trust investments | $ | 100,005 | ||||||||||||||||||||||
Fair market value as a percentage of cost | 104.2 | % | ||||||||||||||||||||||
We determine whether or not the assets in the preneed funeral trust investments have other-than-temporary impairments on a security-by-security basis. This assessment is made based upon a number of criteria including the length of time a security has been in a loss position, changes in market conditions and concerns related to the specific issuer. If a loss is considered to be other-than-temporary, the cost basis of the security is adjusted downward to its fair market value. Any reduction in the cost basis of the investment due to an other-than-temporary impairment is likewise recorded as a reduction to Deferred preneed funeral receipts held in trust on our Consolidated Balance Sheets. During the three months ended June 30, 2014, we recorded a $0.1 million impairment charge for other-than temporary declines in fair value related to unrealized losses on certain investments. There will be no impact on earnings until such time that the loss is realized in the trusts, allocated to preneed contracts and the services are performed or the merchandise is delivered causing the contract to be withdrawn from the trust in accordance with state regulations. | ||||||||||||||||||||||||
At June 30, 2014, we had corporate debt and equity investments within our preneed funeral trust investments that had tax lots in loss positions for more than one year. Based on our analyses of these securities, the companies’ businesses and current market conditions, we determined that these investment losses were temporary in nature. | ||||||||||||||||||||||||
Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of June 30, 2014 and December 31, 2013 are shown in the following tables (in thousands): | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
In Loss Position Less than 12 months | In Loss Position Greater than 12 months | Total | ||||||||||||||||||||||
Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | |||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. debt | $ | 498 | $ | (2 | ) | $ | 826 | $ | (27 | ) | $ | 1,324 | $ | (29 | ) | |||||||||
Corporate debt | 4,298 | (318 | ) | 1,624 | (422 | ) | 5,922 | (740 | ) | |||||||||||||||
Preferred stock | 1,375 | (13 | ) | 2,709 | (57 | ) | 4,084 | (70 | ) | |||||||||||||||
Mortgage backed securities | — | — | 86 | (4 | ) | 86 | (4 | ) | ||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 2,589 | (182 | ) | 85 | (28 | ) | 2,674 | (210 | ) | |||||||||||||||
Equity and other | 61 | — | 20 | (1 | ) | 81 | (1 | ) | ||||||||||||||||
Fixed income | 219 | — | 1,457 | (64 | ) | 1,676 | (64 | ) | ||||||||||||||||
Other investments | — | — | 44 | (29 | ) | 44 | (29 | ) | ||||||||||||||||
Total temporary impaired securities | $ | 9,040 | $ | (515 | ) | $ | 6,851 | $ | (632 | ) | $ | 15,891 | $ | (1,147 | ) | |||||||||
31-Dec-13 | ||||||||||||||||||||||||
In Loss Position Less than 12 months | In Loss Position Greater than 12 months | Total | ||||||||||||||||||||||
Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | |||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. debt | $ | — | $ | — | $ | 816 | $ | (54 | ) | $ | 816 | $ | (54 | ) | ||||||||||
U.S. agency obligations | — | — | 211 | (7 | ) | 211 | (7 | ) | ||||||||||||||||
Foreign debt | 632 | (2 | ) | — | — | 632 | (2 | ) | ||||||||||||||||
Corporate debt | 9,620 | (460 | ) | 640 | (497 | ) | 10,260 | (957 | ) | |||||||||||||||
Preferred stock | 9,918 | (282 | ) | — | — | 9,918 | (282 | ) | ||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 954 | (152 | ) | 626 | (85 | ) | 1,580 | (237 | ) | |||||||||||||||
Equity and other | 314 | (13 | ) | 195 | (9 | ) | 509 | (22 | ) | |||||||||||||||
Fixed income | 865 | (43 | ) | 1,420 | (136 | ) | 2,285 | (179 | ) | |||||||||||||||
Other investments | — | — | 44 | (26 | ) | 44 | (26 | ) | ||||||||||||||||
Total temporary impaired securities | $ | 22,303 | $ | (952 | ) | $ | 3,952 | $ | (814 | ) | $ | 26,255 | $ | (1,766 | ) | |||||||||
Preneed funeral trust investment security transactions recorded in Interest expense on the Consolidated Statements of Operations for the three and six months ended June 30, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||
Investment income | $ | 917 | $ | 846 | $ | 1,523 | $ | 1,491 | ||||||||||||||||
Realized gains | 1,087 | 2,937 | 6,214 | 3,431 | ||||||||||||||||||||
Realized losses | (221 | ) | (538 | ) | (5,553 | ) | (736 | ) | ||||||||||||||||
Expenses and taxes | (807 | ) | (493 | ) | (1,055 | ) | (898 | ) | ||||||||||||||||
Decrease in deferred preneed funeral receipts held in trust | (976 | ) | (2,752 | ) | (1,129 | ) | (3,288 | ) | ||||||||||||||||
$ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Purchases and sales of investments in the preneed funeral trusts were as follows (in thousands): | ||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||
Purchases | $ | (7,903 | ) | $ | (22,526 | ) | $ | (11,089 | ) | $ | (29,517 | ) | ||||||||||||
Sales | $ | 10,313 | $ | 22,612 | $ | 14,228 | $ | 30,149 | ||||||||||||||||
Preneed_Cemetery_Receivables
Preneed Cemetery Receivables | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Preneed Cemetery Receivables [Abstract] | ' | |||||||||||||||||||||||||||
PRENEED CEMETERY RECEIVABLES | ' | |||||||||||||||||||||||||||
PRENEED CEMETERY RECEIVABLES | ||||||||||||||||||||||||||||
Preneed sales of cemetery interment rights and related products and services are usually financed through interest-bearing installment sales contracts, generally with terms of up to five years with such interest income reflected as Preneed cemetery finance charges. In substantially all cases, we receive an initial down payment at the time the contract is signed. At June 30, 2014, the balances of preneed receivables for cemetery interment rights and for merchandise and services were $23.5 million and $9.3 million, respectively, of which $10.3 million is presented in Accounts receivable and $22.5 million is presented in Preneed receivables. The unearned finance charges associated with these receivables were $3.8 million and $4.3 million at December 31, 2013 and June 30, 2014, respectively. | ||||||||||||||||||||||||||||
We determine an allowance for customer cancellations and refunds on contracts in which revenue has been recognized on sales of cemetery interment rights. We have a collections policy where past due notifications are sent to the customer beginning at 15 days past due and periodically thereafter until the contract is cancelled or payment is received. We reserve 100% of the receivables on contracts in which the revenue has been recognized and payments are 90 days past due or more, which was approximately 4.8% of the total receivables on recognized sales at June 30, 2014. An allowance is recorded at the date that the contract is executed and periodically adjusted thereafter based upon actual collection experience at the business level. For the six months ended June 30, 2014, the change in the allowance for contract cancellations was as follows (in thousands): | ||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||
Beginning balance | $ | 1,347 | ||||||||||||||||||||||||||
Write-offs and cancellations | (622 | ) | ||||||||||||||||||||||||||
Provision | 828 | |||||||||||||||||||||||||||
Ending balance | $ | 1,553 | ||||||||||||||||||||||||||
The aging of past due financing receivables as of June 30, 2014 was as follows (in thousands): | ||||||||||||||||||||||||||||
31-60 | 61-90 | 91-120 | >120 | Total Past | Current | Total Financing | ||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Due | Receivables | |||||||||||||||||||||||
Recognized revenue | $ | 709 | $ | 300 | $ | 160 | $ | 951 | $ | 2,120 | $ | 21,097 | $ | 23,217 | ||||||||||||||
Deferred revenue | 309 | 130 | 105 | 418 | 962 | 8,655 | 9,617 | |||||||||||||||||||||
Total contracts | $ | 1,018 | $ | 430 | $ | 265 | $ | 1,369 | $ | 3,082 | $ | 29,752 | $ | 32,834 | ||||||||||||||
The aging of past due financing receivables as of December 31, 2013 was as follows (in thousands): | ||||||||||||||||||||||||||||
31-60 | 61-90 | 91-120 | >120 | Total Past | Current | Total Financing | ||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Due | Receivables | |||||||||||||||||||||||
Recognized revenue | $ | 895 | $ | 372 | $ | 266 | $ | 683 | $ | 2,216 | $ | 18,628 | $ | 20,844 | ||||||||||||||
Deferred revenue | 355 | 191 | 85 | 271 | 902 | 7,890 | 8,792 | |||||||||||||||||||||
Total contracts | $ | 1,250 | $ | 563 | $ | 351 | $ | 954 | $ | 3,118 | $ | 26,518 | $ | 29,636 | ||||||||||||||
Receivables_from_Preneed_Trust
Receivables from Preneed Trusts | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Receivables From Preneed Trusts [Abstract] | ' | |||||||
RECEIVABLES FROM PRENEED TRUSTS | ' | |||||||
RECEIVABLES FROM PRENEED TRUSTS | ||||||||
The receivables from preneed trusts represent assets in trusts which are controlled and operated by third parties in which we do not have a controlling financial interest (less than 50%) in the trust assets. We account for these investments at cost. As of December 31, 2013 and June 30, 2014, receivables from preneed trusts were as follows (in thousands): | ||||||||
December 31, 2013 | June 30, 2014 | |||||||
Preneed trust funds, at cost | $ | 11,511 | $ | 12,144 | ||||
Less: allowance for contract cancellation | (345 | ) | (364 | ) | ||||
Receivables from preneed trusts, net | $ | 11,166 | $ | 11,780 | ||||
The following summary reflects the composition of the assets held in trust and controlled by third parties to satisfy our future obligations under preneed arrangements related to the preceding contracts at June 30, 2014 and December 31, 2013. The cost basis includes reinvested interest and dividends that have been earned on the trust assets. Fair value includes the unrealized gains and losses on trust assets. | ||||||||
Historical | Fair Value | |||||||
Cost Basis | ||||||||
(in thousands) | ||||||||
As of June 30, 2014 | ||||||||
Cash and cash equivalents | $ | 2,797 | $ | 2,797 | ||||
Fixed income investments | 6,971 | 6,990 | ||||||
Mutual funds and common stocks | 2,360 | 2,440 | ||||||
Annuities | 16 | 16 | ||||||
Total | $ | 12,144 | $ | 12,243 | ||||
Historical | Fair Value | |||||||
Cost Basis | ||||||||
(in thousands) | ||||||||
As of December 31, 2013 | ||||||||
Cash and cash equivalents | $ | 2,657 | $ | 2,657 | ||||
Fixed income investments | 6,344 | 6,355 | ||||||
Mutual funds and common stocks | 2,484 | 2,561 | ||||||
Annuities | 26 | 26 | ||||||
Total | $ | 11,511 | $ | 11,599 | ||||
Contracts_Secured_by_Insurance
Contracts Secured by Insurance | 6 Months Ended |
Jun. 30, 2014 | |
Contracts Secured by Insurance [Abstract] | ' |
CONTRACTS SECURED BY INSURANCE | ' |
CONTRACTS SECURED BY INSURANCE | |
Certain preneed funeral contracts are secured by life insurance contracts. Generally, the proceeds of the life insurance policies have been assigned to us and will be paid upon the death of the insured. The proceeds will be used to satisfy the beneficiary’s obligations under the preneed contract for services and merchandise. Preneed funeral contracts secured by insurance totaled $289.9 million and $333.5 million at December 31, 2013 and June 30, 2014, respectively, and are not included on our Consolidated Balance Sheets. |
Cemetery_Perpetual_Care_Trust_
Cemetery Perpetual Care Trust Investments | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Cemetery Perpetual Care Trust Investments [Abstract] | ' | |||||||||||||||||||||||
CEMETERY PERPETUAL CARE TRUST INVESTMENTS | ' | |||||||||||||||||||||||
CEMETERY PERPETUAL CARE TRUST INVESTMENTS | ||||||||||||||||||||||||
Care trusts’ corpus on our Consolidated Balance Sheets represent the corpus of those trusts plus undistributed income. The components of Care trusts’ corpus as of December 31, 2013 and June 30, 2014 were as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | June 30, 2014 | |||||||||||||||||||||||
Trust assets, at fair value | $ | 42,342 | $ | 52,812 | ||||||||||||||||||||
Obligations due from trust | (449 | ) | (508 | ) | ||||||||||||||||||||
Care trusts’ corpus | $ | 41,893 | $ | 52,304 | ||||||||||||||||||||
We are required by various state laws to pay a portion of the proceeds from the sale of cemetery property interment rights into perpetual care trust funds. The income earned from these perpetual care trusts offsets maintenance expenses for cemetery property and memorials. This trust fund income is recognized, as earned, in Cemetery revenues. Trust management fees charged by our wholly-owned registered investment advisor are included in revenue in the period in which they are earned. | ||||||||||||||||||||||||
Where quoted prices are available in an active market, investments held by the trusts are classified as Level 1 investments pursuant to the three-level valuation hierarchy. Our Level 1 investments include cash and common stock. Where quoted market prices are not available for the specific security, then fair values are estimated by using quoted prices of similar securities in active markets or other inputs other than quoted prices that can corroborate observable market data. These investments are foreign debt, corporate debt and preferred stocks, all of which are classified within Level 2 of the valuation hierarchy. We review and update our fair value hierarchy classifications quarterly. There were no transfers between Levels 1 and 2 for the three months ended June 30, 2014. There are no Level 3 investments in the cemetery perpetual care trust investment portfolio. See Note 11 for further information of the fair value measurement and the three-level valuation hierarchy. | ||||||||||||||||||||||||
The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at June 30, 2014 (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 1,229 | $ | — | $ | — | $ | 1,229 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Foreign debt | 2 | 3,288 | 154 | — | 3,442 | |||||||||||||||||||
Corporate debt | 2 | 20,811 | 627 | (627 | ) | 20,811 | ||||||||||||||||||
Preferred stock | 2 | 12,513 | 631 | (59 | ) | 13,085 | ||||||||||||||||||
Common stock | 1 | 10,637 | 3,251 | (175 | ) | 13,713 | ||||||||||||||||||
Trust securities | $ | 48,478 | $ | 4,663 | $ | (861 | ) | $ | 52,280 | |||||||||||||||
Accrued investment income | $ | 532 | $ | 532 | ||||||||||||||||||||
Cemetery perpetual care trust investments | $ | 52,812 | ||||||||||||||||||||||
Fair market value as a percentage of cost | 107.8 | % | ||||||||||||||||||||||
The estimated maturities of the fixed income securities included above are as follows (in thousands): | ||||||||||||||||||||||||
Due in one year or less | $ | — | ||||||||||||||||||||||
Due in one to five years | 4,501 | |||||||||||||||||||||||
Due in five to ten years | 5,959 | |||||||||||||||||||||||
Thereafter | 26,878 | |||||||||||||||||||||||
$ | 37,338 | |||||||||||||||||||||||
The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at December 31, 2013 (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 973 | $ | — | $ | — | $ | 973 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Foreign debt | 2 | 2,062 | 87 | (2 | ) | 2,147 | ||||||||||||||||||
Corporate debt | 2 | 19,773 | 236 | (691 | ) | 19,318 | ||||||||||||||||||
Preferred stock | 2 | 10,668 | 110 | (165 | ) | 10,613 | ||||||||||||||||||
Common stock | 1 | 7,539 | 1,417 | (178 | ) | 8,778 | ||||||||||||||||||
Trust securities | $ | 41,015 | $ | 1,850 | $ | (1,036 | ) | $ | 41,829 | |||||||||||||||
Accrued investment income | $ | 513 | $ | 513 | ||||||||||||||||||||
Cemetery perpetual care investments | $ | 42,342 | ||||||||||||||||||||||
Fair market value as a percentage of cost | 102 | % | ||||||||||||||||||||||
We determine whether or not the assets in the cemetery perpetual care trusts have an other-than-temporary impairment on a security-by-security basis. This assessment is made based upon a number of criteria including the length of time a security has been in a loss position, changes in market conditions and concerns related to the specific issuer. If a loss is considered to be other-than-temporary, the cost basis of the security is adjusted downward to its fair market value. Any reduction in the cost basis due to an other-than-temporary impairment is also recorded as a reduction to Care trusts’ corpus. During the three months ended June 30, 2014, we recorded a $0.1 million impairment charge for other-than temporary declines in fair value related to unrealized losses on certain investments. At June 30, 2014, we had corporate debt and equity investments within our perpetual care trust investments that had tax lots in loss positions for more than one year. Based on our analyses of these securities, the companies’ businesses and current market conditions, we determined that these investment losses were temporary in nature. | ||||||||||||||||||||||||
Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended June 30, 2014 and December 31, 2013 are shown in the following tables (in thousands): | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
In Loss Position Less than 12 months | In Loss Position Greater than 12 months | Total | ||||||||||||||||||||||
Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | |||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Corporate debt | $ | 3,639 | $ | (269 | ) | $ | 1,375 | $ | (358 | ) | $ | 5,014 | $ | (627 | ) | |||||||||
Preferred stock | 1,164 | (11 | ) | 2,292 | (48 | ) | 3,456 | (59 | ) | |||||||||||||||
Common stock | 2,152 | (151 | ) | 71 | (24 | ) | 2,223 | (175 | ) | |||||||||||||||
Total temporary impaired securities | $ | 6,955 | $ | (431 | ) | $ | 3,738 | $ | (430 | ) | $ | 10,693 | $ | (861 | ) | |||||||||
31-Dec-13 | ||||||||||||||||||||||||
In Loss Position Less than 12 months | In Loss Position Greater than 12 months | Total | ||||||||||||||||||||||
Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | |||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Foreign debt | $ | 478 | $ | (2 | ) | $ | — | $ | — | $ | 478 | $ | (2 | ) | ||||||||||
Corporate debt | 6,948 | (332 | ) | 462 | (359 | ) | 7,410 | (691 | ) | |||||||||||||||
Preferred stock | 5,811 | (165 | ) | — | — | 5,811 | (165 | ) | ||||||||||||||||
Common stock | 716 | (114 | ) | 470 | (64 | ) | 1,186 | (178 | ) | |||||||||||||||
Total temporary impaired securities | $ | 13,953 | $ | (613 | ) | $ | 932 | $ | (423 | ) | $ | 14,885 | $ | (1,036 | ) | |||||||||
Perpetual care trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the three and six months ended June 30, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||
Realized gains | $ | 1,063 | $ | 897 | $ | 1,087 | $ | 1,314 | ||||||||||||||||
Realized losses | (103 | ) | (543 | ) | (398 | ) | (692 | ) | ||||||||||||||||
Decrease in care trusts’ corpus | (960 | ) | (354 | ) | (689 | ) | (622 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Perpetual care trust investment security transactions recorded in Cemetery revenues for the three and six months ended June 30, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||
Investment income | $ | 1,234 | $ | 1,300 | $ | 2,469 | $ | 2,580 | ||||||||||||||||
Realized gains, net | 334 | 391 | 683 | 150 | ||||||||||||||||||||
Total | $ | 1,568 | $ | 1,691 | $ | 3,152 | $ | 2,730 | ||||||||||||||||
Purchases and sales of investments in the perpetual care trusts were as follows (in thousands): | ||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||
Purchases | $ | (7,252 | ) | $ | (9,200 | ) | $ | (9,838 | ) | $ | (14,135 | ) | ||||||||||||
Sales | $ | 8,674 | $ | 9,842 | $ | 11,795 | $ | 15,022 | ||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |
Jun. 30, 2014 | ||
Fair Value Disclosures [Abstract] | ' | |
FAIR VALUE MEASUREMENTS | ' | |
FAIR VALUE MEASUREMENTS | ||
Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date applicable for items that are recognized or disclosed at fair value in the financial statements on a recurring basis. We disclose the extent to which fair value is used to measure financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date. | ||
We evaluated our financial assets and liabilities for those financial assets and liabilities that met the criteria of the disclosure requirements and fair value framework. The carrying values of cash and cash equivalents, trade receivables and trade payables approximate the fair values of those instruments due to the short-term nature of the instruments. The fair values of receivables on preneed funeral and cemetery contracts are impracticable to estimate because of the lack of a trading market and the diverse number of individual contracts with varying terms. Our long-term debt and Credit Facility (as defined in Note 13)are classified within Level 2 of the Fair Value Measurement hierarchy. The fair values of our long-term debt and Credit Facility approximate the carrying values of these instruments based on the index yields of similar securities compared to U.S. Treasury yield curves. The fair value of the convertible subordinated notes due 2021, issued in March 2014, is approximately $151.1 million based on the last traded or broker quoted price. We identified investments in fixed income securities, common stock and mutual funds presented within the preneed and perpetual care trust investment categories on our Consolidated Balance Sheets as having met such criteria. See Notes 6 and 10 to our Consolidated Financial Statements herein for the fair value hierarchy levels of our trust investments. | ||
The following three-level valuation hierarchy based upon the transparency of inputs is utilized in the measurement and | ||
valuation of financial assets or liabilities as of the measurement date: | ||
• | Level 1 – Fair value of securities based on unadjusted quoted prices for identical assets or liabilities in active markets. Our investments classified as Level 1 securities include cash, common stock, U.S. treasury debt and equity mutual funds. | |
• | Level 2 – Fair value of securities estimated based on quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted market prices that are observable or that can be corroborated by observable market data by correlation. These inputs include interest rates, yield curves, credit risk, prepayment speeds, rating and tax-exempt status. Our investments classified as Level 2 securities include U.S agency obligations, corporate debt, preferred stocks, foreign debt, mortgage backed securities, certain fixed income securities and fixed income mutual funds. | |
• | Level 3 – Unobservable inputs based upon the reporting entity’s internally developed assumptions, which market participants would use in pricing the asset or liability. As of June 30, 2014, we did not have any assets that had fair values determined by Level 3 inputs and no liabilities measured at fair value. | |
We account for our investments as available-for-sale and measure them at fair value under standards of financial accounting and reporting for investments in equity instruments that have readily determinable fair values and for all investments in debt securities. |
Deferred_Charges_and_Other_Non
Deferred Charges and Other Non-Current Assets (Notes) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Other Assets Disclosure [Text Block] | ' | |||||||
DEFERRED CHARGES AND OTHER NON-CURRENT ASSETS | ||||||||
Deferred charges and other non-current assets at December 31, 2013 and June 30, 2014 were as follows (in thousands): | ||||||||
December 31, | June 30, | |||||||
2013 | 2014 | |||||||
Prepaid agreements not-to-compete, net of accumulated amortization of $4,807 and $5,016, respectively | $ | 1,299 | $ | 1,140 | ||||
Deferred loan costs, net of accumulated amortization of $1,252 and $2,594, respectively | 2,602 | 2,057 | ||||||
Convertible junior subordinated debenture origination costs, net of accumulated amortization of $1,095 | 2,949 | — | ||||||
Convertible subordinated notes issuance costs, net of accumulated amortization of $138 | — | 3,489 | ||||||
Tradenames | 5,430 | 11,619 | ||||||
Other | — | 352 | ||||||
Deferred charges and other non-current assets | $ | 12,280 | $ | 18,657 | ||||
Prepaid agreements not-to-compete are amortized over the term of the respective agreements, ranging generally from one to ten years. Amortization expense was $16,800 and $69,000 for the three months ended June 30, 2013 and 2014, respectively, and $40,000 and $209,000 for the six months ended June 30, 2013 and 2014, respectively. Deferred loan costs are being amortized over the term of the related debt using the effective interest method. In connection with the redemption of our convertible junior subordinated debentures, we wrote-off the related unamortized origination costs of approximately $2.9 million in March 2014. See Note 15 to the Consolidated Financial Statements herein for further discussion related to the convertible junior subordinated debentures. Debt issuance costs related to our convertible subordinated notes issued in March 2014 are being amortized using the effective interest method over the seven year term of the notes. See Note 14 to the Consolidated Financial Statements herein for further discussion related to our convertible subordinated notes. Our tradenames have indefinite lives and therefore are not amortized. |
LongTerm_Debt
Long-Term Debt | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
LONG-TERM DEBT | ' | |||||||
LONG-TERM DEBT | ||||||||
Our senior long-term debt consisted of the following at December 31, 2013 and June 30, 2014 (in thousands): | ||||||||
31-Dec-13 | 30-Jun-14 | |||||||
Revolving credit facility, secured, floating rate | $ | 36,900 | $ | 42,400 | ||||
Term loan, secured, floating rate | 117,000 | 125,000 | ||||||
Acquisition debt | 1,866 | 1,415 | ||||||
Less: current portion | (13,224 | ) | (9,716 | ) | ||||
Total long-term debt | $ | 142,542 | $ | 159,099 | ||||
As of June 30, 2014, we had a $325 million secured bank credit facility (the “Credit Facility”) with Bank of America, N.A. as Administrative Agent comprised of a $200 million revolving credit facility and a $125 million term loan. The Credit Facility also contains an accordion provision to borrow up to an additional $50 million in revolving loans, subject to certain conditions. The Credit Facility matures on March 31, 2019 and is collateralized by all personal property and funeral home real property in certain states. As of June 30, 2014, we had outstanding borrowings under the revolving credit facility of $42.4 million and $125.0 million was outstanding on the term loan. No letters of credit were issued and outstanding under the Credit Facility at June 30, 2014. Under the Credit Facility, outstanding borrowings bear interest at either a prime rate or a LIBOR rate, plus an applicable margin based upon the Company's leverage ratio. At June 30, 2014, the prime rate margin was equivalent to 2.00% and the LIBOR margin was 3.00%. The weighted average interest rate on the Credit Facility for the three and six months ended June 30, 2014 was 3.0% and 2.8%, respectively. | ||||||||
On February 27, 2014, we entered into a fourth amendment to the Credit Facility which (a) allows us to issue senior unsecured debt in an amount not to exceed $150 million when aggregated with any subordinated debt or convertible subordinated debt issued by us and (b) allows us to refinance our existing convertible junior subordinated debentures with the proceeds of certain of senior unsecured debt, subordinated debt or convertible subordinated debt. | ||||||||
On April 14, 2014, we entered into a fifth amendment to our Credit Facility (the “Fifth Amendment”), which provided for an increase in our revolving credit facility from $125 million to $200 million and new funding under our term loan whereby $125 million became outstanding upon the effectiveness of the Fifth Amendment. The Fifth Amendment became effective upon the closing of the SCI Acquisition on May 15, 2014. Borrowings under the term loan facility are subject to installment payments of 7.5% of the principal amount in the first two years following the effective date, 10.0% for the third and fourth years following the effective date and 12.5% per year thereafter with the balance payable upon maturity on March 31, 2019. Installment payments are made quarterly beginning September 30, 2014. The Fifth Amendment also modified our financial covenants so that we must maintain a leverage ratio of 3.75 to 1.00 through March 30, 2015 and 3.50 to 1.00 thereafter. In connection with the Fifth Amendment, we recognized a loss of $1.0 million to write-off the related unamortized deferred loan costs. | ||||||||
We have no material assets or operations independent of our subsidiaries. All assets and operations are held and conducted by subsidiaries, each of which have fully and unconditionally guaranteed our obligations under the Credit Facility. Additionally, we do not currently have any significant restrictions on our ability to receive dividends or loans from any subsidiary guarantor under the Credit Facility. | ||||||||
We were in compliance with the covenants contained in the Credit Facility as of June 30, 2014. The Credit Facility calls for key ratios that we must comply with including a requirement to maintain a leverage ratio of no more than 3.75 to 1.00 through March 30, 2015 and no more than 3.50 to 1.00 thereafter, and a covenant to maintain a fixed charge coverage ratio of no less than 1.20 to 1.00. As of June 30, 2014, the leverage ratio was 2.87 to 1.00 and the fixed charge coverage ratio was 2.50 to 1.00. | ||||||||
Acquisition debt consists of deferred purchase price and promissory notes payable to sellers. A majority of the notes bear interest ranging from 7.0% to 11.0%. A few notes bear interest at 0% and are discounted at imputed interest rates ranging from 9.5% to 11.0%. Original maturities range from five to twenty years. |
Convertible_Subordinated_Notes
Convertible Subordinated Notes (Notes) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Convertible Subordinated Notes [Abstract] | ' | |||
Convertible Subordinated Notes | ' | |||
CONVERTIBLE SUBORDINATED NOTES | ||||
On March 19, 2014, we issued $143.75 million aggregate principal amount of 2.75% Convertible Subordinated Notes due 2021 (the “Notes”). The Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and were offered only to “qualified institutional buyers” in compliance with Rule 144A under the Securities Act. The Notes are governed by an indenture dated as of March 19, 2014 between Wilmington Trust, National Association, as Trustee, and us (the “Indenture”). The Notes bear interest at 2.75%. Interest on the Notes accrues from March 19, 2014 and is payable semi-annually in arrears on March 15 and September 15 of each year, beginning September 15, 2014. | ||||
The Notes are general unsecured obligations and will be subordinated in the right of payment to all of our existing and future senior indebtedness and equal in right of payment with our other existing and future subordinated indebtedness. The initial conversion rate of the Notes is 44.3169 shares of our common stock per $1,000 principal amount of the Notes, equivalent to an initial conversion price of approximately $22.56 per share of common stock. The conversion rate is subject to adjustment upon the occurrence of certain events as described in the Indenture. | ||||
The Notes mature on March 15, 2021, unless earlier converted or purchased by us. The conversion option of the Notes is not an embedded derivative. Holders of the Notes may convert their Notes at their option at any time prior to December 15, 2020, if certain conditions are met. We may not redeem the Notes prior to maturity. However, in the event of a fundamental change (as defined in the Indenture), subject to certain conditions, a holder of the Notes will have the option to require us to purchase all or a portion of its Notes for cash. The fundamental change purchase price will equal 100% of the principal amount of the Notes to be purchased, plus any accrued and unpaid interest, if any, to, but excluding, the fundamental change purchase date. | ||||
We have recorded the issuance of the Notes per the guidance provided under ASC 470, Topic 20, Debt with Conversion and Other Options, which requires that we separate the Notes into a liability component and an equity component. The carrying amount of the liability is calculated by measuring the fair value of a similar liability that does not have an associated equity component. The carrying amount of the liability component was determined based on a bond discount rate of 6.75% per year. The carrying amount of the equity component representing the embedded conversion option was determined by deducting the fair value of the liability component from the initial proceeds of the Notes and is recorded in Additional Paid in Capital (“APIC”) on our Consolidated Balance Sheet. The excess of the principal amount of the liability over its carrying amount is amortized to interest expense using the effective interest method. The expected life of the liability component will not be reassessed in subsequent periods unless the terms are modified. | ||||
Total transaction costs of $4.7 million were allocated to the liability and equity components in proportion to the allocation of the initial proceeds and accounted for as debt issuance costs and equity issuance costs, respectively. Debt issuance costs are included in Deferred charges and other non-current assets on our Consolidated Balance Sheets and are being amortized using the effective interest method over the seven year term of the Notes. Equity issuance costs are included in APIC on our Consolidated Balance Sheets and are not amortized. Additionally, the recognition of the Notes as two separate components results in a basis difference associated with the liability component which represents a temporary difference. As a result, we recognized a deferred tax liability of $12.7 million related to this temporary difference which was recorded as a reduction to APIC and an increase to our deferred tax liability. The deferred tax liability is being amortized over the seven year term of the Notes. | ||||
The carrying values of the liability and equity components of the Notes at June 30, 2014 are reflected in our Consolidated Balance Sheets as follows (in thousands): | ||||
30-Jun-14 | ||||
Long-term liabilities: | ||||
Principal amount | $ | 143,750 | ||
Unamortized discount of liability component | (30,795 | ) | ||
Carrying value of the liability component | $ | 112,955 | ||
Equity component carrying value | $ | 17,973 | ||
The fair value of the Notes, which are Level 2 measurements, was $151.1 million at June 30, 2014. | ||||
Interest expense for the three and six months ended June 30, 2014 included contractual coupon interest expense of $1.0 million and $1.1 million, respectively, and amortization of debt issuance costs of $95,000 and $138,000, respectively. Accretion of the discount on the convertible subordinated notes was $0.7 million and $0.9 million for the three and six months ended June 30, 2014, respectively. | ||||
The unamortized discount is being amortized over the remaining term of seven years. The effective interest rate on the liability component for the three and six months ended June 30, 2014 was 6.75% per year. | ||||
We received gross proceeds of $143.75 million and paid transactions costs of approximately $4.7 million. We used a portion of the proceeds to repay our outstanding balance on our revolving credit facility and to redeem our existing convertible junior subordinated debentures. Refer to Note 15 herein for further discussion of the redemption of the convertible junior subordinated debentures. |
Convertible_Junior_Subordinate
Convertible Junior Subordinated Debentures Payable to Affiliate and Company Obligated Mandatorily Redeemable Convertible Preferred Securities of Carriage Services Capital Trust (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ' |
Convertible Junior Subordinated Debenture Payable to Affiliate and Company Obligated Mandatorily Redeemable Convertible Preferred Securities of Carriage Services Capital Trust [Text Block] | ' |
CONVERTIBLE JUNIOR SUBORDINATED DEBENTURES PAYABLE TO AFFILIATE AND COMPANY OBLIGATED MANDATORILY REDEEMABLE CONVERTIBLE PREFERRED SECURITIES OF CARRIAGE SERVICES CAPITAL TRUST | |
Carriage’s wholly-owned subsidiary, Carriage Services Capital Trust (the “Trust”), issued 1,875,000 units of 7% convertible preferred securities (TIDES) in June 1999, resulting in approximately $90.0 million in net proceeds, and the Company issued a 7% convertible junior subordinated debenture to the Trust in the amount of $93.75 million. The convertible preferred securities had a liquidation amount of $50 per unit and were convertible into Carriage’s common stock at the equivalent conversion price of $20.4375 per share of common stock. The convertible junior subordinated debentures and the TIDES were due to mature in 2029, and the TIDES were guaranteed on a subordinated basis by the Company. At December 31, 2013 the amount outstanding under the convertible junior subordinated debentures totaled $89.8 million. | |
On March 17, 2014, we called for the redemption of all our outstanding convertible junior subordinated debentures and the corresponding TIDES at a price $50 per $50 principal amount of the convertible junior subordinated debentures being redeemed, plus accrued and unpaid interest to the redemption date. In the first quarter, we used a portion of the net proceeds from the issuance of the Notes to redeem the convertible junior subordinated debentures for approximately $61.9 million in principal amount of our existing convertible junior subordinated debentures and approximately $0.9 million associated with the call premium. On April 16, 2014, the remaining TIDES principal balance of $27.9 million was redeemed. We incurred interest expense of approximately $0.2 million in the three months ended June 30, 2014 related to the remaining balance of the TIDES. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
Litigation | |
We are a party to various litigation matters and proceedings. For each of our outstanding legal matters, we evaluate the merits of the case, our exposure to the matter, possible legal or settlement strategies, and the likelihood of an unfavorable outcome. We intend to defend ourselves in the lawsuits described herein. If we determine that an unfavorable outcome is probable and can be reasonably estimated, we establish the necessary accruals. We hold certain insurance policies that may reduce cash outflows with respect to an adverse outcome of certain of these litigation matters. | |
Leathermon, et al. v. Grandview Memorial Gardens, Inc., et al., United States District Court, Southern District of Indiana, Case No. 4:07-cv-137. On August 17, 2007, five plaintiffs filed a putative class action against the current and past owners of Grandview Cemetery in Madison, Indiana, including our subsidiaries that owned the cemetery from January 1997 until February 2001, on behalf of all individuals who purchased cemetery and burial goods and services at Grandview Cemetery. Plaintiffs are seeking monetary damages and claim that the cemetery owners performed burials negligently, breached Plaintiffs’ contracts and made misrepresentations regarding the cemetery. The Plaintiffs also allege that the claims occurred prior, during and after we owned the cemetery. On October 15, 2007, the case was removed from Jefferson County Circuit Court, Indiana to the Southern District of Indiana. On April 24, 2009, shortly before the Defendants had been scheduled to file their briefs in opposition to Plaintiffs’ motion for class certification, Plaintiffs moved to amend their complaint to add new class representatives and claims, while also seeking to abandon other claims. We, as well as several other Defendants, opposed Plaintiffs’ motion to amend their complaint and add parties. In April 2009, two Defendants moved to disqualify Plaintiffs’ counsel from further representing Plaintiffs in this action. On June 30, 2010, the court granted Defendants’ motion to disqualify Plaintiffs’ counsel. On May 6, 2010, Plaintiffs filed a petition for writ of mandamus with the Seventh Circuit Court of Appeals seeking relief from the trial court’s order of disqualification of counsel. On May 19, 2010, the Defendants responded to the petition of mandamus. On July 8, 2010, the Seventh Circuit denied Plaintiffs’ petition for writ of mandamus. Thus, pursuant to the trial court’s order, Plaintiffs were given 60 days from July 8, 2010 in which to retain new counsel to prosecute this action on their behalf. Plaintiffs retained new counsel and Plaintiffs’ counsel moved for leave to amend both the class representatives and the allegations stated within the complaint. Defendants filed oppositions to such amendments. The court issued an order permitting the Plaintiffs to proceed with amending the class representatives and a portion of their claims; however, certain of Plaintiffs’ claims have been dismissed. The parties reached a proposed class settlement and the court granted its preliminary approval of such settlement by order dated March 19, 2014. Notice of the class settlement was provided pursuant to the Preliminary Order Approving Class Action Settlement and no settlement class members opted out of the class nor objected to the terms of the settlement. The court issued its final approval of the settlement on June 23, 2014. The parties will now administer the settlement in accordance with its terms. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
STOCKHOLDERS' EQUITY | ' | |||||||
STOCKHOLDERS’ EQUITY | ||||||||
Stock Options | ||||||||
As of June 30, 2014, there were 1,429,421 stock options outstanding and 1,097,022 stock options which remain unvested. On May 21, 2014, we granted 6,000 options to an employee at an option price of $17.00. On May 22, 2014, we granted 25,000 options to a new employee at an option price of $17.21. These options will vest in 25.00% increments over a four year period and have a six year term. The value of these stock options is approximately $0.1 million. | ||||||||
The fair value of the option grants are estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions, as indicated by grant date: | ||||||||
21-May-14 | 22-May-14 | |||||||
Dividend yield | 0.588 | % | 0.581 | % | ||||
Expected volatility | 33.36 | % | 33.35 | % | ||||
Risk-free interest rate | 1.17 | % | 1.185 | % | ||||
Expected life (years) | 4 | 4 | ||||||
Black-Scholes value | $ | 4.48 | $ | 4.54 | ||||
We recorded pre-tax stock-based compensation expense for stock options totaling approximately $0.1 million and $0.5 million for the three months ended June 30, 2013 and 2014, respectively, and $0.2 million and $0.7 million for the six months ended June 30, 2013 and 2014, respectively. The significant increase in expense for the three and six months ended June 30, 2014 was due to a large number of stock option grants in the first six months of 2014 at a a significantly higher option price compared to prior grants. | ||||||||
Employee Stock Purchase Plan | ||||||||
During the second quarter of 2014, employees purchased a total of 14,507 shares of common stock through the employee stock purchase plan (“ESPP”) at a weighted average price of $14.56 per share. We recorded pre-tax stock-based compensation expense for the ESPP totaling approximately $88,000 and $73,000 for the three months ended June 30, 2013 and 2014, respectively, and $187,000 and $189,000 for the six months ended June 30, 2013 and 2014, respectively. | ||||||||
The fair value of the right (option) to purchase shares under the ESPP is estimated on the date of grant (January 1, 2014) associated with the four quarterly purchase dates using the following assumptions: | ||||||||
2014 | ||||||||
Dividend yield | 0.6 | % | ||||||
Expected volatility | 33.37 | % | ||||||
Risk-free interest rate | 0.07%, 0.09%, 0.11%, 0.13% | |||||||
Expected life (years) | 0.25, 0.50, 0.75, 1.00 | |||||||
Expected volatilities are based on the historical volatility during the previous twelve months of the underlying common stock. The risk-free rate for the quarterly purchase periods is based on the U.S. Treasury yields in effect at the time of the purchase. The expected life of the ESPP grants represents the calendar quarters from the beginning of the year to the purchase date (end of each quarter). | ||||||||
Restricted Stock Grants | ||||||||
From time to time, we issue shares of restricted common stock to certain officers and key employees of the Company from our stock benefit plans. The restricted stock shares issued to officers and key employees vest in either 20%, 25% or 33.33% increments over five, four or three year terms, respectively. We did not issue any restricted common stock in the three months ended June 30, 2014. | ||||||||
Related to the vesting of restricted stock awards awarded to our officers and key employees, we recorded $0.3 million and $0.5 million of pre-tax compensation expense, which is included in general, administrative and other expenses for the three months ended June 30, 2013 and 2014, respectively, and $0.7 million and $0.8 million for the six months ended June 30, 2013 and 2014, respectively. | ||||||||
As of June 30, 2014, we had $5.7 million of total unrecognized compensation costs related to unvested restricted stock awards, which are expected to be recognized over a weighted average period of approximately 2.6 years. | ||||||||
Performance-Based Stock Awards | ||||||||
During the third quarter of 2012, the Compensation Committee of our Board of Directors (our “Board”) granted performance-based awards (the “PBS Awards”) with both market and service vesting conditions to certain officers, employees and outside directors. No PBS Awards were granted during fiscal year 2013. To the extent vested, each PBS Award represented the right to receive a specified number of shares of our common stock, subject to the grantee’s payment, with respect to each share of common stock subject to such PBS Award, of an amount equal to the greater of (a) the then-current market price per share of our common stock on the date such PBS Award was granted plus $0.50 or (b) $9.00. Each PBS Award would have vested if on or before the fifth anniversary of the applicable grant date, the closing price of our common stock was greater than or equal to $21.50 on any three days, whether or not consecutive, within a period of 30 consecutive calendar days, subject to the applicable grantee’s continuous employment or service relationship with us through such date (the “Price Vesting Date”). However, if the Price Vesting Date occurred prior to the first anniversary of the grant date, then each PBS Award would not vest until the first anniversary of such grant date, subject to the applicable grantee's continued employment or service relationship with us through the first anniversary of the grant date. | ||||||||
On January 3, 2014, we offered all grantees who held outstanding PBS Awards an opportunity to surrender their PBS Awards to us in exchange for cash payments equal to the product of (i) the difference between (x) $19.00 and (y) the applicable purchase price under their respective PBS Awards and (ii) the number of shares of our common stock subject to their PBS Awards (the “Cash Out Payments”). All outstanding PBS Awards were surrendered to us and canceled in exchange for Cash Out Payments of approximately $16.1 million. | ||||||||
Director Compensation Policy | ||||||||
Our Director Compensation Policy provides for the following: (a) the chairman of our Audit Committee receives an annual cash retainer of $17,500, the chairman of our Compensation and our Corporate Governance Committees receives an annual cash retainer of $15,000 and the Lead Director of our Board receives an annual cash retainer of $115,000, payable in quarterly installments; (b) each independent director of our Board receives an annual cash retainer of $40,000 paid on a quarterly basis and an annual equity retainer of $75,000 in shares of our common stock issued at our annual meeting of stockholders. Additionally, each independent director receives $2,000 for each regular or special meeting of the full Board, our Audit Committee and our Executive Committee attended in person or by phone. Members of the other committees and their chairmen receive $1,600 for each committee meeting held in person or by phone that such director attends. Under our Director Compensation Policy, the annual cash retainers for each committee chairman and the annual equity retainer are paid on the date of our annual meeting of stockholders, which was held on May 21, 2014. We issued 13,233 shares of common stock for the equity retainer to three independent directors. | ||||||||
We recorded $476,000 and $326,000 of pre-tax compensation expense, which is included in general, administrative and other expenses, for the three months ended June 30, 2013 and 2014, respectively, and $609,000 and $648,000 for the six months ended June 30, 2013 and 2014, respectively, related to the director fees, annual retainers and deferred compensation amortization. | ||||||||
Cash Dividends | ||||||||
During the three months ended June 30, 2014, our Board declared a quarterly dividend of $0.025 per share, totaling approximately $0.5 million, which was paid on June 2, 2014 to record holders of our common stock as of May 15, 2014. For the six months ended June 30, 2014, we paid approximately $0.9 million in dividends. We have a dividend reinvestment program so that stockholders may elect to reinvest their dividends into additional shares of our common stock. | ||||||||
Accumulated other comprehensive income | ||||||||
Our components of Accumulated other comprehensive income are as follows: | ||||||||
Accumulated Other Comprehensive Income | ||||||||
Balance at December 31, 2013 | $ | — | ||||||
Increase in net unrealized gains associated with available-for-sale securities of the trusts | 15,628 | |||||||
Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus’ | (15,628 | ) | ||||||
Balance at June 30, 2014 | $ | — | ||||||
Major_Segments_of_Business
Major Segments of Business | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
MAJOR SEGMENTS OF BUSINESS | ' | |||||||||||||||
MAJOR SEGMENTS OF BUSINESS | ||||||||||||||||
We conduct funeral and cemetery operations only in the United States. The following table presents revenue, pre-tax income and total assets by segment (in thousands): | ||||||||||||||||
Funeral | Cemetery | Corporate | Consolidated | |||||||||||||
Revenues from continuing operations: | ||||||||||||||||
Six months ended June 30, 2014 | $ | 86,157 | $ | 26,000 | $ | — | $ | 112,157 | ||||||||
Six months ended June 30, 2013 | $ | 85,295 | $ | 25,639 | $ | — | $ | 110,934 | ||||||||
Income (loss) from continuing operations before income taxes: | ||||||||||||||||
Six months ended June 30, 2014 | $ | 27,291 | $ | 8,074 | $ | (26,324 | ) | $ | 9,041 | |||||||
Six months ended June 30, 2013 | $ | 27,300 | $ | 7,811 | $ | (19,662 | ) | $ | 15,449 | |||||||
Total assets: | ||||||||||||||||
30-Jun-14 | $ | 561,228 | $ | 247,335 | $ | 14,590 | $ | 823,153 | ||||||||
31-Dec-13 | $ | 502,525 | $ | 227,520 | $ | 16,554 | $ | 746,599 | ||||||||
Supplemental_Disclosure_of_Sta
Supplemental Disclosure of Statement of Operations Information | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Supplemental Income Statement Elements [Abstract] | ' | |||||||||||||||
SUPPLEMENTAL DISCLOSURE OF STATEMENT OF OPERATIONS INFORMATION | ' | |||||||||||||||
SUPPLEMENTAL DISCLOSURE OF STATEMENT OF OPERATIONS INFORMATION | ||||||||||||||||
The following information is supplemental disclosure for the Consolidated Statements of Operations (in thousands): | ||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||
June 30, | ||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Revenues | ||||||||||||||||
Goods | ||||||||||||||||
Funeral | $ | 15,774 | $ | 16,132 | $ | 33,648 | $ | 33,460 | ||||||||
Cemetery | 8,445 | 9,057 | 15,593 | 16,172 | ||||||||||||
Total goods | $ | 24,219 | $ | 25,189 | $ | 49,241 | $ | 49,632 | ||||||||
Services | ||||||||||||||||
Funeral | $ | 21,959 | $ | 23,688 | $ | 46,722 | $ | 47,845 | ||||||||
Cemetery | 2,456 | 2,659 | 5,068 | 5,311 | ||||||||||||
Total services | $ | 24,415 | $ | 26,347 | $ | 51,790 | $ | 53,156 | ||||||||
Financial revenue | ||||||||||||||||
Preneed funeral commission income | $ | 481 | $ | 563 | $ | 989 | $ | 1,127 | ||||||||
Preneed funeral trust earnings | 2,222 | 1,809 | 3,936 | 3,725 | ||||||||||||
Cemetery trust earnings | 2,086 | 2,276 | 4,280 | 3,860 | ||||||||||||
Cemetery finance charges | 388 | 320 | 698 | 657 | ||||||||||||
Total financial revenue | $ | 5,177 | $ | 4,968 | $ | 9,903 | $ | 9,369 | ||||||||
Total revenues | $ | 53,811 | $ | 56,504 | $ | 110,934 | $ | 112,157 | ||||||||
Cost of revenues | ||||||||||||||||
Goods | ||||||||||||||||
Funeral | $ | 12,758 | $ | 13,407 | $ | 26,694 | $ | 27,191 | ||||||||
Cemetery | 6,031 | 6,364 | 11,153 | 11,583 | ||||||||||||
Total goods | $ | 18,789 | $ | 19,771 | $ | 37,847 | $ | 38,774 | ||||||||
Services | ||||||||||||||||
Funeral | $ | 11,199 | $ | 12,393 | $ | 23,032 | $ | 24,238 | ||||||||
Cemetery | 1,560 | 1,650 | 3,205 | 3,367 | ||||||||||||
Total services | $ | 12,759 | $ | 14,043 | $ | 26,237 | $ | 27,605 | ||||||||
Financial expenses | ||||||||||||||||
Preneed funeral commissions | $ | 316 | $ | 281 | $ | 709 | $ | 528 | ||||||||
Trust administration fees | 60 | 52 | 122 | 82 | ||||||||||||
Total financial expenses | $ | 376 | $ | 333 | $ | 831 | $ | 610 | ||||||||
Total cost of revenues | $ | 31,924 | $ | 34,147 | $ | 64,915 | $ | 66,989 | ||||||||
The costs of revenues, for purposes of this supplemental disclosure, include only field costs and expenses that are directly allocable between the goods, services and financial categories in the funeral and cemetery segments. Depreciation and amortization and regional and unallocated funeral and cemetery costs are not included in this disclosure. |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | |||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||
The following information is supplemental disclosure for the Consolidated Statements of Cash Flows (in thousands): | ||||||||
For the Six Months Ended June 30, | ||||||||
2013 | 2014 | |||||||
Cash paid for interest | $ | 6,455 | $ | 4,239 | ||||
Cash paid for income taxes | 154 | 695 | ||||||
Fair value of stock, stock options and performance awards issued to directors, officers and certain employees | 3,350 | 8,143 | ||||||
Restricted common stock withheld for payroll taxes | 1,383 | 1,164 | ||||||
Net deposits into preneed funeral trusts | (10,337 | ) | (3,295 | ) | ||||
Net deposits into preneed cemetery trusts | (3,535 | ) | (3,673 | ) | ||||
Net (deposits) withdrawals into / from perpetual care trusts | 186 | (2,285 | ) | |||||
Net increase in preneed receivables | (2,108 | ) | (1,886 | ) | ||||
Net withdrawals of receivables from preneed trusts | 12,323 | 804 | ||||||
Net change in preneed funeral receivables increasing (decreasing) deferred revenue | (6,963 | ) | 198 | |||||
Net change in preneed cemetery receivables increasing (decreasing) deferred revenue | (2,792 | ) | 147 | |||||
Net deposits into preneed funeral trust accounts increasing deferred preneed funeral receipts held in trust | 10,337 | 3,295 | ||||||
Net deposits into cemetery trust accounts increasing deferred cemetery receipts held in trust | 3,535 | 3,673 | ||||||
Net (deposits) withdrawals into / from perpetual care trust accounts increasing perpetual care trusts’ corpus | 7 | 2,261 | ||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||
Share-based awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and included in the computation of both basic and diluted earnings per share. Our grants of restricted stock awards to our employees and directors are considered participating securities and we have prepared our earnings per share calculations to exclude outstanding unvested restricted stock awards, using the two-class method, in the basic and diluted weighted average shares outstanding calculation. | ||||||||||||||||
The following table sets forth the computation of the basic and diluted earnings per share for the three and six months ended June 30, 2013 and 2014: | ||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Numerator for basic earnings per share: | ||||||||||||||||
Numerator from continuing operations | ||||||||||||||||
Income from continuing operations | $ | 3,576 | $ | 3,883 | $ | 8,980 | $ | 5,515 | ||||||||
Less: Earnings allocated to unvested restricted stock | (72 | ) | (76 | ) | (209 | ) | (115 | ) | ||||||||
Income attributable to continuing operations | $ | 3,504 | $ | 3,807 | $ | 8,771 | $ | 5,400 | ||||||||
Numerator from discontinued operations | ||||||||||||||||
Income (loss) from discontinued operations | $ | 568 | $ | (637 | ) | $ | 423 | $ | (51 | ) | ||||||
Less: (Earnings) loss allocated to unvested restricted stock | (11 | ) | 13 | (10 | ) | 1 | ||||||||||
Income (loss) attributable to discontinued operations | $ | 557 | $ | (624 | ) | $ | 413 | $ | (50 | ) | ||||||
Numerator for diluted earnings per share: | ||||||||||||||||
Adjustment for diluted earnings per share: | ||||||||||||||||
Interest on convertible junior subordinated debentures, net of tax | $ | — | $ | — | $ | 1,472 | $ | — | ||||||||
$ | — | $ | — | $ | 1,472 | $ | — | |||||||||
Income attributable to continuing operations | $ | 3,504 | $ | 3,807 | $ | 10,243 | $ | 5,400 | ||||||||
Income (loss) attributable to discontinued operations | $ | 557 | $ | (624 | ) | $ | 413 | $ | (50 | ) | ||||||
Denominator | ||||||||||||||||
Denominator for basic earnings per common share - weighted average shares outstanding | 17,830 | 18,123 | 17,744 | 18,054 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options | 164 | 124 | 180 | 141 | ||||||||||||
Convertible junior subordinated debentures | — | — | 4,392 | — | ||||||||||||
Denominator for diluted earnings per common share - weighted average shares outstanding | 17,994 | 18,247 | 22,316 | 18,195 | ||||||||||||
Basic earnings (loss) per common share: | ||||||||||||||||
Continuing operations | $ | 0.2 | $ | 0.21 | $ | 0.5 | $ | 0.3 | ||||||||
Discontinued operations | 0.03 | (0.03 | ) | 0.02 | — | |||||||||||
Basic earnings per common share | $ | 0.23 | $ | 0.18 | $ | 0.52 | $ | 0.3 | ||||||||
Diluted earnings (loss) per common share: | ||||||||||||||||
Continuing operations | $ | 0.2 | $ | 0.21 | $ | 0.46 | $ | 0.3 | ||||||||
Discontinued operations | 0.03 | (0.04 | ) | 0.02 | (0.01 | ) | ||||||||||
Diluted earnings per common share | $ | 0.23 | $ | 0.17 | $ | 0.48 | $ | 0.29 | ||||||||
The fully diluted weighted average shares outstanding for the six months ended June 30, 2013, and the corresponding calculation of fully diluted earnings per share include approximately 4.4 million shares that would be issued upon conversion of our convertible junior subordinated debentures as a result of the application of the if-converted method prescribed by FASB ASC 260-10-45. For the three months ended June 30, 2013 and for the three and six months ended June 30, 2014, shares from the conversion of our convertible junior subordinated debentures and our convertible subordinated notes are excluded from the fully diluted earnings per share calculation because the inclusion of such converted shares would result in an antidilutive impact. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
Subsequent to June 30, 2014, we received notification that the IRS examination of our tax year ended December 31, 2011 was completed. We are in the process of evaluating the effects, if any, that this will have on our previously recorded liabilities related to uncertain tax positions. |
Recovered_Sheet1
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Principles of Consolidation, Policy | ' |
Principles of Consolidation | |
The accompanying Consolidated Financial Statements include us and our subsidiaries. All significant intercompany balances and transactions have been eliminated. | |
Cash and Cash Equivalents, Policy | ' |
Cash and Cash Equivalents | |
We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
Use of Estimates, Policy | ' |
Use of Estimates | |
The preparation of our Consolidated Financial Statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue recognition, realization of accounts receivable, goodwill, intangible assets, property and equipment and deferred tax assets and liabilities. We base our estimates on historical experience, third party data and assumptions that we believe to be reasonable under the circumstances. The results of these considerations form the basis for making judgments about the amount and timing of revenues and expenses, the carrying value of assets and the recorded amounts of liabilities. Actual results may differ from these estimates and such estimates may change if the underlying conditions or assumptions change. Historical performance should not be viewed as indicative of future performance, as there can be no assurance that our results of operations will be consistent from year to year. | |
Funeral and Cemetery Operations, Policy | ' |
Funeral and Cemetery Operations | |
We record the revenue from sales of funeral and cemetery merchandise and services when the merchandise is delivered or the service is performed. Sales of cemetery interment rights are recorded as revenue in accordance with the retail land sales provisions for accounting for sales of real estate. This method provides for the recognition of revenue in the period in which the customer’s cumulative payments exceed 10% of the contract price related to the interment right. Costs related to the sales of interment rights, which include real property and other costs related to cemetery development activities, are charged to operations using the specific identification method in the period in which the sale of the interment right is recognized as revenue. Revenues to be recognized from the delivery of merchandise and performance of services related to contracts that were acquired in acquisitions are typically lower than those originated by the Company. Sales taxes collected are recognized on a net basis in our Consolidated Financial Statements. | |
Allowances for bad debts and customer cancellations are provided at the date that the sale is recognized as revenue and are based on our historical experience and the current economic environment. We also monitor changes in delinquency rates and provide additional bad debt and cancellation reserves when warranted. When preneed sales of funeral services and merchandise are funded through third-party insurance policies, we earn a commission on the sale of the policies. Insurance commissions are recognized as revenues at the point at which the commission is no longer subject to refund, which is typically one year after the policy is issued. | |
Discontinued Operations, Policy | ' |
Discontinued Operations | |
We continually review locations to optimize the sustainable earning power and return on our invested capital. These reviews could entail selling certain non-strategic businesses. When we receive a letter of intent and financing commitment from a buyer and the sale is expected to occur within one year, the location is no longer reported within our continuing operations. The assets and liabilities associated with the location are reclassified as held-for-sale on our Consolidated Balance Sheets, and the operating results are presented on a comparative basis in the discontinued operations section of our Consolidated Statements of Operations. During the first quarter of 2014, we sold a cemetery in Florida which was reported as held-for-sale at December 31, 2013. As of June 30, 2014, we had two businesses classified as held-for-sale. See Note 4 to the Consolidated Financial Statements herein for more information. | |
Property, Plant and Equipment, Policy | ' |
Property, Plant and Equipment | |
Property, plant and equipment (including equipment under capital leases) are stated at cost. The costs of ordinary maintenance and repairs are charged to operations as incurred, while renewals and betterments are capitalized. Depreciation of property, plant and equipment (including equipment under capital leases) is computed based on the straight-line method. | |
Business Combinations, Policy | ' |
Business Combinations | |
Tangible and intangible assets acquired and liabilities assumed are recorded at fair value and goodwill is recognized for any difference between the price of the acquisition and fair value. We customarily estimate related transaction costs known at closing. To the extent that information not available to us at the closing date of an acquisition subsequently becomes available during the allocation period, we may adjust goodwill, assets or liabilities associated with such acquisition. Acquisition related costs are recognized separately from acquisitions and are expensed as incurred. During the second quarter of 2014, we acquired six businesses from certain subsidiaries of SCI. See Note 3 to the Consolidated Financial Statements herein for more information concerning this acquisition. | |
Goodwill | |
The excess of the purchase price over the fair value of identifiable net assets of businesses acquired is recorded as goodwill. Goodwill has primarily been recorded in connection with the acquisition of funeral businesses. Goodwill is tested for impairment by assessing the fair value of each of our reporting units. The funeral segment reporting units consist of our East, Central and West regions in the United States, and we perform our annual impairment test of goodwill using information as of August 31 of each year. In addition, we assess the impairment of goodwill whenever events or changes in circumstances indicate that the carrying value may be greater than fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant adverse changes in the business climate which may be indicated by a decline in our market capitalization or decline in operating results. | |
Stock Plans and Stock-Based Compensation, Policy | ' |
Stock Plans and Stock-Based Compensation | |
We have stock-based employee and director compensation plans under which we may grant restricted stock, stock options, performance awards and stock from our employee stock purchase plan, which are described in more detail in Note 17 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2013. We recognize compensation expense in an amount equal to the fair value of the share-based awards expected to vest over the requisite service period. Fair value is determined on the date of the grant. The fair value of options or awards containing options is determined using the Black-Scholes valuation model. The fair value of the performance awards is determined using a Monte-Carlo simulation pricing model. See Note 17 to the Consolidated Financial Statements herein for additional information on our stock-based compensation plans. | |
Computation of Earnings Per Common Share, Policy | ' |
Computation of Earnings Per Common Share | |
Basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares consist of stock options, convertible junior subordinated debentures and convertible subordinated notes. | |
Share-based awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are recognized as participating securities and included in the computation of both basic and diluted earnings per share. Our grants of restricted stock awards to our employees and directors are considered participating securities, and we have prepared our earnings per share calculations attributable to common stockholders to exclude outstanding unvested restricted stock awards, using the two-class method, in both the basic and diluted weighted average shares outstanding calculation. | |
Preneed Funeral and Cemetery Trust Funds, Policy | ' |
Preneed Funeral and Cemetery Trust Funds | |
Our preneed and perpetual care trust funds are reported in accordance with the principles of consolidating Variable Interest Entities (“VIEs”). In the case of preneed trusts, the customers are the legal beneficiaries. In the case of perpetual care trusts, we do not have a right to access the corpus in the perpetual care trusts. For these reasons, we have recognized financial interests of third parties in the trust funds in our financial statements as Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus. The investments of such trust funds are classified as available-for-sale and are reported at fair market value; therefore, the unrealized gains and losses, as well as accumulated and undistributed income and realized gains and losses are recorded to Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus on our Consolidated Balance Sheets. Our future obligations to deliver merchandise and services are reported at estimated settlement amounts. Preneed funeral and cemetery trust investments are reduced by the trust investment earnings that we have been allowed to withdraw in certain states prior to maturity. These earnings, along with preneed contract collections not required to be placed in trust, are recorded in Deferred preneed funeral revenue and Deferred preneed cemetery revenue until the service is performed or the merchandise is delivered. | |
In accordance with respective state laws, we are required to deposit a specified amount into perpetual and memorial care trust funds for each interment/entombment right and certain memorials sold. Income from the trust funds is distributed to us and used to provide care and maintenance of the cemeteries and mausoleums. Such trust fund income is recognized as revenue when realized by the trust and distributable to us. We are restricted from withdrawing any of the principal balances of these funds. | |
An enterprise is required to perform an analysis to determine whether the enterprise’s variable interest(s) give it a controlling financial interest in a VIE. This analysis identifies the primary beneficiary of a VIE as the enterprise that has both the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity that could potentially be significant to the VIE, or the right to receive benefits from the entity that could potentially be significant to the VIE. Our analysis continues to support our position as the primary beneficiary in the majority of our funeral and cemetery trust funds. | |
Trust management fees are earned by us for investment management and advisory services that are provided by our wholly-owned registered investment advisor (“CSV RIA”). As of June 30, 2014, CSV RIA provided these services to two institutions, which have custody of 79% of our trust assets, for a fee based on the market value of trust assets. Under state trust laws, we are allowed to charge the trust a fee for advising on the investment of the trust assets and these fees are recognized as income in the period in which services are provided. | |
Fair Value Measurements, Policy | ' |
Fair Value Measurements | |
We define fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). We disclose the extent to which fair value is used to measure financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date. We currently do not have any assets that have fair values determined by Level 3 inputs and no liabilities measured at fair value. We have not elected to measure any additional financial instruments and certain other items at fair value that are not currently required to be measured at fair value. | |
To determine the fair value of assets and liabilities in an environment where the volume and level of activity for the asset or liability have significantly decreased, the exit price is used as the fair value measurement. For the three and six months ended June 30, 2014, we did not incur significant decreases in the volume or level of activity of any asset or liability. We consider an impairment of debt and equity securities other-than-temporary unless (a) the investor has the ability and intent to hold an investment and (b) evidence indicating the cost of the investment is recoverable before we are more likely than not required to sell the investment. If an impairment is indicated, then an adjustment is made to reduce the carrying amount to fair value with a corresponding reduction to deferred preneed receipts held in trust. For the three months ended June 30, 2014, we recorded a $0.4 million impairment charge for other-than-temporary declines in fair value related to unrealized losses on certain investments. | |
In the ordinary course of business, we are typically exposed to a variety of market risks. Currently, these are primarily related to changes in fair market values related to outstanding debts and changes in the values of securities associated with the preneed and perpetual care trusts. Management is actively involved in monitoring exposure to market risk and developing and utilizing risk management techniques when appropriate and when available for a reasonable price. | |
Income Taxes, Policy | ' |
Income Taxes | |
We and our subsidiaries file a consolidated U.S. Federal income tax return, separate income tax returns in 16 states in which we operate and combined or unitary income tax returns in 11 states in which we operate. We record deferred taxes for temporary differences between the tax basis and financial reporting basis of assets and liabilities. We record a valuation allowance to reflect the estimated amount of deferred tax assets for which realization is uncertain. Management reviews the valuation allowance at the end of each quarter and makes adjustments if it is determined that it is more likely than not that the tax benefits will be realized. | |
We analyze tax benefits for uncertain tax positions and how they are to be recognized, measured and derecognized in financial statements; provide certain disclosures of uncertain tax matters; and specify how reserves for uncertain tax positions should be classified on our Consolidated Balance Sheets. We have reviewed our income tax positions and identified certain tax deductions, primarily related to business acquisitions that are not certain. Our policy with respect to potential penalties and interest is to record them as “Other” expense and “Interest” expense, respectively. The entire balance of unrecognized tax benefits, if recognized, would affect our effective tax rate. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Schedule of Property, Plant and Equipment | ' | |||||||
Property, plant and equipment was comprised of the following at December 31, 2013 and June 30, 2014: | ||||||||
31-Dec-13 | 30-Jun-14 | |||||||
(in thousands) | ||||||||
Land | $ | 55,639 | $ | 62,435 | ||||
Buildings and improvements | 132,172 | 141,763 | ||||||
Furniture, equipment and automobiles | 61,506 | 63,880 | ||||||
Property, plant and equipment, at cost | 249,317 | 268,078 | ||||||
Less: accumulated depreciation | (88,627 | ) | (91,795 | ) | ||||
Property, plant and equipment, net | $ | 160,690 | $ | 176,283 | ||||
Acquisitions_Acquisitions_Tabl
Acquisitions Acquisitions (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||
The following table summarizes the fair value of the assets acquired and the liabilities assumed in the SCI Acquisition (in thousands): | ||||
Current assets | $ | 1,998 | ||
Property, plant & equipment | 16,457 | |||
Preneed cemetery trust investments | 3,632 | |||
Preneed funeral trust investments | 45 | |||
Goodwill | 33,826 | |||
Deferred charges and other non-current assets | 6,208 | |||
Cemetery perpetual care investments | 7,491 | |||
Obligations under capital leases | (1,960 | ) | ||
Deferred preneed cemetery revenue | (1,679 | ) | ||
Deferred preneed cemetery receipts held in trust | (3,632 | ) | ||
Deferred preneed funeral receipts held in trust | (45 | ) | ||
Care trusts' corpus | (7,491 | ) | ||
Cash paid | $ | 54,850 | ||
Assets_Held_for_Sale_and_Disco1
Assets Held for Sale and Discontinued Operations (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Assets Held For Sale and Discontinued Operations [Abstract] | ' | |||||||||||||||
Assets and liabilities associated with the cemetery and funeral home businesses held for sale | ' | |||||||||||||||
ssets and liabilities associated with these businesses are included in Assets held for sale and Liabilities associated with assets held for sale on our Consolidated Balance Sheet at June 30, 2014 and the operating results are presented on a comparative basis within discontinued operations on our Consolidated Statements of Operations. | ||||||||||||||||
Assets and liabilities associated with the businesses held for sale on our Consolidated Balance Sheets at December 31, 2013 and June 30, 2014 consisted of the following (in thousands): | ||||||||||||||||
December 31, 2013 | June 30, 2014 | |||||||||||||||
Assets: | ||||||||||||||||
Current assets | $ | 30 | $ | 7 | ||||||||||||
Preneed cemetery trust investments | 2,477 | — | ||||||||||||||
Preneed funeral trust investments | — | 137 | ||||||||||||||
Preneed receivables | 31 | — | ||||||||||||||
Property, plant and equipment, net | 311 | 1,193 | ||||||||||||||
Goodwill | — | 17 | ||||||||||||||
Cemetery perpetual care trust investments | 695 | — | ||||||||||||||
Total | $ | 3,544 | $ | 1,354 | ||||||||||||
Liabilities: | ||||||||||||||||
Current liabilities | $ | 10 | $ | 34 | ||||||||||||
Deferred preneed cemetery revenue | 1,185 | — | ||||||||||||||
Deferred preneed funeral revenue | — | 189 | ||||||||||||||
Deferred preneed cemetery receipts held in trust | 2,477 | — | ||||||||||||||
Deferred preneed funeral receipts held in trust | — | 137 | ||||||||||||||
Care trusts corpus | 685 | — | ||||||||||||||
Total | $ | 4,357 | $ | 360 | ||||||||||||
Operating results and gain on discontinued operations | ' | |||||||||||||||
The operating results of the discontinued businesses for the three and six months ended June 30, 2013 and 2014, as well as the gain or loss on the disposal, is presented within discontinued operations on our Consolidated Statements of Operations, along with the income tax effect, as follows (in thousands): | ||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||
June 30, | ||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Revenues | $ | 1,289 | $ | 380 | $ | 2,913 | $ | 627 | ||||||||
Operating income | $ | 287 | $ | 136 | $ | 633 | $ | 188 | ||||||||
Gain (loss) on disposition | 630 | (1,180 | ) | 47 | (271 | ) | ||||||||||
Income tax (provision) benefit | (349 | ) | 407 | (257 | ) | 32 | ||||||||||
Income (loss) from discontinued operations | $ | 568 | $ | (637 | ) | $ | 423 | $ | (51 | ) | ||||||
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
Changes in Goodwill | ' | |||
The following table presents the changes in goodwill on our Consolidated Balance Sheets (in thousands): | ||||
Goodwill as of December 31, 2013 | $ | 221,087 | ||
Increase in goodwill related to acquisitions | 33,826 | |||
Impairments and changes in previous estimates | (1,323 | ) | ||
Reclassification of assets held-for-sale | (17 | ) | ||
Goodwill as of June 30, 2014 | $ | 253,573 | ||
Preneed_Trust_Investments_Tabl
Preneed Trust Investments (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Preneed Trust Investments [Abstract] | ' | |||||||||||||||||||||||
Components of preneed cemetery trust investments | ' | |||||||||||||||||||||||
The components of Preneed cemetery trust investments on our Consolidated Balance Sheets at December 31, 2013 and June 30, 2014 are as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | June 30, 2014 | |||||||||||||||||||||||
Preneed cemetery trust investments, at fair value | $ | 70,386 | $ | 77,790 | ||||||||||||||||||||
Less: allowance for contract cancellation | (2,045 | ) | (2,144 | ) | ||||||||||||||||||||
Preneed cemetery trust investments, net | $ | 68,341 | $ | 75,646 | ||||||||||||||||||||
Cost and fair market values associated with preneed cemetery trust investments | ' | |||||||||||||||||||||||
The cost and fair market values associated with preneed cemetery trust investments at December 31, 2013 are detailed below (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 1,541 | $ | — | $ | — | $ | 1,541 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Foreign debt | 2 | 3,460 | 146 | (3 | ) | 3,603 | ||||||||||||||||||
Corporate debt | 2 | 32,958 | 386 | (1,150 | ) | 32,194 | ||||||||||||||||||
Preferred stock | 2 | 17,754 | 178 | (273 | ) | 17,659 | ||||||||||||||||||
Mortgage backed securities | 2 | 1 | — | — | 1 | |||||||||||||||||||
Common stock | 1 | 12,431 | 2,362 | (267 | ) | 14,526 | ||||||||||||||||||
Trust securities | $ | 68,145 | $ | 3,072 | $ | (1,693 | ) | $ | 69,524 | |||||||||||||||
Accrued investment income | $ | 862 | $ | 862 | ||||||||||||||||||||
Preneed cemetery trust investments | $ | 70,386 | ||||||||||||||||||||||
Fair market value as a percentage of cost | 102 | % | ||||||||||||||||||||||
The cost and fair market values associated with preneed cemetery trust investments at June 30, 2014 are detailed below (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 2,342 | $ | — | $ | — | $ | 2,342 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Foreign debt | 2 | 4,835 | 227 | — | 5,062 | |||||||||||||||||||
Corporate debt | 2 | 30,451 | 906 | (919 | ) | 30,438 | ||||||||||||||||||
Preferred stock | 2 | 18,271 | 916 | (87 | ) | 19,100 | ||||||||||||||||||
Mortgage backed securities | 2 | 1 | — | — | 1 | |||||||||||||||||||
Common stock | 1 | 15,566 | 4,757 | (254 | ) | 20,069 | ||||||||||||||||||
Trust securities | $ | 71,466 | $ | 6,806 | $ | (1,260 | ) | $ | 77,012 | |||||||||||||||
Accrued investment income | $ | 778 | $ | 778 | ||||||||||||||||||||
Preneed cemetery trust investments | $ | 77,790 | ||||||||||||||||||||||
Fair market value as a percentage of cost | 107.8 | % | ||||||||||||||||||||||
Estimated maturities of fixed preneed cemetery trust income securities | ' | |||||||||||||||||||||||
The estimated maturities of the fixed income securities included above are as follows (in thousands): | ||||||||||||||||||||||||
Due in one year or less | $ | — | ||||||||||||||||||||||
Due in one to five years | 6,578 | |||||||||||||||||||||||
Due in five to ten years | 8,752 | |||||||||||||||||||||||
Thereafter | 39,271 | |||||||||||||||||||||||
Total | $ | 54,601 | ||||||||||||||||||||||
Schedule of fair market value and unrealized loss on cemetery merchandise and service trust investments | ' | |||||||||||||||||||||||
Our cemetery merchandise and service trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of June 30, 2014 and December 31, 2013, are shown in the following tables (in thousands): | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
In Loss Position Less than 12 months | In Loss Position Greater than 12 months | Total | ||||||||||||||||||||||
Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | |||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Corporate debt | $ | 5,331 | $ | (395 | ) | $ | 2,015 | $ | (524 | ) | $ | 7,346 | $ | (919 | ) | |||||||||
Preferred stock | 1,712 | (16 | ) | 3,371 | (71 | ) | 5,083 | (87 | ) | |||||||||||||||
Common stock | 3,126 | (220 | ) | 102 | (34 | ) | 3,228 | (254 | ) | |||||||||||||||
Total temporary impaired securities | $ | 10,169 | $ | (631 | ) | $ | 5,488 | $ | (629 | ) | $ | 15,657 | $ | (1,260 | ) | |||||||||
31-Dec-13 | ||||||||||||||||||||||||
In Loss Position Less than 12 months | In Loss Position Greater than 12 months | Total | ||||||||||||||||||||||
Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | |||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Foreign debt | $ | 802 | $ | (3 | ) | $ | — | $ | — | $ | 802 | $ | (3 | ) | ||||||||||
Corporate debt | 11,561 | (553 | ) | 769 | (597 | ) | 12,330 | (1,150 | ) | |||||||||||||||
Preferred stock | 9,601 | (273 | ) | — | — | 9,601 | (273 | ) | ||||||||||||||||
Common stock | 1,077 | (171 | ) | 705 | (96 | ) | 1,782 | (267 | ) | |||||||||||||||
Total temporary impaired securities | $ | 23,041 | $ | (1,000 | ) | $ | 1,474 | $ | (693 | ) | $ | 24,515 | $ | (1,693 | ) | |||||||||
Preneed cemetery trust investment security transactions | ' | |||||||||||||||||||||||
Preneed cemetery trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the three and six months ended June 30, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||
Investment income | $ | 1,072 | $ | 889 | $ | 1,765 | $ | 1,432 | ||||||||||||||||
Realized gains | 1,547 | 1,161 | 1,585 | 1,700 | ||||||||||||||||||||
Realized losses | (144 | ) | (640 | ) | (574 | ) | (828 | ) | ||||||||||||||||
Expenses and taxes | (1,684 | ) | (384 | ) | (2,065 | ) | (942 | ) | ||||||||||||||||
Decrease in deferred preneed cemetery receipts held in trust | (791 | ) | (1,026 | ) | (711 | ) | (1,362 | ) | ||||||||||||||||
$ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Purchases and sales of investments in preneed cemetary trusts | ' | |||||||||||||||||||||||
Purchases and sales of investments in the preneed cemetery trusts were as follows (in thousands): | ||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||
Purchases | $ | (11,543 | ) | $ | (13,498 | ) | $ | (15,705 | ) | $ | (21,658 | ) | ||||||||||||
Sales | $ | 13,811 | $ | 14,383 | $ | 18,820 | $ | 22,921 | ||||||||||||||||
Components of preneed funeral trust investments | ' | |||||||||||||||||||||||
The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2013 and June 30, 2014 were as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | June 30, 2014 | |||||||||||||||||||||||
Preneed funeral trust investments, at market value | $ | 100,005 | $ | 103,237 | ||||||||||||||||||||
Less: allowance for contract cancellation | (2,861 | ) | (2,890 | ) | ||||||||||||||||||||
Preneed funeral trust investments, net | $ | 97,144 | $ | 100,347 | ||||||||||||||||||||
Estimated maturities of fixed preneed funeral trust income securities | ' | |||||||||||||||||||||||
The estimated maturities of the fixed income securities included above are as follows (in thousands): | ||||||||||||||||||||||||
Due in one year or less | $ | 571 | ||||||||||||||||||||||
Due in one to five years | 6,403 | |||||||||||||||||||||||
Due in five to ten years | 8,092 | |||||||||||||||||||||||
Thereafter | 33,643 | |||||||||||||||||||||||
Total | $ | 48,709 | ||||||||||||||||||||||
Cost and fair market values associated with preneed funeral trust investments | ' | |||||||||||||||||||||||
The cost and fair market values associated with preneed funeral trust investments at December 31, 2013 are detailed below (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 14,631 | $ | — | $ | — | $ | 14,631 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. treasury debt | 1 | 2,212 | 47 | (54 | ) | 2,205 | ||||||||||||||||||
U.S. agency obligations | 1 | 401 | 8 | (7 | ) | 402 | ||||||||||||||||||
Foreign debt | 2 | 2,726 | 115 | (2 | ) | 2,839 | ||||||||||||||||||
Corporate debt | 2 | 27,993 | 375 | (957 | ) | 27,411 | ||||||||||||||||||
Preferred stock | 2 | 15,949 | 292 | (282 | ) | 15,959 | ||||||||||||||||||
Mortgage backed securities | 2 | 1 | — | — | 1 | |||||||||||||||||||
Common stock | 1 | 10,681 | 2,092 | (237 | ) | 12,536 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 11,632 | 2,708 | (22 | ) | 14,318 | ||||||||||||||||||
Fixed income | 2 | 5,455 | 88 | (179 | ) | 5,364 | ||||||||||||||||||
Other investments | 2 | 3,686 | — | (26 | ) | 3,660 | ||||||||||||||||||
Trust securities | $ | 95,367 | $ | 5,725 | $ | (1,766 | ) | $ | 99,326 | |||||||||||||||
Accrued investment income | $ | 679 | $ | 679 | ||||||||||||||||||||
Preneed funeral trust investments | $ | 100,005 | ||||||||||||||||||||||
Fair market value as a percentage of cost | 104.2 | % | ||||||||||||||||||||||
The cost and fair market values associated with preneed funeral trust investments at June 30, 2014 are detailed below (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 13,967 | $ | — | $ | — | $ | 13,967 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. treasury debt | 1 | 2,605 | 39 | (28 | ) | 2,616 | ||||||||||||||||||
U.S. agency obligations | 2 | 31 | — | — | 31 | |||||||||||||||||||
Foreign debt | 2 | 3,886 | 182 | — | 4,068 | |||||||||||||||||||
Corporate debt | 2 | 25,165 | 898 | (741 | ) | 25,322 | ||||||||||||||||||
Preferred stock | 2 | 15,561 | 832 | (70 | ) | 16,323 | ||||||||||||||||||
Mortgage backed securities | 2 | 342 | 11 | (4 | ) | 349 | ||||||||||||||||||
Common stock | 1 | 12,737 | 3,903 | (210 | ) | 16,430 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 13,858 | 1,378 | (1 | ) | 15,235 | ||||||||||||||||||
Fixed income | 2 | 5,332 | 184 | (64 | ) | 5,452 | ||||||||||||||||||
Other investments | 2 | 2,838 | — | (29 | ) | 2,809 | ||||||||||||||||||
Trust securities | $ | 96,322 | $ | 7,427 | $ | (1,147 | ) | $ | 102,602 | |||||||||||||||
Accrued investment income | $ | 635 | $ | 635 | ||||||||||||||||||||
Preneed funeral trust investments | $ | 103,237 | ||||||||||||||||||||||
Fair market value as a percentage of cost | 106.5 | % | ||||||||||||||||||||||
Schedule of fair market value and unrealized loss on preneed funeral trust investments | ' | |||||||||||||||||||||||
Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of June 30, 2014 and December 31, 2013 are shown in the following tables (in thousands): | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
In Loss Position Less than 12 months | In Loss Position Greater than 12 months | Total | ||||||||||||||||||||||
Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | |||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. debt | $ | 498 | $ | (2 | ) | $ | 826 | $ | (27 | ) | $ | 1,324 | $ | (29 | ) | |||||||||
Corporate debt | 4,298 | (318 | ) | 1,624 | (422 | ) | 5,922 | (740 | ) | |||||||||||||||
Preferred stock | 1,375 | (13 | ) | 2,709 | (57 | ) | 4,084 | (70 | ) | |||||||||||||||
Mortgage backed securities | — | — | 86 | (4 | ) | 86 | (4 | ) | ||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 2,589 | (182 | ) | 85 | (28 | ) | 2,674 | (210 | ) | |||||||||||||||
Equity and other | 61 | — | 20 | (1 | ) | 81 | (1 | ) | ||||||||||||||||
Fixed income | 219 | — | 1,457 | (64 | ) | 1,676 | (64 | ) | ||||||||||||||||
Other investments | — | — | 44 | (29 | ) | 44 | (29 | ) | ||||||||||||||||
Total temporary impaired securities | $ | 9,040 | $ | (515 | ) | $ | 6,851 | $ | (632 | ) | $ | 15,891 | $ | (1,147 | ) | |||||||||
31-Dec-13 | ||||||||||||||||||||||||
In Loss Position Less than 12 months | In Loss Position Greater than 12 months | Total | ||||||||||||||||||||||
Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | |||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. debt | $ | — | $ | — | $ | 816 | $ | (54 | ) | $ | 816 | $ | (54 | ) | ||||||||||
U.S. agency obligations | — | — | 211 | (7 | ) | 211 | (7 | ) | ||||||||||||||||
Foreign debt | 632 | (2 | ) | — | — | 632 | (2 | ) | ||||||||||||||||
Corporate debt | 9,620 | (460 | ) | 640 | (497 | ) | 10,260 | (957 | ) | |||||||||||||||
Preferred stock | 9,918 | (282 | ) | — | — | 9,918 | (282 | ) | ||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 954 | (152 | ) | 626 | (85 | ) | 1,580 | (237 | ) | |||||||||||||||
Equity and other | 314 | (13 | ) | 195 | (9 | ) | 509 | (22 | ) | |||||||||||||||
Fixed income | 865 | (43 | ) | 1,420 | (136 | ) | 2,285 | (179 | ) | |||||||||||||||
Other investments | — | — | 44 | (26 | ) | 44 | (26 | ) | ||||||||||||||||
Total temporary impaired securities | $ | 22,303 | $ | (952 | ) | $ | 3,952 | $ | (814 | ) | $ | 26,255 | $ | (1,766 | ) | |||||||||
Preneed funeral trust investment security transactions | ' | |||||||||||||||||||||||
Preneed funeral trust investment security transactions recorded in Interest expense on the Consolidated Statements of Operations for the three and six months ended June 30, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||
Investment income | $ | 917 | $ | 846 | $ | 1,523 | $ | 1,491 | ||||||||||||||||
Realized gains | 1,087 | 2,937 | 6,214 | 3,431 | ||||||||||||||||||||
Realized losses | (221 | ) | (538 | ) | (5,553 | ) | (736 | ) | ||||||||||||||||
Expenses and taxes | (807 | ) | (493 | ) | (1,055 | ) | (898 | ) | ||||||||||||||||
Decrease in deferred preneed funeral receipts held in trust | (976 | ) | (2,752 | ) | (1,129 | ) | (3,288 | ) | ||||||||||||||||
$ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Purchases and sales of investments in preneed funeral trusts | ' | |||||||||||||||||||||||
Purchases and sales of investments in the preneed funeral trusts were as follows (in thousands): | ||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||
Purchases | $ | (7,903 | ) | $ | (22,526 | ) | $ | (11,089 | ) | $ | (29,517 | ) | ||||||||||||
Sales | $ | 10,313 | $ | 22,612 | $ | 14,228 | $ | 30,149 | ||||||||||||||||
Preneed_Cemetery_Receivables_T
Preneed Cemetery Receivables (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Preneed Cemetery Receivables [Abstract] | ' | |||||||||||||||||||||||||||
Preneed Cemetery Receivables | ' | |||||||||||||||||||||||||||
, the change in the allowance for contract cancellations was as follows (in thousands): | ||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||
Beginning balance | $ | 1,347 | ||||||||||||||||||||||||||
Write-offs and cancellations | (622 | ) | ||||||||||||||||||||||||||
Provision | 828 | |||||||||||||||||||||||||||
Ending balance | $ | 1,553 | ||||||||||||||||||||||||||
Aging of Past Due Financing Receivables | ' | |||||||||||||||||||||||||||
The aging of past due financing receivables as of June 30, 2014 was as follows (in thousands): | ||||||||||||||||||||||||||||
31-60 | 61-90 | 91-120 | >120 | Total Past | Current | Total Financing | ||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Due | Receivables | |||||||||||||||||||||||
Recognized revenue | $ | 709 | $ | 300 | $ | 160 | $ | 951 | $ | 2,120 | $ | 21,097 | $ | 23,217 | ||||||||||||||
Deferred revenue | 309 | 130 | 105 | 418 | 962 | 8,655 | 9,617 | |||||||||||||||||||||
Total contracts | $ | 1,018 | $ | 430 | $ | 265 | $ | 1,369 | $ | 3,082 | $ | 29,752 | $ | 32,834 | ||||||||||||||
Receivables_from_Preneed_Trust1
Receivables from Preneed Trusts (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Receivables From Preneed Trusts [Abstract] | ' | |||||||
Receivables from Preneed Trusts | ' | |||||||
As of December 31, 2013 and June 30, 2014, receivables from preneed trusts were as follows (in thousands): | ||||||||
December 31, 2013 | June 30, 2014 | |||||||
Preneed trust funds, at cost | $ | 11,511 | $ | 12,144 | ||||
Less: allowance for contract cancellation | (345 | ) | (364 | ) | ||||
Receivables from preneed trusts, net | $ | 11,166 | $ | 11,780 | ||||
Composition of Assets Held in Trust | ' | |||||||
The following summary reflects the composition of the assets held in trust and controlled by third parties to satisfy our future obligations under preneed arrangements related to the preceding contracts at June 30, 2014 and December 31, 2013. The cost basis includes reinvested interest and dividends that have been earned on the trust assets. Fair value includes the unrealized gains and losses on trust assets. | ||||||||
Historical | Fair Value | |||||||
Cost Basis | ||||||||
(in thousands) | ||||||||
As of June 30, 2014 | ||||||||
Cash and cash equivalents | $ | 2,797 | $ | 2,797 | ||||
Fixed income investments | 6,971 | 6,990 | ||||||
Mutual funds and common stocks | 2,360 | 2,440 | ||||||
Annuities | 16 | 16 | ||||||
Total | $ | 12,144 | $ | 12,243 | ||||
Historical | Fair Value | |||||||
Cost Basis | ||||||||
(in thousands) | ||||||||
As of December 31, 2013 | ||||||||
Cash and cash equivalents | $ | 2,657 | $ | 2,657 | ||||
Fixed income investments | 6,344 | 6,355 | ||||||
Mutual funds and common stocks | 2,484 | 2,561 | ||||||
Annuities | 26 | 26 | ||||||
Total | $ | 11,511 | $ | 11,599 | ||||
Cemetery_Perpetual_Care_Trust_1
Cemetery Perpetual Care Trust Investments (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Cemetery Perpetual Care Trust Investments [Abstract] | ' | |||||||||||||||||||||||
Components of care trusts' corpus | ' | |||||||||||||||||||||||
The components of Care trusts’ corpus as of December 31, 2013 and June 30, 2014 were as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | June 30, 2014 | |||||||||||||||||||||||
Trust assets, at fair value | $ | 42,342 | $ | 52,812 | ||||||||||||||||||||
Obligations due from trust | (449 | ) | (508 | ) | ||||||||||||||||||||
Care trusts’ corpus | $ | 41,893 | $ | 52,304 | ||||||||||||||||||||
Cost and fair market values associated with the trust investments held in perpetual care trust funds | ' | |||||||||||||||||||||||
The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at June 30, 2014 (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 1,229 | $ | — | $ | — | $ | 1,229 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Foreign debt | 2 | 3,288 | 154 | — | 3,442 | |||||||||||||||||||
Corporate debt | 2 | 20,811 | 627 | (627 | ) | 20,811 | ||||||||||||||||||
Preferred stock | 2 | 12,513 | 631 | (59 | ) | 13,085 | ||||||||||||||||||
Common stock | 1 | 10,637 | 3,251 | (175 | ) | 13,713 | ||||||||||||||||||
Trust securities | $ | 48,478 | $ | 4,663 | $ | (861 | ) | $ | 52,280 | |||||||||||||||
Accrued investment income | $ | 532 | $ | 532 | ||||||||||||||||||||
Cemetery perpetual care trust investments | $ | 52,812 | ||||||||||||||||||||||
Fair market value as a percentage of cost | 107.8 | % | ||||||||||||||||||||||
Estimated maturities of fixed perpetual care trust income securities | ' | |||||||||||||||||||||||
The estimated maturities of the fixed income securities included above are as follows (in thousands): | ||||||||||||||||||||||||
Due in one year or less | $ | — | ||||||||||||||||||||||
Due in one to five years | 4,501 | |||||||||||||||||||||||
Due in five to ten years | 5,959 | |||||||||||||||||||||||
Thereafter | 26,878 | |||||||||||||||||||||||
$ | 37,338 | |||||||||||||||||||||||
Cost and fair Market Values Associated with Trust Investments Held in Perpetual Care Trust Funds [Table Text Block] | ' | |||||||||||||||||||||||
The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at December 31, 2013 (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 973 | $ | — | $ | — | $ | 973 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Foreign debt | 2 | 2,062 | 87 | (2 | ) | 2,147 | ||||||||||||||||||
Corporate debt | 2 | 19,773 | 236 | (691 | ) | 19,318 | ||||||||||||||||||
Preferred stock | 2 | 10,668 | 110 | (165 | ) | 10,613 | ||||||||||||||||||
Common stock | 1 | 7,539 | 1,417 | (178 | ) | 8,778 | ||||||||||||||||||
Trust securities | $ | 41,015 | $ | 1,850 | $ | (1,036 | ) | $ | 41,829 | |||||||||||||||
Accrued investment income | $ | 513 | $ | 513 | ||||||||||||||||||||
Cemetery perpetual care investments | $ | 42,342 | ||||||||||||||||||||||
Fair market value as a percentage of cost | 102 | % | ||||||||||||||||||||||
Schedule of fair market value and unrealized loss on perteptual care trust investments | ' | |||||||||||||||||||||||
Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended June 30, 2014 and December 31, 2013 are shown in the following tables (in thousands): | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
In Loss Position Less than 12 months | In Loss Position Greater than 12 months | Total | ||||||||||||||||||||||
Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | |||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Corporate debt | $ | 3,639 | $ | (269 | ) | $ | 1,375 | $ | (358 | ) | $ | 5,014 | $ | (627 | ) | |||||||||
Preferred stock | 1,164 | (11 | ) | 2,292 | (48 | ) | 3,456 | (59 | ) | |||||||||||||||
Common stock | 2,152 | (151 | ) | 71 | (24 | ) | 2,223 | (175 | ) | |||||||||||||||
Total temporary impaired securities | $ | 6,955 | $ | (431 | ) | $ | 3,738 | $ | (430 | ) | $ | 10,693 | $ | (861 | ) | |||||||||
31-Dec-13 | ||||||||||||||||||||||||
In Loss Position Less than 12 months | In Loss Position Greater than 12 months | Total | ||||||||||||||||||||||
Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | |||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Foreign debt | $ | 478 | $ | (2 | ) | $ | — | $ | — | $ | 478 | $ | (2 | ) | ||||||||||
Corporate debt | 6,948 | (332 | ) | 462 | (359 | ) | 7,410 | (691 | ) | |||||||||||||||
Preferred stock | 5,811 | (165 | ) | — | — | 5,811 | (165 | ) | ||||||||||||||||
Common stock | 716 | (114 | ) | 470 | (64 | ) | 1,186 | (178 | ) | |||||||||||||||
Total temporary impaired securities | $ | 13,953 | $ | (613 | ) | $ | 932 | $ | (423 | ) | $ | 14,885 | $ | (1,036 | ) | |||||||||
Perpetual care trust investment security transactions recorded in interest income and other, net | ' | |||||||||||||||||||||||
Perpetual care trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the three and six months ended June 30, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||
Realized gains | $ | 1,063 | $ | 897 | $ | 1,087 | $ | 1,314 | ||||||||||||||||
Realized losses | (103 | ) | (543 | ) | (398 | ) | (692 | ) | ||||||||||||||||
Decrease in care trusts’ corpus | (960 | ) | (354 | ) | (689 | ) | (622 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Perpetual care trust investment security transactions recorded in cemetery revenue | ' | |||||||||||||||||||||||
Perpetual care trust investment security transactions recorded in Cemetery revenues for the three and six months ended June 30, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||
Investment income | $ | 1,234 | $ | 1,300 | $ | 2,469 | $ | 2,580 | ||||||||||||||||
Realized gains, net | 334 | 391 | 683 | 150 | ||||||||||||||||||||
Total | $ | 1,568 | $ | 1,691 | $ | 3,152 | $ | 2,730 | ||||||||||||||||
Purchases and sales of investments in perpetual care trusts | ' | |||||||||||||||||||||||
Purchases and sales of investments in the perpetual care trusts were as follows (in thousands): | ||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||
Purchases | $ | (7,252 | ) | $ | (9,200 | ) | $ | (9,838 | ) | $ | (14,135 | ) | ||||||||||||
Sales | $ | 8,674 | $ | 9,842 | $ | 11,795 | $ | 15,022 | ||||||||||||||||
Deferred_Charges_and_Other_Non1
Deferred Charges and Other Non-Current Assets (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | ' | |||||||
Deferred charges and other non-current assets at December 31, 2013 and June 30, 2014 were as follows (in thousands): | ||||||||
December 31, | June 30, | |||||||
2013 | 2014 | |||||||
Prepaid agreements not-to-compete, net of accumulated amortization of $4,807 and $5,016, respectively | $ | 1,299 | $ | 1,140 | ||||
Deferred loan costs, net of accumulated amortization of $1,252 and $2,594, respectively | 2,602 | 2,057 | ||||||
Convertible junior subordinated debenture origination costs, net of accumulated amortization of $1,095 | 2,949 | — | ||||||
Convertible subordinated notes issuance costs, net of accumulated amortization of $138 | — | 3,489 | ||||||
Tradenames | 5,430 | 11,619 | ||||||
Other | — | 352 | ||||||
Deferred charges and other non-current assets | $ | 12,280 | $ | 18,657 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt | ' | |||||||
senior long-term debt consisted of the following at December 31, 2013 and June 30, 2014 (in thousands): | ||||||||
31-Dec-13 | 30-Jun-14 | |||||||
Revolving credit facility, secured, floating rate | $ | 36,900 | $ | 42,400 | ||||
Term loan, secured, floating rate | 117,000 | 125,000 | ||||||
Acquisition debt | 1,866 | 1,415 | ||||||
Less: current portion | (13,224 | ) | (9,716 | ) | ||||
Total long-term debt | $ | 142,542 | $ | 159,099 | ||||
Convertible_Subordinated_Notes1
Convertible Subordinated Notes (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Convertible Subordinated Notes [Abstract] | ' | |||
Schedule of Liability and Equity Components of Convertible Subordinated Notes | ' | |||
The carrying values of the liability and equity components of the Notes at June 30, 2014 are reflected in our Consolidated Balance Sheets as follows (in thousands): | ||||
30-Jun-14 | ||||
Long-term liabilities: | ||||
Principal amount | $ | 143,750 | ||
Unamortized discount of liability component | (30,795 | ) | ||
Carrying value of the liability component | $ | 112,955 | ||
Equity component carrying value | $ | 17,973 | ||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||
The fair value of the option grants are estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions, as indicated by grant date: | ||||||||
21-May-14 | 22-May-14 | |||||||
Dividend yield | 0.588 | % | 0.581 | % | ||||
Expected volatility | 33.36 | % | 33.35 | % | ||||
Risk-free interest rate | 1.17 | % | 1.185 | % | ||||
Expected life (years) | 4 | 4 | ||||||
Black-Scholes value | $ | 4.48 | $ | 4.54 | ||||
Assumptions for the fair value of the right (option) to purchase shares under ESPP | ' | |||||||
The fair value of the right (option) to purchase shares under the ESPP is estimated on the date of grant (January 1, 2014) associated with the four quarterly purchase dates using the following assumptions: | ||||||||
2014 | ||||||||
Dividend yield | 0.6 | % | ||||||
Expected volatility | 33.37 | % | ||||||
Risk-free interest rate | 0.07%, 0.09%, 0.11%, 0.13% | |||||||
Expected life (years) | 0.25, 0.50, 0.75, 1.00 | |||||||
Schedule of Accumulated Other Comprehensive Income | ' | |||||||
Our components of Accumulated other comprehensive income are as follows: | ||||||||
Accumulated Other Comprehensive Income | ||||||||
Balance at December 31, 2013 | $ | — | ||||||
Increase in net unrealized gains associated with available-for-sale securities of the trusts | 15,628 | |||||||
Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus’ | (15,628 | ) | ||||||
Balance at June 30, 2014 | $ | — | ||||||
Major_Segments_of_Business_Tab
Major Segments of Business (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Revenue, pre-tax income and total and total assets by segments | ' | |||||||||||||||
The following table presents revenue, pre-tax income and total assets by segment (in thousands): | ||||||||||||||||
Funeral | Cemetery | Corporate | Consolidated | |||||||||||||
Revenues from continuing operations: | ||||||||||||||||
Six months ended June 30, 2014 | $ | 86,157 | $ | 26,000 | $ | — | $ | 112,157 | ||||||||
Six months ended June 30, 2013 | $ | 85,295 | $ | 25,639 | $ | — | $ | 110,934 | ||||||||
Income (loss) from continuing operations before income taxes: | ||||||||||||||||
Six months ended June 30, 2014 | $ | 27,291 | $ | 8,074 | $ | (26,324 | ) | $ | 9,041 | |||||||
Six months ended June 30, 2013 | $ | 27,300 | $ | 7,811 | $ | (19,662 | ) | $ | 15,449 | |||||||
Total assets: | ||||||||||||||||
30-Jun-14 | $ | 561,228 | $ | 247,335 | $ | 14,590 | $ | 823,153 | ||||||||
31-Dec-13 | $ | 502,525 | $ | 227,520 | $ | 16,554 | $ | 746,599 | ||||||||
Supplemental_Disclosure_of_Sta1
Supplemental Disclosure of Statement of Operations Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Supplemental Income Statement Elements [Abstract] | ' | |||||||||||||||
Supplemental Disclosure for the Consolidated Statements of Operations | ' | |||||||||||||||
The following information is supplemental disclosure for the Consolidated Statements of Operations (in thousands): | ||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended | |||||||||||||||
June 30, | ||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Revenues | ||||||||||||||||
Goods | ||||||||||||||||
Funeral | $ | 15,774 | $ | 16,132 | $ | 33,648 | $ | 33,460 | ||||||||
Cemetery | 8,445 | 9,057 | 15,593 | 16,172 | ||||||||||||
Total goods | $ | 24,219 | $ | 25,189 | $ | 49,241 | $ | 49,632 | ||||||||
Services | ||||||||||||||||
Funeral | $ | 21,959 | $ | 23,688 | $ | 46,722 | $ | 47,845 | ||||||||
Cemetery | 2,456 | 2,659 | 5,068 | 5,311 | ||||||||||||
Total services | $ | 24,415 | $ | 26,347 | $ | 51,790 | $ | 53,156 | ||||||||
Financial revenue | ||||||||||||||||
Preneed funeral commission income | $ | 481 | $ | 563 | $ | 989 | $ | 1,127 | ||||||||
Preneed funeral trust earnings | 2,222 | 1,809 | 3,936 | 3,725 | ||||||||||||
Cemetery trust earnings | 2,086 | 2,276 | 4,280 | 3,860 | ||||||||||||
Cemetery finance charges | 388 | 320 | 698 | 657 | ||||||||||||
Total financial revenue | $ | 5,177 | $ | 4,968 | $ | 9,903 | $ | 9,369 | ||||||||
Total revenues | $ | 53,811 | $ | 56,504 | $ | 110,934 | $ | 112,157 | ||||||||
Cost of revenues | ||||||||||||||||
Goods | ||||||||||||||||
Funeral | $ | 12,758 | $ | 13,407 | $ | 26,694 | $ | 27,191 | ||||||||
Cemetery | 6,031 | 6,364 | 11,153 | 11,583 | ||||||||||||
Total goods | $ | 18,789 | $ | 19,771 | $ | 37,847 | $ | 38,774 | ||||||||
Services | ||||||||||||||||
Funeral | $ | 11,199 | $ | 12,393 | $ | 23,032 | $ | 24,238 | ||||||||
Cemetery | 1,560 | 1,650 | 3,205 | 3,367 | ||||||||||||
Total services | $ | 12,759 | $ | 14,043 | $ | 26,237 | $ | 27,605 | ||||||||
Financial expenses | ||||||||||||||||
Preneed funeral commissions | $ | 316 | $ | 281 | $ | 709 | $ | 528 | ||||||||
Trust administration fees | 60 | 52 | 122 | 82 | ||||||||||||
Total financial expenses | $ | 376 | $ | 333 | $ | 831 | $ | 610 | ||||||||
Total cost of revenues | $ | 31,924 | $ | 34,147 | $ | 64,915 | $ | 66,989 | ||||||||
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Disclosure for the Consolidated Statements of Cash Flows | ' | |||||||
The following information is supplemental disclosure for the Consolidated Statements of Cash Flows (in thousands): | ||||||||
For the Six Months Ended June 30, | ||||||||
2013 | 2014 | |||||||
Cash paid for interest | $ | 6,455 | $ | 4,239 | ||||
Cash paid for income taxes | 154 | 695 | ||||||
Fair value of stock, stock options and performance awards issued to directors, officers and certain employees | 3,350 | 8,143 | ||||||
Restricted common stock withheld for payroll taxes | 1,383 | 1,164 | ||||||
Net deposits into preneed funeral trusts | (10,337 | ) | (3,295 | ) | ||||
Net deposits into preneed cemetery trusts | (3,535 | ) | (3,673 | ) | ||||
Net (deposits) withdrawals into / from perpetual care trusts | 186 | (2,285 | ) | |||||
Net increase in preneed receivables | (2,108 | ) | (1,886 | ) | ||||
Net withdrawals of receivables from preneed trusts | 12,323 | 804 | ||||||
Net change in preneed funeral receivables increasing (decreasing) deferred revenue | (6,963 | ) | 198 | |||||
Net change in preneed cemetery receivables increasing (decreasing) deferred revenue | (2,792 | ) | 147 | |||||
Net deposits into preneed funeral trust accounts increasing deferred preneed funeral receipts held in trust | 10,337 | 3,295 | ||||||
Net deposits into cemetery trust accounts increasing deferred cemetery receipts held in trust | 3,535 | 3,673 | ||||||
Net (deposits) withdrawals into / from perpetual care trust accounts increasing perpetual care trusts’ corpus | 7 | 2,261 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
The following table sets forth the computation of the basic and diluted earnings per share for the three and six months ended June 30, 2013 and 2014: | ||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Numerator for basic earnings per share: | ||||||||||||||||
Numerator from continuing operations | ||||||||||||||||
Income from continuing operations | $ | 3,576 | $ | 3,883 | $ | 8,980 | $ | 5,515 | ||||||||
Less: Earnings allocated to unvested restricted stock | (72 | ) | (76 | ) | (209 | ) | (115 | ) | ||||||||
Income attributable to continuing operations | $ | 3,504 | $ | 3,807 | $ | 8,771 | $ | 5,400 | ||||||||
Numerator from discontinued operations | ||||||||||||||||
Income (loss) from discontinued operations | $ | 568 | $ | (637 | ) | $ | 423 | $ | (51 | ) | ||||||
Less: (Earnings) loss allocated to unvested restricted stock | (11 | ) | 13 | (10 | ) | 1 | ||||||||||
Income (loss) attributable to discontinued operations | $ | 557 | $ | (624 | ) | $ | 413 | $ | (50 | ) | ||||||
Numerator for diluted earnings per share: | ||||||||||||||||
Adjustment for diluted earnings per share: | ||||||||||||||||
Interest on convertible junior subordinated debentures, net of tax | $ | — | $ | — | $ | 1,472 | $ | — | ||||||||
$ | — | $ | — | $ | 1,472 | $ | — | |||||||||
Income attributable to continuing operations | $ | 3,504 | $ | 3,807 | $ | 10,243 | $ | 5,400 | ||||||||
Income (loss) attributable to discontinued operations | $ | 557 | $ | (624 | ) | $ | 413 | $ | (50 | ) | ||||||
Denominator | ||||||||||||||||
Denominator for basic earnings per common share - weighted average shares outstanding | 17,830 | 18,123 | 17,744 | 18,054 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options | 164 | 124 | 180 | 141 | ||||||||||||
Convertible junior subordinated debentures | — | — | 4,392 | — | ||||||||||||
Denominator for diluted earnings per common share - weighted average shares outstanding | 17,994 | 18,247 | 22,316 | 18,195 | ||||||||||||
Basic earnings (loss) per common share: | ||||||||||||||||
Continuing operations | $ | 0.2 | $ | 0.21 | $ | 0.5 | $ | 0.3 | ||||||||
Discontinued operations | 0.03 | (0.03 | ) | 0.02 | — | |||||||||||
Basic earnings per common share | $ | 0.23 | $ | 0.18 | $ | 0.52 | $ | 0.3 | ||||||||
Diluted earnings (loss) per common share: | ||||||||||||||||
Continuing operations | $ | 0.2 | $ | 0.21 | $ | 0.46 | $ | 0.3 | ||||||||
Discontinued operations | 0.03 | (0.04 | ) | 0.02 | (0.01 | ) | ||||||||||
Diluted earnings per common share | $ | 0.23 | $ | 0.17 | $ | 0.48 | $ | 0.29 | ||||||||
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
institution | segment | ||||
institution | |||||
Organization Description and Operations [Line Items] | ' | ' | ' | ' | ' |
Number of business segments | ' | ' | 2 | ' | ' |
Period after which commissions are no longer subject to refund | ' | ' | '1 year | ' | ' |
Accounts receivable, net | $18,252 | ' | $18,252 | ' | $17,950 |
Preneed receivables | 26,439 | ' | 26,439 | ' | 24,521 |
Bad debt expense | 638 | 325 | 1,338 | 782 | ' |
Period during which sale is expected to occur after receipt of buyer letter of intent and commitment for reclassfication from continuing to discontinued operations. | ' | ' | '1 year | ' | ' |
Effect of dilutive securities, Convertible junior subordinated debentures (in shares) | 0 | 0 | 0 | 4,392 | ' |
Number of institutions for which the Company provides management services | 2 | ' | 2 | ' | ' |
The percentage of trust assets in custody of institution receiving trust management services | 79.00% | ' | 79.00% | ' | ' |
Separate Income Tax Returns [Member] | ' | ' | ' | ' | ' |
Organization Description and Operations [Line Items] | ' | ' | ' | ' | ' |
Number of states in which Company operates | 16 | ' | 16 | ' | ' |
Combined or Unitary Income Tax Returns [Member] | ' | ' | ' | ' | ' |
Organization Description and Operations [Line Items] | ' | ' | ' | ' | ' |
Number of states in which Company operates | 11 | ' | 11 | ' | ' |
Funeral [Member] | ' | ' | ' | ' | ' |
Organization Description and Operations [Line Items] | ' | ' | ' | ' | ' |
Accounts receivable, net | 8,300 | ' | 8,300 | ' | 8,400 |
Preneed receivables | 7,800 | ' | 7,800 | ' | 8,100 |
Cemetery [Member] | ' | ' | ' | ' | ' |
Organization Description and Operations [Line Items] | ' | ' | ' | ' | ' |
Accounts receivable, net | 9,600 | ' | 9,600 | ' | 8,300 |
Preneed receivables | $18,600 | ' | $18,600 | ' | $16,500 |
Funeral homes [Member] | ' | ' | ' | ' | ' |
Organization Description and Operations [Line Items] | ' | ' | ' | ' | ' |
Number of owned and operated funeral homes (in Funeral Homes) | 167 | ' | 167 | ' | ' |
Number of states in which Company operates | 27 | ' | 27 | ' | ' |
Cemeteries [Member] | ' | ' | ' | ' | ' |
Organization Description and Operations [Line Items] | ' | ' | ' | ' | ' |
Number of states in which Company operates | 11 | ' | 11 | ' | ' |
Number of owned and operated cemeteries (in Cemetaries) | 32 | ' | 32 | ' | ' |
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies (PPE) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $268,078,000 | ' | $268,078,000 | ' | $249,317,000 |
Less: accumulated depreciation | -91,795,000 | ' | -91,795,000 | ' | -88,627,000 |
Property, plant and equipment, net | 176,283,000 | ' | 176,283,000 | ' | 160,690,000 |
Gain on purchase of property, previously under capital lease | ' | ' | 1,100,000 | ' | ' |
Depreciation expense | 2,300,000 | 2,200,000 | 4,500,000 | 4,400,000 | ' |
Land [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 62,435,000 | ' | 62,435,000 | ' | 55,639,000 |
Buildings and improvements [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 141,763,000 | ' | 141,763,000 | ' | 132,172,000 |
Furniture, equipment and automobiles [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $63,880,000 | ' | $63,880,000 | ' | $61,506,000 |
Basis_of_Presentation_and_Summ4
Basis of Presentation and Summary of Significant Accounting Policies (Business Combinations) (Details) | 0 Months Ended | |
15-May-14 | Jun. 30, 2014 | |
business | ||
Business Acquisition [Line Items] | ' | ' |
Number of businesses classified as held-for-sale | ' | 2 |
Number of acquisitions | 6 | ' |
Basis_of_Presentation_and_Summ5
Basis of Presentation and Summary of Significant Accounting Policies (Fair Value) (Details) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities measured at fair value | $0 | ' |
Impairment of debt and equity securities | 382,755 | ' |
Convertible subordinated notes due 2021 | 112,955,000 | 0 |
Convertible junior subordinated debentures due to an affiliate | 0 | 89,770,000 |
Level 3 inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities measured at fair value | $0 | ' |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 0 Months Ended | 6 Months Ended | 3 Months Ended | 0 Months Ended | ||||||
In Thousands, unless otherwise specified | 15-May-14 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | 15-May-14 | 15-May-14 | 15-May-14 | Mar. 03, 2014 | 15-May-14 |
Land [Member] | Funeral homes [Member] | Funeral homes [Member] | Funeral And Cemetery [Member] | Service Corporation International, subsidiaries [Member] | Acquisitions in 2014 [Member] | |||||
Louisiana [Member] | Northern Virginia [Member] | Louisiana [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of acquisitions | 6 | ' | ' | ' | ' | 4 | 2 | 1 | ' | ' |
Cost of land acquired for development | ' | $9,693 | $4,468 | ' | $6,000 | ' | ' | ' | ' | ' |
Business combination, aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | 54,900 | 54,850 |
Goodwill | ' | $253,573 | ' | $221,087 | ' | ' | ' | ' | ' | $33,826 |
Acquisitions_Acquisitions_Purc
Acquisitions Acquisitions: Purchase Price Allocation (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | 15-May-14 |
In Thousands, unless otherwise specified | Acquisitions in 2014 [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' |
Current assets | ' | ' | $1,998 |
Property, plant & equipment | ' | ' | 16,457 |
Preneed cemetery trust investments | ' | ' | 3,632 |
Preneed funeral trust investments | ' | ' | 45 |
Goodwill | 253,573 | 221,087 | 33,826 |
Deferred charges and other non-current assets | -352 | 0 | -6,208 |
Cemetery perpetual care trust investments | 52,812 | 42,342 | 7,491 |
Obligations under capital leases | ' | ' | -1,960 |
Deferred preneed cemetery revenue | ' | ' | -1,679 |
Deferred preneed cemetery receipts held in trust | ' | ' | -3,632 |
Deferred preneed funeral receipts held in trust | ' | ' | -45 |
Care trusts' corpus | ' | ' | -7,491 |
Cash paid | ' | ' | $54,850 |
Assets_Held_for_Sale_and_Disco2
Assets Held for Sale and Discontinued Operations (Assets and Liabilities Associated with the Cemetery and Funeral Home Businesses Held for Sale) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Businesses Held-for-sale [Member] | Businesses Held-for-sale [Member] | Cemetery [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Proceeds from Sale of Property Held-for-sale | ' | ' | ' | ' | $200,000 |
Assets: | ' | ' | ' | ' | ' |
Current assets | ' | ' | 7,000 | 30,000 | ' |
Preneed cemetery trust investments | 75,646,000 | 68,341,000 | 0 | 2,477,000 | ' |
Preneed funeral trust investments | 100,347,000 | 97,144,000 | 137,000 | 0 | ' |
Preneed receivables | 26,439,000 | 24,521,000 | 0 | 31,000 | ' |
Property, plant and equipment, net | ' | ' | 1,193,000 | 311,000 | ' |
Goodwill | 253,573,000 | 221,087,000 | 17,000 | 0 | ' |
Cemetery perpetual care trust investments | 52,812,000 | 42,342,000 | 0 | 695,000 | ' |
Total | 1,354,000 | 3,544,000 | 1,354,000 | 3,544,000 | ' |
Liabilities: | ' | ' | ' | ' | ' |
Current liabilities | ' | ' | 34,000 | 10,000 | ' |
Deferred preneed cemetery revenue | 57,394,000 | 55,479,000 | 0 | 1,185,000 | ' |
Deferred preneed funeral revenue | 30,597,000 | 30,588,000 | 189,000 | 0 | ' |
Deferred preneed cemetery receipts held in trust | ' | ' | 0 | 2,477,000 | ' |
Deferred preneed funeral receipts held in trust | 100,347,000 | 97,144,000 | 137,000 | 0 | ' |
Care trusts corpus | 52,304,000 | 41,893,000 | 0 | 685,000 | ' |
Total | $360,000 | $4,357,000 | $360,000 | $4,357,000 | ' |
Assets_Held_for_Sale_and_Disco3
Assets Held for Sale and Discontinued Operations (Assets held for sale and discontinued operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Assets Held For Sale and Discontinued Operations [Abstract] | ' | ' | ' | ' |
Revenues | $380 | $1,289 | $627 | $2,913 |
Operating income | 136 | 287 | 188 | 633 |
Gain (loss) on disposition | -1,180 | 630 | -271 | 47 |
(Provision) benefit for income taxes | 407 | -349 | 32 | -257 |
Income (loss) from discontinued operations | ($637) | $568 | ($51) | $423 |
Goodwill_Changes_in_Goodwill_D
Goodwill (Changes in Goodwill) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Goodwill [Roll Forward] | ' |
Goodwill at beginning of period | $221,087,000 |
Increase in goodwill related to acquisitions | 33,826,000 |
Impairments and changes in previous estimates | -1,323,000 |
Reclassification of assets held-for-sale | -17,000 |
Goodwill at end of period | 253,573,000 |
Goodwill, Impairment Loss | 1,200,000 |
Goodwill, Purchase Accounting Adjustments | ($100,000) |
Preneed_Trust_Investments_Comp
Preneed Trust Investments (Components of preneed cemetery trust investments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Preneed cemetery trust investments | $75,646 | $68,341 |
Preneed Cemetery Trust Investments [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Preneed cemetary trust investments, at fair value | 77,790 | 70,386 |
Less: allowance for contract cancellation | -2,144 | -2,045 |
Preneed cemetery trust investments | $75,646 | $68,341 |
Preneed_Trust_Investments_Cost
Preneed Trust Investments (Cost and fair market values associated with preneed cemetery trust investments) (Details) (Preneed Cemetery Trust Investments [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | $71,466 | $68,145 |
Unrealized Gains | 6,806 | 3,072 |
Unrealized Losses | -1,260 | -1,693 |
Fair Market Value | 77,012 | 69,524 |
Preneed cemetery trust investments | 77,790 | 70,386 |
Fair market value as a percentage of cost | 107.80% | 102.00% |
Cash and money market accounts [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 2,342 | 1,541 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Cash and money market accounts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 2,342 | 1,541 |
Foreign Government Debt Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 4,835 | 3,460 |
Unrealized Gains | 227 | 146 |
Unrealized Losses | 0 | -3 |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 5,062 | 3,603 |
Corporate Debt [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 30,451 | 32,958 |
Unrealized Gains | 906 | 386 |
Unrealized Losses | -919 | -1,150 |
Corporate Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 30,438 | 32,194 |
Preferred Stock [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 18,271 | 17,754 |
Unrealized Gains | 916 | 178 |
Unrealized Losses | -87 | -273 |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 19,100 | 17,659 |
Mortgage Backed Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 1 | 1 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 1 | 1 |
Common Stock | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 15,566 | 12,431 |
Unrealized Gains | 4,757 | 2,362 |
Unrealized Losses | -254 | -267 |
Common Stock | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 20,069 | 14,526 |
Accrued Investment Income [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 778 | 862 |
Fair Market Value | $778 | $862 |
Preneed_Trust_Investments_Esti
Preneed Trust Investments (Estimated maturities of fixed preneed cemetery trust income securities) (Details) (Preneed Cemetery Trust Investments [Member], USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Preneed Cemetery Trust Investments [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Due in one year or less | $0 |
Due in one to five years | 6,578 |
Due in five to ten years | 8,752 |
Thereafter | 39,271 |
Total | $54,601 |
Preneed_Trust_Investments_Unre
Preneed Trust Investments (Unrealized losses on cemetery merchandise and service trust investments) (Details) (Preneed Cemetery Trust Investments [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $10,169 | $23,041 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -631 | -1,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5,488 | 1,474 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -629 | -693 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 15,657 | 24,515 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -1,260 | -1,693 |
Foreign Debt [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ' | 802 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | ' | -3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | 802 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ' | -3 |
Corporate Debt [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,331 | 11,561 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -395 | -553 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,015 | 769 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -524 | -597 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,346 | 12,330 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -919 | -1,150 |
Preferred Stock [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,712 | 9,601 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -16 | -273 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,371 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -71 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,083 | 9,601 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -87 | -273 |
Common Stock [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,126 | 1,077 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -220 | -171 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 102 | 705 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -34 | -96 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,228 | 1,782 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ($254) | ($267) |
Preneed_Trust_Investments_Pren
Preneed Trust Investments (Preneed cemetery trust investment security transactions) (Details) (Preneed Cemetery Trust Investments [Member], Interest Income and Other, Net [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Preneed Cemetery Trust Investments [Member] | Interest Income and Other, Net [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Investment income | $889 | $1,072 | $1,432 | $1,765 |
Realized gains | 1,161 | 1,547 | 1,700 | 1,585 |
Realized losses | -640 | -144 | -828 | -574 |
Expenses and taxes | -384 | -1,684 | -942 | -2,065 |
Increase (decrease) in deferred preneed cemetery receipts held in trust | ($1,026) | ($791) | ($1,362) | ($711) |
Preneed_Trust_Investments_Purc
Preneed Trust Investments (Purchases and sales of investments in preneed cemetery trusts) (Details) (Preneed Cemetery Trust Investments [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Preneed Cemetery Trust Investments [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Purchases | ($13,498) | ($11,543) | ($21,658) | ($15,705) |
Sales | $14,383 | $13,811 | $22,921 | $18,820 |
Preneed_Trust_Investments_Comp1
Preneed Trust Investments (Components of preneed funeral trust investments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Preneed funeral trust investments | $100,347 | $97,144 |
Preneed Funeral Trust Investments [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Preneed funeral trust investments, at fair value | 103,237 | 100,005 |
Less: allowance for contract cancellation | -2,890 | -2,861 |
Preneed funeral trust investments | $100,347 | $97,144 |
Preneed_Trust_Investments_Cost1
Preneed Trust Investments (Cost and fair market values associated with preneed funeral trust investments) (Details) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Impairment charge, other than temporary decline in fair value of investments | $382,755 | ' |
Preneed Cemetery Trust Investments [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 71,466,000 | 68,145,000 |
Unrealized Gains | 6,806,000 | 3,072,000 |
Available-for-sale Securities, Gross Unrealized Loss1 | -1,260,000 | -1,693,000 |
Fair Market Value | 77,012,000 | 69,524,000 |
Preneed cemetery trust investments | 77,790,000 | 70,386,000 |
Fair market value as a percentage of cost | 107.80% | 102.00% |
Impairment charge, other than temporary decline in fair value of investments | 200,000 | ' |
Preneed Cemetery Trust Investments [Member] | Cash and Money Market Accounts [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 2,342,000 | 1,541,000 |
Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss1 | 0 | 0 |
Preneed Cemetery Trust Investments [Member] | Cash and Money Market Accounts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 2,342,000 | 1,541,000 |
Preneed Cemetery Trust Investments [Member] | Foreign Government Debt Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 4,835,000 | 3,460,000 |
Unrealized Gains | 227,000 | 146,000 |
Available-for-sale Securities, Gross Unrealized Loss1 | 0 | -3,000 |
Preneed Cemetery Trust Investments [Member] | Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 5,062,000 | 3,603,000 |
Preneed Cemetery Trust Investments [Member] | Corporate Debt [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 30,451,000 | 32,958,000 |
Unrealized Gains | 906,000 | 386,000 |
Available-for-sale Securities, Gross Unrealized Loss1 | -919,000 | -1,150,000 |
Preneed Cemetery Trust Investments [Member] | Corporate Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 30,438,000 | 32,194,000 |
Preneed Cemetery Trust Investments [Member] | Preferred Stock [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 18,271,000 | 17,754,000 |
Unrealized Gains | 916,000 | 178,000 |
Available-for-sale Securities, Gross Unrealized Loss1 | -87,000 | -273,000 |
Preneed Cemetery Trust Investments [Member] | Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 19,100,000 | 17,659,000 |
Preneed Cemetery Trust Investments [Member] | Mortgage Backed Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 1,000 | 1,000 |
Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss1 | 0 | 0 |
Preneed Cemetery Trust Investments [Member] | Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 1,000 | 1,000 |
Preneed Cemetery Trust Investments [Member] | Common Stock | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 15,566,000 | 12,431,000 |
Unrealized Gains | 4,757,000 | 2,362,000 |
Available-for-sale Securities, Gross Unrealized Loss1 | -254,000 | -267,000 |
Preneed Cemetery Trust Investments [Member] | Common Stock | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 20,069,000 | 14,526,000 |
Preneed Cemetery Trust Investments [Member] | Accrued Investment Income [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 778,000 | 862,000 |
Fair Market Value | 778,000 | 862,000 |
Preneed Funeral Trust Investments [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 96,322,000 | 95,367,000 |
Unrealized Gains | 7,427,000 | 5,725,000 |
Available-for-sale Securities, Gross Unrealized Loss1 | -1,147,000 | -1,766,000 |
Fair Market Value | 102,602,000 | 99,326,000 |
Preneed cemetery trust investments | 103,237,000 | 100,005,000 |
Fair market value as a percentage of cost | 106.50% | 104.20% |
Impairment charge, other than temporary decline in fair value of investments | 100,000 | ' |
Preneed Funeral Trust Investments [Member] | Cash and Money Market Accounts [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 13,967,000 | 14,631,000 |
Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss1 | 0 | 0 |
Preneed Funeral Trust Investments [Member] | Cash and Money Market Accounts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 13,967,000 | 14,631,000 |
Preneed Funeral Trust Investments [Member] | U.S. Treasury Debt [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 2,605,000 | 2,212,000 |
Unrealized Gains | 39,000 | 47,000 |
Available-for-sale Securities, Gross Unrealized Loss1 | -28,000 | -54,000 |
Preneed Funeral Trust Investments [Member] | U.S. Treasury Debt [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 2,616,000 | 2,205,000 |
Preneed Funeral Trust Investments [Member] | U.S. Agency Obligations [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 31,000 | 401,000 |
Unrealized Gains | 0 | 8,000 |
Available-for-sale Securities, Gross Unrealized Loss1 | 0 | -7,000 |
Preneed Funeral Trust Investments [Member] | U.S. Agency Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 31,000 | 402,000 |
Preneed Funeral Trust Investments [Member] | Foreign Government Debt Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 3,886,000 | 2,726,000 |
Unrealized Gains | 182,000 | 115,000 |
Available-for-sale Securities, Gross Unrealized Loss1 | 0 | -2,000 |
Preneed Funeral Trust Investments [Member] | Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 4,068,000 | 2,839,000 |
Preneed Funeral Trust Investments [Member] | Corporate Debt [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 25,165,000 | 27,993,000 |
Unrealized Gains | 898,000 | 375,000 |
Available-for-sale Securities, Gross Unrealized Loss1 | -741,000 | -957,000 |
Preneed Funeral Trust Investments [Member] | Corporate Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 25,322,000 | 27,411,000 |
Preneed Funeral Trust Investments [Member] | Preferred Stock [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 15,561,000 | 15,949,000 |
Unrealized Gains | 832,000 | 292,000 |
Available-for-sale Securities, Gross Unrealized Loss1 | -70,000 | -282,000 |
Preneed Funeral Trust Investments [Member] | Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 16,323,000 | 15,959,000 |
Preneed Funeral Trust Investments [Member] | Mortgage Backed Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 342,000 | 1,000 |
Unrealized Gains | 11,000 | 0 |
Available-for-sale Securities, Gross Unrealized Loss1 | -4,000 | 0 |
Preneed Funeral Trust Investments [Member] | Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 349,000 | 1,000 |
Preneed Funeral Trust Investments [Member] | Common Stock | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 12,737,000 | 10,681,000 |
Unrealized Gains | 3,903,000 | 2,092,000 |
Available-for-sale Securities, Gross Unrealized Loss1 | -210,000 | -237,000 |
Preneed Funeral Trust Investments [Member] | Common Stock | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 16,430,000 | 12,536,000 |
Preneed Funeral Trust Investments [Member] | Equity [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 13,858,000 | 11,632,000 |
Unrealized Gains | 1,378,000 | 2,708,000 |
Available-for-sale Securities, Gross Unrealized Loss1 | -1,000 | -22,000 |
Preneed Funeral Trust Investments [Member] | Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 15,235,000 | 14,318,000 |
Preneed Funeral Trust Investments [Member] | Fixed Income [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 5,332,000 | 5,455,000 |
Unrealized Gains | 184,000 | 88,000 |
Available-for-sale Securities, Gross Unrealized Loss1 | -64,000 | -179,000 |
Preneed Funeral Trust Investments [Member] | Fixed Income [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 5,452,000 | 5,364,000 |
Preneed Funeral Trust Investments [Member] | Other Investments [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 2,838,000 | 3,686,000 |
Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss1 | -29,000 | -26,000 |
Preneed Funeral Trust Investments [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 2,809,000 | 3,660,000 |
Preneed Funeral Trust Investments [Member] | Accrued Investment Income [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 635,000 | 679,000 |
Fair Market Value | $635,000 | $679,000 |
Preneed_Trust_Investments_Esti1
Preneed Trust Investments (Estimated maturities of fixed preneed funeral trust income securities) (Details) (Preneed Funeral Trust Investments [Member], USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Preneed Funeral Trust Investments [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Due in one year or less | $571 |
Due in one to five years | 6,403 |
Due in five to ten years | 8,092 |
Thereafter | 33,643 |
Total | $48,709 |
Preneed_Trust_Investments_Pren1
Preneed Trust Investments (Preneed funeral trust investment security transactions) (Details) (Preneed Funeral Trust Investments [Member], Interest Income and Other, Net [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Preneed Funeral Trust Investments [Member] | Interest Income and Other, Net [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Investment income | $846 | $917 | $1,491 | $1,523 |
Realized gains | 2,937 | 1,087 | 3,431 | 6,214 |
Realized losses | -538 | -221 | -736 | -5,553 |
Expenses and taxes | -493 | -807 | -898 | -1,055 |
Decrease in deferred preneed funeral receipts held in trust | ($2,752) | ($976) | ($3,288) | ($1,129) |
Preneed_Trust_Investments_Purc1
Preneed Trust Investments (Purchases and sales of investments in preneed funeral trusts) (Details) (Preneed Funeral Trust Investments [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Preneed Funeral Trust Investments [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Purchases | ($22,526) | ($7,903) | ($29,517) | ($11,089) |
Sales | $22,612 | $10,313 | $30,149 | $14,228 |
Preneed_Trust_Investments_Unre1
Preneed Trust Investments (Unrealized losses on preneed funeral trust investments) (Details) (Preneed Funeral Trust Investments [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $9,040 | $22,303 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -515 | -952 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 6,851 | 3,952 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -632 | -814 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 15,891 | 26,255 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -1,147 | -1,766 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 498 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -2 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 826 | 816 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -27 | -54 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,324 | 816 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -29 | -54 |
US agency obligations [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ' | 211 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | ' | -7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | 211 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ' | -7 |
Foreign Debt [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ' | 632 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | ' | -2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | 632 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ' | -2 |
Corporate Debt [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,298 | 9,620 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -318 | -460 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,624 | 640 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -422 | -497 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,922 | 10,260 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -740 | -957 |
Preferred Stock [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,375 | 9,918 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -13 | -282 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,709 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -57 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,084 | 9,918 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -70 | -282 |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 86 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -4 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 86 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -4 | ' |
Equity [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,589 | 954 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -182 | -152 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 85 | 626 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -28 | -85 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,674 | 1,580 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -210 | -237 |
Equity and Other [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 61 | 314 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | -13 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 20 | 195 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -1 | -9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 81 | 509 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -1 | -22 |
Fixed Income [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 219 | 865 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | -43 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,457 | 1,420 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -64 | -136 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,676 | 2,285 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -64 | -179 |
Other Investments [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 44 | 44 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -29 | -26 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 44 | 44 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ($29) | ($26) |
Preneed_Cemetery_Receivables_N
Preneed Cemetery Receivables (Narrative) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Preneed Cemetery Receivables [Abstract] | ' | ' |
Term of sales contract for cemetery interment rights, maximum (in Duration) | '5 years | ' |
Balance of receivables for preneed cemetery interment rights | $23.50 | ' |
Balance of receivables for preneed cemetery interment related products and services | 9.3 | ' |
Amount of receivables for preneed cemetery interment rights and related products and services presented in accounts receivables | 10.3 | ' |
Amount of receivables for preneed cemetery interment rights and related products and services presented in preneed receivables | 22.5 | ' |
Unearned finance charges associated with receivables | $4.30 | $3.80 |
Past due notifications starting date (in Days) | '15 days | ' |
Accounts receivable allowance percentage on contracts past due 120 days or more (in Percent) | 100.00% | ' |
Number of days past due contractual payments are when they are provided for with a one hundred percent allowance (in Days) | '90 days | ' |
Percent of total receivables which are 120 days or more past due (in Percent) | 4.80% | ' |
Preneed_Cemetery_Receivables_P
Preneed Cemetery Receivables (Preneed cemetery receivables) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Allowance for Contract Cancellations [Roll Forward] | ' | ' | ' | ' |
Provision | ($638) | ($325) | ($1,338) | ($782) |
Preneed Cemetery Receivables [Member] | ' | ' | ' | ' |
Allowance for Contract Cancellations [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | 1,347 | ' |
Write-offs and cancellations | ' | ' | -622 | ' |
Provision | ' | ' | -828 | ' |
Ending balance | $1,553 | ' | $1,553 | ' |
Preneed_Cemetery_Receivables_A
Preneed Cemetery Receivables (Aging of past due financing receivables) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ' | ' |
31-60 days Past Due | $1,018 | $1,250 |
61-90 days Past Due | 430 | 563 |
91-120 days Past Due | 265 | 351 |
More than 120 days Past Due | 1,369 | 954 |
Total Past Due | 3,082 | 3,118 |
Current | 29,752 | 26,518 |
Total Financing Receivables | 32,834 | 29,636 |
Recognized Revenue [Member] | ' | ' |
Financing Receivable Recorded Investment Past Due [Line Items] | ' | ' |
31-60 days Past Due | 709 | 895 |
61-90 days Past Due | 300 | 372 |
91-120 days Past Due | 160 | 266 |
More than 120 days Past Due | 951 | 683 |
Total Past Due | 2,120 | 2,216 |
Current | 21,097 | 18,628 |
Total Financing Receivables | 23,217 | 20,844 |
Deferred Revenue [Member] | ' | ' |
Financing Receivable Recorded Investment Past Due [Line Items] | ' | ' |
31-60 days Past Due | 309 | 355 |
61-90 days Past Due | 130 | 191 |
91-120 days Past Due | 105 | 85 |
More than 120 days Past Due | 418 | 271 |
Total Past Due | 962 | 902 |
Current | 8,655 | 7,890 |
Total Financing Receivables | $9,617 | $8,792 |
Receivables_from_Preneed_Trust2
Receivables from Preneed Trusts (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Receivables From Preneed Trusts [Abstract] | ' |
Amount at which there is no controlling interest in trust assets (Description) | 'less than 50% |
Receivables_from_Preneed_Trust3
Receivables from Preneed Trusts (Receivables from preneed funeral trust funds) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables From Preneed Trusts [Abstract] | ' | ' |
Preneed trust funds, at cost | $12,144 | $11,511 |
Less: Allowance for contract cancellation | -364 | -345 |
Receivables from preneed trusts, net | $11,780 | $11,166 |
Receivables_from_Preneed_Trust4
Receivables from Preneed Trusts Receivables from Preneed Trusts (Composition of Assets Held in Trusts) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Historical Cost Basis [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Assets held-in-trust | $12,144 | $11,511 |
Historical Cost Basis [Member] | Cash and cash equivalents [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Assets held-in-trust | 2,797 | 2,657 |
Historical Cost Basis [Member] | Fixed income investments [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Assets held-in-trust | 6,971 | 6,344 |
Historical Cost Basis [Member] | Mutual funds and common stocks [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Assets held-in-trust | 2,360 | 2,484 |
Historical Cost Basis [Member] | Annuities [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Assets held-in-trust | 16 | 26 |
Fair Value [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Assets held-in-trust | 12,243 | 11,599 |
Fair Value [Member] | Cash and cash equivalents [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Assets held-in-trust | 2,797 | 2,657 |
Fair Value [Member] | Fixed income investments [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Assets held-in-trust | 6,990 | 6,355 |
Fair Value [Member] | Mutual funds and common stocks [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Assets held-in-trust | 2,440 | 2,561 |
Fair Value [Member] | Annuities [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Assets held-in-trust | $16 | $26 |
Contracts_Secured_by_Insurance1
Contracts Secured by Insurance (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Contracts Secured by Insurance [Abstract] | ' | ' |
Preneed funeral contracts secured by insurance | $333.50 | $289.90 |
Cemetery_Perpetual_Care_Trust_2
Cemetery Perpetual Care Trust Investments (The Components of Care trusts' corpus) (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Care trusts’ corpus | $52,304,000 | $41,893,000 |
Fair value measurements, transfers between Level 1 and Level 2 | 0 | ' |
Perpetual Care Trust Invesments [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trust assets, at fair value | 52,812,000 | 42,342,000 |
Obligations due from trust | -508,000 | -449,000 |
Care trusts’ corpus | $52,304,000 | $41,893,000 |
Cemetery_Perpetual_Care_Trust_3
Cemetery Perpetual Care Trust Investments (Cost and fair market values associated with the trust investments held in perpetual care trust funds) (Details) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Impairment charge, other than temporary decline in fair value of investments | $382,755 | ' |
Perpetual Care Trust Invesments [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cemetary perpetual care trust investments | 52,812,000 | 42,342,000 |
Fair market value as a percentage of cost | 107.80% | 102.00% |
Impairment charge, other than temporary decline in fair value of investments | 100,000 | ' |
Perpetual Care Trust Invesments [Member] | Cash and Money Market Accounts [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 1,229,000 | 973,000 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Perpetual Care Trust Invesments [Member] | Cash and Money Market Accounts [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 1,229,000 | 973,000 |
Perpetual Care Trust Invesments [Member] | Foreign Government Debt Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 3,288,000 | 2,062,000 |
Unrealized Gains | 154,000 | 87,000 |
Unrealized Losses | 0 | -2,000 |
Perpetual Care Trust Invesments [Member] | Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 3,442,000 | 2,147,000 |
Perpetual Care Trust Invesments [Member] | Corporate Debt [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 20,811,000 | 19,773,000 |
Unrealized Gains | 627,000 | 236,000 |
Unrealized Losses | -627,000 | -691,000 |
Perpetual Care Trust Invesments [Member] | Corporate Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 20,811,000 | 19,318,000 |
Perpetual Care Trust Invesments [Member] | Preferred Stock [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 12,513,000 | 10,668,000 |
Unrealized Gains | 631,000 | 110,000 |
Unrealized Losses | -59,000 | -165,000 |
Perpetual Care Trust Invesments [Member] | Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 13,085,000 | 10,613,000 |
Perpetual Care Trust Invesments [Member] | Common Stock | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 10,637,000 | 7,539,000 |
Unrealized Gains | 3,251,000 | 1,417,000 |
Unrealized Losses | -175,000 | -178,000 |
Perpetual Care Trust Invesments [Member] | Common Stock | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Fair Market Value | 13,713,000 | 8,778,000 |
Perpetual Care Trust Invesments [Member] | Trust Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 48,478,000 | 41,015,000 |
Unrealized Gains | 4,663,000 | 1,850,000 |
Unrealized Losses | -861,000 | -1,036,000 |
Fair Market Value | 52,280,000 | 41,829,000 |
Perpetual Care Trust Invesments [Member] | Accrued Investment Income [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost | 532,000 | 513,000 |
Fair Market Value | $532,000 | $513,000 |
Cemetery_Perpetual_Care_Trust_4
Cemetery Perpetual Care Trust Investments (Estimated maturities of fixed perpetual care trust income securities) (Details) (Perpetual Care Trust Invesments [Member], USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Perpetual Care Trust Invesments [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Due in one year or less | $0 |
Due in one to five years | 4,501 |
Due in five to ten years | 5,959 |
Thereafter | 26,878 |
Total | $37,338 |
Cemetery_Perpetual_Care_Trust_5
Cemetery Perpetual Care Trust Investments (Unrealized losses on perpetual care trust investments) (Details) (Perpetual Care Trust Invesments [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $6,955 | $13,953 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -431 | -613 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,738 | 932 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -430 | -423 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 10,693 | 14,885 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -861 | -1,036 |
Foreign Debt [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ' | 478 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | ' | -2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | 478 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ' | -2 |
Corporate Debt [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,639 | 6,948 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -269 | -332 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,375 | 462 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -358 | -359 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,014 | 7,410 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -627 | -691 |
Common Stock [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,152 | 716 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -151 | -114 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 71 | 470 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -24 | -64 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,223 | 1,186 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -175 | -178 |
Preferred Stock [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,164 | 5,811 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -11 | -165 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,292 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -48 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,456 | 5,811 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ($59) | ($165) |
Cemetery_Perpetual_Care_Trust_6
Cemetery Perpetual Care Trust Investments (Perpetual care trust investment security transactions recorded in interest income and other, net) (Details) (Perpetual Care Trust Invesments [Member], Interest Income and Other, Net [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Perpetual Care Trust Invesments [Member] | Interest Income and Other, Net [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Undistributable realized gains | $897 | $1,063 | $1,314 | $1,087 |
Undistributable realized losses | -543 | -103 | -692 | -398 |
Increase in Care trusts' corpus | ($354) | ($960) | ($622) | ($689) |
Cemetery_Perpetual_Care_Trust_7
Cemetery Perpetual Care Trust Investments (Perpetual care trust investment security transactions recorded in Cemetery revenue) (Details) (Perpetual Care Trust Invesments [Member], Cemetery Revenue [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Perpetual Care Trust Invesments [Member] | Cemetery Revenue [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Investment income | $1,300 | $1,234 | $2,580 | $2,469 |
Realized gains | 391 | 334 | 150 | 683 |
Total | $1,691 | $1,568 | $2,730 | $3,152 |
Cemetery_Perpetual_Care_Trust_8
Cemetery Perpetual Care Trust Investments (Purchases and sales of investments in perpetual care trusts) (Details) (Perpetual Care Trust Invesments [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Perpetual Care Trust Invesments [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Purchases | ($9,200) | ($7,252) | ($14,135) | ($9,838) |
Sales | $9,842 | $8,674 | $15,022 | $11,795 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Jun. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Liabilities measured at fair value | $0 |
Deferred_Charges_and_Other_Non2
Deferred Charges and Other Non-Current Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
Tradenames [Member] | Tradenames [Member] | Debt, Excluding Convertible Junior Subordinated Debentures [Member] | Debt, Excluding Convertible Junior Subordinated Debentures [Member] | Convertible Junior Subordinated Debenture [Member] | Convertible Junior Subordinated Debenture [Member] | Convertible Junior Subordinated Debenture [Member] | Convertible Subordinated Notes [Member] | Convertible Subordinated Notes [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | |||
Minimum [Member] | Maximum [Member] | |||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,140,000 | ' | $1,140,000 | ' | $1,299,000 | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,016,000 | ' | 5,016,000 | ' | 4,807,000 | ' | ' |
Deferred Finance Costs, Net | ' | ' | ' | ' | 2,057,000 | 2,602,000 | ' | 0 | 2,949,000 | 3,489,000 | 0 | ' | ' | ' | ' | ' | ' | ' |
Accumulated Amortization of Noncurrent Deferred Finance Costs | ' | ' | ' | ' | 2,594,000 | 1,252,000 | ' | 0 | 1,095,000 | 138,000 | 0 | ' | ' | ' | ' | ' | ' | ' |
Other Assets, Noncurrent | 352,000 | 0 | 11,619,000 | 5,430,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Costs and Other Assets | 18,657,000 | 12,280,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '10 years |
Amortization of Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,000 | 16,800 | 209,000 | 40,000 | ' | ' | ' |
Write off of unamortized origination costs | ' | ' | ' | ' | ' | ' | $2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Longterm_Debt_Ta
Long-Term Debt (Long-term Debt Table) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Current maturities on long-term debt | ($9,716) | ($13,224) |
Long-term debt, excluding current maturities | 159,099 | 142,542 |
Secured Debt [Member] | Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying value of the liability component | ' | 36,900 |
Secured Debt [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying value of the liability component | 125,000 | 117,000 |
Notes Payable, Other Payables [Member] | Acquisition Debt, Deferred Purchase Price [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying value of the liability component | $1,415 | $1,866 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | ||||||||||||||||||
Apr. 14, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Apr. 14, 2014 | Apr. 14, 2014 | Jun. 30, 2014 | Apr. 14, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 14, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 14, 2014 | Apr. 13, 2014 | Jun. 30, 2014 | Feb. 27, 2014 | Jun. 30, 2014 | |
YTD [Member] | Term Number One [Member] | Term Number Two [Member] | Term Number Two [Member] | Term Number Three [Member] | Minimum [Member] | Maximum [Member] | Prime Rate [Member] | Libor [Member] | Ratio Maximum Per Covenant [Member] | Ratio Maximum Per Covenant [Member] | Ratio Minimum Per Covenant [Member] | Ratio Actual [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan | ||||||
QTD [Member] | Senior Unsecured Debt [Member] | |||||||||||||||||||||||
Debt Covenant To Actual Ratios [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, maximum borrowing capacity | ' | $325,000,000 | ' | $325,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | $200,000,000 | $125,000,000 | ' | $150,000,000 | $125,000,000 |
Term loan facility | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility present accordion provisions | ' | 50,000,000 | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maturity date (Date) | ' | ' | ' | 31-Mar-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount drawn under term loan facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,400,000 | ' | ' | ' | ' | 125,000,000 |
Description of variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'prime rate | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | ' | ' | ' | ' | ' | 2.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
(Decrease) in variable interest rate of debt instrument | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets and operations independent of subsidiaries | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of indebtedness to net capital (in Ratio) | ' | ' | ' | ' | ' | ' | ' | 3.5 | 3.5 | ' | ' | ' | ' | ' | 3.75 | 3.75 | ' | 2.87 | ' | ' | ' | ' | ' | ' |
Gains Losses On Extinguishment Of Debt And Other Costs | ' | $1,042,000 | $0 | $1,042,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of earnings to fixed cost obligations (in Ratio) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | 2.5 | ' | ' | ' | ' | ' | ' |
Deferred purchase price notes payable to sellers of acquired entities, discounted imputed interest rate (in Percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred purchase price note interest rate | ' | 0.00% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Imputed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.50% | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred purchase price notes payable to sellers of acquired entities, range of original maturities (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Principal Repayment, Percentage | ' | ' | ' | ' | ' | ' | 7.50% | 10.00% | ' | 12.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Principal Payments, Term | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible_Subordinated_Notes2
Convertible Subordinated Notes (Details) (USD $) | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 19, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 1999 | |
Convertible Subordinated Notes [Member] | Convertible Subordinated Notes [Member] | Convertible Subordinated Notes [Member] | Carriage Services Capital Trust [Member] | Carriage Services Capital Trust [Member] | Carriage Services Capital Trust [Member] | |||
component | Convertible Junior Subordinated Debenture [Member] | Convertible Junior Subordinated Debenture [Member] | Convertible Junior Subordinated Debenture [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of Long-term Debt, Call Premium | ' | ' | ' | ' | ' | $900,000 | ' | ' |
Stated interest rate percentage | ' | ' | 2.75% | ' | ' | ' | ' | 7.00% |
Convertible debt, conversion to number of shares (per $1,000) | ' | ' | 44.3169 | ' | ' | ' | ' | ' |
Convertible debt, conversion base amount (in dollars) | ' | ' | 1,000 | ' | ' | ' | ' | ' |
Convertible debt, conversion rate (in dollars per share) | ' | ' | $22.56 | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | 15-Mar-21 | ' | ' | ' | ' | ' | ' | ' |
Debt redemption price, percentage | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Fair value inputs, bond discount rate | ' | ' | 6.75% | ' | ' | ' | ' | ' |
Debt transaction costs | ' | ' | 4,700,000 | ' | ' | ' | ' | ' |
Convertible subordinated notes, term | ' | ' | '7 years | ' | '7 years | ' | ' | ' |
Number of recognition components, convertible subordinated notes | ' | ' | 2 | ' | ' | ' | ' | ' |
Deferred tax liability | ' | ' | ' | 12,700,000 | 12,700,000 | ' | ' | ' |
Carrying Values of Liability and Equity Components, Convertible Subordinated Notes | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible subordinated notes, principal amount | ' | ' | 143,750,000 | ' | ' | ' | ' | ' |
Unamortized discount of liability component | ' | ' | ' | -30,795,000 | -30,795,000 | ' | ' | ' |
Carrying value of the liability component | ' | ' | ' | 112,955,000 | 112,955,000 | ' | ' | ' |
Equity component carrying value | ' | ' | ' | 17,973,000 | 17,973,000 | ' | ' | ' |
Convertible subordinated notes, fair value | ' | ' | ' | 151,100,000 | 151,100,000 | ' | ' | ' |
Contractual coupon interest expense | ' | ' | ' | 1,000,000 | 1,100,000 | ' | 200,000 | ' |
Amortization of debt issuance costs | 456,000 | -36,000 | ' | 95,000 | 138,000 | ' | ' | ' |
Accretion of discount, convertible subordinated notes | ' | ' | ' | 700,000 | 900,000 | ' | ' | ' |
Effective interest rate percentage | ' | ' | ' | 6.75% | 6.75% | ' | ' | ' |
Payment of debt transaction costs | ' | ' | $4,700,000 | ' | ' | ' | ' | ' |
Convertible_Junior_Subordinate1
Convertible Junior Subordinated Debentures Payable to Affiliate and Company Obligated Mandatorily Redeemable Convertible Preferred Securities of Carriage Services Capital Trust (Details) (USD $) | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 1999 | Jun. 30, 2014 | Jun. 30, 1999 | Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 17, 2014 | Dec. 31, 2013 | Jun. 30, 1999 | |
Carriage Services Capital Trust [Member] | Carriage Services Capital Trust [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Convertible Junior Subordinated Debenture [Member] | Convertible Junior Subordinated Debenture [Member] | Convertible Junior Subordinated Debenture [Member] | Convertible Junior Subordinated Debenture [Member] | Convertible Junior Subordinated Debenture [Member] | ||||
Carriage Services Capital Trust [Member] | Carriage Services Capital Trust [Member] | Carriage Services Capital Trust [Member] | Carriage Services Capital Trust [Member] | Carriage Services Capital Trust [Member] | Carriage Services Capital Trust [Member] | Carriage Services Capital Trust [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred securities (in units) | ' | ' | ' | ' | ' | 1,875,000 | ' | ' | ' | ' | ' | ' |
Preferred securities, dividend rate percentage | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from convertible securities | $143,750,000 | $0 | ' | ' | ' | $90,000,000 | ' | ' | ' | ' | ' | ' |
Stated interest rate percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% |
Convertible junior subordinated debenture, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,750,000 |
Preferred securities, liquidation preference per unit | ' | ' | ' | ' | ' | ' | $50 | ' | ' | ' | ' | ' |
Preferred securities, equivalent conversion price (in dollars per share) | ' | ' | ' | ' | ' | ' | $20.44 | ' | ' | ' | ' | ' |
Convertible securities, deferral of distributions, term | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' |
Debt redemption, price per principal base | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' |
Debt redemption, principal base | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' |
Redemption of convertible junior subordinated debentures | -8,000,000 | 5,000,000 | ' | ' | ' | ' | ' | 61,900,000 | ' | ' | ' | ' |
Redemption of convertible junior subordinated debentures, call premium | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' |
Convertible junior subordinated debentures due in 2029 to an affiliate | 0 | ' | 89,770,000 | ' | ' | ' | ' | ' | 27,864,000 | ' | 89,770,000 | ' |
Interest Expense, Debt | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (Leatherman versus Grandview Memorial Gardens Inc [Member], Punative Class Action [Member]) | 0 Months Ended | 1 Months Ended | 12 Months Ended |
Aug. 17, 2007 | Apr. 30, 2009 | Dec. 31, 2010 | |
plaintiffs | defendants | ||
Leatherman versus Grandview Memorial Gardens Inc [Member] | Punative Class Action [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Number of plaintiffs | 5 | ' | ' |
Number of defendants | ' | 2 | ' |
Number of days to retain new counsel | ' | ' | '60 days |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||||||
21-May-14 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 05, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | 21-May-14 | 22-May-14 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 03, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 21-May-14 | |
director | Director Compensation Policy [Member] | ESPP | ESPP | ESPP | ESPP | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Performance Shares | Common Stock | Common Stock | Common Stock | Director [Member] | |||||
Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation awards, options outstanding at period end (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,429,421 | ' | 1,429,421 | ' | ' | ' | ' | ' | ' |
Share based compensation awards, options outstanding and unvested at period end (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,097,022 | ' | 1,097,022 | ' | ' | ' | ' | ' | ' |
Shares purchased through Employee Stock Purchase Plan (in Shares) | ' | ' | ' | ' | ' | ' | 14,507 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average purchase price of ESPP shares purchased during the period (in Dollars per share) | ' | ' | ' | ' | ' | ' | $14.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | ' | ' | ' | $73,000 | $88,000 | $189,000 | $187,000 | $496,000 | $300,000 | $841,000 | $700,000 | ' | ' | ' | ' | $470,000 | $131,000 | $734,000 | $178,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | '3 years | '5 years | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' |
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' |
Share based compensation awards, vesting percentage per period (in Percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | 20.00% | 33.33% | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' |
Unrecognized share based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,700,000 | ' | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized share based compensation, expected term (in Duration) | ' | ' | ' | '2 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance award hurdle price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21.50 | ' | ' | ' | ' |
Number of days market price must exceed limit to vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 days | ' | ' | ' | ' |
Term when market price must exceed limit to vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' |
Payment for Non-cash Exercise of Share-based Awards, Base Rate Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19 | ' | ' | ' | ' |
Payments for Non-cash Exercise of Share-based Awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,100,000 | ' | ' | ' | ' |
Performance award purchase price option 1 (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | ' | ' |
Performance award purchase price option 2 (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9 | ' | ' | ' | ' |
Directors fees approved under new Directors Compensation Policy, audit committee chair | ' | ' | ' | ' | ' | 17,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Directors fees approved under new Directors Compensation Policy, compensation and corporate governance chair | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Directors fees approved under new Directors Compensation Policy, lead director | ' | ' | ' | ' | ' | 115,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Directors fees approved under new Directors Compensation Policy, each independent director | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Directors fees approved under new Directors Compensation Policy, each independent director per regular or scheduled meeting | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Directors fees approved under new Directors Compensation Policy, other committee members and chairs | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Directors fees approved under new Directors Compensation Policy | ' | ' | ' | ' | ' | 1,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,233 |
Number of Directors | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Directors compensation expense | ' | 326,000 | 476,000 | 648,000 | 609,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17 | $17.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | ' | $0.03 | $0.03 | $0.05 | $0.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.03 | ' | ' | ' |
Dividends, Common Stock, Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | $900,000 | ' |
Stockholders_Equity_Options_De
Stockholders' Equity (Options) (Details) (Stock Options, USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | 21-May-14 | 22-May-14 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Stock Options | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Share based compensation awards, vesting percentage per period (in Percent) | ' | ' | ' | ' | 25.00% | ' |
Allocated Share-based Compensation Expense | ' | ' | $470 | $131 | $734 | $178 |
Expected dividend yield assumption (in Percent) | 0.59% | 0.58% | ' | ' | ' | ' |
Expected volatility assumption (in Percent) | 33.36% | 33.35% | ' | ' | ' | ' |
Risk-free interest rate assumption (in Percent) | 1.17% | 1.19% | ' | ' | ' | ' |
Expected life assumption (in Years) | '4 years | '4 years | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $4,480 | $4,540 | ' | ' | ' | ' |
Stockholders_Equity_ESPP_Detai
Stockholders' Equity (ESPP) (Details) (ESPP, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $73 | $88 | $189 | $187 |
Expected dividend yield assumption (in Percent) | ' | ' | 0.60% | ' |
Expected volatility assumption (in Percent) | ' | ' | 33.37% | ' |
Three Months Ended [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Risk-free interest rate assumption (in Percent) | ' | ' | 0.07% | ' |
Expected life assumption (in Years) | ' | ' | '3 months | ' |
Six Months ended [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Risk-free interest rate assumption (in Percent) | ' | ' | 0.09% | ' |
Expected life assumption (in Years) | ' | ' | '6 months | ' |
Nine Months Ended [Member] | Forecast | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Risk-free interest rate assumption (in Percent) | ' | ' | 0.11% | ' |
Expected life assumption (in Years) | ' | ' | '9 months | ' |
Twelve Months Ended [Member] | Forecast | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Risk-free interest rate assumption (in Percent) | ' | ' | 0.13% | ' |
Expected life assumption (in Years) | ' | ' | '1 year | ' |
Stockholders_Equity_Stockholde
Stockholders' Equity Stockholders' Equity (AOCI) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Equity [Abstract] | ' |
Beginning balance | $0 |
Increase in net unrealized gains associated with available-for-sale securities of the trusts | 15,628 |
Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus’ | -15,628 |
Ending balance | $0 |
Major_Segments_of_Business_Rev
Major Segments of Business (Revenue, pre-tax income and total and total assets by segments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from continuing operations | $56,504 | $53,811 | $112,157 | $110,934 | ' |
Income (loss) from continuing operations before income taxes | 6,366 | 5,768 | 9,041 | 15,449 | ' |
Total assets | 823,153 | ' | 823,153 | ' | 746,599 |
Funeral [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from continuing operations | 42,192 | 40,436 | 86,157 | 85,295 | ' |
Income (loss) from continuing operations before income taxes | ' | ' | 27,291 | 27,300 | ' |
Total assets | 561,228 | ' | 561,228 | ' | 502,525 |
Cemetery [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from continuing operations | 14,312 | 13,375 | 26,000 | 25,639 | ' |
Income (loss) from continuing operations before income taxes | ' | ' | 8,074 | 7,811 | ' |
Total assets | 247,335 | ' | 247,335 | ' | 227,520 |
Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from continuing operations | ' | ' | 0 | 0 | ' |
Income (loss) from continuing operations before income taxes | ' | ' | -26,324 | -19,662 | ' |
Total assets | $14,590 | ' | $14,590 | ' | $16,554 |
Supplemental_Disclosure_of_Sta2
Supplemental Disclosure of Statement of Operations Information (Supplemental disclosure for the Consolidated Statements of Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | $56,504 | $53,811 | $112,157 | $110,934 |
Cost of Revenue | 38,515 | 36,931 | 76,152 | 75,149 |
Funeral [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 42,192 | 40,436 | 86,157 | 85,295 |
Cost of Revenue | 26,093 | 24,287 | 51,976 | 50,463 |
Cemetery [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 14,312 | 13,375 | 26,000 | 25,639 |
Cost of Revenue | 8,054 | 7,637 | 15,013 | 14,452 |
Funeral And Cemetery [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cost of Revenue | 34,147 | 31,924 | 66,989 | 64,915 |
Goods [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 25,189 | 24,219 | 49,632 | 49,241 |
Cost of Revenue | 19,771 | 18,789 | 38,774 | 37,847 |
Goods [Member] | Funeral [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 16,132 | 15,774 | 33,460 | 33,648 |
Cost of Revenue | 13,407 | 12,758 | 27,191 | 26,694 |
Goods [Member] | Cemetery [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 9,057 | 8,445 | 16,172 | 15,593 |
Cost of Revenue | 6,364 | 6,031 | 11,583 | 11,153 |
Service [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 26,347 | 24,415 | 53,156 | 51,790 |
Cost of Revenue | 14,043 | 12,759 | 27,605 | 26,237 |
Service [Member] | Funeral [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 23,688 | 21,959 | 47,845 | 46,722 |
Cost of Revenue | 12,393 | 11,199 | 24,238 | 23,032 |
Service [Member] | Cemetery [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 2,659 | 2,456 | 5,311 | 5,068 |
Cost of Revenue | 1,650 | 1,560 | 3,367 | 3,205 |
Financial [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 4,968 | 5,177 | 9,369 | 9,903 |
Cost of Revenue | 333 | 376 | 610 | 831 |
Financial [Member] | Trust [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cost of Revenue | 52 | 60 | 82 | 122 |
Financial [Member] | Funeral [Member] | Preneed Commission [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 563 | 481 | 1,127 | 989 |
Cost of Revenue | 281 | 316 | 528 | 709 |
Financial [Member] | Funeral [Member] | Preneed Trust [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 1,809 | 2,222 | 3,725 | 3,936 |
Financial [Member] | Cemetery [Member] | Trust [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 2,276 | 2,086 | 3,860 | 4,280 |
Financial [Member] | Cemetery [Member] | Finance Charges [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | $320 | $388 | $657 | $698 |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information (Supplemental disclosure for the Consolidated Statements of Cash Flows) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Business Segment [Line Items] | ' | ' |
Cash paid for interest and financing costs | $4,239 | $6,455 |
Cash paid (refunded) for income taxes | 695 | 154 |
Fair value of stock, stock options and performance awards issued to directors, officers and certain employees | 8,143 | 3,350 |
Restricted common stock withheld for payroll taxes | 1,164 | 1,383 |
Preneed Funeral Trust [Member] | ' | ' |
Business Segment [Line Items] | ' | ' |
Net (deposits)/withdrawals into/from trust accounts | -3,295 | -10,337 |
Net (deposits)/withdrawals of receivables into/from preneed trusts | 804 | 12,323 |
Net deposits/(withdrawals) into/from preneed trust accounts, increasing/(decreasing) deferred preneed receipts | 3,295 | 10,337 |
Preneed Cemetery Trust [Member] | ' | ' |
Business Segment [Line Items] | ' | ' |
Net (deposits)/withdrawals into/from trust accounts | -3,673 | -3,535 |
Net deposits/(withdrawals) into/from preneed trust accounts, increasing/(decreasing) deferred preneed receipts | 3,673 | 3,535 |
Perpetual Care Trust [Member] | ' | ' |
Business Segment [Line Items] | ' | ' |
Net (deposits)/withdrawals into/from trust accounts | -2,285 | 186 |
Net deposits/(withdrawals) in perpetual care trust accounts increasing/(decreasing) perpetual care trusts’ corpus | 2,261 | 7 |
Preneed Funeral Receivables [Member] | ' | ' |
Business Segment [Line Items] | ' | ' |
Net (increase)/decrease in preneed receivables | -1,886 | -2,108 |
Net change in preneed receivables (increasing)/decreasing deferred revenue | 198 | -6,963 |
Preneed Cemetery Receivables [Member] | ' | ' |
Business Segment [Line Items] | ' | ' |
Net change in preneed receivables (increasing)/decreasing deferred revenue | $147 | ($2,792) |
Earnings_Per_Share_EPS_Computa
Earnings Per Share (EPS Computations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income from continuing operations | $3,883 | $3,576 | $5,515 | $8,980 |
Less: Earnings allocated to unvested restricted stock | -76 | -72 | -115 | -209 |
Income attributable to continuing operations | 3,807 | 3,504 | 5,400 | 8,771 |
Income (loss) from discontinued operations | -637 | 568 | -51 | 423 |
Less: (Earnings) loss allocated to unvested restricted stock | 13 | -11 | 1 | -10 |
Income (loss) attributable to discontinued operations | -624 | 557 | -50 | 413 |
Interest on convertible junior subordinated debentures, net of tax | 0 | 0 | 0 | 1,472 |
Income attributable to continuing operations | $3,807 | $3,504 | $5,400 | $10,243 |
Denominator [Abstract] | ' | ' | ' | ' |
Denominator for basic earnings per common share - weighted average shares outstanding | 18,123 | 17,830 | 18,054 | 17,744 |
Effect of dilutive securities, Stock options (in shares) | 124 | 164 | 141 | 180 |
Effect of dilutive securities, Convertible junior subordinated debentures (in shares) | 0 | 0 | 0 | 4,392 |
Weighted average number of common and common equivalent shares outstanding for diluted EPS computation | 18,247 | 17,994 | 18,195 | 22,316 |
Basic earnings (loss) per common share: | ' | ' | ' | ' |
Continuing operations (in dollars per Share) | $0.21 | $0.20 | $0.30 | $0.50 |
Discontinued operations (in dollars per Share) | ($0.03) | $0.03 | $0 | $0.02 |
Basic earnings per common share (in dollars per Share) | $0.18 | $0.23 | $0.30 | $0.52 |
Diluted earnings (loss) per common share: | ' | ' | ' | ' |
Continuing operations (in dollars per Share) | $0.21 | $0.20 | $0.30 | $0.46 |
Discontinued operations (in dollars per Share) | ($0.04) | $0.03 | ($0.01) | $0.02 |
Diluted earnings per common share (in dollars per Share) | $0.17 | $0.23 | $0.29 | $0.48 |