Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CARRIAGE SERVICES INC | ||
Entity Central Index Key | 1016281 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $279.40 | ||
Entity Common Stock, Shares Outstanding | 22,433,775 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $413 | $1,377 |
Accounts receivable, net of allowance for bad debts of $847 in 2013 and $1,127 in 2014 | 19,264 | 17,950 |
Assets held for sale | 0 | 3,544 |
Inventories | 5,294 | 5,300 |
Prepaid expenses | 4,590 | 4,421 |
Other current assets | 7,144 | 3,525 |
Total current assets | 36,705 | 36,117 |
Preneed cemetery trust investments | 71,972 | 68,341 |
Preneed funeral trust investments | 97,607 | 97,144 |
Preneed receivables, net of allowance for bad debts of $1,825 in 2013 and $2,339 in 2014 | 26,284 | 24,521 |
Receivables from preneed trusts | 12,809 | 11,166 |
Property, plant and equipment, net of accumulated depreciation of $88,627 in 2013 and $95,249 in 2014 | 186,211 | 160,690 |
Cemetery property | 75,564 | 72,911 |
Goodwill | 257,442 | 221,087 |
Deferred charges and other non-current assets | 14,264 | 12,280 |
Cemetery perpetual care trust investments | 48,670 | 42,342 |
Total assets | 827,528 | 746,599 |
Current liabilities: | ||
Current portion of long-term debt and capital lease obligations | 9,838 | 13,424 |
Accounts payable | 6,472 | 7,046 |
Other liabilities | 1,437 | 9,939 |
Accrued liabilities | 15,203 | 12,854 |
Liabilities associated with assets held for sale | 0 | 4,357 |
Total current liabilities | 32,950 | 47,620 |
Long-term debt, net of current portion | 111,887 | 105,642 |
Revolving credit facility | 40,500 | 36,900 |
Convertible junior subordinated debentures due in 2029 to an affiliate | 0 | 89,770 |
Convertible subordinated notes due 2021 | 114,542 | 0 |
Obligations under capital leases, net of current portion | 3,098 | 3,786 |
Deferred preneed cemetery revenue | 56,875 | 55,479 |
Deferred preneed funeral revenue | 31,265 | 30,588 |
Deferred tax liability | 36,414 | 11,915 |
Other long-term liabilities | 2,401 | 1,548 |
Deferred preneed cemetery receipts held in trust | 71,972 | 68,341 |
Deferred preneed funeral receipts held in trust | 97,607 | 97,144 |
Care trusts’ corpus | 48,142 | 41,893 |
Total liabilities | 647,653 | 590,626 |
Commitments and contingencies: | ||
Stockholders’ equity: | ||
Common stock, $.01 par value; 80,000,000 shares authorized; 22,183,000 and 22,434,000 issued as of December 31, 2013 and 2014, respectively | 224 | 222 |
Additional paid-in capital | 212,386 | 204,324 |
Accumulated deficit | -17,468 | -33,306 |
Treasury stock, at cost; 3,922,000 shares at December 31, 2013 and 2014 | -15,267 | -15,267 |
Total stockholders’ equity | 179,875 | 155,973 |
Total liabilities and stockholders’ equity | $827,528 | $746,599 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for bad debts | $1,127 | $847 |
Preneed receivables, allowance for bad debts | 2,339 | 1,825 |
Accumulated depreciation of property, plant and equipment | $95,249 | $88,627 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 22,434,000 | 22,183,000 |
Treasury stock, shares | 3,922,000 | 3,922,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Revenues | $226,124 | $213,074 | $198,191 |
Total field costs and expenses | 156,116 | 148,789 | 136,964 |
Field costs and expenses: | |||
Depreciation and amortization | 10,545 | 10,179 | 8,942 |
Regional and unallocated funeral and cemetery costs | 9,806 | 10,013 | 8,460 |
Gross profit | 70,008 | 64,285 | 61,227 |
Corporate costs and expenses: | |||
General, administrative and other | 28,915 | 25,923 | 23,986 |
Home office depreciation and amortization | 1,378 | 1,456 | 974 |
Total corporate costs and expenses | 30,293 | 27,379 | 24,960 |
Operating income | 39,715 | 36,906 | 36,267 |
Interest expense | -10,308 | -12,622 | -17,088 |
Accretion of discount on convertible subordinated notes | -2,452 | 0 | 0 |
Loss on early extinguishment of debt and other costs | -1,042 | 0 | -3,031 |
Loss on redemption of convertible junior subordinated debentures | -3,779 | 0 | 0 |
Other, net | 567 | 81 | 963 |
Total interest and other, net | -17,014 | -12,541 | -19,156 |
Income from continuing operations before income taxes | 22,701 | 24,365 | 17,111 |
Provision for income taxes | -8,995 | -9,245 | -6,794 |
Income tax benefit related to uncertain tax positions | 1,740 | 0 | 0 |
Net provision for income taxes | -7,255 | -9,245 | -6,794 |
Net income from continuing operations | 15,446 | 15,120 | 10,317 |
Net income (loss) from discontinued operations | 392 | 4,176 | 1,086 |
Net income | 15,838 | 19,296 | 11,403 |
Preferred stock dividend | 0 | 4 | 14 |
Net income | 15,838 | 19,292 | 11,389 |
Basic earnings per common share: | |||
Continuing operations (in dollars per share) | $0.84 | $0.83 | $0.57 |
Discontinued operations (in dollars per share) | $0.02 | $0.23 | $0.06 |
Basic earnings per common share | $0.86 | $1.06 | $0.63 |
Diluted earnings per common share: | |||
Continuing operations (in dollars per share) | $0.83 | $0.82 | $0.57 |
Discontinued operations | $0.02 | $0.18 | $0.06 |
Diluted earnings per common share | $0.85 | $1 | $0.63 |
Dividends declared per share (in dollars per share) | $0.10 | $0.10 | $0.10 |
Weighted average number of common and common equivalent shares outstanding: | |||
Basic (in shares) | 18,108 | 17,826 | 18,126 |
Diluted (in shares) | 18,257 | 22,393 | 18,226 |
Funeral | |||
Segment Reporting Information [Line Items] | |||
Revenues | 173,735 | 163,082 | 150,803 |
Total field costs and expenses | 104,913 | 99,657 | 91,055 |
Corporate costs and expenses: | |||
Interest expense | -316 | -323 | -308 |
Income from continuing operations before income taxes | 53,385 | 48,206 | 46,073 |
Cemetery | |||
Segment Reporting Information [Line Items] | |||
Revenues | 52,389 | 49,992 | 47,388 |
Total field costs and expenses | 30,852 | 28,940 | 28,507 |
Corporate costs and expenses: | |||
Interest expense | -17 | -36 | -49 |
Income from continuing operations before income taxes | $15,180 | $14,679 | $12,895 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Performance-based stock awards | Common stock | Additional Paid-in Capital | Additional Paid-in Capital | Accumulated Deficit | Treasury Stock |
In Thousands, except Share data, unless otherwise specified | Performance-based stock awards | ||||||
Beginning Balance at Dec. 31, 2011 | $126,778 | $217 | $201,284 | ($63,987) | ($10,736) | ||
Beginning balance, shares outstanding at Dec. 31, 2011 | 18,427,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss) | 11,389 | 11,389 | |||||
Isuuance of common stock, shares | 151,000 | ||||||
Issuance of common stock | 844 | 1 | 843 | ||||
Exercise of stock options, shares | 81,000 | 81,000 | |||||
Exercise of stock options | 437 | 1 | 436 | ||||
Issuance of restricted common stock, shares | 379,000 | ||||||
Issuance of restricted common stock | 22 | 4 | 18 | ||||
Cancellation and retirement of restricted common stock, shares | -196,000 | ||||||
Cancellation and retirement of restricted common stock | -434 | -2 | -432 | ||||
Accelerated vesting of restricted common stock and options | 281 | 281 | |||||
Amortization of restricted common stock | 1,370 | 1,370 | |||||
Stock-based compensation expense | 466 | 466 | |||||
Treasury stock acquired, shares | -686,000 | ||||||
Treasury stock acquired | -4,531 | -4,531 | |||||
Dividends on common stock | -1,804 | -1,804 | |||||
Ending Balance at Dec. 31, 2012 | 134,818 | 221 | 202,462 | -52,598 | -15,267 | ||
Ending balance, shares outstanding at Dec. 31, 2012 | 18,156,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss) | 19,292 | 19,292 | |||||
Isuuance of common stock, shares | 114,000 | ||||||
Issuance of common stock | 1,394 | 1 | 1,393 | ||||
Exercise of stock options, shares | 45,000 | 45,000 | |||||
Exercise of stock options | 0 | 0 | 0 | ||||
Issuance of restricted common stock, shares | 63,000 | ||||||
Issuance of restricted common stock | 1 | 1 | 0 | ||||
Cancellation and retirement of restricted common stock, shares | -117,000 | ||||||
Cancellation and retirement of restricted common stock | -1,631 | -1 | -1,630 | ||||
Accelerated vesting of restricted common stock and options | 667 | 667 | |||||
Amortization of restricted common stock | 1,340 | 1,340 | |||||
Stock-based compensation expense | 1,296 | 1,296 | |||||
Dividends on common stock | -1,817 | -1,817 | |||||
Excess tax benefits on equity compensation | 613 | 613 | |||||
Ending Balance at Dec. 31, 2013 | 155,973 | 222 | 204,324 | -33,306 | -15,267 | ||
Ending balance, shares outstanding at Dec. 31, 2013 | 18,261,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss) | 15,838 | 15,838 | |||||
Isuuance of common stock, shares | 70,000 | ||||||
Issuance of common stock | 1,110 | 0 | 1,110 | ||||
Exercise of stock options, shares | 68,000 | 68,000 | |||||
Exercise of stock options | 363 | 0 | 363 | ||||
Issuance of restricted common stock, shares | 200,000 | ||||||
Issuance of restricted common stock | 0 | 2 | -2 | ||||
Cancellation and retirement of restricted common stock, shares | -87,000 | ||||||
Cancellation and retirement of restricted common stock | -1,357 | 0 | -1,357 | ||||
Accelerated vesting of restricted common stock and options | 27 | 27 | |||||
Amortization of restricted common stock | 1,806 | 1,806 | |||||
Stock-based compensation expense | 2,616 | -16,624 | 2,616 | -16,624 | |||
Convertible subordinated notes due 2021 | 17,973 | 17,973 | |||||
Treasury stock acquired, shares | 0 | ||||||
Dividends on common stock | -1,840 | -1,840 | |||||
Excess tax benefits on equity compensation | 3,990 | 3,990 | |||||
Ending Balance at Dec. 31, 2014 | $179,875 | $224 | $212,386 | ($17,468) | ($15,267) | ||
Ending balance, shares outstanding at Dec. 31, 2014 | 18,512,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $15,838 | $19,296 | $11,403 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||
Depreciation and amortization | 11,945 | 11,748 | 10,076 |
Gain on sale of businesses and purchase of assets | -2,150 | -6,091 | -610 |
Impairment of goodwill | 1,180 | 100 | 1,100 |
Loss on early extinguishment of debt and other costs | 1,042 | 0 | 1,323 |
Amortization of deferred financing costs | 908 | 362 | 685 |
Accretion of discount on convertible subordinated notes | 2,452 | 0 | 0 |
Provision for losses on accounts receivable | 2,877 | 2,005 | 2,589 |
Stock-based compensation expense | 4,622 | 3,583 | 2,174 |
Deferred income tax expense | 5,295 | 12,572 | 3,930 |
Loss on redemption of convertible junior subordinated debentures | 2,932 | 0 | 0 |
Other | 0 | 85 | 88 |
Changes in operating assets and liabilities that provided (required) cash: | |||
Accounts and preneed receivables | -4,146 | -3,329 | -4,623 |
Inventories and other current assets | -2,590 | -337 | 5,332 |
Deferred charges and other | -165 | -35 | -38 |
Preneed funeral and cemetery trust investments | -203 | -1,415 | 6,659 |
Accounts payable | -562 | 1,142 | -1,002 |
Accrued and other liabilities | -1,529 | -3,294 | -6,195 |
Deferred preneed funeral and cemetery revenue | 303 | 1,187 | 3,720 |
Deferred preneed funeral and cemetery receipts held in trust | -1,484 | 2,266 | -10,850 |
Net cash provided by operating activities | 36,565 | 39,845 | 25,761 |
Cash flows from investing activities: | |||
Acquisitions and land for new construction | -57,874 | -19,701 | -45,141 |
Net proceeds from sale of businesses and other assets | 2,192 | 10,184 | 603 |
Capital expenditures | -23,675 | -10,695 | -10,436 |
Net cash used in investing activities | -79,357 | -20,212 | -54,974 |
Cash flows from financing activities: | |||
Net borrowings (payments) on the revolving credit facility | 3,600 | -7,800 | 43,307 |
Net borrowings on the term loan | 3,313 | 0 | 0 |
Proceeds from the issuance of convertible subordinated notes | 143,750 | 0 | 0 |
Payment of debt issuance costs related to the convertible subordinated notes | -4,650 | 0 | 0 |
Payments on long-term debt and obligations under capital leases | -840 | -11,219 | -3,174 |
Redemption of convertible junior subordinated debentures | -89,748 | 0 | 0 |
Payments for performance-based stock awards | -16,150 | 0 | 0 |
Proceeds from the exercise of stock options and employee stock purchase plan contributions | 1,228 | 894 | 896 |
Dividends on common stock | -1,840 | -1,817 | -1,804 |
Dividends on redeemable preferred stock | 0 | -4 | -14 |
Payment of loan origination costs | -825 | -621 | -3,235 |
Excess tax benefit of equity compensation | 3,990 | 613 | 36 |
Payment of call premium associated with the senior note redemption | 0 | 0 | -1,707 |
Purchase of treasury stock | 0 | 0 | -4,531 |
Net cash provided by (used in) financing activities | 41,828 | -19,954 | 29,774 |
Net increase (decrease) in cash and cash equivalents | -964 | -321 | 561 |
Cash and cash equivalents at beginning of year | 1,377 | 1,698 | 1,137 |
Cash and cash equivalents at end of year | $413 | $1,377 | $1,698 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Dec. 31, 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. At December 31, 2014, we operated 164 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 a sales business providing interment rights (grave sites and mausoleums) and related merchandise, such as markers and memorials. | ||||||||
Principles of Consolidation | ||||||||
The accompanying Consolidated Financial Statements include the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated. | ||||||||
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 us. 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 $10.0 million of funeral receivables at December 31, 2013 and 2014, respectively, and $8.3 million and $9.1 million of cemetery receivables at December 31, 2013 and 2014, respectively. For 2013 and 2014, accounts receivable also include minor amounts of other receivables. 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 $7.4 million of funeral receivables and $16.5 million and $18.9 million of cemetery receivables at December 31, 2013 and 2014, respectively. Bad debt expense totaled approximately $2.6 million, $2.0 million and $2.9 million for 2012, 2013 and 2014, respectively. | ||||||||
Preneed Contracts | ||||||||
We sell interment rights, merchandise and services prior to the time of need, which is referred to as preneed. In many instances the customer pays for the preneed contract over a period of time. Cash proceeds from preneed sales less amounts that we may retain under state regulations are deposited to a trust or used to purchase a third-party insurance policy. The principal and accumulated earnings of the trusts are generally withdrawn at maturity (death) or cancellation. The cumulative trust income earned and the increases in insurance benefits on the insurance products are deferred until the service is performed. The customer receivables and amounts deposited in trusts that we control are primarily included in the non-current asset section of our Consolidated Balance Sheets. The preneed funeral contracts secured by third party insurance policies are not recorded as assets or liabilities of the Company. | ||||||||
In the opinion of management, the proceeds from the trust funds and the insurance policies at the time the preneed contracts mature will exceed the estimated future costs to perform services and provide products under such arrangements. The types of securities in which the trusts may invest are regulated by state agencies. | ||||||||
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 (“VIE’s”). 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 for the 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 the 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 December 31, 2014, CSV RIA provided these services to two institutions, which have custody of 76% 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. | ||||||||
Cash and Cash Equivalents | ||||||||
We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | ||||||||
Inventory | ||||||||
Inventory consists primarily of caskets, outer burial containers and cemetery monuments and markers and is recorded at the lower of its cost basis (determined by the specific identification method) or net realizable value. | ||||||||
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 over the following estimated useful lives of the assets: | ||||||||
Years | ||||||||
Buildings and improvements | 15 to 40 | |||||||
Furniture and fixtures | 5 to 10 | |||||||
Machinery and equipment | 3 to 15 | |||||||
Automobiles | 5 to 7 | |||||||
Property, plant and equipment was comprised of the following at December 31, 2013 and 2014: | ||||||||
31-Dec-13 | 31-Dec-14 | |||||||
(in thousands) | ||||||||
Land | $ | 55,639 | $ | 66,957 | ||||
Buildings and improvements | 132,172 | 148,483 | ||||||
Furniture, equipment and automobiles | 61,506 | 66,020 | ||||||
Property, plant and equipment, at cost | 249,317 | 281,460 | ||||||
Less: accumulated depreciation | (88,627 | ) | (95,249 | ) | ||||
Property, plant and equipment, net | $ | 160,690 | $ | 186,211 | ||||
During 2012, 2013 and 2014, we recorded approximately $7.6 million, $8.8 million and $9.2 million, respectively, of depreciation expense against operating income. | ||||||||
Long-lived assets, such as property, plant and equipment subject to depreciation and amortization, are reviewed for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with the Property, Plant and Equipment Topic of the Accounting Standards Codification (“ASC”) 360. This guidance requires that long-lived assets to be held and used are reported at the lower of their carrying amount or fair value. We assess long-lived assets for impairment whenever events or circumstances indicate that the carrying value may be greater than the fair value. We evaluate our long-lived assets for impairment when a funeral home business has negative earnings before interest, taxes, depreciation and amortization (“EBITDA”) for four consecutive years and if there has been a decline in EBITDA for four consecutive years. For our cemetery business, we analyze the long-lived assets for impairment if the business has a negative operating margin and a decline in operating margin over a four year period. We review our long-lived assets deemed held-for-sale to the point of recoverability. Assets to be disposed of and assets not expected to provide any future service potential are recorded at the lower of their carrying amount or fair value less estimated cost to sell. If we determine that the carrying value is not recoverable from the proceeds of the sale, we record an impairment at that time. For the year ended December 31, 2014, no impairment was identified on our long-lived assets. | ||||||||
Income Taxes | ||||||||
We and our subsidiaries file a consolidated United States Federal income tax return, separate income tax returns in 17 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. | ||||||||
On August 1, 2014, we received notification that the Internal Revenue Service (“IRS”) completed its examination of our tax year ended December 31, 2011. As a result, we recognized a tax benefit of $1.7 million which reduced our effective tax rate for the year ended December 31, 2014. Additionally, we recognized a credit to interest expense of $0.6 million related to the settled portion of the uncertain tax position. | ||||||||
We do not anticipate a material change in our unrecognized tax benefits during the next twelve months. | ||||||||
In September 2013, the United States Department of the Treasury and the IRS 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. We adopted the new guidance for our current tax year, which began on January 1, 2014. These regulations have not had a material impact on our financial statements. | ||||||||
See Note 17 to the Consolidated Financial Statements included herein for additional information concerning our income taxes. | ||||||||
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. 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 18 to the Consolidated Financial Statements included 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 non-forfeitable 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. | ||||||||
For the year ended December 31, 2013, the fully diluted weighted average shares outstanding 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 ASC 260. For the year ended December 31, 2012, the conversion of our convertible junior subordinated debentures is excluded from our fully diluted earnings per share calculation and the fully diluted weighted average share count because the inclusion of such converted shares would result in an antidilutive impact. The convertible junior subordinated debentures were redeemed in March and April 2014. As a result, there was no impact on our calculation of fully diluted earnings per share for the year ended December 31, 2014. | ||||||||
See Note 20 to the Consolidated Financial Statements included herein for the computation of per share earnings for the fiscal years ended December 31, 2012, 2013 and 2014. | ||||||||
Fair Value Measurements | ||||||||
We define fair value as the price that would be received on 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 year ended December 31, 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) we have 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. During the second quarter of 2014, we recorded a $0.4 million impairment charge for other-than-temporary declines in fair value related to unrealized losses on certain investments. As of December 31, 2014, no other impairments have been identified. | ||||||||
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. | ||||||||
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 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 Service Corporation International (“SCI”). See Note 3 to the Consolidated Financial Statements herein for further information concerning this acquisition. | ||||||||
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 discontinued operations on our Consolidated Statements of Operations. In 2012, we ended a management contract with a cemetery in Ohio and sold two funeral homes in Kentucky. In 2013, we sold seven funeral homes, one in California, one in Ohio, one in Kentucky and four in Kansas and sold one cemetery in Virginia. In 2014, we sold a cemetery in Florida and two funeral homes, one in Ohio and one in Kentucky. At December 31, 2014, we had no businesses classified as held-for-sale. See Note 5 to the Consolidated Financial Statements included herein for more information. Refer to Note 2 herein for further discussion concerning the accounting for discontinued operations beginning January 1, 2015. | ||||||||
Goodwill | ||||||||
The excess of the purchase price over the fair value of identifiable net assets of funeral home businesses acquired is recorded as goodwill. Goodwill has primarily been recorded in connection with the acquisition of funeral home businesses. Goodwill is tested annually 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 performed our annual impairment test of goodwill using information as of August 31, 2014. | ||||||||
Under current guidance, we are permitted to first assess qualitative factors to determine whether it is more-likely-than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. We conducted qualitative assessments in 2012 and 2014; however, for our 2013 annual impairment test, we performed the two-step goodwill impairment test. Our intent is to perform the two-step test at least once every three years unless certain indicators or events suggest otherwise. | ||||||||
The two-step goodwill impairment test involves estimates and management judgment. In the first step of our goodwill testing, we compared the fair value of each reporting unit to its carrying value, including goodwill. We determined fair value for each reporting unit using both a market approach, weighted 70%, and an income approach, weighted 30%. Our methodology for determining a market approach fair value utilized recent sales transactions in the industry. Our methodology for determining an income-based fair value was based on discounting projected future cash flows. The projected future cash flows include assumptions concerning future operating performance that may differ from actual future cash flows using a weighted average cost of capital for the Company and other public deathcare companies. Goodwill impairment is not recorded where the fair value of the reporting unit exceeds its carrying amount. If the fair value of the reporting unit is less than its carrying amount, the implied fair value of goodwill is compared to the carrying amount of the reporting unit’s goodwill, and if the carrying amount exceeds the implied value, an impairment charge would be recorded in an amount equal to that excess. | ||||||||
In addition to our annual review, we assess the impairment of goodwill whenever events or changes in circumstances indicate that the carrying value of a reporting unit 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. No impairments were recorded in relation to our goodwill annual assessment in 2012, 2013 or 2014. No such events or changes occurred between the testing date and year end to trigger a subsequent impairment review. | ||||||||
For the years ended December 31, 2012, 2013 and 2014, we recognized impairments of approximately $1.1 million, $0.1 million and $1.2 million, respectively, for discontinued locations as the carrying value exceeded fair value. Upon receipt of a letter of intent to sell a location, we perform an analysis to determine if the net assets of the location exceed the sales price. If the net assets exceed the sales price, we record an impairment at the location level. | ||||||||
Intangible Assets | ||||||||
Our intangible assets include tradenames primarily resulting from acquisitions. Our tradenames are included in Deferred costs 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 accordance with the ASC Intangibles Topic 350. | ||||||||
Under current guidance, we are permitted to first assess qualitative factors to determine whether it is more-likely-than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step impairment test. We conducted qualitative assessments in 2012, 2013 and 2014. | ||||||||
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. For the years ended December 31, 2012, 2013 and 2014, no impairments were identified. | ||||||||
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 on-going 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. | ||||||||
Subsequent Events | ||||||||
Management evaluated events and transactions during the period beginning subsequent to December 31, 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 25 to the Consolidated Financial Statements herein. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENTLY ISSUED ACCOUNTING STANDARDS | RECENTLY ISSUED ACCOUNTING STANDARDS |
Extraordinary and Unusual Items | |
In January 2015, the FASB issued an amendment to ASC Subtopic 225-20, Income Statement - Extraordinary and Unusual Items. This amendment eliminates the concept of reporting extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Preparers will not have to assess whether a particular event or transaction is extraordinary and likewise, auditors and regulators no longer need to evaluate whether a preparer treated an unusual and/or infrequent item appropriately. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include such items. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendment prospectively. A reporting entity also may apply the amendment retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. Our adoption of this amendment to Subtopic 225-20 is not expected to have a material effect on our financial statements. We plan to adopt the provisions of ASC Subtopic 225-20 for our fiscal year beginning January 1, 2016. | |
Going Concern | |
In August 2014, the FASB issued ASC Subtopic 205-40, Presentation of Financial Statements - Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASC Subtopic 205-40 provides guidance as to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures by incorporating and expanding upon certain principles that are currently in United States auditing standards. The new guidance requires an entity to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued). The new guidance allows the entity to consider the mitigating effects of management’s plans that will alleviate the substantial doubt and requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans. If conditions or events raise substantial doubt that is not alleviated, an entity should disclose that there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued), along with the principal conditions or events that raise substantial doubt, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations and management’s plans that are intended to mitigate those conditions. The guidance is effective for annual periods ending after December 15, 2016, and interim and annual periods thereafter. Early adoption is permitted. We plan to adopt the provisions of ASC Subtopic 205-40 for our fiscal year ending December 31, 2016 and the interim periods beginning in 2017. | |
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. We adopted the new guidance effective January 1, 2015. The impact on our future operating results will vary depending on the number of locations we divest in future periods. For the years ended December 31, 2012, 2013 and 2014, we recognized income from discontinued operations of $1.1 million, $4.2 million and $0.4 million, respectively. Any businesses that we sell in the future will be reported within continuing operations. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||
Dec. 31, 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 demographics, strength of brand, competitive standing, market size, market share, barriers to entry and volume and price trends. 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. | ||||||||||||
During 2014, we acquired six businesses from SCI which included 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 for $54.9 million (collectively the “SCI Acquisition”). | ||||||||||||
The following table summarizes the fair value of the assets acquired and liabilities assumed in our SCI Acquisition and the subsequent adjustments made based on the final valuations and additional information which became available prior to December 31, 2014 (in thousands): | ||||||||||||
Initial Purchase Price Allocation | Adjustments | Final Purchase Price Allocation | ||||||||||
Current assets | $ | 1,998 | $ | 128 | $ | 2,126 | ||||||
Property, plant & equipment | 16,457 | 2 | 16,459 | |||||||||
Preneed cemetery trust investments | 3,632 | — | 3,632 | |||||||||
Preneed funeral trust investments | 45 | — | 45 | |||||||||
Goodwill | 33,826 | 3,827 | 37,653 | |||||||||
Deferred charges and other non-current assets | 6,208 | (3,918 | ) | 2,290 | ||||||||
Cemetery perpetual care investments | 7,491 | — | 7,491 | |||||||||
Obligations under capital leases | (1,960 | ) | — | (1,960 | ) | |||||||
Deferred preneed cemetery revenue | (1,679 | ) | (39 | ) | (1,718 | ) | ||||||
Deferred preneed cemetery receipts held in trust | (3,632 | ) | — | (3,632 | ) | |||||||
Deferred preneed funeral receipts held in trust | (45 | ) | — | (45 | ) | |||||||
Care trusts' corpus | (7,491 | ) | — | (7,491 | ) | |||||||
Cash paid | $ | 54,850 | $ | — | $ | 54,850 | ||||||
The adjustments consisted primarily of a $3.9 million reclass between tradenames and goodwill based on our final valuations. We adjusted current assets by $0.1 million related to minor adjustments to our acquired accounts receivable and inventory. As of December 31, 2014, our accounting for the SCI Acquisition is complete. Additionally, during 2014 we acquired real estate for approximately $3.0 million for funeral home expansion projects. | ||||||||||||
We completed one acquisition in the fourth quarter of 2013 consisting of two funeral homes, one in Tennessee and one in Georgia. The consideration paid for this business was approximately $13.7 million. Additionally, we purchased land for $6.0 million in 2013 for funeral home expansion projects. | ||||||||||||
For the acquisitions, we acquired substantially all the assets and assumed certain operating liabilities including obligations associated with existing preneed contracts. The pro forma impact of this acquisition on prior periods is not presented as the impact is not material to our reported results. The results of the acquired businesses are included in our results of operations from the date of acquisition. |
Goodwill
Goodwill | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
GOODWILL | GOODWILL | |||||||
Many of the former owners and staff of acquired funeral homes and certain cemeteries 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. | ||||||||
We performed our 2014 annual impairment test of goodwill using information as of August 31, 2014. Under current guidance, we are permitted to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. For our 2014 impairment test we conducted a qualitative assessment. For our 2013 annual impairment test, we performed the two-step goodwill impairment test. Our intent is to perform the two-step test at least once every three years unless certain indicators or events suggest otherwise. Also see Note 1 to the Consolidated Financial Statements herein for a discussion of the methodology used for our annual goodwill impairment test. Based on our 2014 impairment test, we concluded that there was no impairment to goodwill. | ||||||||
The following table presents changes in goodwill in the accompanying Consolidated Balance Sheets for the years ended December 31, 2013 and 2014 (in thousands): | ||||||||
31-Dec-13 | 31-Dec-14 | |||||||
Goodwill at the beginning of year | $ | 218,442 | $ | 221,087 | ||||
Increase in goodwill related to acquisitions | 3,843 | 37,653 | ||||||
Changes in previous estimates | — | (101 | ) | |||||
Net impairment and write-off related to divestitures | (1,198 | ) | (1,197 | ) | ||||
Goodwill at the end of the year | $ | 221,087 | $ | 257,442 | ||||
The $37.7 million increase to goodwill related to acquisitions represents the goodwill recorded in connection with the SCI Acquisition completed in May 2014. The changes in previous estimates relate to a $0.1 million reduction in goodwill relating to adjustments in inventory for the November 2013 funeral home business acquisition. In the second quarter of 2014, we recorded an impairment of $1.2 million related to a business held for sale as the carrying value exceeded fair value. As such, this amount is recorded within discontinued operations on our Consolidated Statements of Operations. Our purchase price allocations for these acquisitions have been completed as of December 31, 2014. |
Assets_Held_for_Sale_and_Disco
Assets Held for Sale and Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [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 2014, we sold a cemetery in Florida and two funeral homes, one in Ohio and one in Kentucky. In 2013, we sold seven funeral homes, one in California, one in Ohio, one in Kentucky and four in Kansas and sold one cemetery in Virginia. At December 31, 2014, we had no assets classified as held-for-sale. | ||||||||||||
The assets and liabilities associated with the cemetery business held for sale on our Consolidated Balance Sheets at December 31, 2013 consisted of the following (in thousands): | ||||||||||||
December 31, 2013 | ||||||||||||
Assets: | ||||||||||||
Current assets | $ | 30 | ||||||||||
Preneed cemetery trust investments | 2,477 | |||||||||||
Preneed receivables | 31 | |||||||||||
Property, plant and equipment, net | 311 | |||||||||||
Cemetery perpetual care trust investments | 695 | |||||||||||
Total | $ | 3,544 | ||||||||||
Liabilities: | ||||||||||||
Current liabilities | $ | 10 | ||||||||||
Deferred preneed cemetery revenue | 1,185 | |||||||||||
Deferred preneed cemetery receipts held in trust | 2,477 | |||||||||||
Care trusts' corpus | 685 | |||||||||||
Total | $ | 4,357 | ||||||||||
The operating results of the discontinued businesses during the periods presented, as well as any impairments and net gains on the disposals, is presented within discontinued operations on our Consolidated Statements of Operations, along with the income tax effect, as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Revenues | $ | 7,727 | $ | 4,164 | $ | 817 | ||||||
Operating income | 2,293 | 729 | 235 | |||||||||
Impairment | (1,100 | ) | (100 | ) | (1,180 | ) | ||||||
Net gain on disposal | 610 | 6,091 | 1,594 | |||||||||
Income tax provision | (717 | ) | (2,544 | ) | (257 | ) | ||||||
Income from discontinued operations, net of tax | $ | 1,086 | $ | 4,176 | $ | 392 | ||||||
Preneed_Trust_Investments
Preneed Trust Investments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Preneed Trust Investments [Abstract] | ||||||||||||||||||||||||
PRENEED TRUST INVESTMENTS | PRENEED TRUST INVESTMENTS | |||||||||||||||||||||||
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 2014 were as follows (in thousands): | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-14 | |||||||||||||||||||||||
Preneed cemetery trust investments, at market value | $ | 70,386 | $ | 74,198 | ||||||||||||||||||||
Less: allowance for contract cancellation | (2,045 | ) | (2,226 | ) | ||||||||||||||||||||
Preneed cemetery trust investments, net | $ | 68,341 | $ | 71,972 | ||||||||||||||||||||
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 are 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 December 31, 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 as 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 municipal bonds, 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 in the year ended December 31, 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 December 31, 2014 are detailed below (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 5,591 | $ | — | $ | — | $ | 5,591 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Municipal bonds | 2 | 347 | 9 | — | 356 | |||||||||||||||||||
Foreign debt | 2 | 5,874 | — | (237 | ) | 5,637 | ||||||||||||||||||
Corporate debt | 2 | 30,108 | 362 | (2,167 | ) | 28,303 | ||||||||||||||||||
Preferred stock | 2 | 19,154 | 199 | (325 | ) | 19,028 | ||||||||||||||||||
Mortgage backed securities | 2 | 1 | — | — | 1 | |||||||||||||||||||
Common stock | 1 | 13,128 | 2,357 | (966 | ) | 14,519 | ||||||||||||||||||
Trust securities | $ | 74,203 | $ | 2,927 | $ | (3,695 | ) | $ | 73,435 | |||||||||||||||
Accrued investment income | $ | 763 | $ | 763 | ||||||||||||||||||||
Preneed cemetery trust investments | $ | 74,198 | ||||||||||||||||||||||
Market value as a percentage of cost | 99 | % | ||||||||||||||||||||||
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 | 5,740 | |||||||||||||||||||||||
Due in five to ten years | 7,563 | |||||||||||||||||||||||
Thereafter | 40,022 | |||||||||||||||||||||||
Total fixed income securities | $ | 53,325 | ||||||||||||||||||||||
The cost and 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 Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
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 | ||||||||||||||||||||||
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. In the second quarter of 2014, we recorded a $0.2 million impairment charge for other-than-temporary declines in fair value related to unrealized losses on certain investments. We did not record any other impairments in 2014. No impairments were recorded in the year ended December 31, 2013. 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 December 31, 2014, we had certain 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 for the years ended December 31, 2014 and 2013, are shown in the following tables (in thousands): | ||||||||||||||||||||||||
31-Dec-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: | ||||||||||||||||||||||||
Foreign debt | $ | 5,629 | $ | (237 | ) | $ | — | $ | — | $ | 5,629 | $ | (237 | ) | ||||||||||
Corporate debt | 18,051 | (778 | ) | 2,016 | (1,389 | ) | 20,067 | (2,167 | ) | |||||||||||||||
Preferred stock | 10,342 | (289 | ) | 3,236 | (36 | ) | 13,578 | (325 | ) | |||||||||||||||
Common stock | 6,904 | (911 | ) | 65 | (55 | ) | 6,969 | (966 | ) | |||||||||||||||
Total temporary impaired securities | $ | 40,926 | $ | (2,215 | ) | $ | 5,317 | $ | (1,480 | ) | $ | 46,243 | $ | (3,695 | ) | |||||||||
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 years ended December 31, 2012, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Investment income | $ | 4,038 | $ | 3,349 | $ | 2,840 | ||||||||||||||||||
Realized gains | 10,497 | 3,018 | 5,712 | |||||||||||||||||||||
Realized losses | (3,574 | ) | (763 | ) | (2,789 | ) | ||||||||||||||||||
Expenses and taxes | (2,769 | ) | (2,934 | ) | (1,716 | ) | ||||||||||||||||||
Increase in deferred preneed cemetery receipts held in trust | (8,192 | ) | (2,670 | ) | (4,047 | ) | ||||||||||||||||||
$ | — | $ | — | $ | — | |||||||||||||||||||
Purchases and sales of investments in the preneed cemetery trusts were as follows (in thousands): | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Purchases | $ | (126,043 | ) | $ | (46,558 | ) | $ | (53,443 | ) | |||||||||||||||
Sales | 125,897 | 47,318 | 58,022 | |||||||||||||||||||||
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 2014 were as follows (in thousands): | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-14 | |||||||||||||||||||||||
Preneed funeral trust investments, at market value | $ | 100,005 | $ | 100,579 | ||||||||||||||||||||
Less: allowance for contract cancellation | (2,861 | ) | (2,972 | ) | ||||||||||||||||||||
Preneed funeral trust investments, net | $ | 97,144 | $ | 97,607 | ||||||||||||||||||||
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 are 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 December 31, 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. In 2014, we reclassified 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 inputs other than quoted prices. There were no other transfers between Levels 1 and 2 for the year ended December 31, 2014. 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 December 31, 2014 are detailed below (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 17,501 | $ | — | $ | — | $ | 17,501 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. treasury debt | 1 | 2,037 | 32 | (15 | ) | 2,054 | ||||||||||||||||||
U.S. agency obligations | 2 | 30 | — | — | 30 | |||||||||||||||||||
Foreign debt | 2 | 4,653 | — | (188 | ) | 4,465 | ||||||||||||||||||
Corporate debt | 2 | 24,761 | 469 | (1,718 | ) | 23,512 | ||||||||||||||||||
Preferred stock | 2 | 16,166 | 256 | (261 | ) | 16,161 | ||||||||||||||||||
Mortgage backed securities | 2 | 309 | 8 | (3 | ) | 314 | ||||||||||||||||||
Common stock | 1 | 10,544 | 1,926 | (783 | ) | 11,687 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 14,126 | 1,370 | (181 | ) | 15,315 | ||||||||||||||||||
Fixed income | 2 | 5,351 | 115 | (72 | ) | 5,394 | ||||||||||||||||||
Other investments | 2 | 3,560 | — | (29 | ) | 3,531 | ||||||||||||||||||
Trust securities | $ | 99,038 | $ | 4,176 | $ | (3,250 | ) | $ | 99,964 | |||||||||||||||
Accrued investment income | $ | 615 | $ | 615 | ||||||||||||||||||||
Preneed funeral trust investments | $ | 100,579 | ||||||||||||||||||||||
Market value as a percentage of cost | 100.9 | % | ||||||||||||||||||||||
The estimated maturities of the fixed income securities included above are as follows (in thousands): | ||||||||||||||||||||||||
Due in one year or less | $ | 549 | ||||||||||||||||||||||
Due in one to five years | 5,389 | |||||||||||||||||||||||
Due in five to ten years | 6,864 | |||||||||||||||||||||||
Thereafter | 33,734 | |||||||||||||||||||||||
Total fixed income securities | $ | 46,536 | ||||||||||||||||||||||
The cost and 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 Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
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 | ||||||||||||||||||||||
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. In the second quarter of 2014, we recorded a $0.1 million impairment charge for other-than-temporary declines in fair value related to unrealized losses on certain investments. We did not record any other impairments in 2014. No impairments were recorded in the year ended December 31, 2013. 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 December 31, 2014, we had certain 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 December 31, 2014 and 2013 are shown the the following tables (in thousands): | ||||||||||||||||||||||||
31-Dec-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 | $ | 500 | $ | — | $ | 836 | $ | (15 | ) | $ | 1,336 | $ | (15 | ) | ||||||||||
Foreign debt | 4,471 | (188 | ) | — | — | 4,471 | (188 | ) | ||||||||||||||||
Corporate debt | 14,310 | (617 | ) | 1,598 | (1,101 | ) | 15,908 | (1,718 | ) | |||||||||||||||
Preferred stock | 8,300 | (232 | ) | 2,597 | (29 | ) | 10,897 | (261 | ) | |||||||||||||||
Mortgage backed securities | — | — | 51 | (3 | ) | 51 | (3 | ) | ||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 5,594 | (739 | ) | 53 | (44 | ) | 5,647 | (783 | ) | |||||||||||||||
Equity and other | 4,204 | (180 | ) | 6 | (1 | ) | 4,210 | (181 | ) | |||||||||||||||
Fixed income | 888 | (19 | ) | 1,026 | (53 | ) | 1,914 | (72 | ) | |||||||||||||||
Other investments | — | — | 42 | (29 | ) | 42 | (29 | ) | ||||||||||||||||
Total temporary impaired securities | $ | 38,267 | $ | (1,975 | ) | $ | 6,209 | $ | (1,275 | ) | $ | 44,476 | $ | (3,250 | ) | |||||||||
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 our Consolidated Statements of Operations for the years ended December 31, 2012, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Investment income | $ | 3,952 | $ | 3,190 | $ | 3,065 | ||||||||||||||||||
Realized gains | 4,406 | 7,957 | 7,184 | |||||||||||||||||||||
Realized losses | (2,536 | ) | (5,743 | ) | (2,313 | ) | ||||||||||||||||||
Expenses and taxes | (1,550 | ) | (1,669 | ) | (1,470 | ) | ||||||||||||||||||
Increase in deferred preneed funeral receipts held in trust | (4,272 | ) | (3,735 | ) | (6,466 | ) | ||||||||||||||||||
$ | — | $ | — | $ | — | |||||||||||||||||||
Purchases and sales of investments in the preneed funeral trusts were as follows (in thousands): | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Purchases | $ | (72,424 | ) | $ | (38,592 | ) | $ | (57,297 | ) | |||||||||||||||
Sales | 72,639 | 39,853 | 60,352 | |||||||||||||||||||||
Preneed_Cemetery_Receivables
Preneed Cemetery Receivables | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2013, the balance of preneed receivables for cemetery interment rights and for merchandise and services was $21.3 million and $8.3 million, respectively, of which $9.9 million is presented in Accounts receivable and $19.7 million is presented in Preneed receivables. At December 31, 2014, the balance of preneed receivables for cemetery interment rights and for merchandise and services was $24.5 million and $9.4 million, respectively, of which $10.6 million is presented in Accounts receivable and $23.3 million is presented in Preneed receivables. The unearned finance charges associated with these receivables was $3.8 million and $4.6 million at December 31, 2013 and 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 7.0% of the total receivables on recognized sales at December 31, 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 years ending December 31, 2013 and 2014, the changes to the allowance for contract cancellations were as follows (in thousands): | ||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||||||
Beginning balance | $ | 1,903 | $ | 1,347 | ||||||||||||||||||||||||
Write-offs and cancellations | (1,727 | ) | (1,172 | ) | ||||||||||||||||||||||||
Provision | 1,228 | 1,965 | ||||||||||||||||||||||||||
Assets held-for-sale reclassification | (57 | ) | — | |||||||||||||||||||||||||
Ending balance | $ | 1,347 | $ | 2,140 | ||||||||||||||||||||||||
The aging of past due financing receivables as of December 31, 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 | $ | 756 | $ | 407 | $ | 250 | $ | 1,439 | $ | 2,852 | $ | 21,394 | $ | 24,246 | ||||||||||||||
Deferred revenue | 296 | 204 | 116 | 720 | 1,336 | 8,333 | 9,669 | |||||||||||||||||||||
Total contracts | $ | 1,052 | $ | 611 | $ | 366 | $ | 2,159 | $ | 4,188 | $ | 29,727 | $ | 33,915 | ||||||||||||||
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 | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables From Preneed Trusts [Abstract] | ||||||||
RECEIVABLES FROM PRENEED FUNERAL 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 2014, receivables from preneed trusts were as follows (in thousands): | ||||||||
31-Dec-13 | 31-Dec-14 | |||||||
(in thousands) | ||||||||
Preneed trust funds, at cost | $ | 11,511 | $ | 13,205 | ||||
Less: allowance for contract cancellation | (345 | ) | (396 | ) | ||||
Receivables from preneed trusts, net | $ | 11,166 | $ | 12,809 | ||||
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 December 31, 2014 and 2013. The cost basis includes reinvested interest and dividends that have been earned on the trust assets. Fair value includes unrealized gains and losses on trust assets. | ||||||||
Historical | Fair Value | |||||||
Cost Basis | ||||||||
(in thousands) | ||||||||
As of December 31, 2014 | ||||||||
Cash and cash equivalents | $ | 2,834 | $ | 2,834 | ||||
Fixed income investments | 7,880 | 7,893 | ||||||
Mutual funds and common stocks | 2,467 | 2,586 | ||||||
Annuities | 24 | 24 | ||||||
Total | $ | 13,205 | $ | 13,337 | ||||
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 | 12 Months Ended |
Dec. 31, 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 policies totaled $289.9 million and $313.0 million at December 31, 2013 and 2014, respectively, and are not included on our Consolidated Balance Sheets. |
Cemetery_Perpetual_Care_Trust_
Cemetery Perpetual Care Trust Investments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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 2014 were as follows (in thousands): | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-14 | |||||||||||||||||||||||
Trust assets, at market value | $ | 42,342 | $ | 48,670 | ||||||||||||||||||||
Obligations due from trust | (449 | ) | (528 | ) | ||||||||||||||||||||
Care trusts’ corpus | $ | 41,893 | $ | 48,142 | ||||||||||||||||||||
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, CSV RIA, 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 municipal bonds, foreign debt, corporate debt and preferred stock, all of which are classified within Level 2 of the valuation hierarchy. There were no transfers between Levels 1 and 2 for the year ended December 31, 2014. There are no Level 3 investments in the cemetery perpetual care trust investment portfolio. See Note 11 for further information of 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 December 31, 2014 (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 3,206 | $ | — | $ | — | $ | 3,206 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Municipal bonds | 2 | 229 | 5 | — | 234 | |||||||||||||||||||
Foreign debt | 2 | 3,871 | — | (156 | ) | 3,715 | ||||||||||||||||||
Corporate debt | 2 | 19,911 | 248 | (1,428 | ) | 18,731 | ||||||||||||||||||
Preferred stock | 2 | 12,694 | 137 | (214 | ) | 12,617 | ||||||||||||||||||
Common stock | 1 | 8,747 | 1,568 | (653 | ) | 9,662 | ||||||||||||||||||
Trust securities | $ | 48,658 | $ | 1,958 | $ | (2,451 | ) | $ | 48,165 | |||||||||||||||
Accrued investment income | $ | 505 | $ | 505 | ||||||||||||||||||||
Cemetery perpetual care investments | $ | 48,670 | ||||||||||||||||||||||
Market value as a percentage of cost | 99 | % | ||||||||||||||||||||||
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 | 3,801 | |||||||||||||||||||||||
Due in five to ten years | 4,980 | |||||||||||||||||||||||
Thereafter | 26,516 | |||||||||||||||||||||||
Total fixed income securities | $ | 35,297 | ||||||||||||||||||||||
The cost and market values associated with the trust investments held in perpetual care trust funds at December 31, 2013 are detailed below (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
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 | ||||||||||||||||||||||
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. In the second quarter of 2014, we recorded a $0.1 million impairment charge for other-than-temporary declines in fair value related to unrealized losses on certain investments. We did not record any other impairments in 2014. No impairments were recorded in the year ended December 31, 2013. At December 31, 2014, we had certain 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 investments losses are temporary in nature. | ||||||||||||||||||||||||
Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the years ended December 31, 2014 and 2013, are shown in the following tables (in thousands): | ||||||||||||||||||||||||
31-Dec-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: | ||||||||||||||||||||||||
Foreign debt | $ | 3,716 | $ | (156 | ) | $ | — | $ | — | $ | 3,716 | $ | (156 | ) | ||||||||||
Corporate debt | 11,893 | (513 | ) | 1,328 | (915 | ) | 13,221 | (1,428 | ) | |||||||||||||||
Preferred stock | 6,821 | (191 | ) | 2,133 | (23 | ) | 8,954 | (214 | ) | |||||||||||||||
Common stock | 4,663 | (616 | ) | 44 | (37 | ) | 4,707 | (653 | ) | |||||||||||||||
Total temporary impaired securities | $ | 27,093 | $ | (1,476 | ) | $ | 3,505 | $ | (975 | ) | $ | 30,598 | $ | (2,451 | ) | |||||||||
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 years ended December 31, 2012, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Realized gains | $ | 5,664 | $ | 2,172 | $ | 3,468 | ||||||||||||||||||
Realized losses | (1,707 | ) | (542 | ) | (1,748 | ) | ||||||||||||||||||
Increase in Care trusts’ corpus | (3,957 | ) | (1,630 | ) | (1,720 | ) | ||||||||||||||||||
Total | $ | — | $ | — | $ | — | ||||||||||||||||||
Perpetual care trust investment security transactions recorded in Cemetery revenue for the years ended December 31, 2012, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Investment income | $ | 5,612 | $ | 4,063 | $ | 4,713 | ||||||||||||||||||
Realized gains, net | 1,200 | 1,511 | 1,112 | |||||||||||||||||||||
Total | $ | 6,812 | $ | 5,574 | $ | 5,825 | ||||||||||||||||||
Purchases and sales of investments in the perpetual care trusts were as follows (in thousands): | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Purchases | $ | (82,793 | ) | $ | (27,719 | ) | $ | (38,413 | ) | |||||||||||||||
Sales | 83,060 | 28,261 | 35,402 | |||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |
Dec. 31, 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 Measurements hierarchy. The fair values of the 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, was approximately $156.0 million at December 31, 2014 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 investments categories on our Consolidated Balance Sheets as having met the criteria for fair value measurement. 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, municipal bonds, corporate debt, preferred stocks, foreign debt, mortgage backed securities, fixed income mutual funds and other investments. | |
• | 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 December 31, 2014 and 2013, 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 | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Other Assets Disclosure | DEFERRED CHARGES AND OTHER NON-CURRENT ASSETS | |||||||
Deferred charges and other non-current assets at December 31, 2013 and 2014 were as follows (in thousands): | ||||||||
31-Dec-13 | 31-Dec-14 | |||||||
Prepaid agreements not to compete, net of accumulated amortization of $4,807 and $5,105, respectively | $ | 1,299 | $ | 1,159 | ||||
Deferred loan costs, net of accumulated amortization of $1,252 and $2,809, respectively | 2,602 | 1,870 | ||||||
Convertible junior subordinated debentures origination costs, net of accumulated amortization of $1,095 | 2,949 | — | ||||||
Convertible subordinated notes issuance costs, net of accumulated amortization of $375 | — | 3,252 | ||||||
Tradenames | 5,430 | 7,660 | ||||||
Other | — | 323 | ||||||
Deferred charges and other non-current assets | $ | 12,280 | $ | 14,264 | ||||
Prepaid agreements not-to-compete are amortized over the term of the respective agreements, ranging generally from one to ten years. Amortization expense was $98,849, $79,207 and $348,602 for the years ended December 31, 2012, 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 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. During the year ended December 31, 2014, we increased tradenames by approximately $2.2 million related to the SCI Acquisition. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-term Debt | LONG-TERM DEBT | |||||||
Our senior long-term debt consisted of the following at December 31, 2013 and 2014 (in thousands): | ||||||||
31-Dec-13 | 31-Dec-14 | |||||||
Revolving credit facility, secured, floating rate | $ | 36,900 | $ | 40,500 | ||||
Term loan, secured, floating rate | 117,000 | 120,312 | ||||||
Acquisition debt | 1,866 | 1,205 | ||||||
Less: current portion | (13,224 | ) | (9,630 | ) | ||||
Total long-term debt | $ | 142,542 | $ | 152,387 | ||||
At December 31, 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. At December 31, 2014, we had outstanding borrowings under the revolving credit facility of $40.5 million and $120.3 million was outstanding on the term loan. No letters of credit were issued and outstanding under the Credit Facility at December 31, 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. As of December 31, 2014, the prime rate margin was equivalent to 1.50% and the LIBOR margin was 2.50%. The weighted average interest rate on the Credit Facility for the year ended December 31, 2014 was 2.80%. | ||||||||
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 remaining 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 no more than 3.75 to 1.00 through March 30, 2015 and no more than 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 our Credit Facility as of December 31, 2013 and 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 December 31, 2014, the leverage ratio was 2.70 to 1.00 and the fixed charge coverage ratio was 2.74 to 1.00. | ||||||||
Acquisition debt consists of deferred purchase price notes payable to sellers. A majority of the notes bear interest at rates 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. | ||||||||
The aggregate maturities of our long-term debt for the next five years subsequent to December 31, 2014 and thereafter are as follows (in thousands): | ||||||||
Years ending December 31, | ||||||||
2015 | $ | 9,630 | ||||||
2016 | 11,137 | |||||||
2017 | 12,632 | |||||||
2018 | 14,240 | |||||||
2019 | 114,041 | |||||||
2020 and thereafter | 337 | |||||||
$ | 162,017 | |||||||
Convertible_Subordinated_Notes
Convertible Subordinated Notes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [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 are 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 up 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 Sheets. 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. | |||||||||||||
We received gross proceeds of $143.75 million and paid transaction 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. | |||||||||||||
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 tax 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 December 31, 2014 are reflected on our Consolidated Balance Sheets as follows (in thousands): | |||||||||||||
31-Dec-14 | |||||||||||||
Long-term liabilities: | |||||||||||||
Principal amount | $ | 143,750 | |||||||||||
Unamortized discount of liability component | (29,208 | ) | |||||||||||
Carrying value of the liability component | $ | 114,542 | |||||||||||
Equity component carrying value | $ | 17,973 | |||||||||||
The fair value of the Notes, which are Level 2 measurements, was approximately $156.0 million at December 31, 2014. | |||||||||||||
Interest expense for the year ended December 31, 2014 included contractual coupon interest expense of $3.1 million and amortization of debt issuance costs of $0.4 million. Accretion of the discount on the convertible subordinated notes was approximately $2.5 million for the year ended December 31, 2014. The unamortized discount is being amortized over the remaining term of 74 months. The effective interest rate on the liability component the year ended December 31, 2014 was 6.75% per year. | |||||||||||||
The aggregate maturities of our convertible subordinated notes for the five years subsequent to December 31, 2014 and thereafter are as follows (in thousands): | |||||||||||||
Principal Maturity | Discount Amortization | Present | |||||||||||
Value | |||||||||||||
Years ending December 31, | |||||||||||||
2015 | $ | — | $ | (3,455 | ) | $ | (3,455 | ) | |||||
2016 | — | (3,867 | ) | (3,867 | ) | ||||||||
2017 | — | (4,328 | ) | (4,328 | ) | ||||||||
2018 | — | (4,844 | ) | (4,844 | ) | ||||||||
2019 | — | (5,422 | ) | (5,422 | ) | ||||||||
2020 and thereafter | 143,750 | (7,292 | ) | 136,458 | |||||||||
$ | 143,750 | $ | (29,208 | ) | $ | 114,542 | |||||||
Convertible_Junior_Subordinate
Convertible Junior Subordinated Debentures Payable to Affiliate and Company Obligated Mandatorily Redeemable Convertible preferred Securities of Carriage Services Capital Trust | 12 Months Ended |
Dec. 31, 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 | 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, 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 of 2014, 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. The remaining TIDES principal balance of $27.9 million was redeemed in April 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES | |||||||||||||||
Leases | ||||||||||||||||
We lease certain office facilities, certain funeral homes, vehicles and equipment under operating leases with original terms ranging from one to fifteen years. Certain of these leases provide for an annual adjustment and contain options for renewal. Rent expense totaled $5.9 million, $6.6 million and $6.4 million for the years ended December 31, 2012, 2013 and 2014, respectively. Assets acquired under capital leases are included in property, plant and equipment in our accompanying Consolidated Balance Sheets in the amount of $1.1 million in 2013 and $3.1 million in 2014, net of accumulated depreciation. Capital lease obligations are included in current and long-term debt as indicated below. At December 31, 2014, future minimum lease payments under non-cancelable lease agreements were as follows: | ||||||||||||||||
Future Minimum Lease | ||||||||||||||||
Payments | ||||||||||||||||
Operating | Capital | |||||||||||||||
Leases | Leases | |||||||||||||||
(in thousands) | ||||||||||||||||
Years ending December 31, | ||||||||||||||||
2015 | $ | 4,447 | $ | 476 | ||||||||||||
2016 | 3,076 | 477 | ||||||||||||||
2017 | 2,801 | 483 | ||||||||||||||
2018 | 1,904 | 421 | ||||||||||||||
2019 | 1,676 | 388 | ||||||||||||||
Thereafter | 2,589 | 3,663 | ||||||||||||||
Total future minimum lease payments | $ | 16,493 | $ | 5,908 | ||||||||||||
Less: amount representing interest (rates ranging from 7% to 11.5%) | (2,605 | ) | ||||||||||||||
Less: current portion of obligations under capital leases | (205 | ) | ||||||||||||||
Long-term obligations under capital leases | $ | 3,098 | ||||||||||||||
Non-Compete, Consulting and Employment Agreements | ||||||||||||||||
We have various non-compete agreements with former owners and employees. These agreements are generally for one to ten years and provide for periodic payments over the term of the agreements. | ||||||||||||||||
We have various consulting agreements with former owners of businesses we have acquired. Payments for such agreements are generally not made in advance. These agreements are generally for one to ten years and provide for bi-weekly or monthly payments. | ||||||||||||||||
We have employment agreements with our executive officers and certain senior leadership. These agreements are generally for three years and provide for participation in various incentive compensation arrangements. These agreements automatically renew on an annual basis after their initial term has expired. | ||||||||||||||||
At December 31, 2014, the maximum estimated future cash commitments under these agreements with remaining commitment terms, and with original terms of more than one year, are as follows: | ||||||||||||||||
Non-Compete | Consulting | Employment | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Years ending December 31, | ||||||||||||||||
2015 | $ | 1,534 | $ | 1,173 | $ | 2,505 | $ | 5,212 | ||||||||
2016 | 1,199 | 835 | 1,715 | 3,749 | ||||||||||||
2017 | 825 | 765 | 1,715 | 3,305 | ||||||||||||
2018 | 552 | 474 | 291 | 1,317 | ||||||||||||
2019 | 356 | 303 | — | 659 | ||||||||||||
Thereafter | 625 | 455 | — | 1,080 | ||||||||||||
$ | 5,091 | $ | 4,005 | $ | 6,226 | $ | 15,322 | |||||||||
401(K) Plan | ||||||||||||||||
We sponsor a defined contribution plan (401K) for the benefit of our employees. Matching contributions and plan administrative expenses totaled $1.2 million, $1.4 million and $1.6 million for 2012, 2013 and 2014, respectively. We do not offer any post-retirement or post-employment benefits. | ||||||||||||||||
Other Commitments | ||||||||||||||||
We have an agreement to outsource the processing of transactions for the cemetery business and certain accounting activities. This agreement can be terminated for various reasons upon written notification from either us or the contractor. Payments vary based on the level of resources provided. We incurred costs of approximately $1.6 million, $1.9 million and $1.9 million for services rendered under this agreement in the years ended December 31, 2012, 2013 and 2014, respectively, of which we paid $1.1 million, $1.0 million and $1.0 million, respectively, with the remainder paid by the trust. | ||||||||||||||||
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 sought 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. On or about November 20, 2014, Group 1 claimants have been identified by the Court and all relief to which they are eligible will be administered in the Spring of 2015. Additionally, the parties are administering the settlement in accordance with its terms. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||
Income Tax Disclosure | INCOME TAXES | |||||||||||||||||||||
The provision (benefit) for income taxes from continuing operations for the years ended December 31, 2012, 2013 and 2014 consisted of (in thousands): | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Current: | ||||||||||||||||||||||
U. S. federal provision (benefit) | $ | 3,340 | $ | (672 | ) | $ | 1,188 | |||||||||||||||
State provision (benefit) | (40 | ) | (522 | ) | 772 | |||||||||||||||||
Total current provision (benefit) | $ | 3,300 | $ | (1,194 | ) | $ | 1,960 | |||||||||||||||
Deferred: | ||||||||||||||||||||||
U. S. federal provision | $ | 3,885 | $ | 8,708 | $ | 5,117 | ||||||||||||||||
State provision (benefit) | (391 | ) | 1,731 | 178 | ||||||||||||||||||
Total deferred provision | $ | 3,494 | $ | 10,439 | $ | 5,295 | ||||||||||||||||
Total income tax provision | $ | 6,794 | $ | 9,245 | $ | 7,255 | ||||||||||||||||
A reconciliation of taxes from continuing operations calculated at the U.S. federal statutory rate to those reflected in the Consolidated Statements of Operations for the years ended December 31, 2012, 2013 and 2014 is as follows (in thousands): | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||
Federal statutory rate | $ | 5,818 | 34 | % | $ | 8,284 | 34 | % | $ | 7,719 | 34 | % | ||||||||||
Effect of state income taxes, net of federal benefit | 616 | 3.6 | 1,462 | 6 | 831 | 3.7 | ||||||||||||||||
Effect of non-deductible expenses and other, net | 1,266 | 7.4 | (633 | ) | (2.6 | ) | 583 | 2.6 | ||||||||||||||
Change in valuation allowance | (906 | ) | (5.3 | ) | 132 | 0.5 | (138 | ) | (0.6 | ) | ||||||||||||
Reduction for tax year 2011 federal audit | — | — | — | — | (1,740 | ) | (7.7 | ) | ||||||||||||||
Total | $ | 6,794 | 39.7 | % | $ | 9,245 | 37.9 | % | $ | 7,255 | 32 | % | ||||||||||
On August 1, 2014, we received notification that the IRS completed its examination of our tax year ended December 31, 2011. As a result, we have re-measured our tax liability for unrecognized tax benefits reflecting a reduction to our liability by $7.3 million. This change resulted in a tax benefit recognized in the amount of $1.7 million which reduced our effective tax rate for the year ended December 31, 2014. The remainder of the re-measurement resulted in an increase to Deferred tax liability in the amount of $5.6 million. Additionally, we recognized a credit to interest expense of $0.6 million related to the settled portion of the uncertain tax position. | ||||||||||||||||||||||
The following table summarizes our unrecognized tax benefit as of December 31, 2013 and 2014 (in thousands): | ||||||||||||||||||||||
31-Dec-13 | 31-Dec-14 | |||||||||||||||||||||
Unrecognized tax benefit | $ | 7,832 | $ | 515 | ||||||||||||||||||
Interest accrued on unrecognized tax benefits | $ | 506 | $ | — | ||||||||||||||||||
In September 2013, the U.S. Department of the Treasury and the IRS 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. We adopted the new guidance for our current tax year, which began on January 1, 2014. These regulations have not had a material impact on our financial statements. | ||||||||||||||||||||||
The tax effects of temporary differences from total operations that give rise to significant deferred tax assets and liabilities at December 31, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||
Deferred income tax assets: | ||||||||||||||||||||||
Net operating loss carryforwards | $ | 6,404 | $ | 2,735 | ||||||||||||||||||
Tax credit carryforwards | 788 | 127 | ||||||||||||||||||||
State bonus depreciation | 1,254 | 1,513 | ||||||||||||||||||||
Accrued liabilities and other | 6,892 | 9,115 | ||||||||||||||||||||
Amortization of non-compete agreements | 674 | 815 | ||||||||||||||||||||
Preneed liabilities, net | 11,654 | 9,935 | ||||||||||||||||||||
Total deferred income tax assets | 27,666 | 24,240 | ||||||||||||||||||||
Less valuation allowance | (468 | ) | (330 | ) | ||||||||||||||||||
Total deferred income tax assets | $ | 27,198 | $ | 23,910 | ||||||||||||||||||
Deferred income tax liabilities: | ||||||||||||||||||||||
Amortization and depreciation | $ | (34,887 | ) | $ | (43,441 | ) | ||||||||||||||||
Convertible subordinated notes due 2021 | — | (11,685 | ) | |||||||||||||||||||
Prepaids and other | (1,447 | ) | (1,448 | ) | ||||||||||||||||||
Total deferred income tax liabilities | (36,334 | ) | (56,574 | ) | ||||||||||||||||||
Total net deferred tax liabilities | $ | (9,136 | ) | $ | (32,664 | ) | ||||||||||||||||
Current deferred tax asset | $ | 2,779 | $ | 3,750 | ||||||||||||||||||
Non-current deferred tax liabilities | (11,915 | ) | (36,414 | ) | ||||||||||||||||||
Total net deferred tax liabilities | $ | (9,136 | ) | $ | (32,664 | ) | ||||||||||||||||
The current deferred tax asset is included in Other current assets at December 31, 2013 and 2014. The non-current deferred tax liability is disclosed on a separate line item on our Consolidated Balance Sheets. | ||||||||||||||||||||||
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 recognized a net decrease of $0.1 million in our valuation allowance during 2014. | ||||||||||||||||||||||
For federal income tax reporting purposes, we have no net operating loss carryforwards. For state reporting purposes, we have approximately $57.1 million of net operating loss carryforwards that will expire between 2015 and 2033, if not utilized. Based on management’s assessment of the various state net operating losses, it was determined that it is more likely than not that the we will be able to realize tax benefits on some portion of the amount of the state losses. The valuation allowance at December 31, 2014 was attributable to the deferred tax asset related to a portion of the state operating losses. | ||||||||||||||||||||||
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 the 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 at December 31, 2014, if recognized, would not materially affect our effective tax rate. We do not anticipate a significant increase or decrease in our unrecognized tax benefits during the next twelve months. | ||||||||||||||||||||||
We have unrecognized tax benefits for federal and state income tax purposes totaling $0.5 million as of December 31, 2014, resulting from deductions totaling $1.6 million on federal and state returns. We have state net operating loss carryforwards exceeding these deductions, and have accounted for these unrecognized tax benefits by reducing the deferred income tax asset related to the net operating loss carryforwards by the amount of these unrecognized deductions. | ||||||||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Unrecognized tax benefit at beginning of year | $ | 7,617 | $ | 7,747 | $ | 7,832 | ||||||||||||||||
Reductions based on tax positions related to the prior year | (259 | ) | (93 | ) | — | |||||||||||||||||
Reductions for tax year 2011 federal audit | — | — | (7,310 | ) | ||||||||||||||||||
Additions based on tax positions related to the current year | 389 | 209 | — | |||||||||||||||||||
Reductions as a result of a lapse of the applicable statute of limitations | — | (31 | ) | (7 | ) | |||||||||||||||||
Unrecognized tax benefit at end of year | $ | 7,747 | $ | 7,832 | $ | 515 | ||||||||||||||||
The entire balance of unrecognized tax benefits, if recognized, would affect our effective tax rate. The effects of recognizing the tax benefits of uncertain tax positions for the year ended December 31, 2014 were material to our operations. For the year ended December 31, 2014, we did not recognize any penalties or interest in our Consolidated Balance Sheets or our Consolidated Statements of Operations. | ||||||||||||||||||||||
Our federal income tax returns for 2012 through 2013 are open tax years that may be examined by the Internal Revenue Service. Our unrecognized state tax benefits are related to state returns open from 2003 through 2014. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Stockholders' Equity | STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Stock Based Compensation Plans | |||||||||||||||||||||
During the three year period ended December 31, 2014, we had three stock benefit plans in effect under which stock option grants or restricted stock have been issued or remain outstanding: the 1996 Stock Option Plan (the “1996 Plan”), the 1996 Directors’ Stock Option Plan (the “Directors’ Plan”) and the Second Amended and Restated 2006 Long-Term Incentive Plan (the “Amended and Restated 2006 Plan”). All of the options granted under the plans have either five or ten-year terms. The 1996 Plan and the Director’s Plan were terminated during 2006. At December 31, 2014, no options were outstanding under the 1996 Plan or the Directors' Plan. The Amended and Restated 2006 Plan expires on May 24, 2022. The expiration and termination of these plans does not affect the options previously issued and outstanding. | |||||||||||||||||||||
All stock-based plans are administered by the Compensation Committee appointed by our Board. On May 23, 2012, our Stockholders approved the Carriage Services, Inc. Second Amended and Restated 2006 Long-Term Incentive Plan which, among other things, increased the reserve balance from 2,850,000 shares to 5,000,000 shares. The Amended and Restated 2006 Plan provides for grants of options as non-qualified options or incentive stock options, restricted stock, stock appreciation rights and performance awards. Option grants are required by the Amended and Restated 2006 Plan to be issued with an exercise price equal to or greater than the fair market value of Carriage’s common stock as determined by the average of the high and low closing price on the date of the option grant. | |||||||||||||||||||||
The status of the Amended and Restated 2006 Plan at December 31, 2014 is as follows (shares in thousands): | |||||||||||||||||||||
Shares | Shares | Options | |||||||||||||||||||
Reserved | Available to | Outstanding | |||||||||||||||||||
Issue | |||||||||||||||||||||
Amended and Restated 2006 Plan | 5,000 | 1,498 | 1,381 | ||||||||||||||||||
Employee Stock Options | |||||||||||||||||||||
Employee stock options have historically been granted annually, or upon hire, as approved by the Compensation Committee of the Board of Directors. The options are granted with an exercise price equal to the market price of our common stock on the date of grant. We utilize the Black-Scholes option valuation model for estimating the fair value of our stock options. This model allows the use of a range of assumptions related to volatility, risk-free interest rate, expected holding period and dividend yield. The expected volatility utilized in the valuation model is based on the historical volatility of our stock price. The dividend yield and expected holding period are based on historical experience and management's estimate of future events. The risk-free interest rate is derived from the U.S. Treasury yield curve based on the expected life of the option in effect at the time of grant. The fair values of our stock options were calculated using the following weighted average of assumptions, based on the methods described above for the years ended December 31, 2012, 2013 and 2014: | |||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||
Dividend yield | 1.7 | % | 0.59 | % | 0.5 | % | |||||||||||||||
Expected volatility | 60.09 | % | 33.63 | % | 33.34 | % | |||||||||||||||
Risk-free interest rate | 1.25 | % | 0.41 | % | 0.99 | % | |||||||||||||||
Expected holding period (years) | 3 | 3.6 | 3.7 | ||||||||||||||||||
During the first quarter of 2014, we granted 457,700 options to certain employees at a grant price of $20.26 and 300,000 options to three executives at a grant price of $20.49. These options will vest in 33.33% increments over a three year period and have a five year term. The value of these stock options is approximately $3.9 million. During the second quarter of 2014, we granted 6,000 options to an employee at an option price of $17.00 and 25,000 options to a new employee at an option price of $17.21. These options will vest in 25% increments over a four year period and have a six year term. The value of these stock options is approximately $0.1 million. During the third quarter of 2014, we granted 15,000 options to a new employee at an option price of $18.86. These options will vest in 25% increments over a four year period and have a six year term. The value of these stock options is approximately $0.1 million. In 2013, a total of 562,500 stock options were awarded, the value of which is approximately $2.3 million. In 2012, a total of 96,283 stock options were awarded, the value of which is approximately $0.2 million. | |||||||||||||||||||||
A summary of the stock options at December 31, 2012, 2013 and 2014 and changes during the three years ended December 31, 2014 is presented in the table and narrative below (shares in thousands): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||
Shares | Wtd. Avg. | Shares | Wtd. Avg. | Shares | Wtd. Avg. | ||||||||||||||||
Ex. Price | Ex. Price | Ex. Price | |||||||||||||||||||
Outstanding at beginning of period | 321 | $ | 5.17 | 312 | $ | 5.41 | 766 | $ | 13.03 | ||||||||||||
Granted | 96 | $ | 5.94 | 563 | $ | 16.73 | 804 | $ | 20.2 | ||||||||||||
Exercised | (81 | ) | $ | 4.9 | (45 | ) | $ | 5.33 | (68 | ) | $ | 5.47 | |||||||||
Canceled or expired | (24 | ) | $ | 5.94 | (64 | ) | $ | 13.82 | (121 | ) | $ | 18.8 | |||||||||
Outstanding at end of year | 312 | $ | 5.41 | 766 | $ | 13.03 | 1,381 | $ | 17.07 | ||||||||||||
Exercisable at end of year | 145 | $ | 5.13 | 192 | $ | 5.36 | 329 | $ | 10.97 | ||||||||||||
The aggregate intrinsic value of the outstanding and exercisable stock options at December 31, 2014 was $5.4 million and $3.3 million, respectively. The total intrinsic value of options exercised during 2012, 2013 and 2014 totaled $0.3 million, $0.5 million and $1.0 million, respectively. | |||||||||||||||||||||
The total fair value of stock options vested during 2012, 2013 and 2014 totaled approximately $0.1 million, $0.2 million and $0.8 million, respectively. We recorded compensation expense related to stock options totaling approximately $0.2 million, $0.8 million and $1.6 million in 2012, 2013 and 2014, respectively. The significant increase in expense for the year ended December 31, 2014 as compared to 2013 was due to a large number of stock option grants in 2014 at a significantly higher option price compared to the 2013 grants. | |||||||||||||||||||||
As of December 31, 2014, there was $3.4 million of unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock options expected to be recognized over a weighted average period of approximately two years. | |||||||||||||||||||||
The following table further describes our outstanding stock options at December 31, 2014: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Actual Ranges of Exercise Prices | Number Outstanding at 12/31/14 | Weighted-Average | Weighted-Average | Number Exercisable at 12/31/14 | Weighted-Average | ||||||||||||||||
Remaining | Exercise Price | Exercise Price | |||||||||||||||||||
Contractual Life | |||||||||||||||||||||
$4.78 - $5.94 | 184,221 | 6.19 | $ | 5.47 | 167,900 | $ | 5.43 | ||||||||||||||
$16.73 - $17.21 | 495,500 | 8.05 | $ | 16.76 | 161,499 | $ | 16.73 | ||||||||||||||
$18.86 - $20.49 | 701,700 | 4.2 | $ | 20.33 | — | $ | — | ||||||||||||||
$4.78 - $20.49 | 1,381,421 | 5.84 | $ | 17.07 | 329,399 | $ | 10.97 | ||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||
We provide all employees the opportunity to purchase common stock through payroll deductions in our employee stock purchase plan (“ESPP”). Purchases are made quarterly; the price being 85% of the lower of the price on the first day of the plan entry date (beginning of a quarter) or the actual date of purchase (end of quarter). In 2012, employees purchased a total of 100,620 shares at a weighted average price of $4.92 per share. In 2013, employees purchased a total of 76,272 shares at a weighted average price of $11.89 per share. In 2014, employees purchased a total of 55,877 shares at a weighted average price of $15.50 per share. Compensation expense for the ESPP totaling approximately $135,000, $277,000, and $260,000 was expensed in 2012, 2013 and 2014, respectively. | |||||||||||||||||||||
The fair values of the right (option) to purchase shares under the ESPP are estimated at the date of purchase with the four quarterly purchase dates using the following assumptions: | |||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||
Dividend yield | 1.7 | % | 0.6 | % | 0.6 | % | |||||||||||||||
Expected volatility | 32 | % | 41 | % | 33 | % | |||||||||||||||
Risk-free interest rate | 0.02%, 0.06%, 0.09%, 0.12% | 0.08%, 0.12%,0.135%, 0.15% | 0.07%, 0.09%,0.11%, 0.13% | ||||||||||||||||||
Expected life (years) | .25, .50, .75, 1.00 | .25, .50, .75, 1.00 | .25, .50, .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 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 25% or 33.33% increments over four or three year terms, respectively. During the first quarter of 2014, we awarded restricted stock grants totaling 200,000 shares that vest over a four year period and had an aggregate grant date market value of approximately $4.1 million. A summary of the status of unvested restricted stock awards as of December 31, 2014, and changes during 2014, is presented below (shares in thousands): | |||||||||||||||||||||
Unvested stock awards | Shares | Weighted Average | |||||||||||||||||||
Grant Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Unvested at January 1, 2013 | 323 | $ | 8.64 | ||||||||||||||||||
Awards | 200 | 20.42 | |||||||||||||||||||
Vestings | (172 | ) | 7.46 | ||||||||||||||||||
Cancellations | (21 | ) | 11.81 | ||||||||||||||||||
Unvested at December 31, 2014 | 330 | $ | 16.2 | ||||||||||||||||||
Related to the vesting of restricted stock awards previously awarded to our officers and key employees, we recorded compensation expense, which is included in general, administrative and other expenses, totaling $1.4 million for the year ended December 31, 2012, $1.7 million for the year ended December 31, 2013 and $1.8 million for the year ended December 31, 2014. | |||||||||||||||||||||
As of December 31, 2014, we had $5.3 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 2.2 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 or 2014. 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 $16.2 million. Of this amount, $3.2 million was paid to the Board of Directors. | |||||||||||||||||||||
Director Compensation Plans | |||||||||||||||||||||
On March 5, 2012, our Board approved a new Director Compensation Policy, which provides for the following: (i) 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; and (ii) 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 for this year was held on May 21, 2014. | |||||||||||||||||||||
On May 21, 2014, we issued 13,233 shares of common stock to each of the three independent directors for such retainer. We recorded $0.8 million in pre-tax compensation expense, which is included in general, administrative and other expenses, for each of the years ended December 31, 2012, 2013 and 2014 related to the director fees, annual retainers and deferred compensation amortization. | |||||||||||||||||||||
Cash Dividends | |||||||||||||||||||||
Our Board declared four quarterly dividends of $0.025 per share, totaling approximately $1.8 million, which were paid on March 3, 2014, June 2, 2014, September 2, 2014 and December 1, 2014, respectively, to record holders of our common stock as of February 13, 2014, May 15, 2014, August 15, 2014 and November 13, 2014, respectively. 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 | (335 | ) | |||||||||||||||||||
Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus’ | 335 | ||||||||||||||||||||
Balance at December 31, 2014 | $ | — | |||||||||||||||||||
Share_Repurchase_Program
Share Repurchase Program | 12 Months Ended |
Dec. 31, 2014 | |
Class of Stock Disclosures [Abstract] | |
Share Repurchase Program | SHARE REPURCHASE PROGRAM |
In May 2012, our Board approved an increase to the share repurchase program authorizing the Company to purchase an additional $3.0 million of our common stock for a total of $8.0 million Since the inception of this program, we have repurchased 812,800 shares at a total cost of $5.3 million. No repurchases were made in 2013 or 2014. The repurchased shares are held as treasury stock. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 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 years ended December 31, 2012, 2013 and 2014: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
(in thousands, except per share data) | ||||||||||||
Numerator for basic earnings per share: | ||||||||||||
Numerator from continuing operations | ||||||||||||
Income from continuing operations | $ | 10,317 | $ | 15,120 | $ | 15,446 | ||||||
Less: Earnings allocated to unvested restricted stock | (361 | ) | (314 | ) | (295 | ) | ||||||
Income attributable to continuing operations | $ | 9,956 | $ | 14,806 | $ | 15,151 | ||||||
Numerator from discontinued operations | ||||||||||||
Income from discontinued operations | $ | 1,086 | $ | 4,176 | $ | 392 | ||||||
Less: Earnings allocated to unvested restricted stock | — | (85 | ) | (8 | ) | |||||||
Income attributable to discontinued operations | $ | 1,086 | $ | 4,091 | $ | 384 | ||||||
Numerator for diluted earnings per share: | ||||||||||||
Adjustment for diluted earnings per share: | ||||||||||||
Interest on convertible junior subordinated debentures, net of tax | $ | — | $ | 3,454 | $ | — | ||||||
$ | — | $ | 3,454 | $ | — | |||||||
Income attributable to continuing operations | $ | 9,956 | $ | 18,260 | $ | 15,151 | ||||||
Income attributable to discontinuing operations | $ | 1,086 | $ | 4,091 | $ | 384 | ||||||
Denominator | ||||||||||||
Denominator for basic earnings per common share - weighted average shares outstanding | 18,126 | 17,826 | 18,108 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options | 100 | 175 | 149 | |||||||||
Convertible junior subordinated debentures | — | 4,392 | — | |||||||||
Denominator for diluted earnings per common share - weighted average shares outstanding | 18,226 | 22,393 | 18,257 | |||||||||
Basic earnings per common share: | ||||||||||||
Continuing operations | $ | 0.57 | $ | 0.83 | $ | 0.84 | ||||||
Discontinued operations | 0.06 | 0.23 | 0.02 | |||||||||
Basic earnings per common share | $ | 0.63 | $ | 1.06 | $ | 0.86 | ||||||
Diluted earnings per common share: | ||||||||||||
Continuing operations | $ | 0.57 | $ | 0.82 | $ | 0.83 | ||||||
Discontinued operations | 0.06 | 0.18 | 0.02 | |||||||||
Diluted earnings per common share | $ | 0.63 | $ | 1 | $ | 0.85 | ||||||
The fully diluted weighted average shares outstanding for the year ended December 31, 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 ASC 260. For the year ended December 31, 2012, the conversion of our convertible junior subordinated debentures is excluded from the fully diluted earnings per share calculation and the fully diluted weighted average share count because the inclusion of such converted shares would result in an antidilutive impact. The convertible junior subordinated debentures were redeemed in March and April 2014. As a result, there was no impact on our calculation of fully diluted earnings per share for the year ended December 31, 2014. | ||||||||||||
Options to purchase 0.5 million shares were not included in the computation of diluted earnings per share for the year ended December 31, 2012, because the effect would be anti-dilutive as the exercise prices exceeded the average market price of the common shares. There were no options excluded in the computation of diluted earnings per share for the years ended December 31, 2013 and 2014. |
Major_Segments_of_Business
Major Segments of Business | 12 Months Ended | |||||||||||||||
Dec. 31, 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 external revenues from continuing operations, net income (loss) from continuing operations, total assets, long-lived assets, depreciation and amortization from continuing operations, capital expenditures, number of operating locations, interest expense from continuing operations, and income tax expense (benefit) from continuing operations by segment: | ||||||||||||||||
Funeral | Cemetery | Corporate | Consolidated | |||||||||||||
(in thousands, except number of operating locations) | ||||||||||||||||
External revenues from continuing operations: | ||||||||||||||||
2014 | $ | 173,735 | $ | 52,389 | $ | — | $ | 226,124 | ||||||||
2013 | 163,082 | 49,992 | — | 213,074 | ||||||||||||
2012 | 150,803 | 47,388 | — | 198,191 | ||||||||||||
Income (loss) from continuing operations before income taxes: | ||||||||||||||||
2014 | $ | 53,385 | $ | 15,180 | $ | (45,864 | ) | $ | 22,701 | |||||||
2013 | 48,206 | 14,679 | (38,520 | ) | 24,365 | |||||||||||
2012 | 46,073 | 12,895 | (41,857 | ) | 17,111 | |||||||||||
Total assets: | ||||||||||||||||
2014 | $ | 568,842 | $ | 240,009 | $ | 18,677 | $ | 827,528 | ||||||||
2013 | 502,525 | 227,520 | 16,554 | 746,599 | ||||||||||||
2012 | 481,356 | 237,897 | 18,832 | 738,085 | ||||||||||||
Long-lived assets: | ||||||||||||||||
2014 | $ | 437,735 | $ | 88,467 | $ | 1,835 | $ | 528,037 | ||||||||
2013 | 373,173 | 85,901 | 2,654 | 461,728 | ||||||||||||
2012 | 355,807 | 87,687 | 5,056 | 448,550 | ||||||||||||
Depreciation and amortization from continuing operations: | ||||||||||||||||
2014 | $ | 6,841 | $ | 3,704 | $ | 1,378 | $ | 11,923 | ||||||||
2013 | 6,440 | 3,739 | 1,456 | 11,635 | ||||||||||||
2012 | 5,884 | 3,058 | 974 | 9,916 | ||||||||||||
Capital expenditures: | ||||||||||||||||
2014 | $ | 16,804 | $ | 5,606 | $ | 1,265 | $ | 23,675 | ||||||||
2013 | 6,436 | 2,936 | 1,323 | 10,695 | ||||||||||||
2012 | 5,804 | 3,401 | 1,231 | 10,436 | ||||||||||||
Number of operating locations at year end: | ||||||||||||||||
2014 | 164 | 32 | — | 196 | ||||||||||||
2013 | 161 | 32 | — | 193 | ||||||||||||
2012 | 167 | 33 | — | 200 | ||||||||||||
Interest expense from continuing operations: | ||||||||||||||||
2014 | $ | 316 | $ | 17 | $ | 9,975 | $ | 10,308 | ||||||||
2013 | 323 | 36 | 12,263 | 12,622 | ||||||||||||
2012 | 308 | 49 | 16,731 | 17,088 | ||||||||||||
Income tax expense (benefit) from continuing operations: | ||||||||||||||||
2014 | $ | 17,061 | $ | 4,851 | $ | (14,657 | ) | $ | 7,255 | |||||||
2013 | 18,270 | 5,563 | (14,588 | ) | 9,245 | |||||||||||
2012 | 18,291 | 5,119 | (16,616 | ) | 6,794 | |||||||||||
Supplementary_Information
Supplementary Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Income Statement Elements [Abstract] | ||||||||||||
SUPPLEMENTAL DISCLOSURE OF STATEMENT OF OPERATIONS INFORMATION | SUPPLEMENTARY INFORMATION | |||||||||||
Balance Sheet | ||||||||||||
The detail of certain balance sheet accounts as of December 31, 2013 and 2014 is as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2014 | |||||||||||
(in thousands) | ||||||||||||
Other Current Assets: | ||||||||||||
Deferred taxes | $ | 2,779 | $ | 3,750 | ||||||||
Income tax receivables | 593 | 3,293 | ||||||||||
Other current assets | 153 | 101 | ||||||||||
Total other current assets | $ | 3,525 | $ | 7,144 | ||||||||
Other Liabilities: | ||||||||||||
Liabilities associated with uncertain tax positions | $ | 7,832 | $ | — | ||||||||
Other liabilities | 2,107 | 1,437 | ||||||||||
Total other liabilities | $ | 9,939 | $ | 1,437 | ||||||||
Accrued Liabilities: | ||||||||||||
Accrued salaries and wages | $ | 1,882 | $ | 2,073 | ||||||||
Accrued incentive compensation | 4,654 | 5,660 | ||||||||||
Accrued vacation | 1,979 | 1,978 | ||||||||||
Accrued insurance | 2,778 | 2,171 | ||||||||||
Accrued interest | — | 1,232 | ||||||||||
Accrued ad valorem and franchise taxes | 383 | 537 | ||||||||||
Other accrued liabilities | 1,178 | 1,552 | ||||||||||
Total accrued liabilities | $ | 12,854 | $ | 15,203 | ||||||||
Revenues and Costs and Expenses | ||||||||||||
The detail of certain income statement accounts for the years ended December 31, 2012, 2013 and 2014 is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Revenues: | ||||||||||||
Goods | ||||||||||||
Funeral | $ | 59,581 | $ | 64,409 | $ | 66,877 | ||||||
Cemetery | 28,826 | 30,392 | 32,300 | |||||||||
Total goods | $ | 88,407 | $ | 94,801 | $ | 99,177 | ||||||
Services | ||||||||||||
Funeral | $ | 83,627 | $ | 89,442 | $ | 97,375 | ||||||
Cemetery | 9,453 | 10,087 | 10,556 | |||||||||
Total services | $ | 93,080 | $ | 99,529 | $ | 107,931 | ||||||
Financial revenue | ||||||||||||
Preneed funeral commission income | $ | 1,711 | $ | 1,853 | $ | 2,036 | ||||||
Preneed funeral trust earnings | 5,884 | 7,378 | 7,447 | |||||||||
Cemetery trust earnings | 7,647 | 8,095 | 8,123 | |||||||||
Cemetery finance charges | 1,462 | 1,418 | 1,410 | |||||||||
Total financial revenue | $ | 16,704 | $ | 18,744 | $ | 19,016 | ||||||
Total revenues | $ | 198,191 | $ | 213,074 | $ | 226,124 | ||||||
Cost of revenues: | ||||||||||||
Goods | ||||||||||||
Funeral | $ | 48,105 | $ | 52,362 | $ | 54,421 | ||||||
Cemetery | 22,118 | 22,222 | 23,800 | |||||||||
Total goods | $ | 70,223 | $ | 74,584 | $ | 78,221 | ||||||
Services | ||||||||||||
Funeral | $ | 41,550 | $ | 46,030 | $ | 49,357 | ||||||
Cemetery | 6,340 | 6,543 | 6,860 | |||||||||
Total services | $ | 47,890 | $ | 52,573 | $ | 56,217 | ||||||
Financial expenses | ||||||||||||
Preneed funeral commissions | $ | 1,385 | $ | 1,213 | $ | 1,078 | ||||||
Trust administration fees | 64 | 227 | 249 | |||||||||
Total financial expenses | $ | 1,449 | $ | 1,440 | $ | 1,327 | ||||||
Total cost of revenues | $ | 119,562 | $ | 128,597 | $ | 135,765 | ||||||
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. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Financial Information | QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||
The tables below set forth consolidated operating results by fiscal quarter for the years ended December 31, 2013 and 2014, in thousands, except earnings per share. | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2014 | ||||||||||||||||
Revenues | $ | 55,652 | $ | 56,504 | $ | 54,549 | $ | 59,419 | ||||||||
Gross profit | 18,015 | 17,989 | 15,077 | 18,927 | ||||||||||||
Net income from continuing operations | $ | 1,631 | $ | 3,883 | $ | 4,565 | $ | 5,367 | ||||||||
Net income (loss) from discontinued operations | 587 | (637 | ) | 431 | 11 | |||||||||||
Net income | $ | 2,218 | $ | 3,246 | $ | 4,996 | $ | 5,378 | ||||||||
Basic earnings per common share: | $ | 0.12 | $ | 0.18 | $ | 0.27 | $ | 0.29 | ||||||||
Diluted earnings per common share: (a) | $ | 0.12 | $ | 0.17 | $ | 0.26 | $ | 0.29 | ||||||||
2013 | ||||||||||||||||
Revenues | $ | 57,123 | $ | 53,811 | $ | 49,501 | $ | 52,639 | ||||||||
Gross profit | 18,905 | 16,880 | 14,100 | 14,400 | ||||||||||||
Net income from continuing operations | $ | 5,404 | $ | 3,576 | $ | 1,908 | $ | 4,232 | ||||||||
Net income (loss) from discontinued operations | (145 | ) | 568 | 3,986 | (233 | ) | ||||||||||
Preferred stock dividend | (4 | ) | — | — | — | |||||||||||
Net income available to common shareholders | $ | 5,255 | $ | 4,144 | $ | 5,894 | $ | 3,999 | ||||||||
Basic earnings per common share: | $ | 0.29 | $ | 0.23 | $ | 0.32 | $ | 0.22 | ||||||||
Diluted earnings per common share: (a) | $ | 0.25 | $ | 0.23 | $ | 0.32 | $ | 0.22 | ||||||||
(a) Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarterly per share amounts does not equal the total computed for 2013 due to the application of the if-converted method on our convertible subordinated debentures (TIDES) and for 2014 due to rounding. |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 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): | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Cash paid for interest and financing costs | $ | 21,518 | $ | 12,248 | $ | 8,894 | ||||||
Cash paid for taxes | 416 | 655 | 2,674 | |||||||||
Fair value of stock, stock options and performance awards issued to directors, officers, and certain other employees | 4,631 | 3,822 | 8,219 | |||||||||
Restricted common stock withheld for payroll taxes | 421 | 1,610 | 1,305 | |||||||||
Net withdrawals (deposits) from / into preneed funeral trusts | 4,341 | (3,891 | ) | (418 | ) | |||||||
Net withdrawals (deposits) from / into preneed cemetery trusts | 2,482 | (1,324 | ) | 1 | ||||||||
Net withdrawals from perpetual care trusts | 3,513 | 3,091 | 1,857 | |||||||||
Net increase in preneed receivables | (422 | ) | (1,331 | ) | (1,731 | ) | ||||||
Net (deposits) withdrawals of receivables into / from preneed trusts | (3,677 | ) | 709 | (1,643 | ) | |||||||
Net change in preneed funeral receivables (decreasing) increasing deferred revenue | (874 | ) | 860 | 677 | ||||||||
Net change in preneed cemetery receivables increasing (decreasing) deferred revenue | 4,594 | 327 | (374 | ) | ||||||||
Net (withdrawals) deposits from / into preneed funeral trust accounts (decreasing) increasing deferred preneed funeral receipts held in trust | (4,341 | ) | 3,891 | 418 | ||||||||
Net (withdrawals) deposits from / into preneed cemetery trust accounts (decreasing) increasing deferred cemetery receipts held in trust | (2,482 | ) | 1,324 | (1 | ) | |||||||
Net withdrawals from perpetual care trust accounts decreasing care trusts’ corpus | (4,028 | ) | (2,949 | ) | (1,901 | ) |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
On February 25, 2015, we acquired a funeral home in Clarksville, Tennessee for approximately $9.8 million, of which $4.3 million was paid at closing with the remainder being paid in 20 quarterly installments of approximately $0.3 million which represents a net present value of approximately $4.4 million. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure | CARRIAGE SERVICES, INC. | |||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
(in thousands) | ||||||||||||||||
Description | Balance at | Charged to | Deduction | Balance at end | ||||||||||||
beginning | costs and | of year | ||||||||||||||
of year | expenses | |||||||||||||||
Year ended December 31, 2012: | ||||||||||||||||
Allowance for bad debts, current portion | $ | 928 | $ | 1,614 | $ | 1,365 | $ | 1,177 | ||||||||
Allowance for preneed bad debts, contract cancellations and receivables from preneed trusts, non-current portion | $ | 1,728 | $ | 903 | $ | 572 | $ | 2,059 | ||||||||
Employee severance accruals | $ | 157 | $ | 486 | $ | 485 | $ | 158 | ||||||||
Litigation reserves | $ | 1,026 | $ | — | $ | 918 | $ | 108 | ||||||||
Valuation allowance of the deferred tax asset | $ | 1,335 | $ | — | $ | 1,018 | $ | 317 | ||||||||
Year ended December 31, 2013: | ||||||||||||||||
Allowance for bad debts, current portion | $ | 1,177 | $ | 1,225 | $ | 1,555 | $ | 847 | ||||||||
Allowance for receivables from preneed funeral and cemetery trusts and contract cancellations, non-current portion | $ | 2,059 | $ | 768 | $ | 1,002 | $ | 1,825 | ||||||||
Employee severance accruals | $ | 158 | $ | 755 | $ | 664 | $ | 249 | ||||||||
Litigation reserves | $ | 108 | $ | — | $ | 91 | $ | 17 | ||||||||
Valuation allowance of the deferred tax asset | $ | 317 | $ | 227 | $ | 76 | $ | 468 | ||||||||
Year ended December 31, 2014: | ||||||||||||||||
Allowance for bad debts, current portion | $ | 847 | $ | 1,705 | $ | 1,425 | $ | 1,127 | ||||||||
Allowance for receivables from preneed funeral and cemetery trusts and contract cancellations, non-current portion | $ | 1,825 | $ | 1,284 | $ | 770 | $ | 2,339 | ||||||||
Employee severance accruals | $ | 249 | $ | 681 | $ | 714 | $ | 216 | ||||||||
Litigation reserves | $ | 17 | $ | — | $ | 14 | $ | 3 | ||||||||
Valuation allowance of the deferred tax asset | $ | 468 | $ | — | $ | 138 | $ | 330 | ||||||||
Recovered_Sheet1
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Principles of Consolidation, Policy | Principles of Consolidation | |||||||
The accompanying Consolidated Financial Statements include the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated. | ||||||||
Revenue Recognition, Sales of Services, 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 us. 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. | ||||||||
Preneed Contracts, Policy | Preneed Contracts | |||||||
We sell interment rights, merchandise and services prior to the time of need, which is referred to as preneed. In many instances the customer pays for the preneed contract over a period of time. Cash proceeds from preneed sales less amounts that we may retain under state regulations are deposited to a trust or used to purchase a third-party insurance policy. The principal and accumulated earnings of the trusts are generally withdrawn at maturity (death) or cancellation. The cumulative trust income earned and the increases in insurance benefits on the insurance products are deferred until the service is performed. The customer receivables and amounts deposited in trusts that we control are primarily included in the non-current asset section of our Consolidated Balance Sheets. The preneed funeral contracts secured by third party insurance policies are not recorded as assets or liabilities of the Company. | ||||||||
In the opinion of management, the proceeds from the trust funds and the insurance policies at the time the preneed contracts mature will exceed the estimated future costs to perform services and provide products under such arrangements. The types of securities in which the trusts may invest are regulated by state agencies. | ||||||||
Preneed Funeral and Cemetery Trust Funds | 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 (“VIE’s”). 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 for the 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 the 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 December 31, 2014, CSV RIA provided these services to two institutions, which have custody of 76% 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. | ||||||||
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. | ||||||||
Inventory, Policy | Inventory | |||||||
Inventory consists primarily of caskets, outer burial containers and cemetery monuments and markers and is recorded at the lower of its cost basis (determined by the specific identification method) or net realizable value. | ||||||||
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 over the following estimated useful lives of the assets: | ||||||||
Years | ||||||||
Buildings and improvements | 15 to 40 | |||||||
Furniture and fixtures | 5 to 10 | |||||||
Machinery and equipment | 3 to 15 | |||||||
Automobiles | 5 to 7 | |||||||
Property, plant and equipment was comprised of the following at December 31, 2013 and 2014: | ||||||||
31-Dec-13 | 31-Dec-14 | |||||||
(in thousands) | ||||||||
Land | $ | 55,639 | $ | 66,957 | ||||
Buildings and improvements | 132,172 | 148,483 | ||||||
Furniture, equipment and automobiles | 61,506 | 66,020 | ||||||
Property, plant and equipment, at cost | 249,317 | 281,460 | ||||||
Less: accumulated depreciation | (88,627 | ) | (95,249 | ) | ||||
Property, plant and equipment, net | $ | 160,690 | $ | 186,211 | ||||
During 2012, 2013 and 2014, we recorded approximately $7.6 million, $8.8 million and $9.2 million, respectively, of depreciation expense against operating income. | ||||||||
Long-lived assets, such as property, plant and equipment subject to depreciation and amortization, are reviewed for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with the Property, Plant and Equipment Topic of the Accounting Standards Codification (“ASC”) 360. This guidance requires that long-lived assets to be held and used are reported at the lower of their carrying amount or fair value. We assess long-lived assets for impairment whenever events or circumstances indicate that the carrying value may be greater than the fair value. We evaluate our long-lived assets for impairment when a funeral home business has negative earnings before interest, taxes, depreciation and amortization (“EBITDA”) for four consecutive years and if there has been a decline in EBITDA for four consecutive years. For our cemetery business, we analyze the long-lived assets for impairment if the business has a negative operating margin and a decline in operating margin over a four year period. We review our long-lived assets deemed held-for-sale to the point of recoverability. Assets to be disposed of and assets not expected to provide any future service potential are recorded at the lower of their carrying amount or fair value less estimated cost to sell. If we determine that the carrying value is not recoverable from the proceeds of the sale, we record an impairment at that time. For the year ended December 31, 2014, no impairment was identified on our long-lived assets. | ||||||||
Income Taxes, Policy | Income Taxes | |||||||
We and our subsidiaries file a consolidated United States Federal income tax return, separate income tax returns in 17 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. | ||||||||
On August 1, 2014, we received notification that the Internal Revenue Service (“IRS”) completed its examination of our tax year ended December 31, 2011. As a result, we recognized a tax benefit of $1.7 million which reduced our effective tax rate for the year ended December 31, 2014. Additionally, we recognized a credit to interest expense of $0.6 million related to the settled portion of the uncertain tax position. | ||||||||
We do not anticipate a material change in our unrecognized tax benefits during the next twelve months. | ||||||||
In September 2013, the United States Department of the Treasury and the IRS 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. We adopted the new guidance for our current tax year, which began on January 1, 2014. These regulations have not had a material impact on our financial statements. | ||||||||
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. 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 18 to the Consolidated Financial Statements included 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 non-forfeitable 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. | ||||||||
Fair Value Measurements, Policy | Fair Value Measurements | |||||||
We define fair value as the price that would be received on 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 year ended December 31, 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) we have 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. During the second quarter of 2014, we recorded a $0.4 million impairment charge for other-than-temporary declines in fair value related to unrealized losses on certain investments. As of December 31, 2014, no other impairments have been identified. | ||||||||
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. | ||||||||
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 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. | ||||||||
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 discontinued operations on our Consolidated Statements of Operations. In 2012, we ended a management contract with a cemetery in Ohio and sold two funeral homes in Kentucky. In 2013, we sold seven funeral homes, one in California, one in Ohio, one in Kentucky and four in Kansas and sold one cemetery in Virginia. In 2014, we sold a cemetery in Florida and two funeral homes, one in Ohio and one in Kentucky. At December 31, 2014, we had no businesses classified as held-for-sale. See Note 5 to the Consolidated Financial Statements included herein for more information. | ||||||||
Goodwill, Policy | Goodwill | |||||||
The excess of the purchase price over the fair value of identifiable net assets of funeral home businesses acquired is recorded as goodwill. Goodwill has primarily been recorded in connection with the acquisition of funeral home businesses. Goodwill is tested annually 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 performed our annual impairment test of goodwill using information as of August 31, 2014. | ||||||||
Under current guidance, we are permitted to first assess qualitative factors to determine whether it is more-likely-than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. We conducted qualitative assessments in 2012 and 2014; however, for our 2013 annual impairment test, we performed the two-step goodwill impairment test. Our intent is to perform the two-step test at least once every three years unless certain indicators or events suggest otherwise. | ||||||||
The two-step goodwill impairment test involves estimates and management judgment. In the first step of our goodwill testing, we compared the fair value of each reporting unit to its carrying value, including goodwill. We determined fair value for each reporting unit using both a market approach, weighted 70%, and an income approach, weighted 30%. Our methodology for determining a market approach fair value utilized recent sales transactions in the industry. Our methodology for determining an income-based fair value was based on discounting projected future cash flows. The projected future cash flows include assumptions concerning future operating performance that may differ from actual future cash flows using a weighted average cost of capital for the Company and other public deathcare companies. Goodwill impairment is not recorded where the fair value of the reporting unit exceeds its carrying amount. If the fair value of the reporting unit is less than its carrying amount, the implied fair value of goodwill is compared to the carrying amount of the reporting unit’s goodwill, and if the carrying amount exceeds the implied value, an impairment charge would be recorded in an amount equal to that excess. | ||||||||
In addition to our annual review, we assess the impairment of goodwill whenever events or changes in circumstances indicate that the carrying value of a reporting unit 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. | ||||||||
Intangible Assets, Policy | Intangible Assets | |||||||
Our intangible assets include tradenames primarily resulting from acquisitions. Our tradenames are included in Deferred costs 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 accordance with the ASC Intangibles Topic 350. | ||||||||
Under current guidance, we are permitted to first assess qualitative factors to determine whether it is more-likely-than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step impairment test. We conducted qualitative assessments in 2012, 2013 and 2014. | ||||||||
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. | ||||||||
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 on-going 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. | ||||||||
Subsequent Events, Policy | Subsequent Events | |||||||
Management evaluated events and transactions during the period beginning subsequent to December 31, 2014 through the date the financial statements were issued for potential recognition or disclosure in the accompanying financial statements covered by this report. | ||||||||
Recently Issued Accounting Standards, Policy | RECENTLY ISSUED ACCOUNTING STANDARDS | |||||||
Extraordinary and Unusual Items | ||||||||
In January 2015, the FASB issued an amendment to ASC Subtopic 225-20, Income Statement - Extraordinary and Unusual Items. This amendment eliminates the concept of reporting extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Preparers will not have to assess whether a particular event or transaction is extraordinary and likewise, auditors and regulators no longer need to evaluate whether a preparer treated an unusual and/or infrequent item appropriately. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include such items. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendment prospectively. A reporting entity also may apply the amendment retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. Our adoption of this amendment to Subtopic 225-20 is not expected to have a material effect on our financial statements. We plan to adopt the provisions of ASC Subtopic 225-20 for our fiscal year beginning January 1, 2016. | ||||||||
Going Concern | ||||||||
In August 2014, the FASB issued ASC Subtopic 205-40, Presentation of Financial Statements - Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASC Subtopic 205-40 provides guidance as to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures by incorporating and expanding upon certain principles that are currently in United States auditing standards. The new guidance requires an entity to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued). The new guidance allows the entity to consider the mitigating effects of management’s plans that will alleviate the substantial doubt and requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans. If conditions or events raise substantial doubt that is not alleviated, an entity should disclose that there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued), along with the principal conditions or events that raise substantial doubt, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations and management’s plans that are intended to mitigate those conditions. The guidance is effective for annual periods ending after December 15, 2016, and interim and annual periods thereafter. Early adoption is permitted. We plan to adopt the provisions of ASC Subtopic 205-40 for our fiscal year ending December 31, 2016 and the interim periods beginning in 2017. | ||||||||
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. We adopted the new guidance effective January 1, 2015. The impact on our future operating results will vary depending on the number of locations we divest in future periods. For the years ended December 31, 2012, 2013 and 2014, we recognized income from discontinued operations of $1.1 million, $4.2 million and $0.4 million, respectively. Any businesses that we sell in the future will be reported within continuing operations. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Property, Plant and Equipment | Depreciation of property, plant and equipment (including equipment under capital leases) is computed based on the straight-line method over the following estimated useful lives of the assets: | |||||||
Years | ||||||||
Buildings and improvements | 15 to 40 | |||||||
Furniture and fixtures | 5 to 10 | |||||||
Machinery and equipment | 3 to 15 | |||||||
Automobiles | 5 to 7 | |||||||
Property, plant and equipment was comprised of the following at December 31, 2013 and 2014: | ||||||||
31-Dec-13 | 31-Dec-14 | |||||||
(in thousands) | ||||||||
Land | $ | 55,639 | $ | 66,957 | ||||
Buildings and improvements | 132,172 | 148,483 | ||||||
Furniture, equipment and automobiles | 61,506 | 66,020 | ||||||
Property, plant and equipment, at cost | 249,317 | 281,460 | ||||||
Less: accumulated depreciation | (88,627 | ) | (95,249 | ) | ||||
Property, plant and equipment, net | $ | 160,690 | $ | 186,211 | ||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Effect of acquisitions on Consolidated Balance Sheets | The following table summarizes the fair value of the assets acquired and liabilities assumed in our SCI Acquisition and the subsequent adjustments made based on the final valuations and additional information which became available prior to December 31, 2014 (in thousands): | |||||||||||
Initial Purchase Price Allocation | Adjustments | Final Purchase Price Allocation | ||||||||||
Current assets | $ | 1,998 | $ | 128 | $ | 2,126 | ||||||
Property, plant & equipment | 16,457 | 2 | 16,459 | |||||||||
Preneed cemetery trust investments | 3,632 | — | 3,632 | |||||||||
Preneed funeral trust investments | 45 | — | 45 | |||||||||
Goodwill | 33,826 | 3,827 | 37,653 | |||||||||
Deferred charges and other non-current assets | 6,208 | (3,918 | ) | 2,290 | ||||||||
Cemetery perpetual care investments | 7,491 | — | 7,491 | |||||||||
Obligations under capital leases | (1,960 | ) | — | (1,960 | ) | |||||||
Deferred preneed cemetery revenue | (1,679 | ) | (39 | ) | (1,718 | ) | ||||||
Deferred preneed cemetery receipts held in trust | (3,632 | ) | — | (3,632 | ) | |||||||
Deferred preneed funeral receipts held in trust | (45 | ) | — | (45 | ) | |||||||
Care trusts' corpus | (7,491 | ) | — | (7,491 | ) | |||||||
Cash paid | $ | 54,850 | $ | — | $ | 54,850 | ||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Changes in Goodwill | The following table presents changes in goodwill in the accompanying Consolidated Balance Sheets for the years ended December 31, 2013 and 2014 (in thousands): | |||||||
31-Dec-13 | 31-Dec-14 | |||||||
Goodwill at the beginning of year | $ | 218,442 | $ | 221,087 | ||||
Increase in goodwill related to acquisitions | 3,843 | 37,653 | ||||||
Changes in previous estimates | — | (101 | ) | |||||
Net impairment and write-off related to divestitures | (1,198 | ) | (1,197 | ) | ||||
Goodwill at the end of the year | $ | 221,087 | $ | 257,442 | ||||
Assets_Held_for_Sale_and_Disco1
Assets Held for Sale and Discontinued Operations Assets Held for Sale and Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Schedule Of Assets And Liabilities Held For Sale | ssets and liabilities associated with the cemetery business held for sale on our Consolidated Balance Sheets at December 31, 2013 consisted of the following (in thousands): | |||||||||||
December 31, 2013 | ||||||||||||
Assets: | ||||||||||||
Current assets | $ | 30 | ||||||||||
Preneed cemetery trust investments | 2,477 | |||||||||||
Preneed receivables | 31 | |||||||||||
Property, plant and equipment, net | 311 | |||||||||||
Cemetery perpetual care trust investments | 695 | |||||||||||
Total | $ | 3,544 | ||||||||||
Liabilities: | ||||||||||||
Current liabilities | $ | 10 | ||||||||||
Deferred preneed cemetery revenue | 1,185 | |||||||||||
Deferred preneed cemetery receipts held in trust | 2,477 | |||||||||||
Care trusts' corpus | 685 | |||||||||||
Total | $ | 4,357 | ||||||||||
Operating Results and Gain on Discontinued Operations | The operating results of the discontinued businesses during the periods presented, as well as any impairments and net gains on the disposals, is presented within discontinued operations on our Consolidated Statements of Operations, along with the income tax effect, as follows (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Revenues | $ | 7,727 | $ | 4,164 | $ | 817 | ||||||
Operating income | 2,293 | 729 | 235 | |||||||||
Impairment | (1,100 | ) | (100 | ) | (1,180 | ) | ||||||
Net gain on disposal | 610 | 6,091 | 1,594 | |||||||||
Income tax provision | (717 | ) | (2,544 | ) | (257 | ) | ||||||
Income from discontinued operations, net of tax | $ | 1,086 | $ | 4,176 | $ | 392 | ||||||
Preneed_Trust_Investments_Tabl
Preneed Trust Investments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||||||||
Components of Preneed Cemetery Trust Investments | The components of Preneed cemetery trust investments on our Consolidated Balance Sheets at December 31, 2013 and 2014 were as follows (in thousands): | |||||||||||||||||||||||
31-Dec-13 | 31-Dec-14 | |||||||||||||||||||||||
Preneed cemetery trust investments, at market value | $ | 70,386 | $ | 74,198 | ||||||||||||||||||||
Less: allowance for contract cancellation | (2,045 | ) | (2,226 | ) | ||||||||||||||||||||
Preneed cemetery trust investments, net | $ | 68,341 | $ | 71,972 | ||||||||||||||||||||
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, 2014 are detailed below (in thousands): | |||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 5,591 | $ | — | $ | — | $ | 5,591 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Municipal bonds | 2 | 347 | 9 | — | 356 | |||||||||||||||||||
Foreign debt | 2 | 5,874 | — | (237 | ) | 5,637 | ||||||||||||||||||
Corporate debt | 2 | 30,108 | 362 | (2,167 | ) | 28,303 | ||||||||||||||||||
Preferred stock | 2 | 19,154 | 199 | (325 | ) | 19,028 | ||||||||||||||||||
Mortgage backed securities | 2 | 1 | — | — | 1 | |||||||||||||||||||
Common stock | 1 | 13,128 | 2,357 | (966 | ) | 14,519 | ||||||||||||||||||
Trust securities | $ | 74,203 | $ | 2,927 | $ | (3,695 | ) | $ | 73,435 | |||||||||||||||
Accrued investment income | $ | 763 | $ | 763 | ||||||||||||||||||||
Preneed cemetery trust investments | $ | 74,198 | ||||||||||||||||||||||
Market value as a percentage of cost | 99 | % | ||||||||||||||||||||||
The cost and 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 Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
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 | ||||||||||||||||||||||
Market value as a percentage of cost | 102 | % | ||||||||||||||||||||||
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 | 5,740 | |||||||||||||||||||||||
Due in five to ten years | 7,563 | |||||||||||||||||||||||
Thereafter | 40,022 | |||||||||||||||||||||||
Total fixed income securities | $ | 53,325 | ||||||||||||||||||||||
Preneed cemetery trust investment security transactions | Preneed cemetery trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the years ended December 31, 2012, 2013 and 2014 were as follows (in thousands): | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Investment income | $ | 4,038 | $ | 3,349 | $ | 2,840 | ||||||||||||||||||
Realized gains | 10,497 | 3,018 | 5,712 | |||||||||||||||||||||
Realized losses | (3,574 | ) | (763 | ) | (2,789 | ) | ||||||||||||||||||
Expenses and taxes | (2,769 | ) | (2,934 | ) | (1,716 | ) | ||||||||||||||||||
Increase in deferred preneed cemetery receipts held in trust | (8,192 | ) | (2,670 | ) | (4,047 | ) | ||||||||||||||||||
$ | — | $ | — | $ | — | |||||||||||||||||||
Purchases and sales of investments in preneed cemetary trusts | Purchases and sales of investments in the preneed cemetery trusts were as follows (in thousands): | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Purchases | $ | (126,043 | ) | $ | (46,558 | ) | $ | (53,443 | ) | |||||||||||||||
Sales | 125,897 | 47,318 | 58,022 | |||||||||||||||||||||
Components of preneed funeral trust investments | The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2013 and 2014 were as follows (in thousands): | |||||||||||||||||||||||
31-Dec-13 | 31-Dec-14 | |||||||||||||||||||||||
Preneed funeral trust investments, at market value | $ | 100,005 | $ | 100,579 | ||||||||||||||||||||
Less: allowance for contract cancellation | (2,861 | ) | (2,972 | ) | ||||||||||||||||||||
Preneed funeral trust investments, net | $ | 97,144 | $ | 97,607 | ||||||||||||||||||||
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, 2014 are detailed below (in thousands): | |||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 17,501 | $ | — | $ | — | $ | 17,501 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. treasury debt | 1 | 2,037 | 32 | (15 | ) | 2,054 | ||||||||||||||||||
U.S. agency obligations | 2 | 30 | — | — | 30 | |||||||||||||||||||
Foreign debt | 2 | 4,653 | — | (188 | ) | 4,465 | ||||||||||||||||||
Corporate debt | 2 | 24,761 | 469 | (1,718 | ) | 23,512 | ||||||||||||||||||
Preferred stock | 2 | 16,166 | 256 | (261 | ) | 16,161 | ||||||||||||||||||
Mortgage backed securities | 2 | 309 | 8 | (3 | ) | 314 | ||||||||||||||||||
Common stock | 1 | 10,544 | 1,926 | (783 | ) | 11,687 | ||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 1 | 14,126 | 1,370 | (181 | ) | 15,315 | ||||||||||||||||||
Fixed income | 2 | 5,351 | 115 | (72 | ) | 5,394 | ||||||||||||||||||
Other investments | 2 | 3,560 | — | (29 | ) | 3,531 | ||||||||||||||||||
Trust securities | $ | 99,038 | $ | 4,176 | $ | (3,250 | ) | $ | 99,964 | |||||||||||||||
Accrued investment income | $ | 615 | $ | 615 | ||||||||||||||||||||
Preneed funeral trust investments | $ | 100,579 | ||||||||||||||||||||||
Market value as a percentage of cost | 100.9 | % | ||||||||||||||||||||||
The cost and 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 Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
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 | ||||||||||||||||||||||
Market value as a percentage of cost | 104.2 | % | ||||||||||||||||||||||
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 | $ | 549 | ||||||||||||||||||||||
Due in one to five years | 5,389 | |||||||||||||||||||||||
Due in five to ten years | 6,864 | |||||||||||||||||||||||
Thereafter | 33,734 | |||||||||||||||||||||||
Total fixed income securities | $ | 46,536 | ||||||||||||||||||||||
Preneed funereal trust investment security transactions | Preneed funeral trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the years ended December 31, 2012, 2013 and 2014 were as follows (in thousands): | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Investment income | $ | 3,952 | $ | 3,190 | $ | 3,065 | ||||||||||||||||||
Realized gains | 4,406 | 7,957 | 7,184 | |||||||||||||||||||||
Realized losses | (2,536 | ) | (5,743 | ) | (2,313 | ) | ||||||||||||||||||
Expenses and taxes | (1,550 | ) | (1,669 | ) | (1,470 | ) | ||||||||||||||||||
Increase in deferred preneed funeral receipts held in trust | (4,272 | ) | (3,735 | ) | (6,466 | ) | ||||||||||||||||||
$ | — | $ | — | $ | — | |||||||||||||||||||
Purchases and sales of investments in preneed funeral trusts | Purchases and sales of investments in the preneed funeral trusts were as follows (in thousands): | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Purchases | $ | (72,424 | ) | $ | (38,592 | ) | $ | (57,297 | ) | |||||||||||||||
Sales | 72,639 | 39,853 | 60,352 | |||||||||||||||||||||
Preneed Cemetery Trust Investments | ||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||||||||
Schedule of unrealized loss position, fair value | Our cemetery merchandise and service trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the years ended December 31, 2014 and 2013, are shown in the following tables (in thousands): | |||||||||||||||||||||||
31-Dec-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: | ||||||||||||||||||||||||
Foreign debt | $ | 5,629 | $ | (237 | ) | $ | — | $ | — | $ | 5,629 | $ | (237 | ) | ||||||||||
Corporate debt | 18,051 | (778 | ) | 2,016 | (1,389 | ) | 20,067 | (2,167 | ) | |||||||||||||||
Preferred stock | 10,342 | (289 | ) | 3,236 | (36 | ) | 13,578 | (325 | ) | |||||||||||||||
Common stock | 6,904 | (911 | ) | 65 | (55 | ) | 6,969 | (966 | ) | |||||||||||||||
Total temporary impaired securities | $ | 40,926 | $ | (2,215 | ) | $ | 5,317 | $ | (1,480 | ) | $ | 46,243 | $ | (3,695 | ) | |||||||||
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 Funeral Trust Investments | ||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||||||||
Schedule of unrealized loss position, fair value | ||||||||||||||||||||||||
31-Dec-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 | $ | 500 | $ | — | $ | 836 | $ | (15 | ) | $ | 1,336 | $ | (15 | ) | ||||||||||
Foreign debt | 4,471 | (188 | ) | — | — | 4,471 | (188 | ) | ||||||||||||||||
Corporate debt | 14,310 | (617 | ) | 1,598 | (1,101 | ) | 15,908 | (1,718 | ) | |||||||||||||||
Preferred stock | 8,300 | (232 | ) | 2,597 | (29 | ) | 10,897 | (261 | ) | |||||||||||||||
Mortgage backed securities | — | — | 51 | (3 | ) | 51 | (3 | ) | ||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equity | 5,594 | (739 | ) | 53 | (44 | ) | 5,647 | (783 | ) | |||||||||||||||
Equity and other | 4,204 | (180 | ) | 6 | (1 | ) | 4,210 | (181 | ) | |||||||||||||||
Fixed income | 888 | (19 | ) | 1,026 | (53 | ) | 1,914 | (72 | ) | |||||||||||||||
Other investments | — | — | 42 | (29 | ) | 42 | (29 | ) | ||||||||||||||||
Total temporary impaired securities | $ | 38,267 | $ | (1,975 | ) | $ | 6,209 | $ | (1,275 | ) | $ | 44,476 | $ | (3,250 | ) | |||||||||
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_Cemetery_Receivables_T
Preneed Cemetery Receivables (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Preneed Cemetery Receivables [Abstract] | ||||||||||||||||||||||||||||
Preneed Cemetery Receivables | For the years ending December 31, 2013 and 2014, the changes to the allowance for contract cancellations were as follows (in thousands): | |||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||||||
Beginning balance | $ | 1,903 | $ | 1,347 | ||||||||||||||||||||||||
Write-offs and cancellations | (1,727 | ) | (1,172 | ) | ||||||||||||||||||||||||
Provision | 1,228 | 1,965 | ||||||||||||||||||||||||||
Assets held-for-sale reclassification | (57 | ) | — | |||||||||||||||||||||||||
Ending balance | $ | 1,347 | $ | 2,140 | ||||||||||||||||||||||||
Aging of Past Due Financing Receivables | The aging of past due financing receivables as of December 31, 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 | $ | 756 | $ | 407 | $ | 250 | $ | 1,439 | $ | 2,852 | $ | 21,394 | $ | 24,246 | ||||||||||||||
Deferred revenue | 296 | 204 | 116 | 720 | 1,336 | 8,333 | 9,669 | |||||||||||||||||||||
Total contracts | $ | 1,052 | $ | 611 | $ | 366 | $ | 2,159 | $ | 4,188 | $ | 29,727 | $ | 33,915 | ||||||||||||||
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_Trust1
Receivables from Preneed Trusts (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables From Preneed Trusts [Abstract] | ||||||||
Receivables from Preneed Funeral Trust Funds | As of December 31, 2013 and 2014, receivables from preneed trusts were as follows (in thousands): | |||||||
31-Dec-13 | 31-Dec-14 | |||||||
(in thousands) | ||||||||
Preneed trust funds, at cost | $ | 11,511 | $ | 13,205 | ||||
Less: allowance for contract cancellation | (345 | ) | (396 | ) | ||||
Receivables from preneed trusts, net | $ | 11,166 | $ | 12,809 | ||||
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 December 31, 2014 and 2013. The cost basis includes reinvested interest and dividends that have been earned on the trust assets. Fair value includes unrealized gains and losses on trust assets. | |||||||
Historical | Fair Value | |||||||
Cost Basis | ||||||||
(in thousands) | ||||||||
As of December 31, 2014 | ||||||||
Cash and cash equivalents | $ | 2,834 | $ | 2,834 | ||||
Fixed income investments | 7,880 | 7,893 | ||||||
Mutual funds and common stocks | 2,467 | 2,586 | ||||||
Annuities | 24 | 24 | ||||||
Total | $ | 13,205 | $ | 13,337 | ||||
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) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||||||||
Components of Care Trusts' Corpus | The components of Care trusts’ corpus as of December 31, 2013 and 2014 were as follows (in thousands): | |||||||||||||||||||||||
31-Dec-13 | 31-Dec-14 | |||||||||||||||||||||||
Trust assets, at market value | $ | 42,342 | $ | 48,670 | ||||||||||||||||||||
Obligations due from trust | (449 | ) | (528 | ) | ||||||||||||||||||||
Care trusts’ corpus | $ | 41,893 | $ | 48,142 | ||||||||||||||||||||
Cost and fair market values associated with the trust investments held in perpetual care trust funds | The cost and market values associated with the trust investments held in perpetual care trust funds at December 31, 2013 are detailed below (in thousands): | |||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
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 | ||||||||||||||||||||||
Market value as a percentage of cost | 102 | % | ||||||||||||||||||||||
The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at December 31, 2014 (in thousands): | ||||||||||||||||||||||||
Fair Value Hierarchy Level | Cost | Unrealized | Unrealized | Fair Market Value | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Cash and money market accounts | 1 | $ | 3,206 | $ | — | $ | — | $ | 3,206 | |||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Municipal bonds | 2 | 229 | 5 | — | 234 | |||||||||||||||||||
Foreign debt | 2 | 3,871 | — | (156 | ) | 3,715 | ||||||||||||||||||
Corporate debt | 2 | 19,911 | 248 | (1,428 | ) | 18,731 | ||||||||||||||||||
Preferred stock | 2 | 12,694 | 137 | (214 | ) | 12,617 | ||||||||||||||||||
Common stock | 1 | 8,747 | 1,568 | (653 | ) | 9,662 | ||||||||||||||||||
Trust securities | $ | 48,658 | $ | 1,958 | $ | (2,451 | ) | $ | 48,165 | |||||||||||||||
Accrued investment income | $ | 505 | $ | 505 | ||||||||||||||||||||
Cemetery perpetual care investments | $ | 48,670 | ||||||||||||||||||||||
Market value as a percentage of cost | 99 | % | ||||||||||||||||||||||
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 | 3,801 | |||||||||||||||||||||||
Due in five to ten years | 4,980 | |||||||||||||||||||||||
Thereafter | 26,516 | |||||||||||||||||||||||
Total fixed income securities | $ | 35,297 | ||||||||||||||||||||||
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 years ended December 31, 2012, 2013 and 2014 were as follows (in thousands): | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Realized gains | $ | 5,664 | $ | 2,172 | $ | 3,468 | ||||||||||||||||||
Realized losses | (1,707 | ) | (542 | ) | (1,748 | ) | ||||||||||||||||||
Increase in Care trusts’ corpus | (3,957 | ) | (1,630 | ) | (1,720 | ) | ||||||||||||||||||
Total | $ | — | $ | — | $ | — | ||||||||||||||||||
Perpetual care trust investment security transactions recorded in cemetery revenue | Perpetual care trust investment security transactions recorded in Cemetery revenue for the years ended December 31, 2012, 2013 and 2014 were as follows (in thousands): | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Investment income | $ | 5,612 | $ | 4,063 | $ | 4,713 | ||||||||||||||||||
Realized gains, net | 1,200 | 1,511 | 1,112 | |||||||||||||||||||||
Total | $ | 6,812 | $ | 5,574 | $ | 5,825 | ||||||||||||||||||
Purchases and sales of investments in perpetual care trusts | Purchases and sales of investments in the perpetual care trusts were as follows (in thousands): | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Purchases | $ | (82,793 | ) | $ | (27,719 | ) | $ | (38,413 | ) | |||||||||||||||
Sales | 83,060 | 28,261 | 35,402 | |||||||||||||||||||||
Perpetual Care Trust Invesments | ||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||||||||
Schedule of unrealized loss position, fair value | Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the years ended December 31, 2014 and 2013, are shown in the following tables (in thousands): | |||||||||||||||||||||||
31-Dec-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: | ||||||||||||||||||||||||
Foreign debt | $ | 3,716 | $ | (156 | ) | $ | — | $ | — | $ | 3,716 | $ | (156 | ) | ||||||||||
Corporate debt | 11,893 | (513 | ) | 1,328 | (915 | ) | 13,221 | (1,428 | ) | |||||||||||||||
Preferred stock | 6,821 | (191 | ) | 2,133 | (23 | ) | 8,954 | (214 | ) | |||||||||||||||
Common stock | 4,663 | (616 | ) | 44 | (37 | ) | 4,707 | (653 | ) | |||||||||||||||
Total temporary impaired securities | $ | 27,093 | $ | (1,476 | ) | $ | 3,505 | $ | (975 | ) | $ | 30,598 | $ | (2,451 | ) | |||||||||
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 | ) | |||||||||
Deferred_Charges_and_Other_Non1
Deferred Charges and Other Non-Current Assets Deferred Charges and Other Non-Current Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | Deferred charges and other non-current assets at December 31, 2013 and 2014 were as follows (in thousands): | |||||||
31-Dec-13 | 31-Dec-14 | |||||||
Prepaid agreements not to compete, net of accumulated amortization of $4,807 and $5,105, respectively | $ | 1,299 | $ | 1,159 | ||||
Deferred loan costs, net of accumulated amortization of $1,252 and $2,809, respectively | 2,602 | 1,870 | ||||||
Convertible junior subordinated debentures origination costs, net of accumulated amortization of $1,095 | 2,949 | — | ||||||
Convertible subordinated notes issuance costs, net of accumulated amortization of $375 | — | 3,252 | ||||||
Tradenames | 5,430 | 7,660 | ||||||
Other | — | 323 | ||||||
Deferred charges and other non-current assets | $ | 12,280 | $ | 14,264 | ||||
LongTerm_Debt_LongTerm_Debt_Ta
Long-Term Debt Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Maturities of Long-term Debt | The aggregate maturities of our long-term debt for the next five years subsequent to December 31, 2014 and thereafter are as follows (in thousands): | |||||||
Years ending December 31, | ||||||||
2015 | $ | 9,630 | ||||||
2016 | 11,137 | |||||||
2017 | 12,632 | |||||||
2018 | 14,240 | |||||||
2019 | 114,041 | |||||||
2020 and thereafter | 337 | |||||||
$ | 162,017 | |||||||
Schedule of Long-term Debt Instruments | Our senior long-term debt consisted of the following at December 31, 2013 and 2014 (in thousands): | |||||||
31-Dec-13 | 31-Dec-14 | |||||||
Revolving credit facility, secured, floating rate | $ | 36,900 | $ | 40,500 | ||||
Term loan, secured, floating rate | 117,000 | 120,312 | ||||||
Acquisition debt | 1,866 | 1,205 | ||||||
Less: current portion | (13,224 | ) | (9,630 | ) | ||||
Total long-term debt | $ | 142,542 | $ | 152,387 | ||||
Convertible_Subordinated_Notes1
Convertible Subordinated Notes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Convertible Subordinated Notes, Carrying Values of Liability and Equity Components | The carrying values of the liability and equity components of the Notes at December 31, 2014 are reflected on our Consolidated Balance Sheets as follows (in thousands): | ||||||||||||
31-Dec-14 | |||||||||||||
Long-term liabilities: | |||||||||||||
Principal amount | $ | 143,750 | |||||||||||
Unamortized discount of liability component | (29,208 | ) | |||||||||||
Carrying value of the liability component | $ | 114,542 | |||||||||||
Equity component carrying value | $ | 17,973 | |||||||||||
Schedule of Maturities of Long-term Debt | The aggregate maturities of our long-term debt for the next five years subsequent to December 31, 2014 and thereafter are as follows (in thousands): | ||||||||||||
Years ending December 31, | |||||||||||||
2015 | $ | 9,630 | |||||||||||
2016 | 11,137 | ||||||||||||
2017 | 12,632 | ||||||||||||
2018 | 14,240 | ||||||||||||
2019 | 114,041 | ||||||||||||
2020 and thereafter | 337 | ||||||||||||
$ | 162,017 | ||||||||||||
Convertible subordinated notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Schedule of Maturities of Long-term Debt | The aggregate maturities of our convertible subordinated notes for the five years subsequent to December 31, 2014 and thereafter are as follows (in thousands): | ||||||||||||
Principal Maturity | Discount Amortization | Present | |||||||||||
Value | |||||||||||||
Years ending December 31, | |||||||||||||
2015 | $ | — | $ | (3,455 | ) | $ | (3,455 | ) | |||||
2016 | — | (3,867 | ) | (3,867 | ) | ||||||||
2017 | — | (4,328 | ) | (4,328 | ) | ||||||||
2018 | — | (4,844 | ) | (4,844 | ) | ||||||||
2019 | — | (5,422 | ) | (5,422 | ) | ||||||||
2020 and thereafter | 143,750 | (7,292 | ) | 136,458 | |||||||||
$ | 143,750 | $ | (29,208 | ) | $ | 114,542 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||
Schedule of Future Minimum Rental Payments For Operating and Capital Leases | At December 31, 2014, future minimum lease payments under non-cancelable lease agreements were as follows: | |||||||||||||||
Future Minimum Lease | ||||||||||||||||
Payments | ||||||||||||||||
Operating | Capital | |||||||||||||||
Leases | Leases | |||||||||||||||
(in thousands) | ||||||||||||||||
Years ending December 31, | ||||||||||||||||
2015 | $ | 4,447 | $ | 476 | ||||||||||||
2016 | 3,076 | 477 | ||||||||||||||
2017 | 2,801 | 483 | ||||||||||||||
2018 | 1,904 | 421 | ||||||||||||||
2019 | 1,676 | 388 | ||||||||||||||
Thereafter | 2,589 | 3,663 | ||||||||||||||
Total future minimum lease payments | $ | 16,493 | $ | 5,908 | ||||||||||||
Less: amount representing interest (rates ranging from 7% to 11.5%) | (2,605 | ) | ||||||||||||||
Less: current portion of obligations under capital leases | (205 | ) | ||||||||||||||
Long-term obligations under capital leases | $ | 3,098 | ||||||||||||||
Other Commitments [Table Text Block] | At December 31, 2014, the maximum estimated future cash commitments under these agreements with remaining commitment terms, and with original terms of more than one year, are as follows: | |||||||||||||||
Non-Compete | Consulting | Employment | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Years ending December 31, | ||||||||||||||||
2015 | $ | 1,534 | $ | 1,173 | $ | 2,505 | $ | 5,212 | ||||||||
2016 | 1,199 | 835 | 1,715 | 3,749 | ||||||||||||
2017 | 825 | 765 | 1,715 | 3,305 | ||||||||||||
2018 | 552 | 474 | 291 | 1,317 | ||||||||||||
2019 | 356 | 303 | — | 659 | ||||||||||||
Thereafter | 625 | 455 | — | 1,080 | ||||||||||||
$ | 5,091 | $ | 4,005 | $ | 6,226 | $ | 15,322 | |||||||||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes from continuing operations for the years ended December 31, 2012, 2013 and 2014 consisted of (in thousands): | |||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Current: | ||||||||||||||||||||||
U. S. federal provision (benefit) | $ | 3,340 | $ | (672 | ) | $ | 1,188 | |||||||||||||||
State provision (benefit) | (40 | ) | (522 | ) | 772 | |||||||||||||||||
Total current provision (benefit) | $ | 3,300 | $ | (1,194 | ) | $ | 1,960 | |||||||||||||||
Deferred: | ||||||||||||||||||||||
U. S. federal provision | $ | 3,885 | $ | 8,708 | $ | 5,117 | ||||||||||||||||
State provision (benefit) | (391 | ) | 1,731 | 178 | ||||||||||||||||||
Total deferred provision | $ | 3,494 | $ | 10,439 | $ | 5,295 | ||||||||||||||||
Total income tax provision | $ | 6,794 | $ | 9,245 | $ | 7,255 | ||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of taxes from continuing operations calculated at the U.S. federal statutory rate to those reflected in the Consolidated Statements of Operations for the years ended December 31, 2012, 2013 and 2014 is as follows (in thousands): | |||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||
Federal statutory rate | $ | 5,818 | 34 | % | $ | 8,284 | 34 | % | $ | 7,719 | 34 | % | ||||||||||
Effect of state income taxes, net of federal benefit | 616 | 3.6 | 1,462 | 6 | 831 | 3.7 | ||||||||||||||||
Effect of non-deductible expenses and other, net | 1,266 | 7.4 | (633 | ) | (2.6 | ) | 583 | 2.6 | ||||||||||||||
Change in valuation allowance | (906 | ) | (5.3 | ) | 132 | 0.5 | (138 | ) | (0.6 | ) | ||||||||||||
Reduction for tax year 2011 federal audit | — | — | — | — | (1,740 | ) | (7.7 | ) | ||||||||||||||
Total | $ | 6,794 | 39.7 | % | $ | 9,245 | 37.9 | % | $ | 7,255 | 32 | % | ||||||||||
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences from total operations that give rise to significant deferred tax assets and liabilities at December 31, 2013 and 2014 were as follows (in thousands): | |||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||
Deferred income tax assets: | ||||||||||||||||||||||
Net operating loss carryforwards | $ | 6,404 | $ | 2,735 | ||||||||||||||||||
Tax credit carryforwards | 788 | 127 | ||||||||||||||||||||
State bonus depreciation | 1,254 | 1,513 | ||||||||||||||||||||
Accrued liabilities and other | 6,892 | 9,115 | ||||||||||||||||||||
Amortization of non-compete agreements | 674 | 815 | ||||||||||||||||||||
Preneed liabilities, net | 11,654 | 9,935 | ||||||||||||||||||||
Total deferred income tax assets | 27,666 | 24,240 | ||||||||||||||||||||
Less valuation allowance | (468 | ) | (330 | ) | ||||||||||||||||||
Total deferred income tax assets | $ | 27,198 | $ | 23,910 | ||||||||||||||||||
Deferred income tax liabilities: | ||||||||||||||||||||||
Amortization and depreciation | $ | (34,887 | ) | $ | (43,441 | ) | ||||||||||||||||
Convertible subordinated notes due 2021 | — | (11,685 | ) | |||||||||||||||||||
Prepaids and other | (1,447 | ) | (1,448 | ) | ||||||||||||||||||
Total deferred income tax liabilities | (36,334 | ) | (56,574 | ) | ||||||||||||||||||
Total net deferred tax liabilities | $ | (9,136 | ) | $ | (32,664 | ) | ||||||||||||||||
Current deferred tax asset | $ | 2,779 | $ | 3,750 | ||||||||||||||||||
Non-current deferred tax liabilities | (11,915 | ) | (36,414 | ) | ||||||||||||||||||
Total net deferred tax liabilities | $ | (9,136 | ) | $ | (32,664 | ) | ||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||
Unrecognized tax benefit at beginning of year | $ | 7,617 | $ | 7,747 | $ | 7,832 | ||||||||||||||||
Reductions based on tax positions related to the prior year | (259 | ) | (93 | ) | — | |||||||||||||||||
Reductions for tax year 2011 federal audit | — | — | (7,310 | ) | ||||||||||||||||||
Additions based on tax positions related to the current year | 389 | 209 | — | |||||||||||||||||||
Reductions as a result of a lapse of the applicable statute of limitations | — | (31 | ) | (7 | ) | |||||||||||||||||
Unrecognized tax benefit at end of year | $ | 7,747 | $ | 7,832 | $ | 515 | ||||||||||||||||
Stockholders_Equity_Stockholde
Stockholders' Equity Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Status of Stock Based Compensation Plans | The status of the Amended and Restated 2006 Plan at December 31, 2014 is as follows (shares in thousands): | ||||||||||||||||||||
Shares | Shares | Options | |||||||||||||||||||
Reserved | Available to | Outstanding | |||||||||||||||||||
Issue | |||||||||||||||||||||
Amended and Restated 2006 Plan | 5,000 | 1,498 | 1,381 | ||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the stock options at December 31, 2012, 2013 and 2014 and changes during the three years ended December 31, 2014 is presented in the table and narrative below (shares in thousands): | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||
Shares | Wtd. Avg. | Shares | Wtd. Avg. | Shares | Wtd. Avg. | ||||||||||||||||
Ex. Price | Ex. Price | Ex. Price | |||||||||||||||||||
Outstanding at beginning of period | 321 | $ | 5.17 | 312 | $ | 5.41 | 766 | $ | 13.03 | ||||||||||||
Granted | 96 | $ | 5.94 | 563 | $ | 16.73 | 804 | $ | 20.2 | ||||||||||||
Exercised | (81 | ) | $ | 4.9 | (45 | ) | $ | 5.33 | (68 | ) | $ | 5.47 | |||||||||
Canceled or expired | (24 | ) | $ | 5.94 | (64 | ) | $ | 13.82 | (121 | ) | $ | 18.8 | |||||||||
Outstanding at end of year | 312 | $ | 5.41 | 766 | $ | 13.03 | 1,381 | $ | 17.07 | ||||||||||||
Exercisable at end of year | 145 | $ | 5.13 | 192 | $ | 5.36 | 329 | $ | 10.97 | ||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table further describes our outstanding stock options at December 31, 2014: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Actual Ranges of Exercise Prices | Number Outstanding at 12/31/14 | Weighted-Average | Weighted-Average | Number Exercisable at 12/31/14 | Weighted-Average | ||||||||||||||||
Remaining | Exercise Price | Exercise Price | |||||||||||||||||||
Contractual Life | |||||||||||||||||||||
$4.78 - $5.94 | 184,221 | 6.19 | $ | 5.47 | 167,900 | $ | 5.43 | ||||||||||||||
$16.73 - $17.21 | 495,500 | 8.05 | $ | 16.76 | 161,499 | $ | 16.73 | ||||||||||||||
$18.86 - $20.49 | 701,700 | 4.2 | $ | 20.33 | — | $ | — | ||||||||||||||
$4.78 - $20.49 | 1,381,421 | 5.84 | $ | 17.07 | 329,399 | $ | 10.97 | ||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the status of unvested restricted stock awards as of December 31, 2014, and changes during 2014, is presented below (shares in thousands): | ||||||||||||||||||||
Unvested stock awards | Shares | Weighted Average | |||||||||||||||||||
Grant Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Unvested at January 1, 2013 | 323 | $ | 8.64 | ||||||||||||||||||
Awards | 200 | 20.42 | |||||||||||||||||||
Vestings | (172 | ) | 7.46 | ||||||||||||||||||
Cancellations | (21 | ) | 11.81 | ||||||||||||||||||
Unvested at December 31, 2014 | 330 | $ | 16.2 | ||||||||||||||||||
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 | (335 | ) | |||||||||||||||||||
Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus’ | 335 | ||||||||||||||||||||
Balance at December 31, 2014 | $ | — | |||||||||||||||||||
Employee Stock Option | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of our stock options were calculated using the following weighted average of assumptions, based on the methods described above for the years ended December 31, 2012, 2013 and 2014: | ||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||
Dividend yield | 1.7 | % | 0.59 | % | 0.5 | % | |||||||||||||||
Expected volatility | 60.09 | % | 33.63 | % | 33.34 | % | |||||||||||||||
Risk-free interest rate | 1.25 | % | 0.41 | % | 0.99 | % | |||||||||||||||
Expected holding period (years) | 3 | 3.6 | 3.7 | ||||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of the right (option) to purchase shares under the ESPP are estimated at the date of purchase with the four quarterly purchase dates using the following assumptions: | ||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||
Dividend yield | 1.7 | % | 0.6 | % | 0.6 | % | |||||||||||||||
Expected volatility | 32 | % | 41 | % | 33 | % | |||||||||||||||
Risk-free interest rate | 0.02%, 0.06%, 0.09%, 0.12% | 0.08%, 0.12%,0.135%, 0.15% | 0.07%, 0.09%,0.11%, 0.13% | ||||||||||||||||||
Expected life (years) | .25, .50, .75, 1.00 | .25, .50, .75, 1.00 | .25, .50, .75, 1.00 | ||||||||||||||||||
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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 years ended December 31, 2012, 2013 and 2014: | |||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
(in thousands, except per share data) | ||||||||||||
Numerator for basic earnings per share: | ||||||||||||
Numerator from continuing operations | ||||||||||||
Income from continuing operations | $ | 10,317 | $ | 15,120 | $ | 15,446 | ||||||
Less: Earnings allocated to unvested restricted stock | (361 | ) | (314 | ) | (295 | ) | ||||||
Income attributable to continuing operations | $ | 9,956 | $ | 14,806 | $ | 15,151 | ||||||
Numerator from discontinued operations | ||||||||||||
Income from discontinued operations | $ | 1,086 | $ | 4,176 | $ | 392 | ||||||
Less: Earnings allocated to unvested restricted stock | — | (85 | ) | (8 | ) | |||||||
Income attributable to discontinued operations | $ | 1,086 | $ | 4,091 | $ | 384 | ||||||
Numerator for diluted earnings per share: | ||||||||||||
Adjustment for diluted earnings per share: | ||||||||||||
Interest on convertible junior subordinated debentures, net of tax | $ | — | $ | 3,454 | $ | — | ||||||
$ | — | $ | 3,454 | $ | — | |||||||
Income attributable to continuing operations | $ | 9,956 | $ | 18,260 | $ | 15,151 | ||||||
Income attributable to discontinuing operations | $ | 1,086 | $ | 4,091 | $ | 384 | ||||||
Denominator | ||||||||||||
Denominator for basic earnings per common share - weighted average shares outstanding | 18,126 | 17,826 | 18,108 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options | 100 | 175 | 149 | |||||||||
Convertible junior subordinated debentures | — | 4,392 | — | |||||||||
Denominator for diluted earnings per common share - weighted average shares outstanding | 18,226 | 22,393 | 18,257 | |||||||||
Basic earnings per common share: | ||||||||||||
Continuing operations | $ | 0.57 | $ | 0.83 | $ | 0.84 | ||||||
Discontinued operations | 0.06 | 0.23 | 0.02 | |||||||||
Basic earnings per common share | $ | 0.63 | $ | 1.06 | $ | 0.86 | ||||||
Diluted earnings per common share: | ||||||||||||
Continuing operations | $ | 0.57 | $ | 0.82 | $ | 0.83 | ||||||
Discontinued operations | 0.06 | 0.18 | 0.02 | |||||||||
Diluted earnings per common share | $ | 0.63 | $ | 1 | $ | 0.85 | ||||||
Major_Segments_of_Business_Tab
Major Segments of Business (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Revenue, pre-tax income and total assets by segments | The following table presents external revenues from continuing operations, net income (loss) from continuing operations, total assets, long-lived assets, depreciation and amortization from continuing operations, capital expenditures, number of operating locations, interest expense from continuing operations, and income tax expense (benefit) from continuing operations by segment: | |||||||||||||||
Funeral | Cemetery | Corporate | Consolidated | |||||||||||||
(in thousands, except number of operating locations) | ||||||||||||||||
External revenues from continuing operations: | ||||||||||||||||
2014 | $ | 173,735 | $ | 52,389 | $ | — | $ | 226,124 | ||||||||
2013 | 163,082 | 49,992 | — | 213,074 | ||||||||||||
2012 | 150,803 | 47,388 | — | 198,191 | ||||||||||||
Income (loss) from continuing operations before income taxes: | ||||||||||||||||
2014 | $ | 53,385 | $ | 15,180 | $ | (45,864 | ) | $ | 22,701 | |||||||
2013 | 48,206 | 14,679 | (38,520 | ) | 24,365 | |||||||||||
2012 | 46,073 | 12,895 | (41,857 | ) | 17,111 | |||||||||||
Total assets: | ||||||||||||||||
2014 | $ | 568,842 | $ | 240,009 | $ | 18,677 | $ | 827,528 | ||||||||
2013 | 502,525 | 227,520 | 16,554 | 746,599 | ||||||||||||
2012 | 481,356 | 237,897 | 18,832 | 738,085 | ||||||||||||
Long-lived assets: | ||||||||||||||||
2014 | $ | 437,735 | $ | 88,467 | $ | 1,835 | $ | 528,037 | ||||||||
2013 | 373,173 | 85,901 | 2,654 | 461,728 | ||||||||||||
2012 | 355,807 | 87,687 | 5,056 | 448,550 | ||||||||||||
Depreciation and amortization from continuing operations: | ||||||||||||||||
2014 | $ | 6,841 | $ | 3,704 | $ | 1,378 | $ | 11,923 | ||||||||
2013 | 6,440 | 3,739 | 1,456 | 11,635 | ||||||||||||
2012 | 5,884 | 3,058 | 974 | 9,916 | ||||||||||||
Capital expenditures: | ||||||||||||||||
2014 | $ | 16,804 | $ | 5,606 | $ | 1,265 | $ | 23,675 | ||||||||
2013 | 6,436 | 2,936 | 1,323 | 10,695 | ||||||||||||
2012 | 5,804 | 3,401 | 1,231 | 10,436 | ||||||||||||
Number of operating locations at year end: | ||||||||||||||||
2014 | 164 | 32 | — | 196 | ||||||||||||
2013 | 161 | 32 | — | 193 | ||||||||||||
2012 | 167 | 33 | — | 200 | ||||||||||||
Interest expense from continuing operations: | ||||||||||||||||
2014 | $ | 316 | $ | 17 | $ | 9,975 | $ | 10,308 | ||||||||
2013 | 323 | 36 | 12,263 | 12,622 | ||||||||||||
2012 | 308 | 49 | 16,731 | 17,088 | ||||||||||||
Income tax expense (benefit) from continuing operations: | ||||||||||||||||
2014 | $ | 17,061 | $ | 4,851 | $ | (14,657 | ) | $ | 7,255 | |||||||
2013 | 18,270 | 5,563 | (14,588 | ) | 9,245 | |||||||||||
2012 | 18,291 | 5,119 | (16,616 | ) | 6,794 | |||||||||||
Supplementary_Information_Tabl
Supplementary Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Income Statement Elements [Abstract] | ||||||||||||
Supplementary Balance Sheet Disclosures | The detail of certain balance sheet accounts as of December 31, 2013 and 2014 is as follows: | |||||||||||
December 31, | ||||||||||||
2013 | 2014 | |||||||||||
(in thousands) | ||||||||||||
Other Current Assets: | ||||||||||||
Deferred taxes | $ | 2,779 | $ | 3,750 | ||||||||
Income tax receivables | 593 | 3,293 | ||||||||||
Other current assets | 153 | 101 | ||||||||||
Total other current assets | $ | 3,525 | $ | 7,144 | ||||||||
Other Liabilities: | ||||||||||||
Liabilities associated with uncertain tax positions | $ | 7,832 | $ | — | ||||||||
Other liabilities | 2,107 | 1,437 | ||||||||||
Total other liabilities | $ | 9,939 | $ | 1,437 | ||||||||
Accrued Liabilities: | ||||||||||||
Accrued salaries and wages | $ | 1,882 | $ | 2,073 | ||||||||
Accrued incentive compensation | 4,654 | 5,660 | ||||||||||
Accrued vacation | 1,979 | 1,978 | ||||||||||
Accrued insurance | 2,778 | 2,171 | ||||||||||
Accrued interest | — | 1,232 | ||||||||||
Accrued ad valorem and franchise taxes | 383 | 537 | ||||||||||
Other accrued liabilities | 1,178 | 1,552 | ||||||||||
Total accrued liabilities | $ | 12,854 | $ | 15,203 | ||||||||
Supplemental Disclosure for the Consolidated Statements of Operations | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Revenues: | ||||||||||||
Goods | ||||||||||||
Funeral | $ | 59,581 | $ | 64,409 | $ | 66,877 | ||||||
Cemetery | 28,826 | 30,392 | 32,300 | |||||||||
Total goods | $ | 88,407 | $ | 94,801 | $ | 99,177 | ||||||
Services | ||||||||||||
Funeral | $ | 83,627 | $ | 89,442 | $ | 97,375 | ||||||
Cemetery | 9,453 | 10,087 | 10,556 | |||||||||
Total services | $ | 93,080 | $ | 99,529 | $ | 107,931 | ||||||
Financial revenue | ||||||||||||
Preneed funeral commission income | $ | 1,711 | $ | 1,853 | $ | 2,036 | ||||||
Preneed funeral trust earnings | 5,884 | 7,378 | 7,447 | |||||||||
Cemetery trust earnings | 7,647 | 8,095 | 8,123 | |||||||||
Cemetery finance charges | 1,462 | 1,418 | 1,410 | |||||||||
Total financial revenue | $ | 16,704 | $ | 18,744 | $ | 19,016 | ||||||
Total revenues | $ | 198,191 | $ | 213,074 | $ | 226,124 | ||||||
Cost of revenues: | ||||||||||||
Goods | ||||||||||||
Funeral | $ | 48,105 | $ | 52,362 | $ | 54,421 | ||||||
Cemetery | 22,118 | 22,222 | 23,800 | |||||||||
Total goods | $ | 70,223 | $ | 74,584 | $ | 78,221 | ||||||
Services | ||||||||||||
Funeral | $ | 41,550 | $ | 46,030 | $ | 49,357 | ||||||
Cemetery | 6,340 | 6,543 | 6,860 | |||||||||
Total services | $ | 47,890 | $ | 52,573 | $ | 56,217 | ||||||
Financial expenses | ||||||||||||
Preneed funeral commissions | $ | 1,385 | $ | 1,213 | $ | 1,078 | ||||||
Trust administration fees | 64 | 227 | 249 | |||||||||
Total financial expenses | $ | 1,449 | $ | 1,440 | $ | 1,327 | ||||||
Total cost of revenues | $ | 119,562 | $ | 128,597 | $ | 135,765 | ||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | The tables below set forth consolidated operating results by fiscal quarter for the years ended December 31, 2013 and 2014, in thousands, except earnings per share. | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2014 | ||||||||||||||||
Revenues | $ | 55,652 | $ | 56,504 | $ | 54,549 | $ | 59,419 | ||||||||
Gross profit | 18,015 | 17,989 | 15,077 | 18,927 | ||||||||||||
Net income from continuing operations | $ | 1,631 | $ | 3,883 | $ | 4,565 | $ | 5,367 | ||||||||
Net income (loss) from discontinued operations | 587 | (637 | ) | 431 | 11 | |||||||||||
Net income | $ | 2,218 | $ | 3,246 | $ | 4,996 | $ | 5,378 | ||||||||
Basic earnings per common share: | $ | 0.12 | $ | 0.18 | $ | 0.27 | $ | 0.29 | ||||||||
Diluted earnings per common share: (a) | $ | 0.12 | $ | 0.17 | $ | 0.26 | $ | 0.29 | ||||||||
2013 | ||||||||||||||||
Revenues | $ | 57,123 | $ | 53,811 | $ | 49,501 | $ | 52,639 | ||||||||
Gross profit | 18,905 | 16,880 | 14,100 | 14,400 | ||||||||||||
Net income from continuing operations | $ | 5,404 | $ | 3,576 | $ | 1,908 | $ | 4,232 | ||||||||
Net income (loss) from discontinued operations | (145 | ) | 568 | 3,986 | (233 | ) | ||||||||||
Preferred stock dividend | (4 | ) | — | — | — | |||||||||||
Net income available to common shareholders | $ | 5,255 | $ | 4,144 | $ | 5,894 | $ | 3,999 | ||||||||
Basic earnings per common share: | $ | 0.29 | $ | 0.23 | $ | 0.32 | $ | 0.22 | ||||||||
Diluted earnings per common share: (a) | $ | 0.25 | $ | 0.23 | $ | 0.32 | $ | 0.22 | ||||||||
(a) Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarterly per share amounts does not equal the total computed for 2013 due to the application of the if-converted method on our convertible subordinated debentures (TIDES) and for 2014 due to rounding. |
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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): | |||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Cash paid for interest and financing costs | $ | 21,518 | $ | 12,248 | $ | 8,894 | ||||||
Cash paid for taxes | 416 | 655 | 2,674 | |||||||||
Fair value of stock, stock options and performance awards issued to directors, officers, and certain other employees | 4,631 | 3,822 | 8,219 | |||||||||
Restricted common stock withheld for payroll taxes | 421 | 1,610 | 1,305 | |||||||||
Net withdrawals (deposits) from / into preneed funeral trusts | 4,341 | (3,891 | ) | (418 | ) | |||||||
Net withdrawals (deposits) from / into preneed cemetery trusts | 2,482 | (1,324 | ) | 1 | ||||||||
Net withdrawals from perpetual care trusts | 3,513 | 3,091 | 1,857 | |||||||||
Net increase in preneed receivables | (422 | ) | (1,331 | ) | (1,731 | ) | ||||||
Net (deposits) withdrawals of receivables into / from preneed trusts | (3,677 | ) | 709 | (1,643 | ) | |||||||
Net change in preneed funeral receivables (decreasing) increasing deferred revenue | (874 | ) | 860 | 677 | ||||||||
Net change in preneed cemetery receivables increasing (decreasing) deferred revenue | 4,594 | 327 | (374 | ) | ||||||||
Net (withdrawals) deposits from / into preneed funeral trust accounts (decreasing) increasing deferred preneed funeral receipts held in trust | (4,341 | ) | 3,891 | 418 | ||||||||
Net (withdrawals) deposits from / into preneed cemetery trust accounts (decreasing) increasing deferred cemetery receipts held in trust | (2,482 | ) | 1,324 | (1 | ) | |||||||
Net withdrawals from perpetual care trust accounts decreasing care trusts’ corpus | (4,028 | ) | (2,949 | ) | (1,901 | ) |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Share data in Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
business | acquisitions | segment | funeral_homes | |||
funeral_homes | states | |||||
cemeteries | ||||||
funeral_homes | ||||||
Debt Instrument [Line Items] | ||||||
Impairment charge for other-than-temporary declines in fair value | $400,000 | |||||
Number of owned and operated funeral homes (in Funeral Homes) | 164 | |||||
Number of states in which the entity operated funeral homes (in States) | 27 | |||||
Number of owned and operated cemeteries (in Cemetaries) | 32 | |||||
Number of states in which the entity operated cemeteries (in States) | 11 | |||||
Number of business segments | 2 | |||||
Cumulative payments to trigger recognition, percent of contract price | 10.00% | |||||
Accounts receivable, current | 17,950,000 | 19,264,000 | 17,950,000 | |||
Bad debt | 2,877,000 | 2,005,000 | 2,589,000 | |||
Number Of Institutions To Which Management Services Are Provided | 2 | |||||
The percentage of trust assets in custody of institution receiving trust management services | 76.40% | |||||
Depreciation | 9,200,000 | 8,800,000 | 7,600,000 | |||
Impairment of long lived assets | 0 | |||||
Deferred tax liability | 11,915,000 | 36,414,000 | 11,915,000 | |||
Incremental common shares attributable to dilutive effect of conversion of debt securities | 4.4 | 4.4 | ||||
Impairments Indentified | 0 | |||||
Convertible junior subordinated debentures due in 2029 to an affiliate | 89,770,000 | 0 | 89,770,000 | |||
Number of businesses acquired | 6 | 1 | ||||
Number of funeral homes acquired | 2 | |||||
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 | |||||
Number of funeral homes sold | 7 | |||||
Goodwill Impairment, Two Step Test, Market Approach, Percentage | 70.00% | |||||
Goodwill Impairment, Two Step Test, Income Approach, Percentage | 30.00% | |||||
Long-term debt, net of current portion | 105,642,000 | 111,887,000 | 105,642,000 | |||
Change to income tax expense (benefit) | 1,700,000 | |||||
Unrecognized tax benefits, decrease to interest on income tax expense | 600,000 | |||||
Impairment of goodwill | 1,200,000 | 1,100,000 | 1,180,000 | 100,000 | 1,100,000 | |
Separate Income Tax Return [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of States in Which Entity Files Separate State Income Tax Returns | 17 | |||||
Combined or unitary income tax return | ||||||
Debt Instrument [Line Items] | ||||||
Number of States in Which Entity Files Unitary Tax Returns | 11 | |||||
Funeral | ||||||
Debt Instrument [Line Items] | ||||||
Accounts receivable, current | 8,400,000 | 10,000,000 | 8,400,000 | |||
Accounts receivable, noncurrent | 8,100,000 | 7,400,000 | 8,100,000 | |||
Cemetery | ||||||
Debt Instrument [Line Items] | ||||||
Accounts receivable, current | 8,300,000 | 9,100,000 | 8,300,000 | |||
Accounts receivable, noncurrent | $16,500,000 | $18,900,000 | $16,500,000 | |||
Kentucky | ||||||
Debt Instrument [Line Items] | ||||||
Number of funeral homes sold | 1 | 1 | 2 | |||
California | ||||||
Debt Instrument [Line Items] | ||||||
Number of funeral homes sold | 1 | |||||
Ohio | ||||||
Debt Instrument [Line Items] | ||||||
Number of funeral homes sold | 1 | 1 | ||||
Kansas | ||||||
Debt Instrument [Line Items] | ||||||
Number of funeral homes sold | 4 | |||||
Virginia | ||||||
Debt Instrument [Line Items] | ||||||
Number of cemeteries sold | 1 | |||||
Florida | ||||||
Debt Instrument [Line Items] | ||||||
Number of funeral homes sold | 2 |
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 281,460 | $249,317 |
Less: accumulated depreciation | -95,249 | -88,627 |
Property, plant and equipment, net | 186,211 | 160,690 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 66,957 | 55,639 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 148,483 | 132,172 |
Buildings and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 15 | |
Buildings and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 40 | |
Furniture and fixtures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 | |
Furniture and fixtures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10 | |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 3 | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 15 | |
Automobiles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 | |
Automobiles | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 7 | |
Furniture, equipment and automobiles | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 66,020 | $61,506 |
Recently_Issued_Accounting_Sta1
Recently Issued Accounting Standards Recently Issued Accounting Standards (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Changes and Error Corrections [Abstract] | |||
Income from discontinued operations | $392 | $4,176 | $1,086 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
business | funeral_homes | |||
acquisitions | ||||
Business Acquisition [Line Items] | ||||
Number of businesses acquired | 6 | 1 | ||
Number of funeral homes acquired | 2 | |||
Real estate acquisition | $3,000,000 | |||
Business acquisitions, aggregate purchase price | 13,700,000 | 13,700,000 | ||
Land acquisition | 6,000,000 | |||
Tennessee | ||||
Business Acquisition [Line Items] | ||||
Number of funeral homes acquired | 1 | |||
Georgia | ||||
Business Acquisition [Line Items] | ||||
Number of funeral homes acquired | 1 | |||
Service Corporation International (SCI) | ||||
Business Acquisition [Line Items] | ||||
Number of businesses acquired | 6 | |||
Number of combination funeral homes/cemeteries acquired | 1 | |||
Number of funeral homes acquired | 4 | |||
Business combination, purchase price | 54,850,000 | |||
Increases to tradenames following acquisition | -2,290,000 | |||
Current assets | 2,126,000 | |||
Service Corporation International (SCI) | New Orleans, Louisiana | ||||
Business Acquisition [Line Items] | ||||
Number of combination funeral homes/cemeteries acquired | 4 | |||
Service Corporation International (SCI) | Alexandria, Virginia | ||||
Business Acquisition [Line Items] | ||||
Number of funeral homes acquired | 2 | |||
Initial Purchase Price Allocation | Service Corporation International (SCI) | ||||
Business Acquisition [Line Items] | ||||
Business combination, purchase price | 54,850,000 | |||
Increases to tradenames following acquisition | -6,208,000 | |||
Current assets | $1,998,000 |
Acquisitions_Fair_Value_of_Ass
Acquisitions (Fair Value of Assets Acquired and Liabilities Assumed) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Effect of acquisition on current assets [Abstract] | |||
Goodwill | $257,442 | $221,087 | $218,442 |
Adjustments | |||
Effect of acquisition on current assets [Abstract] | |||
Current assets | 128 | ||
Deferred charges and other non-current assets | 3,918 | ||
Service Corporation International (SCI) | |||
Effect of acquisition on current assets [Abstract] | |||
Current assets | 2,126 | ||
Property, plant & equipment | 16,459 | ||
Preneed cemetery trust investments | 3,632 | ||
Preneed funeral trust investments | 45 | ||
Goodwill | 37,653 | ||
Deferred charges and other non-current assets | -2,290 | ||
Cemetery perpetual care investments | 7,491 | ||
Obligations under capital leases | -1,960 | ||
Deferred preneed cemetery revenue | -1,718 | ||
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 | ||
Service Corporation International (SCI) | Initial Purchase Price Allocation | |||
Effect of acquisition on current assets [Abstract] | |||
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 | ||
Service Corporation International (SCI) | Adjustments | |||
Effect of acquisition on current assets [Abstract] | |||
Current assets | 128 | ||
Property, plant & equipment | 2 | ||
Preneed cemetery trust investments | 0 | ||
Preneed funeral trust investments | 0 | ||
Goodwill | 3,827 | ||
Deferred charges and other non-current assets | 3,918 | ||
Cemetery perpetual care investments | 0 | ||
Obligations under capital leases | 0 | ||
Deferred preneed cemetery revenue | -39 | ||
Deferred preneed cemetery receipts held in trust | 0 | ||
Deferred preneed funeral receipts held in trust | 0 | ||
Care trusts' corpus | 0 | ||
Cash paid | $0 |
Goodwill_Changes_in_Goodwill_D
Goodwill (Changes in Goodwill) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill [Line Items] | |||||
Goodwill, maximum period between step one and step two impairment tests | 3 years | ||||
Impairment of goodwill | $1,200,000 | $1,100,000 | $1,180,000 | $100,000 | $1,100,000 |
Goodwill [Roll Forward] | |||||
Goodwill at the beginning of year | 221,087,000 | 218,442,000 | |||
Increase in goodwill related to acquisitions | 37,653,000 | 3,843,000 | |||
Changes in previous estimates | 101,000 | 0 | |||
Net impairment and write-off related to divestitures | 1,197,000 | 1,198,000 | |||
Goodwill at the end of the year | 257,442,000 | 221,087,000 | 218,442,000 | ||
November 2013 acquisition | |||||
Goodwill [Line Items] | |||||
Goodwill, increase (decrease) to previous estimates | ($100,000) |
Assets_Held_for_Sale_and_Disco2
Assets Held for Sale and Discontinued Operations (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
funeral_homes | funeral_homes | funeral_homes | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of funeral homes sold | 7 | ||
Florida | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of funeral homes sold | 2 | ||
Ohio | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of funeral homes sold | 1 | 1 | |
Kentucky | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of funeral homes sold | 1 | 1 | 2 |
California | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of funeral homes sold | 1 | ||
Kansas | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of funeral homes sold | 4 | ||
Virginia | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of cemeteries sold | 1 |
Assets_Held_for_Sale_and_Disco3
Assets Held for Sale and Discontinued Operations Assets Held For Sale and Discontinued Operations (Assets and Liabilities Associated with the Cemetery and Funeral Home Businesses Held for Sale) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets [Abstract] | ||
Current assets | $30 | |
Preneed cemetery trust investments | 2,477 | |
Preneed receivables | 31 | |
Property, plant and equipment, net | 311 | |
Cemetery perpetual care trust investments | 695 | |
Total | 0 | 3,544 |
Liabilities [Abstract] | ||
Current liabilities | 10 | |
Deferred preneed cemetery revenue | 1,185 | |
Deferred preneed cemetery receipts held in trust | 2,477 | |
Care trusts corpus | 685 | |
Total | $0 | $4,357 |
Assets_Held_for_Sale_and_Disco4
Assets Held for Sale and Discontinued Operations Assets Held for Sale and Discontinued Operations (Assets held for sale and discontinued operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | |||
Revenues | $817 | $4,164 | $7,727 |
Operating income | 235 | 729 | 2,293 |
Impairment | -1,180 | -100 | -1,100 |
Net gain on disposal | 1,594 | 6,091 | 610 |
Income tax provision | -257 | -2,544 | -717 |
Income from discontinued operations, net of tax | $392 | $4,176 | $1,086 |
Preneed_Trust_Investments_Comp
Preneed Trust Investments (Components of preneed cemetery trust investments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Impairment charge for other-than-temporary declines in fair value | $400,000 | ||
Preneed Cemetery Trust Investments | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Impairment charge for other-than-temporary declines in fair value | 200,000 | 0 | |
Preneed cemetery trust investments, at market value | 70,386,000 | 74,198,000 | |
Less: allowance for contract cancellation | -2,045,000 | -2,226,000 | |
Available-for-sale securities, current | $68,341,000 | $71,972,000 |
Preneed_Trust_Investments_Cost
Preneed Trust Investments (Cost and fair market values associated with preneed cemetery trust investments) (Details) (Preneed Cemetery Trust Investments, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Preneed cemetery trust investments | $74,198 | $70,386 |
Market value as a percentage of cost | 99.00% | 102.00% |
Cash and money market accounts | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 5,591 | 1,541 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Market Value | 5,591 | 1,541 |
Foreign Debt | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 5,874 | 3,460 |
Unrealized Gains | 0 | 146 |
Unrealized Losses | 237 | 3 |
Fair Market Value | 5,637 | 3,603 |
Corporate debt | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 30,108 | 32,958 |
Unrealized Gains | 362 | 386 |
Unrealized Losses | 2,167 | 1,150 |
Fair Market Value | 28,303 | 32,194 |
Preferred stock | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 19,154 | 17,754 |
Unrealized Gains | 199 | 178 |
Unrealized Losses | 325 | 273 |
Fair Market Value | 19,028 | 17,659 |
Mortgage backed securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 1 | 1 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Market Value | 1 | 1 |
Common stock | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 13,128 | 12,431 |
Unrealized Gains | 2,357 | 2,362 |
Unrealized Losses | 966 | 267 |
Fair Market Value | 14,519 | 14,526 |
Trust securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 74,203 | 68,145 |
Unrealized Gains | 2,927 | 3,072 |
Unrealized Losses | 3,695 | 1,693 |
Fair Market Value | 73,435 | 69,524 |
Accrued investment income | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 763 | 862 |
Fair Market Value | 763 | 862 |
Fair Value, Inputs, Level 2 [Member] | Municipal bonds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 347 | |
Unrealized Gains | 9 | |
Unrealized Losses | 0 | |
Fair Market Value | $356 |
Preneed_Trust_Investments_Pren
Preneed Trust Investments Preneed Trust Investments (Unrealized losses on cemetery merchandise and service trust investments) (Details) (Preneed Cemetery Trust Investments, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | $40,926 | $23,041 |
Unrealized Losses, In Loss Position Less than12 months | -2,215 | -1,000 |
Fair market value, In Loss Position Greater than12 months | 5,317 | 1,474 |
Unrealized Losses, In Loss Position Greater than12 months | -1,480 | -693 |
Fair market value, Total | 46,243 | 24,515 |
Unrealized Losses, Total | 3,695 | 1,693 |
Foreign debt | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 5,629 | 802 |
Unrealized Losses, In Loss Position Less than12 months | -237 | -3 |
Fair market value, In Loss Position Greater than12 months | 0 | 0 |
Unrealized Losses, In Loss Position Greater than12 months | 0 | 0 |
Fair market value, Total | 5,629 | 802 |
Unrealized Losses, Total | 237 | 3 |
Corporate debt | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 18,051 | 11,561 |
Unrealized Losses, In Loss Position Less than12 months | -778 | -553 |
Fair market value, In Loss Position Greater than12 months | 2,016 | 769 |
Unrealized Losses, In Loss Position Greater than12 months | -1,389 | -597 |
Fair market value, Total | 20,067 | 12,330 |
Unrealized Losses, Total | 2,167 | 1,150 |
Preferred stock | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 10,342 | 9,601 |
Unrealized Losses, In Loss Position Less than12 months | -289 | -273 |
Fair market value, In Loss Position Greater than12 months | 3,236 | 0 |
Unrealized Losses, In Loss Position Greater than12 months | -36 | 0 |
Fair market value, Total | 13,578 | 9,601 |
Unrealized Losses, Total | 325 | 273 |
Common stock | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 6,904 | 1,077 |
Unrealized Losses, In Loss Position Less than12 months | -911 | -171 |
Fair market value, In Loss Position Greater than12 months | 65 | 705 |
Unrealized Losses, In Loss Position Greater than12 months | -55 | -96 |
Fair market value, Total | 6,969 | 1,782 |
Unrealized Losses, Total | $966 | $267 |
Preneed_Trust_Investments_Esti
Preneed Trust Investments (Estimated maturities of fixed preneed cemetery trust income securities) (Details) (Preneed Cemetery Trust Investments, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Preneed Cemetery Trust Investments | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Due in one year or less | $0 |
Due in one to five years | 5,740 |
Due in five to ten years | 7,563 |
Thereafter | 40,022 |
Total | $53,325 |
Preneed_Trust_Investments_Pren1
Preneed Trust Investments (Preneed cemetery trust investment security transactions) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Impairment charge for other-than-temporary declines in fair value | $400,000 | |||
Investment income | 4,713,000 | 4,063,000 | 5,612,000 | |
Increase in deferred preneed cemetery receipts held in trust | -5,825,000 | -5,574,000 | -6,812,000 | |
Preneed Cemetery Trust Investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Impairment charge for other-than-temporary declines in fair value | 200,000 | 0 | ||
Investment income | 2,840,000 | 3,349,000 | 4,038,000 | |
Realized gains | 5,712,000 | 3,018,000 | 10,497,000 | |
Realized losses | -2,789,000 | -763,000 | -3,574,000 | |
Expenses and taxes | -1,716,000 | -2,934,000 | -2,769,000 | |
Increase in deferred preneed cemetery receipts held in trust | ($4,047,000) | ($2,670,000) | ($8,192,000) |
Preneed_Trust_Investments_Purc
Preneed Trust Investments (Purchases and sales of investments in preneed cemetery trusts) (Details) (Preneed Cemetery Trust Investments, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Preneed Cemetery Trust Investments | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Purchases | ($53,443) | ($46,558) | ($126,043) |
Sales | $58,022 | $47,318 | $125,897 |
Preneed_Trust_Investments_Comp1
Preneed Trust Investments (Components of preneed funeral trust investments) (Details) (Preneed Funeral Trust Investments, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Preneed Funeral Trust Investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Preneed cemetery trust investments, at market value | $100,579 | $100,005 |
Less: allowance for contract cancellation | -2,972 | -2,861 |
Available-for-sale securities, current | $97,607 | $97,144 |
Preneed_Trust_Investments_Pren2
Preneed Trust Investments Preneed Trust Investments (Estimated maturities of fixed preneed funeral trust income securities) (Details) (Preneed Funeral Trust Investments, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Preneed Funeral Trust Investments | |
Schedule of Available-for-sale Securities [Line Items] | |
Due in one year or less | $549 |
Due in one to five years | 5,389 |
Due in five to ten years | 6,864 |
Thereafter | 33,734 |
Total | $46,536 |
Preneed_Trust_Investments_Cost1
Preneed Trust Investments (Cost and fair market values associated with preneed funeral trust investments) (Details) (Preneed Funeral Trust Investments, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | $99,038 | $95,367 |
Unrealized Gains | 4,176 | 5,725 |
Unrealized Losses | -3,250 | -1,766 |
Fair Market Value | 99,964 | 99,326 |
Preneed cemetery trust investments, at market value | 100,579 | 100,005 |
Market value as a percentage of cost | 100.90% | 104.20% |
Cash and money market accounts | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 17,501 | 14,631 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Market Value | 17,501 | 14,631 |
U.S. debt | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 2,037 | 2,212 |
Unrealized Gains | 32 | 47 |
Unrealized Losses | -15 | -54 |
Fair Market Value | 2,054 | 2,205 |
U.S. agency obligations | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 30 | 401 |
Unrealized Gains | 0 | 8 |
Unrealized Losses | 0 | -7 |
Fair Market Value | 30 | 402 |
Foreign Debt | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 4,653 | 2,726 |
Unrealized Gains | 0 | 115 |
Unrealized Losses | -188 | -2 |
Fair Market Value | 4,465 | 2,839 |
Corporate debt | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 24,761 | 27,993 |
Unrealized Gains | 469 | 375 |
Unrealized Losses | -1,718 | -957 |
Fair Market Value | 23,512 | 27,411 |
Preferred stock | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 16,166 | 15,949 |
Unrealized Gains | 256 | 292 |
Unrealized Losses | -261 | -282 |
Fair Market Value | 16,161 | 15,959 |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 309 | 1 |
Available-for-sale Securities, Gross Unrealized Gains1 | 0 | |
Available-for-sale Securities, Gross Unrealized Loss1 | 0 | |
Unrealized Gains | 8 | |
Unrealized Losses | -3 | |
Fair Market Value | 314 | 1 |
Common stock | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 10,544 | 10,681 |
Unrealized Gains | 1,926 | 2,092 |
Unrealized Losses | -783 | -237 |
Fair Market Value | 11,687 | 12,536 |
Equity Securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 14,126 | 11,632 |
Unrealized Gains | 1,370 | 2,708 |
Unrealized Losses | -181 | -22 |
Fair Market Value | 15,315 | 14,318 |
Fixed Income Securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 5,351 | 5,455 |
Unrealized Gains | 115 | 88 |
Unrealized Losses | -72 | -179 |
Fair Market Value | 5,394 | 5,364 |
Other investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 3,560 | 3,686 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | -29 | -26 |
Fair Market Value | 3,531 | 3,660 |
Accrued investment income | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Cost | 615 | 679 |
Fair Market Value | $615 | $679 |
Preneed_Trust_Investments_Pren3
Preneed Trust Investments Preneed Trust Investments (Unrealized losses on preneed funeral trust investments) (Details) (Preneed Funeral Trust Investments, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | $38,267 | $22,303 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Unrealized Losses | -1,975 | -952 |
Fair market value, In Loss Position Greater than12 months | 6,209 | 3,952 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -1,275 | -814 |
Fair market value, Total | 44,476 | 26,255 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | -3,250 | -1,766 |
U.S. debt | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 500 | 0 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Unrealized Losses | 0 | 0 |
Fair market value, In Loss Position Greater than12 months | 836 | 816 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -15 | -54 |
Fair market value, Total | 1,336 | 816 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | -15 | -54 |
U.S. agency obligations | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 0 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Unrealized Losses | 0 | |
Fair market value, In Loss Position Greater than12 months | 211 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -7 | |
Fair market value, Total | 211 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | -7 | |
Foreign debt | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 4,471 | 632 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Unrealized Losses | -188 | -2 |
Fair market value, In Loss Position Greater than12 months | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Fair market value, Total | 4,471 | 632 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | -188 | -2 |
Corporate debt | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 14,310 | 9,620 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Unrealized Losses | -617 | -460 |
Fair market value, In Loss Position Greater than12 months | 1,598 | 640 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -1,101 | -497 |
Fair market value, Total | 15,908 | 10,260 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | -1,718 | -957 |
Preferred stock | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 8,300 | 9,918 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Unrealized Losses | -232 | -282 |
Fair market value, In Loss Position Greater than12 months | 2,597 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -29 | 0 |
Fair market value, Total | 10,897 | 9,918 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | -261 | -282 |
Mortgage backed securities | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 0 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Unrealized Losses | 0 | |
Fair market value, In Loss Position Greater than12 months | 51 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -3 | |
Fair market value, Total | 51 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | -3 | |
Equity | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 5,594 | 954 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Unrealized Losses | -739 | -152 |
Fair market value, In Loss Position Greater than12 months | 53 | 626 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -44 | -85 |
Fair market value, Total | 5,647 | 1,580 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | -783 | -237 |
Equity and other | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 4,204 | 314 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Unrealized Losses | -180 | -13 |
Fair market value, In Loss Position Greater than12 months | 6 | 195 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -1 | -9 |
Fair market value, Total | 4,210 | 509 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | -181 | -22 |
Fixed income | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 888 | 865 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Unrealized Losses | -19 | -43 |
Fair market value, In Loss Position Greater than12 months | 1,026 | 1,420 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -53 | -136 |
Fair market value, Total | 1,914 | 2,285 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | -72 | -179 |
Other investments | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 0 | 0 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Unrealized Losses | 0 | 0 |
Fair market value, In Loss Position Greater than12 months | 42 | 44 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -29 | -26 |
Fair market value, Total | 42 | 44 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | ($29) | ($26) |
Preneed_Trust_Investments_Pren4
Preneed Trust Investments (Preneed funeral trust investment security transactions) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Impairment charge for other-than-temporary declines in fair value | $400,000 | ||||
Investment income | 4,713,000 | 4,063,000 | 5,612,000 | ||
Increase in deferred preneed cemetery receipts held in trust | -5,825,000 | -5,574,000 | -6,812,000 | ||
Preneed Funeral Trust Investments | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Impairment charge for other-than-temporary declines in fair value | 0 | 100,000 | |||
Investment income | 3,065,000 | 3,190,000 | 3,952,000 | ||
Realized gains | 7,184,000 | 7,957,000 | 4,406,000 | ||
Realized losses | -2,313,000 | -5,743,000 | -2,536,000 | ||
Expenses and taxes | -1,470,000 | -1,669,000 | -1,550,000 | ||
Increase in deferred preneed cemetery receipts held in trust | ($6,466,000) | ($3,735,000) | ($4,272,000) |
Preneed_Trust_Investments_Purc1
Preneed Trust Investments (Purchases and sales of investments in preneed funeral trusts) (Details) (Preneed Funeral Trust Investments, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Preneed Funeral Trust Investments | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Purchases | ($57,297) | ($38,592) | ($72,424) |
Sales | $60,352 | $39,853 | $72,639 |
Preneed_Cemetery_Receivables_N
Preneed Cemetery Receivables (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Preneed Cemetery Receivables [Abstract] | ||
Term of sales contract for cemetery interment rights, maximum (in years) | 5 years | |
Balance of receivables for preneed cemetery interment rights | $24.50 | $21.30 |
Balance of receivables for preneed cemetery interment related products and services | 9.4 | 8.3 |
Amount of receivables for preneed cemetery interment rights and related products and services presented in accounts receivables | 10.6 | 9.9 |
Amount of receivables for preneed cemetery interment rights and related products and services presented in preneed receivables | 23.3 | 19.7 |
Unearned Finance Charges Included In Receivables | $4.60 | $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) | 7.00% |
Preneed_Cemetery_Receivables_P
Preneed Cemetery Receivables (Preneed cemetery receivables) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Provision for losses on accounts receivable | $2,877 | $2,005 | $2,589 |
Assets Held for Sale Reclassification | 0 | -57 | |
Preneed Cemetery Receivables | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning balance | 1,347 | 1,903 | |
Write-offs and cancellations | -1,172 | -1,727 | |
Provision for losses on accounts receivable | 1,965 | 1,228 | |
Ending balance | $2,140 | $1,347 |
Preneed_Cemetery_Receivables_A
Preneed Cemetery Receivables (Aging of past due financing receivables) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
31-60 days Past Due | $1,052 | $1,250 |
61-90 days Past Due | 611 | 563 |
91-120 days Past Due | 366 | 351 |
More than 120 days Past Due | 2,159 | 954 |
Total Past Due | 4,188 | 3,118 |
Current | 29,727 | 26,518 |
Total Financing Receivables | 33,915 | 29,636 |
Recognized Revenue | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
31-60 days Past Due | 756 | 895 |
61-90 days Past Due | 407 | 372 |
91-120 days Past Due | 250 | 266 |
More than 120 days Past Due | 1,439 | 683 |
Total Past Due | 2,852 | 2,216 |
Current | 21,394 | 18,628 |
Total Financing Receivables | 24,246 | 20,844 |
Deferred Revenue | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
31-60 days Past Due | 296 | 355 |
61-90 days Past Due | 204 | 191 |
91-120 days Past Due | 116 | 85 |
More than 120 days Past Due | 720 | 271 |
Total Past Due | 1,336 | 902 |
Current | 8,333 | 7,890 |
Total Financing Receivables | $9,669 | $8,792 |
Receivables_from_Preneed_Trust2
Receivables from Preneed Trusts (Receivables from preneed funeral trust funds) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables From Preneed Trusts [Abstract] | ||
Preneed trust funds, at cost | $13,205 | $11,511 |
Less: allowance for contract cancellation | -396 | -345 |
Receivables from preneed funeral trusts | $12,809 | $11,166 |
Receivables_from_Preneed_Trust3
Receivables from Preneed Trusts Receivables from Preneed Trusts (Composition of Asset Held in Trusts) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Historical Cost Basis | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | $13,205 | $11,511 |
Historical Cost Basis | Cash and Cash Equivalents | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 2,834 | 2,657 |
Historical Cost Basis | Fixed Income Investments | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 7,880 | 6,344 |
Historical Cost Basis | Mutual Funds And Common Stocks | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 2,467 | 2,484 |
Historical Cost Basis | Annuities | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 24 | 26 |
Fair Value | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 13,337 | 11,599 |
Fair Value | Cash and Cash Equivalents | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 2,834 | 2,657 |
Fair Value | Fixed Income Investments | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 7,893 | 6,355 |
Fair Value | Mutual Funds And Common Stocks | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | 2,586 | 2,561 |
Fair Value | Annuities | ||
Investment Holdings [Line Items] | ||
Assets Held-in-trust | $24 | $26 |
Contracts_Secured_by_Insurance1
Contracts Secured by Insurance (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Contracts Secured by Insurance [Abstract] | ||
Preneed funeral contracts secured by insurance | $313 | $289.90 |
Cemetery_Perpetual_Care_Trust_2
Cemetery Perpetual Care Trust Investments (The Components of Care trusts' corpus) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Impairment charge for other-than-temporary declines in fair value | $400,000 | ||
Care trusts’ corpus | 41,893,000 | 48,142,000 | |
Perpetual Care Trust Invesments | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Impairment charge for other-than-temporary declines in fair value | 100,000 | 0 | |
Trust assets, at market value | 42,342,000 | 48,670,000 | |
Obligations due from trust | -449,000 | -528,000 | |
Care trusts’ corpus | $41,893,000 | $48,142,000 |
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 | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Impairment charge for other-than-temporary declines in fair value | $400,000 | ||
Perpetual Care Trust Invesments | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cemetery perpetual care investments | -42,342,000 | -48,670,000 | |
Market value as a percentage of cost | 102.00% | 99.00% | |
Impairment charge for other-than-temporary declines in fair value | 100,000 | 0 | |
Perpetual Care Trust Invesments | Cash and money market accounts | Fair Value, Level 1 | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 973,000 | 3,206,000 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | 0 | 0 | |
Fair Market Value | 973,000 | 3,206,000 | |
Perpetual Care Trust Invesments | Municipal bonds | Fair Value, Inputs, Level 2 [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 229,000 | ||
Unrealized Gains | 5,000 | ||
Unrealized Losses | 0 | ||
Fair Market Value | 234,000 | ||
Perpetual Care Trust Invesments | Foreign debt | Fair Value, Inputs, Level 2 [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 2,062,000 | 3,871,000 | |
Unrealized Gains | 87,000 | 0 | |
Unrealized Losses | -2,000 | -156,000 | |
Fair Market Value | 2,147,000 | 3,715,000 | |
Perpetual Care Trust Invesments | Corporate debt | Fair Value, Inputs, Level 2 [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 19,773,000 | 19,911,000 | |
Unrealized Gains | 236,000 | 248,000 | |
Unrealized Losses | -691,000 | -1,428,000 | |
Fair Market Value | 19,318,000 | 18,731,000 | |
Perpetual Care Trust Invesments | Preferred stock | Fair Value, Inputs, Level 2 [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 10,668,000 | 12,694,000 | |
Unrealized Gains | 110,000 | 137,000 | |
Unrealized Losses | -165,000 | -214,000 | |
Fair Market Value | 10,613,000 | 12,617,000 | |
Perpetual Care Trust Invesments | Common stock | Fair Value, Level 1 | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 7,539,000 | 8,747,000 | |
Unrealized Gains | 1,417,000 | 1,568,000 | |
Unrealized Losses | -178,000 | -653,000 | |
Fair Market Value | 8,778,000 | 9,662,000 | |
Perpetual Care Trust Invesments | Trust securities | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 41,015,000 | 48,658,000 | |
Unrealized Gains | 1,850,000 | 1,958,000 | |
Unrealized Losses | -1,036,000 | -2,451,000 | |
Fair Market Value | 41,829,000 | 48,165,000 | |
Perpetual Care Trust Invesments | Accrued investment income | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 513,000 | 505,000 | |
Fair Market Value | $513,000 | $505,000 |
Cemetery_Perpetual_Care_Trust_4
Cemetery Perpetual Care Trust Investments Cemetery Perpetual Care Trust Investments (Unrealized losses on perpetual care trust investments) (Details) (Perpetual Care Trust Invesments, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | $27,093 | $13,953 |
Unrealized Losses, In Loss Position Less than12 months | -1,476 | -613 |
Fair market value, In Loss Position Greater than12 months | 3,505 | 932 |
Unrealized Losses, In Loss Position Greater than12 months | -975 | -423 |
Fair market value, Total | 30,598 | 14,885 |
Unrealized Losses, Total | 2,451 | 1,036 |
Foreign debt | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 3,716 | 478 |
Unrealized Losses, In Loss Position Less than12 months | -156 | -2 |
Fair market value, In Loss Position Greater than12 months | 0 | 0 |
Unrealized Losses, In Loss Position Greater than12 months | 0 | 0 |
Fair market value, Total | 3,716 | 478 |
Unrealized Losses, Total | 156 | 2 |
Corporate debt | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 11,893 | 6,948 |
Unrealized Losses, In Loss Position Less than12 months | -513 | -332 |
Fair market value, In Loss Position Greater than12 months | 1,328 | 462 |
Unrealized Losses, In Loss Position Greater than12 months | -915 | -359 |
Fair market value, Total | 13,221 | 7,410 |
Unrealized Losses, Total | 1,428 | 691 |
Preferred stock | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 5,811 | |
Unrealized Losses, In Loss Position Less than12 months | -165 | |
Fair market value, In Loss Position Greater than12 months | 0 | |
Unrealized Losses, In Loss Position Greater than12 months | 0 | |
Fair market value, Total | 5,811 | |
Unrealized Losses, Total | 165 | |
Preferred stock | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 6,821 | |
Unrealized Losses, In Loss Position Less than12 months | -191 | |
Fair market value, In Loss Position Greater than12 months | 2,133 | |
Unrealized Losses, In Loss Position Greater than12 months | -23 | |
Fair market value, Total | 8,954 | |
Unrealized Losses, Total | 214 | |
Common stock | ||
Gain (Loss) on Investments [Line Items] | ||
Fair market value, In Loss Position Less than12 months | 4,663 | 716 |
Unrealized Losses, In Loss Position Less than12 months | -616 | -114 |
Fair market value, In Loss Position Greater than12 months | 44 | 470 |
Unrealized Losses, In Loss Position Greater than12 months | -37 | -64 |
Fair market value, Total | 4,707 | 1,186 |
Unrealized Losses, Total | $653 | $178 |
Cemetery_Perpetual_Care_Trust_5
Cemetery Perpetual Care Trust Investments (Estimated maturities of fixed perpetual care trust income securities) (Details) (Perpetual Care Trust Invesments, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Perpetual Care Trust Invesments | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Due in one year or less | $0 |
Due in one to five years | 3,801 |
Due in five to ten years | 4,980 |
Thereafter | 26,516 |
Total | $35,297 |
Cemetery_Perpetual_Care_Trust_6
Cemetery Perpetual Care Trust Investments (Perpetual care trust investment security transactions recorded in interest income and other, net) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Increase in deferred preneed cemetery receipts held in trust | ($5,825) | ($5,574) | ($6,812) |
Perpetual Care Trust Invesments | Other Interest Income | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Realized gains | -3,468 | -2,172 | -5,664 |
Realized losses | -1,748 | -542 | -1,707 |
Increase in deferred preneed cemetery receipts held in trust | ($1,720) | ($1,630) | ($3,957) |
Cemetery_Perpetual_Care_Trust_7
Cemetery Perpetual Care Trust Investments (Perpetual care trust investment security transactions recorded in Cemetery revenue) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cemetery Perpetual Care Trust Investments [Abstract] | |||
Investment income | $4,713 | $4,063 | $5,612 |
Realized gains, net | 1,112 | 1,511 | 1,200 |
Increase in Care trusts’ corpus | $5,825 | $5,574 | $6,812 |
Cemetery_Perpetual_Care_Trust_8
Cemetery Perpetual Care Trust Investments (Purchases and sales of investments in perpetual care trusts) (Details) (Perpetual Care Trust Invesments, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Perpetual Care Trust Invesments | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Purchases | ($38,413) | ($27,719) | ($82,793) |
Sales | $35,402 | $28,261 | $83,060 |
Deferred_Charges_and_Other_Non2
Deferred Charges and Other Non-Current Assets Deferred Charges and Other Non-Current Assets (Details) (USD $) | 1 Months Ended | 0 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 19, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Costs and Other Noncurrent Assets [Abstract] | |||||
Loan issuance and origination costs, net of accumulated amortization | $1,870,000 | $2,602,000 | |||
Accumulated amortization of loan issuance and origination costs | 2,809,000 | 1,252,000 | |||
Tradenames | 7,660,000 | 5,430,000 | |||
Other | 323,000 | 0 | |||
Deferred charges and other non-current assets | 14,264,000 | 12,280,000 | |||
Adjustments | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Increases to tradenames following acquisition | -3,918,000 | ||||
Convertible junior subordinated debenture | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Write off of deferred loan costs | 2,900,000 | ||||
Deferred Costs and Other Noncurrent Assets [Abstract] | |||||
Loan issuance and origination costs, net of accumulated amortization | 0 | 2,949,000 | |||
Accumulated amortization of loan issuance and origination costs | 0 | 1,095,000 | |||
Convertible subordinated notes | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Debt instrument, term | 7 years | 7 years | |||
Deferred Costs and Other Noncurrent Assets [Abstract] | |||||
Loan issuance and origination costs, net of accumulated amortization | 3,252,000 | 0 | |||
Accumulated amortization of loan issuance and origination costs | 375,000 | 0 | |||
Noncompete Agreements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | 348,602 | 79,207 | 98,849 | ||
Deferred Costs and Other Noncurrent Assets [Abstract] | |||||
Prepaid agreements not to compete, net of accumulated amortization of $4,807 and $5,105, respectively | 1,159,000 | 1,299,000 | |||
Accumulated amortization of intangible assets | 5,105,000 | 4,807,000 | |||
Noncompete Agreements | Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Term of agreements not to compete | 1 year | ||||
Noncompete Agreements | Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Term of agreements not to compete | 10 years | ||||
Trade Names [Member] | |||||
Deferred Costs and Other Noncurrent Assets [Abstract] | |||||
Increase (Decrease) in Deferred Charges | $2,200,000 |
LongTerm_Debt_LongTerm_Debt_Se
Long-Term Debt Long-Term Debt (Senior long-term debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Principal amount | $162,017 | |
Less: current portion | -9,630 | -13,224 |
Total long-term debt | 152,387 | 142,542 |
Notes payable, other | Acquisition Debt | ||
Debt Instrument [Line Items] | ||
Principal amount | 1,205 | 1,866 |
Revolving Credit Facility | Line of Credit | Revolving Credit Facility, Secured, Floating Rate | ||
Debt Instrument [Line Items] | ||
Principal amount | 40,500 | 36,900 |
Credit Facility, Term Note | Notes payable, other | ||
Debt Instrument [Line Items] | ||
Principal amount | $120,312 | $117,000 |
LongTerm_Debt_LongTerm_Debt_Na
Long-Term Debt Long-Term Debt (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | |||
Apr. 14, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 13, 2014 | Feb. 27, 2014 | |
Debt Instrument [Line Items] | ||||||
Line of credit facility, current borrowing capacity | $325,000,000 | |||||
Principal amount | 162,017,000 | |||||
Revolving credit facility | 40,500,000 | 36,900,000 | ||||
Periodic principal payments, term | 2 years | |||||
Ratio of indebtedness to net capital (in ratio) | 2.7 | |||||
Gain (loss) on write-off of unamortized loan costs | 1,000,000 | |||||
Debt compliance, required minimum fixed charge ratio | 1.2 | |||||
Ratio of earnings to fixed cost obligations (in ratio) | 2.74 | |||||
Before June 29, 2014 | ||||||
Debt Instrument [Line Items] | ||||||
Debt compliance, required maximum leverage ratio | 3.75 | |||||
After June 29, 2013 | ||||||
Debt Instrument [Line Items] | ||||||
Debt compliance, required maximum leverage ratio | 3.5 | |||||
Term Number One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Periodic principal repayment (percent) | 7.50% | |||||
Term Number Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Periodic principal repayment (percent) | 10.00% | |||||
Term Number Three [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Periodic principal repayment (percent) | 12.50% | |||||
Line of Credit | Prime Rate Option | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate (in percent) | 1.50% | |||||
Line of Credit | LIBOR Margin Option | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate (in percent) | 2.50% | |||||
Deferred Purchase Price Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate (in percent) | 0.00% | |||||
Deferred Purchase Price Notes [Member] | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate (in percent) | 7.00% | |||||
Deferred purchase price notes payable to sellers of acquired entities, discounted imputed interest rate (in Percent) | 9.50% | |||||
Debt instrument, term | 5 years | |||||
Deferred Purchase Price Notes [Member] | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate (in percent) | 11.00% | |||||
Deferred purchase price notes payable to sellers of acquired entities, discounted imputed interest rate (in Percent) | 11.00% | |||||
Debt instrument, term | 20 years | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, current borrowing capacity | 200,000,000 | |||||
Line of credit facility, potential increase to borrowing capacity | 50,000,000 | |||||
Maximum borrowing capacity | 125,000,000 | |||||
Revolving Credit Facility | Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 150,000,000 | |||||
Credit Facility, Term Note | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, current borrowing capacity | $125,000,000 | |||||
Line of credit facility, weighted average interest rate | 2.80% |
LongTerm_Debt_LongTerm_Debt_Ag
Long-Term Debt Long-Term Debt (Aggregate Maturities) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $9,630 |
2016 | 11,137 |
2017 | 12,632 |
2018 | 14,240 |
2019 | 114,041 |
2020 and thereafter | 337 |
Carrying value of the liability component | $162,017 |
Convertible_Subordinated_Notes2
Convertible Subordinated Notes (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 19, 2014 | |
component | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $162,017,000 | ||||
Debt Instrument, Maturity Date | 15-Mar-21 | ||||
Payment of debt issuance costs | 4,650,000 | 0 | 0 | ||
Deferred tax liability | 1,448,000 | 1,447,000 | |||
Amortization of debt issuance costs | 908,000 | 362,000 | 685,000 | ||
Convertible subordinated notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 143,750,000 | ||||
Principal amount | 143,750,000 | ||||
Debt instrument interest rate (in percent) | 2.75% | ||||
Debt conversion (shares per $1,000) | 44.3169 | ||||
Debt conversion, base amount | 1,000 | ||||
Debt conversion (in dollars per share) | $22.56 | ||||
Debt redemption price (percent) | 100.00% | ||||
Payment of debt issuance costs | 4,700,000 | ||||
Debt instrument, term | 7 years | 7 years | |||
Number of recognition components, convertible debt | 2 | ||||
Deferred tax liability | 12,700,000 | ||||
Long-term debt, fair value | 156,000,000 | ||||
Interest expense | 3,100,000 | ||||
Amortization of debt issuance costs | 375,000 | ||||
Accretion of discount | $2,500,000 | ||||
Remaining discount amortization period | 74 months | ||||
Effective interest rate (percent) | 6.75% |
Convertible_Subordinated_Notes3
Convertible Subordinated Notes Convertible Subordinated Notes (Liability and Equity Components) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | |
Principal amount | $162,017 |
Unamortized discount of liability component | -29,208 |
Convertible subordinated notes | |
Debt Instrument [Line Items] | |
Principal amount | 143,750 |
Unamortized discount of liability component | -29,208 |
Carrying value of the liability component | 114,542 |
Equity component carrying value | $17,973 |
Convertible_Subordinated_Notes4
Convertible Subordinated Notes (5 Year Maturity For Convertible Subordinated Notes) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | |
Principal Maturity, 2015 | $9,630 |
Principal Maturity, 2016 | 11,137 |
Principal Maturity, 2017 | 12,632 |
Principal Maturity, 2018 | 14,240 |
Principal Maturity, 2019 | 114,041 |
Principal Maturity, 2020 and thereafter | 337 |
Carrying value of the liability component | 162,017 |
Discount Amortization, 2015 | -3,455 |
Discount Amortization, 2016 | -3,867 |
Discount Amortization, 2017 | -4,328 |
Discount Amortization, 2018 | -4,844 |
Discount Amortization, 2019 | -5,422 |
Discount Amortization, 2020 and thereafter | -7,292 |
Discount Amortization, Total | -29,208 |
Convertible subordinated notes | |
Debt Instrument [Line Items] | |
Principal Maturity, 2015 | 0 |
Principal Maturity, 2016 | 0 |
Principal Maturity, 2017 | 0 |
Principal Maturity, 2018 | 0 |
Principal Maturity, 2019 | 0 |
Principal Maturity, 2020 and thereafter | 143,750 |
Carrying value of the liability component | 143,750 |
Discount Amortization, Total | -29,208 |
Present Value, 2015 | -3,455 |
Present Value, 2016 | -3,867 |
Present Value, 2017 | -4,328 |
Present Value, 2018 | -4,844 |
Present Value, 2019 | -5,422 |
Present Value, 2020 and thereafter | 136,458 |
Carrying value of the liability component | $114,542 |
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 $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 1999 | Mar. 31, 2014 | Mar. 17, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Proceeds from the issuance of convertible subordinated notes | $143,750,000 | $0 | $0 | |||
Convertible junior subordinated debentures due in 2029 to an affiliate | 0 | 89,770,000 | ||||
Convertible preferred securities | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Rate of accumulation of deferred distributions | 7.00% | |||||
Carriage Services Capital Trust | Convertible junior subordinated debenture | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Debt instrument interest rate (in percent) | 7.00% | |||||
Debt instrument, face amount | 93,750,000 | |||||
Convertible junior subordinated debentures due in 2029 to an affiliate | 27,900,000 | 89,770,000 | ||||
Redemption price (dollars per principal base) | 50 | |||||
Redemption price, principal base | 50 | |||||
Repayments of long-term debt | 61,900,000 | |||||
Repayment of long-term debt, call premium | 900,000 | |||||
Carriage Services Capital Trust | Convertible preferred securities | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Shares issued (in shares) | 1,875,000 | |||||
Proceeds from the issuance of convertible subordinated notes | 90,000,000 | |||||
Liquidation value per share (in dollars per share) | $50 | |||||
Equivalent conversion price | $20.44 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 17, 2007 | Apr. 30, 2009 | Dec. 31, 2010 | |
plaintiffs | defendants | |||||
Loss Contingencies [Line Items] | ||||||
Rent expense | $6,441,000 | $6,609,000 | $5,897,000 | |||
Assets aquired under capital leases | 3,100,000 | 1,100,000 | ||||
Agreements, Future Payments, Due in One Year | 5,212,000 | |||||
Agreements, Future Payments, Due in Two Years | 3,749,000 | |||||
Agreements, Future Payments, Due in Three Years | 3,305,000 | |||||
Agreements, Future Payments, Due in Four Years | 1,317,000 | |||||
Agreements, Future Payments, Due in Five Years | 659,000 | |||||
Agreements, Future Payments, Due Thereafter | 1,080,000 | |||||
Matching contributions and plan administrative expenses | 1,600,000 | 1,400,000 | 1,200,000 | |||
Cemetery business and accounting services expense | 1,900,000 | 1,900,000 | 1,100,000 | |||
Cemetery Business And Accounting Services Expense Paid | 1,000,000 | 1,000,000 | 1,600,000 | |||
Punative class action | Leatherman versus Grandview Memorial Gardens Inc | ||||||
Loss Contingencies [Line Items] | ||||||
Number of plaintiffs | 5 | |||||
Number of defendants | 2 | |||||
Number of days to retain new counsel (in days) | 60 days | |||||
Noncompete Agreements | ||||||
Loss Contingencies [Line Items] | ||||||
Agreements, Future Payments, Due in One Year | 1,534,000 | |||||
Agreements, Future Payments, Due in Two Years | 1,199,000 | |||||
Agreements, Future Payments, Due in Three Years | 825,000 | |||||
Agreements, Future Payments, Due in Four Years | 552,000 | |||||
Agreements, Future Payments, Due in Five Years | 356,000 | |||||
Agreements, Future Payments, Due Thereafter | 625,000 | |||||
Consulting Agreement | ||||||
Loss Contingencies [Line Items] | ||||||
Agreements, Future Payments, Due in One Year | 1,173,000 | |||||
Agreements, Future Payments, Due in Two Years | 835,000 | |||||
Agreements, Future Payments, Due in Three Years | 765,000 | |||||
Agreements, Future Payments, Due in Four Years | 474,000 | |||||
Agreements, Future Payments, Due in Five Years | 303,000 | |||||
Agreements, Future Payments, Due Thereafter | 455,000 | |||||
Employment Agreement | ||||||
Loss Contingencies [Line Items] | ||||||
Agreements, Future Payments, Due in One Year | 2,505,000 | |||||
Agreements, Future Payments, Due in Two Years | 1,715,000 | |||||
Agreements, Future Payments, Due in Three Years | 1,715,000 | |||||
Agreements, Future Payments, Due in Four Years | 291,000 | |||||
Agreements, Future Payments, Due in Five Years | 0 | |||||
Agreements, Future Payments, Due Thereafter | $0 | |||||
Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Agreements, Term of Contract | 1 year | |||||
Minimum | Noncompete Agreements | ||||||
Loss Contingencies [Line Items] | ||||||
Agreements, Term of Contract | 1 year | |||||
Minimum | Consulting Agreement | ||||||
Loss Contingencies [Line Items] | ||||||
Agreements, Term of Contract | 1 year | |||||
Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Agreements, Term of Contract | 15 years | |||||
Maximum | Noncompete Agreements | ||||||
Loss Contingencies [Line Items] | ||||||
Agreements, Term of Contract | 10 years | |||||
Maximum | Consulting Agreement | ||||||
Loss Contingencies [Line Items] | ||||||
Agreements, Term of Contract | 10 years |
Commitments_and_Contingencies_2
Commitments and Contingencies Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2013 | $4,447 | |
2014 | 3,076 | |
2015 | 2,801 | |
2016 | 1,904 | |
2017 | 1,676 | |
Thereafter | 2,589 | |
Total future minimum lease payments | 16,493 | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2013 | 476 | |
2014 | 477 | |
2015 | 483 | |
2016 | 421 | |
2017 | 388 | |
Thereafter | 3,663 | |
Total future minimum lease payments | 5,908 | |
Less: amount representing interest (rates ranging from 7% to 11.5%) | -2,605 | |
Less: current portion of obligations under capital leases | -205 | |
Long-term obligations under capital leases | $3,098 | $3,786 |
Capital Lease Obligations | Minimum | ||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Future Minimum Lease Payments Interest Rate | 7.00% | |
Capital Lease Obligations | Maximum | ||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Future Minimum Lease Payments Interest Rate | 11.50% |
Commitments_and_Contingencies_3
Commitments and Contingencies Commitments and Contingencies (Non-Compete, Consulting and Employment Agreements) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Other Commitments [Line Items] | |
Other Commitment, Due in Next Twelve Months | $5,212 |
Other Commitment, Due in Second Year | 3,749 |
Other Commitment, Due in Third Year | 3,305 |
Other Commitment, Due in Fourth Year | 1,317 |
Other Commitment, Due in Fifth Year | 659 |
Other Commitment, Due after Fifth Year | 1,080 |
Other Commitment | 15,322 |
Noncompete Agreements [Member] | |
Other Commitments [Line Items] | |
Other Commitment, Due in Next Twelve Months | 1,534 |
Other Commitment, Due in Second Year | 1,199 |
Other Commitment, Due in Third Year | 825 |
Other Commitment, Due in Fourth Year | 552 |
Other Commitment, Due in Fifth Year | 356 |
Other Commitment, Due after Fifth Year | 625 |
Other Commitment | 5,091 |
Consulting Agreement [Member] | |
Other Commitments [Line Items] | |
Other Commitment, Due in Next Twelve Months | 1,173 |
Other Commitment, Due in Second Year | 835 |
Other Commitment, Due in Third Year | 765 |
Other Commitment, Due in Fourth Year | 474 |
Other Commitment, Due in Fifth Year | 303 |
Other Commitment, Due after Fifth Year | 455 |
Other Commitment | 4,005 |
Employment Agreement [Member] | |
Other Commitments [Line Items] | |
Other Commitment, Due in Next Twelve Months | 2,505 |
Other Commitment, Due in Second Year | 1,715 |
Other Commitment, Due in Third Year | 1,715 |
Other Commitment, Due in Fourth Year | 291 |
Other Commitment, Due in Fifth Year | 0 |
Other Commitment, Due after Fifth Year | 0 |
Other Commitment | $6,226 |
Income_Taxes_Income_Taxes_Prov
Income Taxes Income Taxes (Provision of Income Taxes from Continuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U. S. federal provision (benefit) | $1,188 | ($672) | $3,340 |
State provision (benefit) | 772 | -522 | -40 |
Total current provision (benefit) | 1,960 | -1,194 | 3,300 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U. S. federal provision | 5,117 | 8,708 | 3,885 |
State provision (benefit) | 178 | 1,731 | -391 |
Total deferred provision | 5,295 | 10,439 | 3,494 |
Total income tax provision | $7,255 | $9,245 | $6,794 |
Income_Taxes_Income_Taxes_Sche
Income Taxes Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | $7,719 | $8,284 | $5,818 |
Federal statutory rate (as a percent) | 34.00% | 34.00% | 34.00% |
Effect of state income taxes, net of federal benefit | 831 | 1,462 | 616 |
Effect of state income taxes, net of federal benefit (as a percent) | 3.70% | 6.00% | 3.60% |
Effect of non-deductible expenses and other, net | 583 | -633 | 1,266 |
Effectof non-deductible expenses and other, net (as a percent) | 2.60% | -2.60% | 7.40% |
Change in valuation allowance | -138 | 132 | -906 |
Change in valuation allowance (as a percent) | -0.60% | 0.50% | -5.30% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | -1,740 | 0 | 0 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | -7.70% | 0.00% | 0.00% |
Income tax expense (benefit) (as a percent) | 32.00% | 37.90% | 39.70% |
Total income tax provision | $7,255 | $9,245 | $6,794 |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ||
Net operating loss carryforwards | $2,735 | $6,404 |
Tax credit carryforwards | 127 | 788 |
State bonus depreciation | 1,513 | 1,254 |
Accrued liabilities and other | 9,115 | 6,892 |
Amortization of non-compete agreements | 815 | 674 |
Preneed liabilities, net | 9,935 | 11,654 |
Total deferred income tax assets | 24,240 | 27,666 |
Less valuation allowance | -330 | -468 |
Total deferred income tax assets | 23,910 | 27,198 |
Deferred income tax liabilities: | ||
Amortization and depreciation | -43,441 | -34,887 |
Deferred Tax Liabilities, Convertible Subordinated Notes | -11,685 | 0 |
Prepaids and other | -1,448 | -1,447 |
Total deferred income tax liabilities | -56,574 | -36,334 |
Total net deferred tax liabilities | -32,664 | -9,136 |
Current deferred tax asset | 3,750 | 2,779 |
Non-current deferred tax liabilities | ($36,414) | ($11,915) |
Income_Taxes_Schedule_of_Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Interest accrued on unrecognized tax benefits | $0 | $506 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefit at beginning of year | 7,832 | 7,747 | 7,617 |
Reductions based on tax positions related to the prior year | 0 | -93 | -259 |
Unrecognized tax benefit, reductions for tax year 2011 federal audit | -7,310 | 0 | 0 |
Additions based on tax positions related to the current year | 0 | 209 | 389 |
Reductions as a result of a lapse of the applicable statute of limitations | -7 | -31 | 0 |
Unrecognized tax benefit at end of year | $515 | $7,832 | $7,747 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized tax benefits, decrease resulting from settlements with taxing authorities | $7,300,000 | |||
Increase in income tax benefit | -1,700,000 | |||
Unrecognized tax benefits, increase resulting from settlements with taxing authorities | 5,600,000 | |||
Unrecognized tax benefits, decrease to interest on income tax expense | 600,000 | |||
Change in valuation allowance | 138,000 | |||
Unrecognized tax benefits | 515,000 | 7,832,000 | 7,747,000 | 7,617,000 |
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 57,100,000 | |||
Federal | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income tax deductions | $1,600,000 |
Stockholders_Equity_Stockholde1
Stockholders' Equity Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Jun. 30, 2013 | Jan. 03, 2014 | Sep. 30, 2012 | 21-May-14 | Mar. 05, 2012 | 23-May-12 | 22-May-12 | |
dividend | D | director | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of shares authorized under stock based compensation plans | 5,000,000 | 2,850,000 | |||||||||||||
Stock options awarded (in shares) | 804,000 | 563,000 | 96,000 | ||||||||||||
Grants, weighted average exercise price | $20.20 | $16.73 | $5.94 | ||||||||||||
Shares purchased through Employee Stock Purchase Plan (in shares) | 55,877 | 76,272 | 100,620 | ||||||||||||
Weighted average purchase price of ESPP shares purchased during the period (in dollars per share) | $15.50 | $11.89 | $4.92 | ||||||||||||
Payments for buy back of common stock | $0 | $0 | $4,531,000 | ||||||||||||
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 | ||||||||||||||
Number of quarterly dividend declarations | 4 | ||||||||||||||
Dividends declared per share (in dollars per share) | $0.03 | $0.03 | $0.03 | $0.03 | $0.10 | $0.10 | $0.10 | ||||||||
Dividends declared, common stock, amount | 1,800,000 | ||||||||||||||
Employee Stock Option | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock options awarded (in shares) | 15,000 | 6,000 | 457,700 | 562,500 | 96,283 | ||||||||||
Grants, weighted average exercise price | $18.86 | $17 | $20.26 | ||||||||||||
Incremental award vesting percentage | 25.00% | 25.00% | 33.33% | ||||||||||||
Award vesting period (in years) | 4 years | 4 years | 3 years | ||||||||||||
Stock option, contracted term | 6 years | 6 years | 5 years | ||||||||||||
Value of stock options granted | 100,000 | 100,000 | 3,900,000 | 2,300,000 | 200,000 | ||||||||||
Intrinsic value of outstanding stock options | 5,365,000 | 5,365,000 | |||||||||||||
Intrinsic value of exercisable stock options | 3,287,000 | 3,287,000 | |||||||||||||
Total intrinsic value of options exercised | 1,000,000 | 500,000 | 260,000 | ||||||||||||
Total fair value of stock options vested | 752,000 | 224,000 | 142,000 | ||||||||||||
Share based compensation expense | 1,594,000 | 797,000 | 218,000 | ||||||||||||
Unrecognized share based compensation cost | 3,400,000 | 3,400,000 | |||||||||||||
Unrecognized share based compensation, expected term (in years) | 2 years | ||||||||||||||
Employee Stock Option | Maximum | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Contractual term of all options granted | 10 years | ||||||||||||||
Employee Stock Option | Minimum | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Contractual term of all options granted | 5 years | ||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share based compensation expense | 260,000 | 277,000 | 135,000 | ||||||||||||
Purchase price percentage of grant date price per share (as a percent) | 85.00% | ||||||||||||||
Restricted Stock | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share based compensation expense | 1,800,000 | 1,700,000 | 1,400,000 | ||||||||||||
Unrecognized share based compensation cost | 5,300,000 | 5,300,000 | |||||||||||||
Unrecognized share based compensation, expected term (in years) | 2 years 2 months 12 days | ||||||||||||||
Restricted Stock | Maximum | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Award vesting period (in years) | 4 years | ||||||||||||||
Vesting percentage per period | 33.33% | ||||||||||||||
Restricted Stock | Minimum | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Award vesting period (in years) | 3 years | ||||||||||||||
Vesting percentage per period | 25.00% | ||||||||||||||
Restricted Stock Units (RSUs) | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Award vesting period (in years) | 4 years | ||||||||||||||
Awards granted | 200,000 | 200,000 | |||||||||||||
Awards granted, aggregate grant date market value | 4,100,000 | ||||||||||||||
Performance Shares | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Performance-based stock awards, purchase price, variable option, basis spread over common stock market price (in dollars per share) | $0.50 | ||||||||||||||
Performance-based stock awards, purchase price, fixed option (in dollars per share) | $9 | ||||||||||||||
Performance-based stock awards, vesting requirement, common stock market price (in dollars per share) | $21.50 | ||||||||||||||
Performance-based stock awards, vesting requirement, common stock market price, days achieved | 3 | ||||||||||||||
Performance-based stock awards, vesting requirement, period to achieve common stock market price | 30 days | ||||||||||||||
Performance-based stock awards, surrender of awards, base repurchase price (in dollars per share) | $19 | ||||||||||||||
Payments for buy back of common stock | 16,200,000 | ||||||||||||||
Executives | Employee Stock Option | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock options awarded (in shares) | 300,000 | ||||||||||||||
Grants, weighted average exercise price | $20.49 | ||||||||||||||
Number of executives | 3 | ||||||||||||||
New Employee | Employee Stock Option | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock options awarded (in shares) | 25,000 | ||||||||||||||
Grants, weighted average exercise price | $17.21 | ||||||||||||||
Board of Directors | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Shares of common stock issued (in shares) | 13,233 | ||||||||||||||
Number of directors | 3 | ||||||||||||||
Directors compensation expense | 800,000 | ||||||||||||||
Board of Directors | Performance Shares | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Payments for buy back of common stock | 3,200,000 | ||||||||||||||
Audit Committee Chairman | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Director compensation, annual cash retainer | 17,500 | ||||||||||||||
Compensation And Corporate Governance Committee Chairman | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Director compensation, annual cash retainer | 15,000 | ||||||||||||||
Board of Directors Chairman | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Director compensation, annual cash retainer | 115,000 | ||||||||||||||
Director | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Director compensation, annual cash retainer | 40,000 | ||||||||||||||
Director compensation, annual equity retainer | $75,000 |
Stockholders_Equity_Stockholde2
Stockholders' Equity Stockholders' Equity (Status of stock based compensation plans) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding (in shares) | 1,381 | 766 | 312 | 321 |
2006 Amended and Restated Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares Reserved (in shares) | 5,000 | |||
Shares Available to Issue (in shares) | 1,498 | |||
Options Outstanding (in shares) | 1,381 |
Stockholders_Equity_Stockholde3
Stockholders' Equity Stockholders' Equity (Assumptions using the Black-Scholes option pricing model) (Details) (Employee Stock Option) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 0.50% | 0.60% | 1.70% |
Expected volatility | 33.34% | 33.63% | 60.09% |
Risk-free interest rate | 0.99% | 0.41% | 1.25% |
Expected life (years) | 3 years 8 months 12 days | 3 years 7 months 6 days | 3 years |
Stockholders_Equity_Stockholde4
Stockholders' Equity Stockholders' Equity (Summary of Options) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 766 | 312 | 321 |
Granted (in shares) | 804 | 563 | 96 |
Exercised (in shares) | -68 | -45 | -81 |
Canceled or expired (in shares) | -121 | -64 | -24 |
Outstanding at end of year (in shares) | 1,381 | 766 | 312 |
Exercisable at end of year (in shares) | 329 | 192 | 145 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding at beginning of period | $13.03 | $5.41 | $5.17 |
Granted | $20.20 | $16.73 | $5.94 |
Exercised | $5.47 | $5.33 | $4.90 |
Canceled or expired | $18.80 | $13.82 | $5.94 |
Outstanding at end of year | $17.07 | $13.03 | $5.41 |
Exercisable at end of year | $10.97 | $5.36 | $5.13 |
Stockholders_Equity_Stockholde5
Stockholders' Equity Stockholders' Equity (Outstanding stock options) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Range Of Exercise Prices, $4.78-5.94 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | $4.78 |
Exercise price range, upper range limit | $5.94 |
Number of outstanding options at end of year | 184,221 |
Weighted-average remaining contractual life, options outstanding | 6 years 2 months 8 days |
Weighted average exercise price, options outstanding | $5.47 |
Number of exercisable options at end of year | 167,900 |
Weighted average exercise price, options exercisable | $5.43 |
Range Of Exercise Prices, $16.73-17.21 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | $16.73 |
Exercise price range, upper range limit | $17.21 |
Number of outstanding options at end of year | 495,500 |
Weighted-average remaining contractual life, options outstanding | 8 years 18 days |
Weighted average exercise price, options outstanding | $16.76 |
Number of exercisable options at end of year | 161,499 |
Weighted average exercise price, options exercisable | $16.73 |
Range of Exercise Prices, $18.86-20.49 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | $18.86 |
Exercise price range, upper range limit | $20.49 |
Number of outstanding options at end of year | 701,700 |
Weighted-average remaining contractual life, options outstanding | 4 years 2 months 12 days |
Weighted average exercise price, options outstanding | $20.33 |
Number of exercisable options at end of year | 0 |
Weighted average exercise price, options exercisable | $0 |
Range of Exercise Prices, $4.78-20.49 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | $4.78 |
Exercise price range, upper range limit | $20.49 |
Number of outstanding options at end of year | 1,381,421 |
Weighted-average remaining contractual life, options outstanding | 5 years 10 months 2 days |
Weighted average exercise price, options outstanding | $17.07 |
Number of exercisable options at end of year | 329,399 |
Weighted average exercise price, options exercisable | $10.97 |
Stockholders_Equity_Stockholde6
Stockholders' Equity Stockholders' Equity (Four quarterly assumptions for fair value of the right (option) to purchase shares under ESPP) (Details) (Employee Stock Purchase Plan) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Purchase Plan | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Dividend yield | 0.60% | 0.60% | 1.70% | ||||||||||||
Expected volatility | 33.00% | 41.00% | 32.00% | ||||||||||||
Risk-free interest rate | 0.13% | 0.11% | 0.09% | 0.07% | 0.15% | 0.14% | 0.12% | 0.08% | 0.12% | 0.09% | 0.06% | 0.02% | |||
Expected life (years) | 1 year | 9 months | 6 months | 3 months | 1 year | 9 months | 6 months | 3 months | 1 year | 9 months | 6 months | 3 months |
Stockholders_Equity_Stockholde7
Stockholders' Equity Stockholders' Equity (Summary of unvested restricted stock awards) (Details) (Restricted Stock Units (RSUs), USD $) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2012 | Dec. 31, 2014 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested at beginning of year (in shares) | 323,000 | |
Awards (in shares) | 200,000 | 200,000 |
Vestings (in shares) | -172,000 | |
Cancellations (in shares) | -21,000 | |
Unvested at end of year (in shares) | 330,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Unvested at beginning of year | $8.64 | |
Awards | $20.42 | |
Vestings | $7.46 | |
Cancellations | $11.81 | |
Unvested at beginning of year | $16.20 |
Stockholders_Equity_Accumulate
Stockholders' Equity (Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Equity [Abstract] | |
Balance at December 31, 2013 | $0 |
Increase in net unrealized gains associated with available-for-sale securities of the trusts | -335 |
Reclassification of net unrealized gain activity attributable to the Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus’ | 335 |
Balance at December 31, 2014 | $0 |
Share_Repurchase_Program_Narra
Share Repurchase Program (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | 31-May-12 | Dec. 31, 2014 |
Class of Stock Disclosures [Abstract] | ||
Stock repurchase program, increase to authorized amount | $3 | |
Stock repurchase program total authorized amount | 8 | |
Number of shares of common stock repurchased by the company (in shares) | 812,800 | 0 |
Aggregate cost of common stock repurchased by the company | $5.30 |
Earnings_Per_Share_Earnings_Pe1
Earnings Per Share Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $5,367,000 | $4,232,000 | $4,565,000 | $3,883,000 | $1,631,000 | $1,908,000 | $3,576,000 | $5,404,000 | $15,446,000 | $15,120,000 | $10,317,000 |
Earnings Allocated to Unvested Restricted Stock | -295,000 | -314,000 | -361,000 | ||||||||
Income from Continuing Operations Less Earnings Allocated to Unvested Restricted Stock | 15,151,000 | 14,806,000 | 9,956,000 | ||||||||
Income from discontinued operations | 392,000 | 4,176,000 | 1,086,000 | ||||||||
Income attributable to discontinued operations | -8,000 | -85,000 | 0 | ||||||||
Income From Discontinued Operations Less Earnings Allocated to Unvested Restricted Stock | 384,000 | 4,091,000 | 1,086,000 | ||||||||
Discontinued operations | $0 | $3,454,000 | $0 | ||||||||
Adjustment for diluted earnings per share: | 0 | 3,454,000 | 0 | ||||||||
Income Attributable to Continuing Operations Diluted | 15,151,000 | 18,260,000 | 9,956,000 | ||||||||
Income Attributable to Discontinuing Operations Diluted | 384,000 | 4,091,000 | 1,086,000 | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 18,108 | 17,826 | 18,126 | ||||||||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $149,000 | $175,000 | $100,000 | ||||||||
Effect of Dilutive Securities, Convertible Junior Subordinating Debentures | 0 | 4,392 | 0 | ||||||||
Weighted average number of common and common equivalent shares outstanding for diluted EPS computation | 18,257 | 22,393 | 18,226 | ||||||||
Basic earnings per common share: | |||||||||||
Basic earnings per share from continuing operations | $0.84 | $0.83 | $0.57 | ||||||||
Discontinued operations | $0.02 | $0.23 | $0.06 | ||||||||
Basic earnings per common share | $0.29 | $0.22 | $0.27 | $0.18 | $0.12 | $0.32 | $0.23 | $0.29 | $0.86 | $1.06 | $0.63 |
Diluted earnings per common share: | |||||||||||
Diluted earnings per share from continuing operations | $0.83 | $0.82 | $0.57 | ||||||||
Discontinued operations | $0.02 | $0.18 | $0.06 | ||||||||
Diluted earnings per common share | $0.29 | $0.22 | $0.26 | $0.17 | $0.12 | $0.32 | $0.23 | $0.25 | $0.85 | $1 | $0.63 |
Earnings_Per_Share_Earnings_Pe2
Earnings Per Share Earnings Per Share (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||
Incremental common shares attributable to dilutive effect of conversion of debt securities | 4,400,000 | 4,400,000 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 500,000 |
Major_Segments_of_Business_Rev
Major Segments of Business (Revenue, pre-tax income and total assets by segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
locations | locations | locations | |||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $59,419 | $52,639 | $54,549 | $56,504 | $55,652 | $49,501 | $53,811 | $57,123 | $226,124 | $213,074 | $198,191 |
Income (loss) from continuing operations before income taxes | 22,701 | 24,365 | 17,111 | ||||||||
Total assets | 746,599 | 738,085 | 827,528 | 746,599 | 738,085 | ||||||
Long-lived assets | 461,728 | 448,550 | 528,037 | 461,728 | 448,550 | ||||||
Depreciation and amortization | 11,923 | 11,635 | 9,916 | ||||||||
Capital expenditures | 23,675 | 10,695 | 10,436 | ||||||||
Number of operating locations at year end | 196 | 193 | 200 | ||||||||
Interest expense | 10,308 | 12,622 | 17,088 | ||||||||
Income tax expense (benefit) from continuing operations | 7,255 | 9,245 | 6,794 | ||||||||
Funeral | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 173,735 | 163,082 | 150,803 | ||||||||
Income (loss) from continuing operations before income taxes | 53,385 | 48,206 | 46,073 | ||||||||
Total assets | 502,525 | 481,356 | 568,842 | 502,525 | 481,356 | ||||||
Long-lived assets | 373,173 | 355,807 | 437,735 | 373,173 | 355,807 | ||||||
Depreciation and amortization | 6,841 | 6,440 | 5,884 | ||||||||
Capital expenditures | 16,804 | 6,436 | 5,804 | ||||||||
Number of operating locations at year end | 164 | 161 | 167 | ||||||||
Interest expense | 316 | 323 | 308 | ||||||||
Income tax expense (benefit) from continuing operations | 17,061 | 18,270 | 18,291 | ||||||||
Cemetery | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 52,389 | 49,992 | 47,388 | ||||||||
Income (loss) from continuing operations before income taxes | 15,180 | 14,679 | 12,895 | ||||||||
Total assets | 227,520 | 237,897 | 240,009 | 227,520 | 237,897 | ||||||
Long-lived assets | 85,901 | 87,687 | 88,467 | 85,901 | 87,687 | ||||||
Depreciation and amortization | 3,704 | 3,739 | 3,058 | ||||||||
Capital expenditures | 5,606 | 2,936 | 3,401 | ||||||||
Number of operating locations at year end | 32 | 32 | 33 | ||||||||
Interest expense | 17 | 36 | 49 | ||||||||
Income tax expense (benefit) from continuing operations | 4,851 | 5,563 | 5,119 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations before income taxes | -45,864 | -38,520 | -41,857 | ||||||||
Total assets | 16,554 | 18,832 | 18,677 | 16,554 | 18,832 | ||||||
Long-lived assets | 2,654 | 5,056 | 1,835 | 2,654 | 5,056 | ||||||
Depreciation and amortization | 1,378 | 1,456 | 974 | ||||||||
Capital expenditures | 1,265 | 1,323 | 1,231 | ||||||||
Number of operating locations at year end | 0 | 0 | 0 | ||||||||
Interest expense | 9,975 | 12,263 | 16,731 | ||||||||
Income tax expense (benefit) from continuing operations | ($14,657) | ($14,588) | ($16,616) |
Supplementary_Information_Supp
Supplementary Information Supplementary Information (Balance Sheet Disclosures) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Assets: | ||
Deferred taxes | $3,750 | $2,779 |
Income Taxes Receivable, Current | 3,293 | 593 |
Other current assets | 101 | 153 |
Total other current assets | 7,144 | 3,525 |
Other Liabilities: | ||
Liabilities associated with uncertain tax positions | 0 | 7,832 |
Other liabilities | 1,437 | 2,107 |
Total other liabilities | 1,437 | 9,939 |
Accrued Liabilities: | ||
Accrued salaries and wages | 2,073 | 1,882 |
Accrued incentive compensation | 5,660 | 4,654 |
Accrued vacation | 1,978 | 1,979 |
Accrued insurance | 2,171 | 2,778 |
Accrued interest | 1,232 | 0 |
Accrued ad valorem and franchise taxes | 537 | 383 |
Other accrued liabilities | 1,552 | 1,178 |
Total accrued liabilities | $15,203 | $12,854 |
Supplementary_Information_Supp1
Supplementary Information (Supplemental Disclosure for the Consolidated Statements of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $59,419 | $52,639 | $54,549 | $56,504 | $55,652 | $49,501 | $53,811 | $57,123 | $226,124 | $213,074 | $198,191 |
Cost of Revenue | 156,116 | 148,789 | 136,964 | ||||||||
Funeral | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 173,735 | 163,082 | 150,803 | ||||||||
Cost of Revenue | 104,913 | 99,657 | 91,055 | ||||||||
Cemetery | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 52,389 | 49,992 | 47,388 | ||||||||
Cost of Revenue | 30,852 | 28,940 | 28,507 | ||||||||
Funeral And Cemetery | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Cost of Revenue | 135,765 | 128,597 | 119,562 | ||||||||
Goods Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 99,177 | 94,801 | 88,407 | ||||||||
Cost of Revenue | 78,221 | 74,584 | 70,223 | ||||||||
Goods Revenue | Funeral | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 66,877 | 64,409 | 59,581 | ||||||||
Cost of Revenue | 54,421 | 52,362 | 48,105 | ||||||||
Goods Revenue | Cemetery | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 32,300 | 30,392 | 28,826 | ||||||||
Cost of Revenue | 23,800 | 22,222 | 22,118 | ||||||||
Service Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 107,931 | 99,529 | 93,080 | ||||||||
Cost of Revenue | 56,217 | 52,573 | 47,890 | ||||||||
Service Revenue | Funeral | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 97,375 | 89,442 | 83,627 | ||||||||
Cost of Revenue | 49,357 | 46,030 | 41,550 | ||||||||
Service Revenue | Cemetery | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 10,556 | 10,087 | 9,453 | ||||||||
Cost of Revenue | 6,860 | 6,543 | 6,340 | ||||||||
Financial Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 19,016 | 18,744 | 16,704 | ||||||||
Cost of Revenue | 1,327 | 1,440 | 1,449 | ||||||||
Financial Revenue | Trust | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Cost of Revenue | 249 | 227 | 64 | ||||||||
Financial Revenue | Funeral | Preneed Commission | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,036 | 1,853 | 1,711 | ||||||||
Cost of Revenue | 1,078 | 1,213 | 1,385 | ||||||||
Financial Revenue | Funeral | Preneed Trust | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 7,447 | 7,378 | 5,884 | ||||||||
Financial Revenue | Cemetery | Trust | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 8,123 | 8,095 | 7,647 | ||||||||
Financial Revenue | Cemetery | Finance Charges | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $1,410 | $1,418 | $1,462 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $59,419 | $52,639 | $54,549 | $56,504 | $55,652 | $49,501 | $53,811 | $57,123 | $226,124 | $213,074 | $198,191 |
Gross profit | 18,927 | 14,400 | 15,077 | 17,989 | 18,015 | 14,100 | 16,880 | 18,905 | 70,008 | 64,285 | 61,227 |
Net income from continuing operations | 5,367 | 4,232 | 4,565 | 3,883 | 1,631 | 1,908 | 3,576 | 5,404 | 15,446 | 15,120 | 10,317 |
Net income (loss) from discontinued operations | 11 | -233 | 431 | -637 | 587 | 3,986 | 568 | -145 | 392 | 4,176 | 1,086 |
Preferred stock dividend | 0 | 0 | 0 | -4 | 0 | -4 | -14 | ||||
Net income | $5,378 | $3,999 | $4,996 | $3,246 | $2,218 | $5,894 | $4,144 | $5,255 | $15,838 | $19,292 | $11,389 |
Basic earnings per common share: | $0.29 | $0.22 | $0.27 | $0.18 | $0.12 | $0.32 | $0.23 | $0.29 | $0.86 | $1.06 | $0.63 |
Diluted earnings per common share: (a) | $0.29 | $0.22 | $0.26 | $0.17 | $0.12 | $0.32 | $0.23 | $0.25 | $0.85 | $1 | $0.63 |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information (Supplemental disclosure for the Consolidated Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Segment [Line Items] | |||
Cash paid for interest and financing costs | $8,894 | $12,248 | $21,518 |
Cash paid for taxes | 2,674 | 655 | 416 |
Fair value of stock, stock options and performance awards issued to directors, officers, and certain other employees | 8,219 | 3,822 | 4,631 |
Restricted common stock withheld for payroll taxes | 1,305 | 1,610 | 421 |
Preneed Funeral Trust | |||
Business Segment [Line Items] | |||
Net deposits or withdrawals into or from preneed trust accounts | -418 | -3,891 | 4,341 |
Net (deposits) withdrawals of receivables into / from preneed trusts | -1,643 | 709 | -3,677 |
Net deposits or withdrawals into or from preneed trust accounts, increasing or decreasing deferred preneed receipts | 418 | 3,891 | -4,341 |
Preneed Cemetery Trust | |||
Business Segment [Line Items] | |||
Net deposits or withdrawals into or from preneed trust accounts | 1 | -1,324 | 2,482 |
Net deposits or withdrawals into or from preneed trust accounts, increasing or decreasing deferred preneed receipts | -1 | 1,324 | -2,482 |
Perpetual Care Trust | |||
Business Segment [Line Items] | |||
Net deposits or withdrawals into or from preneed trust accounts | 1,857 | 3,091 | 3,513 |
Net withdrawals from perpetual care trust accounts decreasing care trusts’ corpus | -1,901 | -2,949 | -4,028 |
Preneed Funeral Receivables | |||
Business Segment [Line Items] | |||
Net increase or decrease in preneed receivables | -1,731 | -1,331 | -422 |
Net change in preneed receivables increasing or decreasing deferred revenue | 677 | 860 | -874 |
Preneed Cemetery Receivables | |||
Business Segment [Line Items] | |||
Net change in preneed receivables increasing or decreasing deferred revenue | ($374) | $327 | $4,594 |
Subsequent_Events_Subsequent_E1
Subsequent Events Subsequent Events (Details) (Clarksville, Tennessee, Subsequent Event, USD $) | 0 Months Ended | |
Feb. 24, 2015 | Feb. 24, 2015 | |
installment | ||
Clarksville, Tennessee | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Business combination, purchase price | $9,800,000 | $9,800,000 |
Payments to Acquire Businesses, Gross | 4,300,000 | |
Number of quarterly installments | 20 | 20 |
Business Acquisition, Installment Payments, Amount | 300,000 | |
Business Acquisition, Installment Payments, Present Value | $4,400,000 | $4,400,000 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for bad debts, current portion | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $847 | $1,177 | $928 |
Charged to costs and expenses | 1,705 | 1,225 | 1,614 |
Deduction | 1,425 | 1,555 | 1,365 |
Balance at end of year | 1,127 | 847 | 1,177 |
Allowance for preneed bad debts, contract cancellations and receivables from preneed trusts, non-current portion | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 1,825 | 2,059 | 1,728 |
Charged to costs and expenses | 1,284 | 768 | 903 |
Deduction | 770 | 1,002 | 572 |
Balance at end of year | 2,339 | 1,825 | 2,059 |
Employee severance accruals | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 249 | 158 | 157 |
Charged to costs and expenses | 681 | 755 | 486 |
Deduction | 714 | 664 | 485 |
Balance at end of year | 216 | 249 | 158 |
Litigation reserves | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 17 | 108 | 1,026 |
Charged to costs and expenses | 0 | 0 | 0 |
Deduction | 14 | 91 | 918 |
Balance at end of year | 3 | 17 | 108 |
Valuation allowance of the deferred tax asset | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 468 | 317 | 1,335 |
Charged to costs and expenses | 0 | 227 | 0 |
Deduction | 138 | 76 | 1,018 |
Balance at end of year | $330 | $468 | $317 |