Kirkland's (KIRK) 10-Q 5 Jun 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 29, 2017	May 25, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 29, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	KIRK
Entity Registrant Name	KIRKLAND'S, INC
Entity Central Index Key	1,056,285
Current Fiscal Year End Date	--02-03
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		15,916,563

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 29, 2017	Jan. 28, 2017	Apr. 30, 2016
Current assets:
Cash and cash equivalents	$ 59,804	$ 63,937	$ 38,203
Inventories, net	74,669	75,447	69,107
Prepaid expenses and other current assets	10,789	13,656	13,627
Total current assets	145,262	153,040	120,937
Property and equipment:
Equipment	19,588	19,525	19,305
Furniture and fixtures	77,678	78,492	72,773
Leasehold improvements	109,418	109,494	100,449
Computer software and hardware	55,602	52,740	47,792
Projects in progress	5,136	5,520	6,346
Property and equipment, gross	267,422	265,771	246,665
Accumulated depreciation	(156,553)	(154,901)	(138,039)
Property and equipment, net	110,869	110,870	108,626
Deferred income taxes	1,144	1,198
Other assets	5,815	5,038	2,659
Total assets	263,090	270,146	232,222
Current liabilities:
Accounts payable	25,124	32,890	22,641
Accounts payable to related party vendor	4,791	5,008	2,112
Income taxes payable	4,891	6,273
Accrued expenses	31,633	30,270	27,647
Total current liabilities	66,439	74,441	52,400
Deferred rent	52,956	52,656	49,974
Deferred income taxes	957	479	1,191
Other liabilities	9,475	8,757	7,054
Total liabilities	129,827	136,333	110,619
Shareholders' equity:
Preferred stock, no par value, 10,000,000 shares authorized; no shares issued or outstanding at April 29, 2017, January 28, 2017, or April 30, 2016, respectively
Common stock, no par value; 100,000,000 shares authorized; 15,916,563; 15,906,635; and 15,782,652 shares issued and outstanding at April 29, 2017, January 28, 2017, and April 30, 2016, respectively	166,130	165,245	163,165
Accumulated deficit	(32,867)	(31,432)	(41,562)
Total shareholders' equity	133,263	133,813	121,603
Total liabilities and shareholders' equity	$ 263,090	$ 270,146	$ 232,222

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 29, 2017	Jan. 28, 2017	Apr. 30, 2016
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	15,916,563	15,906,635	15,782,652
Common stock, shares outstanding	15,916,563	15,906,635	15,782,652

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Income Statement [Abstract]
Net sales	$ 132,841	$ 129,911
Cost of sales	75,611	71,670
Cost of sales related to merchandise purchased from related party vendor	9,606	8,704
Cost of sales (exclusive of depreciation as shown below)	85,217	80,374
Gross profit	47,624	49,537
Operating expenses:
Compensation and benefits	26,510	25,527
Other operating expenses	16,995	16,513
Depreciation	6,397	5,973
Total operating expenses	49,902	48,013
Operating (loss) income	(2,278)	1,524
Interest expense, net	61	73
Other income, net	(86)	(59)
(Loss) income before income taxes	(2,253)	1,510
Income tax (benefit) expense	(818)	594
Net (loss) income	$ (1,435)	$ 916
(Loss) earnings per share:
Basic	$ (0.09)	$ 0.06
Diluted	$ (0.09)	$ 0.06
Weighted average shares for basic (loss) earnings per share	15,913	15,780
Effect of dilutive stock equivalents		321
Adjusted weighted average shares for diluted (loss) earnings per share	15,913	16,101

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - 3 months ended Apr. 29, 2017 - USD ($) $ in Thousands	Total	Common Stock [Member]	Accumulated Deficit [Member]
Beginning Balance at Jan. 28, 2017	$ 133,813	$ 165,245	$ (31,432)
Beginning Balance, shares at Jan. 28, 2017	15,906,635	15,906,635
Employee stock purchases	$ 96	$ 96
Employee stock purchases, shares		9,928
Stock-based compensation expense	789	$ 789
Net loss	(1,435)		(1,435)
Ending Balance at Apr. 29, 2017	$ 133,263	$ 166,130	$ (32,867)
Ending Balance, shares at Apr. 29, 2017	15,916,563	15,916,563

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Cash flows from operating activities:
Net (loss) income	$ (1,435)	$ 916
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation of property and equipment	6,397	5,973
Amortization of deferred rent	(1,808)	(1,268)
Amortization of debt issue costs	13	45
Loss on disposal of property and equipment	92	108
Stock-based compensation expense	789	895
Deferred income taxes	532	(151)
Changes in assets and liabilities:
Inventories, net	778	(885)
Prepaid expenses and other current assets	2,867	1,773
Other noncurrent assets	(790)	(546)
Accounts payable	(8,667)	(4,273)
Accounts payable to related party vendor	(217)	(146)
Income taxes payable/refundable	(1,382)	(5,057)
Accrued expenses and other current and noncurrent liabilities	4,189	5,276
Net cash provided by operating activities	1,358	2,660
Cash flows from investing activities:
Capital expenditures	(5,587)	(8,682)
Net cash used in investing activities	(5,587)	(8,682)
Cash flows from financing activities:
Refinancing costs		(224)
Employee stock purchases	96	97
Net cash provided by (used in) financing activities	96	(127)
Cash and cash equivalents:
Net decrease	(4,133)	(6,149)
Beginning of the period	63,937	44,352
End of the period	59,804	38,203
Supplemental schedule of non-cash activities:
Purchases of property and equipment awaiting processing for payment	$ 2,260	$ 3,055

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 29, 2017
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 in the United States operating 401 stores in 36 states as of April 29, 2017, as well as an e-Commerce enabled website, www.kirklands.com. 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. and Kirkland’s Texas, 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 March 31, 2017. 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 period ended April 29, 2017 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. Certain amounts in the fiscal 2016 condensed consolidated financial statements have been reclassified to conform to the fiscal 2017 presentation. These reclassifications had no effect on reported net income. In the fourth quarter of fiscal 2016, the Company concluded that it was appropriate to classify related party transactions separately in the consolidated financial statements. In fiscal 2016, this information was provided in the notes to the consolidated financial statements. See “Note 6 — Related Party Transactions” for further discussion. Also, certain amounts in the operating activities section of the cash flow statement have been reclassified to conform to the current period presentation.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 29, 2017
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 April 29, 2017 and April 30, 2016, the Company recorded an income tax benefit of 36.3% of loss before income taxes and an income tax expense of 39.3% of pre-tax income, respectively.

Loss or Earnings Per Share

Loss or Earnings Per Share	3 Months Ended
	Apr. 29, 2017
Earnings Per Share [Abstract]
Loss or Earnings Per Share	Note 3 — Loss or Earnings Per Share Basic loss or earnings per share is computed by dividing net loss or income by the weighted average number of shares outstanding during each period presented, which excludes non-vested restricted stock units. Diluted loss or earnings per share is computed by dividing net loss or income 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 or earnings 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 or earnings per share, because to do so would have been antidilutive, were approximately 1.4 million and 476,000 shares for the 13-week periods ended April 29, 2017 and April 30, 2016, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 29, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 4 — Commitments and Contingencies The Company was named as a defendant in a putative class action filed in April 2017 in the United States District Court for the Western District of Pennsylvania, Gennock v. Kirkland’s, Inc. The Complaint alleges that the Company, in violation of federal law, published more than the last five digits of a credit or debit card number on customers’ receipts. The Company denies the material allegations of the complaint and intends to file a motion to dismiss. The Company believes that the case is without merit and intends to vigorously defend. As a result, the Company does not believe that the case should have a material adverse effect on the Company’s consolidated financial condition or results of operations. The Company is also party to other pending legal proceedings and claims arising in the normal course of business. 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	3 Months Ended
	Apr. 29, 2017
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 granted no stock options or restricted stock units during each of the 13-week periods ended April 29, 2017 and April 30, 2016. Total stock-based compensation expense (a component of compensation and benefits) was $789,000 for the 13-week period ended April 29, 2017 and $895,000 for the 13-week period ended April 30, 2016. Compensation expense is recognized on a straight-line basis over the vesting periods of each grant. There have been no material changes in the assumptions used to compute compensation expense during the current quarter.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Apr. 29, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Note 6 — Related Party Transactions The Company has 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 one of the Company’s two Vice Presidents 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 April 29, 2017 April 30, 2016 Related Party Vendor: Purchases $ 11,702 $ 8,546 Purchases as a percent of total merchandise purchases 21.7 % 15.4 %

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Apr. 29, 2017
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	Note 7 — New Accounting Pronouncements New Accounting Pronouncements Recently Adopted In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This update requires an entity that determines the cost of inventory by methods other than last-in, first-out and the retail inventory method to measure inventory at the lower of cost and net realizable value. The Company adopted this guidance in the first quarter of fiscal 2017 using a prospective application. The adoption of this guidance did not have a material impact to the consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-04, “Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products.” This update requires that liabilities related to the sale of prepaid stored-value products (gift cards) be adjusted periodically to reflect breakage. The Company adopted this guidance in the first quarter of fiscal 2017. The Company was recording gift card breakage prior to the adoption of this guidance; therefore, the adoption of this guidance did not have a material impact to the consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This update 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 Company adopted this guidance in the first quarter of fiscal 2017, which did not have a material impact to the consolidated financial statements and related disclosures. The amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement will be applied prospectively. The inclusion of excess tax benefits and deficiencies as a component of our income tax expense will increase volatility within our provision for income taxes as the amount of excess tax benefits or deficiencies from share-based compensation awards are dependent on our stock price at the date the awards are exercised or settled. The Company does not expect the impact to be material to the consolidated results of operations; however, such determination is subject to change based on facts and circumstances at the time when awards vest or settle. The Company accounts for forfeitures of share-based awards when they occur. The Company will apply the amendments related to the presentation of excess tax benefits on the statement of cash flows using a retrospective transition method, and as a result, excess tax benefits related to share-based awards which had been previously classified as cash flows from financing activities will be reclassified as cash flows from operating activities. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This update clarifies and provides specific guidance on eight cash flow classification issues that are not currently addressed by U.S. GAAP and thereby reduces the current and potential future diversity in practice. The Company adopted this guidance in the first quarter of fiscal 2017. The adoption of this guidance did not impact the classification of any of the Company’s cash flow activity and therefore did not have a material impact to the consolidated financial statements and related disclosures. New Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“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. Companies that transition to this new standard may either retrospectively restate each prior reporting period or reflect the cumulative effect of initially applying the updates with an adjustment to retained earnings at the date of adoption. The Company is still evaluating transition approaches as well as the impact the adoption of ASU 2014-09 will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which supersedes the existing guidance for lease accounting, Leases (Topic 840) (“ASU 2016-02”). 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 this ASU 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 and is anticipating a material impact on the Company’s consolidated financial statements because the Company is party to a significant number of lease contracts.

Senior Credit Facility

Senior Credit Facility	3 Months Ended
	Apr. 29, 2017
Debt Disclosure [Abstract]
Senior Credit Facility	Note 8 — Senior Credit Facility During the period of August 19, 2011 through February 26, 2016, the Company was party to an Amended and Restated Credit Agreement (the “2011 Credit Agreement”) with Bank of America, N.A. as administrative agent and collateral agent, and the lenders named therein (the “Lenders”). The 2011 Credit Agreement included a senior secured revolving credit facility of $50 million, a swingline availability of $5 million and a maturity date of August 2016. Borrowings under the 2011 Credit Agreement bore interest at an annual rate equal to LIBOR plus a margin ranging from 175 to 225 basis points with no LIBOR floor, and the fee paid to the Lenders on the unused portion of the credit facility was 37.5 basis points per annum. On February 26, 2016, the Company entered into a Joinder and First Amendment to Amended and Restated Credit Agreement (the “2016 Credit Agreement”). The 2016 Credit Agreement increased the Company’s senior secured revolving credit facility from $50 million to $75 million, increased the swingline availability from $5 million to $10 million, extended the maturity date from August 2016 to February 2021 and added a $25 million incremental accordion feature. Borrowings under the 2016 Credit Agreement bear interest at an annual rate equal to LIBOR plus a margin ranging from 125 to 175 basis points with no LIBOR floor, and the fee paid to the Lenders on the unused portion of the credit facility is 25 basis points per annum. Borrowings under the 2011 and 2016 Credit Agreements are subject to certain 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 Agreements 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 (“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 Agreements. As of April 29, 2017, the Company was in compliance with the covenants in the 2016 Credit Agreement, and there were no outstanding borrowings under the credit facility, with approximately $47.3 million available for borrowing.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Apr. 29, 2017
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 April 29, 2017 April 30, 2016 Related Party Vendor: Purchases $ 11,702 $ 8,546 Purchases as a percent of total merchandise purchases 21.7 % 15.4 %

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	Apr. 29, 2017StateStore
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of home decor and gifts store | Store	401
Number of states | State	36

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Income Tax Disclosure [Abstract]
Income tax rate as a percentage of pre-tax income or loss	36.30%	39.30%

Loss or Earnings Per Share - Ad

Loss or Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Earnings Per Share [Abstract]
Stock options and restricted stock units not included in the computation of diluted earnings per share	1,400,000	476,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expenses	$ 789	$ 895
Stock options granted	0	0
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted	0	0

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
	Apr. 29, 2017	Apr. 30, 2016
Related Party Transaction [Line Items]
Purchases as a percent of total merchandise purchases	21.70%	15.40%
Vendor [Member]
Related Party Transaction [Line Items]
Purchases	$ 11,702	$ 8,546

Senior Credit Facility - Additi

Senior Credit Facility - Additional Information (Detail) - USD ($)	Feb. 26, 2016	Apr. 29, 2017	Feb. 26, 2016
Revolving Credit Facility Before Amendment [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Swingline availability	$ 5,000,000		$ 5,000,000
Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Swingline availability	$ 10,000,000		10,000,000
Interest at an annual rate equal to LIBOR plus a margin range	0.25%
Incremental accordion feature	$ 25,000,000
Secured Credit Facility [Member] | Revolving Credit Facility Before Amendment [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	50,000,000		50,000,000
Secured Credit Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	50,000,000		50,000,000
Swingline availability	$ 5,000,000		$ 5,000,000
Extension of Company's senior secured revolving credit facility			2016-08
Percentage of fee on unused portion of the facility			0.375%
Interest rate on borrowings		Borrowings under the 2011 Credit Agreement bore interest at an annual rate equal to LIBOR plus a margin ranging from 175 to 225 basis points with no LIBOR floor, and the fee paid to the Lenders on the unused portion of the credit facility was 37.5 basis points per annum.
Outstanding borrowings under the credit facility		$ 0
Available borrowing capacity of line of credit facility		$ 47,300,000
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%		1.75%
Secured Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 75,000,000		$ 75,000,000
Extension of Company's senior secured revolving credit facility	2021-02
Interest at an annual rate equal to LIBOR plus a margin range	1.75%		2.25%