Kirkland's (KIRK) 10-Q 8 Dec 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 29, 2016	Nov. 22, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 29, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	KIRK
Entity Registrant Name	KIRKLAND'S, INC
Entity Central Index Key	1,056,285
Current Fiscal Year End Date	--01-28
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		15,899,840

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 29, 2016	Jan. 30, 2016	Oct. 31, 2015
Current assets:
Cash and cash equivalents	$ 28,260	$ 44,352	$ 32,358
Inventories, net	99,989	68,222	95,460
Prepaid expenses and other current assets	19,503	15,206	18,056
Total current assets	147,752	127,780	145,874
Property and equipment, gross	262,441	240,020	237,446
Accumulated depreciation	(148,508)	(134,478)	(130,446)
Property and equipment, net	113,933	105,542	107,000
Other assets	3,135	1,934	2,107
Total assets	264,820	235,256	254,981
Current liabilities:
Accounts payable	52,676	28,689	53,962
Income taxes payable		4,863
Accrued expenses	29,711	25,943	26,927
Total current liabilities	82,387	59,495	80,889
Deferred rent	53,846	48,280	45,962
Non-current deferred income taxes	1,689	1,342	757
Other liabilities	8,347	6,444	5,934
Total liabilities	146,269	115,561	133,542
Shareholders' equity:
Preferred stock, no par value, 10,000,000 shares authorized; no shares issued or outstanding at October 29, 2016, January 30, 2016, or October 31, 2015, respectively
Common stock, no par value; 100,000,000 shares authorized; 15,899,840; 15,774,681; and 17,166,491 shares issued and outstanding at October 29, 2016, January 30, 2016, and October 31, 2015, respectively	164,526	162,173	161,253
Accumulated deficit	(45,975)	(42,478)	(39,814)
Total shareholders' equity	118,551	119,695	121,439
Total liabilities and shareholders' equity	$ 264,820	$ 235,256	$ 254,981

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 29, 2016	Jan. 30, 2016	Oct. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value
Preferred stock, shares authorized	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common stock, par value
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	15,899,840	15,774,681	17,166,491
Common stock, shares outstanding	15,899,840	15,774,681	17,166,491

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2016	Oct. 31, 2015	Oct. 29, 2016	Oct. 31, 2015
Income Statement [Abstract]
Net sales	$ 138,240	$ 129,238	$ 391,168	$ 362,837
Cost of sales (exclusive of depreciation as shown below)	87,762	81,137	248,880	224,561
Gross profit	50,478	48,101	142,288	138,276
Operating expenses:
Compensation and benefits	27,050	25,514	77,507	73,116
Other operating expenses	18,601	17,962	52,057	49,601
Depreciation	6,435	5,557	18,703	16,096
Total operating expenses	52,086	49,033	148,267	138,813
Operating loss	(1,608)	(932)	(5,979)	(537)
Interest expense, net	67	70	206	210
Other income, net	(61)	(58)	(172)	(169)
Loss before income taxes	(1,614)	(944)	(6,013)	(578)
Income tax benefit	(768)	(674)	(2,516)	(549)
Net loss	$ (846)	$ (270)	$ (3,497)	$ (29)
Loss per share:
Basic	$ (0.05)	$ (0.02)	$ (0.22)	$ 0
Diluted	$ (0.05)	$ (0.02)	$ (0.22)	$ 0
Weighted average shares for basic loss per share:	15,897	17,243	15,844	17,252
Effect of dilutive stock equivalents	0	0	0	0
Adjusted weighted average shares for diluted loss per share	15,897	17,243	15,844	17,252
Dividends declared per common share outstanding				$ 1.50

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - 9 months ended Oct. 29, 2016 - USD ($) $ in Thousands	Total	Common Stock [Member]	Accumulated Deficit [Member]
Beginning Balance at Jan. 30, 2016	$ 119,695	$ 162,173	$ (42,478)
Beginning Balance, shares at Jan. 30, 2016	15,774,681	15,774,681
Employee stock purchases	$ 284	$ 284
Employee stock purchases, shares		25,084
Exercise of employee stock options	0	$ 0	0
Exercise of employee stock options, shares		35,000
Restricted stock issued	0	$ 0	0
Restricted stock issued, shares		96,751
Net share settlement of stock options and restricted stock units	(263)	$ (263)
Net share settlement of stock options and restricted stock units, shares		(31,676)
Net tax benefit (shortfall) from exercise of stock options	(189)	$ (189)
Stock-based compensation expense	2,521	2,521
Net loss	(3,497)		(3,497)
Ending Balance at Oct. 29, 2016	$ 118,551	$ 164,526	$ (45,975)
Ending Balance, shares at Oct. 29, 2016	15,899,840	15,899,840

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Oct. 29, 2016	Oct. 31, 2015
Cash flows from operating activities:
Net loss	$ (3,497)	$ (29)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation of property and equipment	18,703	16,096
Amortization of deferred rent	(3,856)	(3,856)
Amortization of debt issue costs	70	58
Loss on disposal of property and equipment	295	77
Cash received for landlord construction allowances	9,651	6,308
Stock-based compensation expense	2,521	2,881
Excess tax benefits from exercise of stock options and vesting of restricted stock	(78)	(1,103)
Deferred income taxes	205	157
Changes in assets and liabilities:
Inventories, net	(31,767)	(39,685)
Prepaid expenses and other current assets	1,379	(2,451)
Other noncurrent assets	(1,000)	1
Accounts payable	24,663	22,797
Income taxes refundable	(9,915)	(9,172)
Accrued expenses and other current and noncurrent liabilities	4,771	(663)
Net cash provided by (used in) operating activities	12,145	(8,584)
Cash flows from investing activities:
Proceeds from sale of property and equipment	4
Capital expenditures	(28,069)	(25,721)
Net cash used in investing activities	(28,065)	(25,721)
Cash flows from financing activities:
Refinancing costs	(271)
Excess tax benefits from exercise of stock options and restricted stock	78	1,103
Cash used in net share settlement of stock options and restricted stock	(263)	(2,024)
Employee stock purchases	284	278
Cash dividends paid to stockholders		(25,951)
Repurchase and retirement of common stock		(5,881)
Net cash used in financing activities	(172)	(32,475)
Cash and cash equivalents:
Net decrease	(16,092)	(66,780)
Beginning of the period	44,352	99,138
End of the period	28,260	32,358
Supplemental disclosures of non-cash activities:
Non-cash accruals for purchases of property and equipment	$ 1,896	$ 7,269

Basis of Presentation

Basis of Presentation	9 Months Ended
	Oct. 29, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1 — Basis of Presentation Kirkland’s, Inc. (the “Company”) is a specialty retailer of home décor and gifts with 401 stores in 36 states as of October 29, 2016. The condensed consolidated financial statements of the Company include the accounts of Kirkland’s, Inc. and its wholly-owned subsidiaries, Kirkland’s Stores, Inc., Kirkland’s DC, Inc., Kirkland’s Texas, LLC, and Kirklands.com, LLC. All intercompany accounts and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 8, 2016. It should be understood that accounting measurements at interim dates inherently involve greater reliance on estimates than those at fiscal year-end. In addition, because of seasonality factors, the results of the Company’s operations for the 13-week and 39-week periods ended October 29, 2016 are not indicative of the results to be expected for any other interim period or for the entire fiscal year. The Company’s fiscal year ends on the Saturday closest to January 31, resulting in years of either 52 or 53 weeks. All references to a fiscal year refer to the fiscal year ending on the Saturday closest to January 31 of the following year. The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from the estimates and assumptions used. Changes in estimates are recognized in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include, but are not limited to impairment assessments on long-lived assets, asset retirement obligations, inventory reserves, self-insurance reserves, income tax liabilities, stock-based compensation, employee bonus accruals, gift card breakage, sales return reserves, customer loyalty program accruals and contingent liabilities. In the first quarter of fiscal 2016, the Company adopted accounting guidance which affected the presentation of deferred tax liabilities and assets as discussed in Note 7. This guidance was applied retrospectively for all periods presented. Therefore, the presentation of previously reported deferred tax assets has been changed to conform to the presentation used in the current period. The adoption of this guidance resulted in the reclassification of deferred tax assets of $3.3 million and $3.5 million from current assets to a reduction in noncurrent liabilities in the condensed consolidated balance sheets as of January 30, 2016 and October 31, 2015, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Oct. 29, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 2 — Income Taxes An estimate of the annual effective tax rate is used at each interim period based on the facts and circumstances available at that time, while the actual effective tax rate is calculated at year-end. For the 13-week periods ended October 29, 2016 and October 31, 2015, the Company recorded an income tax benefit of 47.6% and 71.4% of the loss before income taxes, respectively. For the 39-week periods ended October 29, 2016 and October 31, 2015, the Company recorded an income tax benefit of 41.8% and 95.0% of the loss before income taxes, respectively. The tax benefit for the 13-week and 39-week periods ended October 31, 2015 reflects state employment and investment credits realized during the period.

Loss Per Share

Loss Per Share	9 Months Ended
	Oct. 29, 2016
Earnings Per Share [Abstract]
Loss Per Share	Note 3 — Loss Per Share Loss per share is computed by dividing net loss by the weighted average number of shares outstanding during each period presented, which excludes non-vested restricted stock units. Diluted loss per share is computed by dividing net loss by the weighted average number of shares outstanding plus the dilutive effect of stock equivalents outstanding during the applicable periods using the treasury stock method. Diluted loss per share reflects the potential dilution that could occur if options to purchase stock were exercised into common stock and if outstanding grants of restricted stock were vested. Stock options and restricted stock units that were not included in the computation of diluted loss per share, because to do so would have been antidilutive, were approximately 1.5 million and 1.3 million shares for the 13-week periods ended October 29, 2016 and October 31, 2015, respectively and 1.4 million and 1.3 million shares for the 39-week periods ended October 29, 2016 and October 31, 2015, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Oct. 29, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 4 — Commitments and Contingencies The Company is party to pending legal proceedings and claims. Although the outcome of such proceedings and claims cannot be determined with certainty, the Company’s management is of the opinion that it is unlikely that these proceedings and any claims in excess of insurance coverage will have a material effect on the financial condition, operating results or cash flows of the Company.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Oct. 29, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Note 5 — Stock-Based Compensation The Company maintains equity incentive plans under which it may grant non-qualified stock options, incentive stock options, restricted stock, restricted stock units, or stock appreciation rights to employees, non-employee directors and consultants. The Company did not grant any stock options or restricted stock units during the 13-week periods ended October 29, 2016 or October 31, 2015. The Company granted 189,000 stock options and 126,500 restricted stock units during the 39-week period ended October 29, 2016, and the Company granted 187,500 stock options and 107,000 restricted stock units during the 39-week period ended October 31, 2015. Total stock-based compensation expense (a component of compensation and benefits) was $817,000 and $830,000 for the 13-week periods ended October 29, 2016 and October 31, 2015, respectively. Total stock-based compensation expense was $2.5 million and $2.9 million for the 39-week periods ended October 29, 2016 and October 31, 2015, respectively. Included in the 39-week period ended October 31, 2015 is $600,000 of stock-based compensation expense that resulted from the accelerated vesting of stock options and restricted stock units upon the retirement of the Company’s former Chief Executive Officer. Compensation expense is recognized on a straight-line basis over the vesting periods of each grant. There have been no other material changes in the assumptions used to compute compensation expense during the current quarter.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Oct. 29, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Note 6 — Related Party Transactions In July 2009, the Company entered into an agreement with a related party vendor to purchase merchandise inventory. The vendor is considered a related party for financial reporting purposes because its principal owner is the spouse of the Company’s Vice President of Merchandising. The table below sets forth selected results to this vendor in dollars (in thousands) and percentages for the periods indicated: 13-Week Period Ended 39-Week Period Ended October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Related Party Vendor: Purchases $ 16,318 $ 13,234 $ 33,257 $ 28,450 Purchases as a percent of total merchandise purchases 19.8 % 15.6 % 17.5 % 14.2 % Cost of sales $ 9,125 $ 7,668 $ 24,753 $ 20,852 Accounts payable outstanding at period end $ 8,614 $ 7,178 $ 8,614 $ 7,178

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Oct. 29, 2016
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	Note 7 — New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). Under ASU 2014-09, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. ASU 2014-09 also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In July 2015, the FASB approved a one-year deferral of ASU 2014-09. As a result of the deferral, the amendments in ASU 2014-09 will be effective for the Company at the beginning of its fiscal 2018 year. The Company is still evaluating the impact that the adoption of ASU 2014-09 will have on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”). This update requires that deferred tax liabilities and assets be classified as noncurrent in the consolidated balance sheet. ASU 2015-17 may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The updated guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company adopted this guidance in the first quarter of fiscal 2016. The Company elected to apply this guidance retrospectively for all periods presented. The adoption of this guidance affected the presentation of the deferred tax liabilities and assets within the Company’s consolidated balance sheet; however, the updated guidance did not affect the accounting for deferred tax liabilities and assets. Other than the change in presentation, the adoption of this guidance did not have any material impacts on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize a lease liability and a right-of-use asset for all leases. Lessor accounting remains largely unchanged. The amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after the date of initial adoption, with an option to elect to use certain transition relief. The Company is currently evaluating the impact of this new standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 addresses several aspects of the accounting for share-based compensation transactions including: (a) income tax consequences when awards vest or are settled, (b) classification of awards as either equity or liabilities, (c) a policy election to account for forfeitures as they occur rather than on an estimated basis and (d) classification of excess tax impacts on the statement of cash flows. The updated guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements.

Senior Credit Facility

Senior Credit Facility	9 Months Ended
	Oct. 29, 2016
Debt Disclosure [Abstract]
Senior Credit Facility	Note 8 — Senior Credit Facility On February 26, 2016, the Company entered into a Joinder and First Amendment to Amended and Restated Credit Agreement (the “Credit Agreement”) with Bank of America, N.A. as administrative agent and collateral agent, and the lenders (the “Lenders”), amending its prior credit agreement entered into in 2011. The Credit Agreement increased its senior secured revolving credit facility from $50 million to $75 million, increased the swingline availability from $5 million to $10 million, added a $25 million incremental accordion feature and extended the maturity date from August 2016 to February 2021. Borrowings under the facility bear interest at an annual rate equal to LIBOR plus a margin ranging from 125 to 175 basis points with no LIBOR floor. Additionally, a fee of 0.25% per annum is assessed on the unused portion of the facility. Pursuant to the Credit Agreement, borrowings are subject to certain customary conditions and contain customary events of default, including, without limitation, failure to make payments, a cross-default to certain other debt, breaches of covenants, breaches of representations and warranties, a change in control, certain monetary judgments and bankruptcy and ERISA events. Upon any such event of default, the principal amount of any unpaid loans and all other obligations under the Credit Agreement may be declared immediately due and payable. The maximum availability under the facility is limited by a borrowing base formula which consists of a percentage of eligible inventory and eligible credit card receivables, less reserves. The Company is subject to an Amended and Restated Security Agreement (the “Security Agreement”) with its Lenders. Pursuant to the Security Agreement, the Company pledged and granted to the administrative agent, for the benefit of itself and the secured parties specified therein, a lien on and security interest in all of the rights, title and interest in substantially all of the Company’s assets to secure the payment and performance of the obligations under the Credit Agreement. As of October 29, 2016, the Company was in compliance with the covenants in the facility, and there were no outstanding borrowings under the credit facility, with approximately $75 million available for borrowing.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Oct. 29, 2016
Related Party Transactions [Abstract]
Selected Results Related to Vendor and Percentages	The table below sets forth selected results to this vendor in dollars (in thousands) and percentages for the periods indicated: 13-Week Period Ended 39-Week Period Ended October 29, 2016 October 31, 2015 October 29, 2016 October 31, 2015 Related Party Vendor: Purchases $ 16,318 $ 13,234 $ 33,257 $ 28,450 Purchases as a percent of total merchandise purchases 19.8 % 15.6 % 17.5 % 14.2 % Cost of sales $ 9,125 $ 7,668 $ 24,753 $ 20,852 Accounts payable outstanding at period end $ 8,614 $ 7,178 $ 8,614 $ 7,178

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) $ in Millions	Oct. 29, 2016StateStore	Jan. 30, 2016USD ($)	Oct. 31, 2015USD ($)
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of home decor and gifts store | Store	401
Number of states | State	36
Accounting Standards Update 2015-17 [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Reclassification of deferred tax assets from current assets to noncurrent liabilities | $		$ 3.3	$ 3.5

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Oct. 29, 2016	Oct. 31, 2015	Oct. 29, 2016	Oct. 31, 2015
Income Tax Disclosure [Abstract]
Income tax rate as a percentage of pre-tax income or loss	(47.60%)	(71.40%)	(41.80%)	(95.00%)

Loss Per Share - Additional Inf

Loss Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2016	Oct. 31, 2015	Oct. 29, 2016	Oct. 31, 2015
Earnings Per Share [Abstract]
Stock options and restricted stock units not included in the computation of diluted earnings per share	1.5	1.3	1.4	1.3

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 29, 2016	Oct. 31, 2015	Oct. 29, 2016	Oct. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted	0	0	189,000	187,500
Total stock-based compensation expenses	$ 817,000	$ 830,000	$ 2,521,000	$ 2,881,000
Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation accelerated expense				$ 600,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted	0	0	126,500	107,000

Related Party Transactions - Se

Related Party Transactions - Selected Results Related to Vendor and Percentages (Detail) - Merchandise Inventory Purchase [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2016	Oct. 31, 2015	Oct. 29, 2016	Oct. 31, 2015
Related Party Transaction [Line Items]
Purchases as a percent of total merchandise purchases	19.80%	15.60%	17.50%	14.20%
Vendor [Member]
Related Party Transaction [Line Items]
Purchases	$ 16,318	$ 13,234	$ 33,257	$ 28,450
Cost of sales	9,125	7,668	24,753	20,852
Accounts payable outstanding at period end	$ 8,614	$ 7,178	$ 8,614	$ 7,178

Senior Credit Facility - Additi

Senior Credit Facility - Additional Information (Detail) - USD ($)	Feb. 26, 2016	Oct. 29, 2016
Revolving Credit Facility Before Amendment [Member]
Line of Credit Facility [Line Items]
Swingline availability	$ 5,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Swingline availability	10,000,000
Incremental accordion feature	25,000,000
Secured Credit Facility [Member] | Revolving Credit Facility Before Amendment [Member]
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	50,000,000
Secured Credit Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 75,000,000
Percentage of fee on unused portion of the facility	0.25%
Interest rate on borrowings		Borrowings under the facility bear interest at an annual rate equal to LIBOR plus a margin ranging from 125 to 175 basis points with no LIBOR floor. Additionally, a fee of 0.25% per annum is assessed on the unused portion of the facility.
Extension of Company's senior secured revolving credit facility		2021-02
Outstanding borrowings under the credit facility		$ 0
Available borrowing capacity of line of credit facility		$ 75,000,000
Secured Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Interest at an annual rate equal to LIBOR plus a margin range	1.25%
Secured Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Interest at an annual rate equal to LIBOR plus a margin range	1.75%