Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | HBP |
Entity Registrant Name | HUTTIG BUILDING PRODUCTS INC |
Entity Central Index Key | 1,093,082 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 25,143,005 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 158.8 | $ 147.4 |
Cost of sales | 126.8 | 118.9 |
Gross margin | 32 | 28.5 |
Operating expenses | 28.9 | 27.9 |
Operating income | 3.1 | 0.6 |
Interest expense, net | 0.5 | 0.5 |
Income from continuing operations before income taxes | 2.6 | 0.1 |
Income tax expense | 1.1 | |
Income from continuing operations | 1.5 | 0.1 |
Loss from discontinued operations, net of taxes | (0.1) | (0.1) |
Net income | $ 1.4 | $ 0 |
Net income from continuing operations per share - basic and diluted | $ 0.06 | |
Net income per share - basic and diluted | $ 0.06 | |
Weighted average shares outstanding: | ||
Basic shares outstanding | 24.4 | 23.9 |
Diluted shares outstanding | 24.4 | 23.9 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
CURRENT ASSETS: | |||
Cash and equivalents | $ 2.8 | $ 0.3 | $ 0.7 |
Trade accounts receivable, net | 74.9 | 56.3 | 67.7 |
Net Inventories | 74.5 | 64.3 | 81.7 |
Other current assets | 7.4 | 7.3 | 6.7 |
Total current assets | 159.6 | 128.2 | 156.8 |
PROPERTY, PLANT AND EQUIPMENT: | |||
Land | 4.3 | 4.3 | 4.3 |
Buildings and improvements | 26.5 | 26.5 | 25.5 |
Machinery and equipment | 37.9 | 37.3 | 36 |
Gross property, plant and equipment | 68.7 | 68.1 | 65.8 |
Less accumulated depreciation | 51.3 | 50.9 | 49.4 |
Property, plant and equipment, net | 17.4 | 17.2 | 16.4 |
OTHER ASSETS: | |||
Goodwill | 6.3 | 6.3 | 6.3 |
Other | 1.6 | 1.7 | 2 |
Deferred income taxes | 23.7 | 24 | 8 |
Total other assets | 31.6 | 32 | 16.3 |
TOTAL ASSETS | 208.6 | 177.4 | 189.5 |
CURRENT LIABILITIES: | |||
Current maturities of long-term debt | 1 | 1.2 | 1.1 |
Trade accounts payable | 60.9 | 43.6 | 60.3 |
Deferred income taxes | 5.6 | 4.9 | 8 |
Accrued compensation | 4.4 | 5.5 | 3.7 |
Other accrued liabilities | 10.3 | 13.8 | 10.2 |
Total current liabilities | 82.2 | 69 | 83.3 |
NON-CURRENT LIABILITIES: | |||
Long-term debt, less current maturities | 64.3 | 47.4 | 76.9 |
Other non-current liabilities | 7.8 | 8.1 | 3.7 |
Total non-current liabilities | $ 72.1 | $ 55.5 | $ 80.6 |
SHAREHOLDERS' EQUITY: | |||
Preferred shares: $.01 par (5,000,000 shares authorized) | |||
Common shares: $.01 par (50,000,000 shares authorized: 25,143,005; 24,977,208; and 24,868,951 shares issued at March 31, 2016, December 31, 2015 and March 31, 2015, respectively) | $ 0.3 | $ 0.2 | $ 0.2 |
Additional paid-in capital | 41.5 | 41.6 | 40.3 |
Retained earnings (accumulated deficit) | 12.5 | 11.1 | (14.9) |
Total shareholders' equity | 54.3 | 52.9 | 25.6 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 208.6 | $ 177.4 | $ 189.5 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Statement Of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 25,143,005 | 24,977,208 | 24,868,951 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows From Operating Activities: | ||
Net income | $ 1.4 | $ 0 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Net loss from discontinued operations | 0.1 | 0.1 |
Depreciation and amortization | 0.7 | 0.7 |
Non-cash interest expense | 0.1 | 0.1 |
Stock-based compensation | 0.4 | 0.4 |
Deferred Taxes | 1 | |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (18.6) | (18.8) |
Net Inventories | (10.2) | (14.3) |
Trade accounts payable | 17.3 | 20.9 |
Other | (5) | (2.4) |
Total cash used in operating activities | (12.8) | (13.3) |
Cash Flows From Investing Activities: | ||
Capital expenditures | (0.6) | (0.2) |
Total cash used in investing activities | (0.6) | (0.2) |
Cash Flows From Financing Activities: | ||
Borrowings of debt, net | 16.3 | 14.3 |
Repurchase shares of common stock | (0.4) | (0.6) |
Total cash provided by financing activities | 15.9 | 13.7 |
Net increase in cash and equivalents | 2.5 | 0.2 |
Cash and equivalents, beginning of period | 0.3 | 0.5 |
Cash and equivalents, end of period | 2.8 | 0.7 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | 0.4 | 0.4 |
Income taxes paid | $ 0.2 | $ 0.1 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting | 1. BASIS OF PRESENTATION The unaudited interim condensed consolidated financial statements of Huttig Building Products, Inc. and Subsidiary (the “Company” or “Huttig”) were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and reflect all adjustments (including normal recurring accruals) which, in the opinion of management, are considered necessary for the fair presentation of the results for the periods presented. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The condensed consolidated results of operations and resulting cash flows for the interim periods presented are not necessarily indicative of the results that might be expected for the full year. Due to the seasonal nature of Huttig’s business, operating profitability is usually lower in the Company’s first and fourth quarters than in the second and third quarters. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Standards | 2. NEW ACCOUNTING STANDARDS In March 2016, the Financial Accounting Standards Board ("FASB") issued accounting guidance, "Improvements to Employee Share-Based Payment Accounting", which will simplify the income tax consequences, accounting for forfeitures and classification on the Statements of Consolidated Cash Flows. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. Huttig is required to adopt the standard in the first quarter of 2017. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements and related disclosures. In February 2016, the FASB issued accounting guidance, "Leases", which will supersede the existing lease guidance and will require all leases with a term greater than 12 months to be recognized in the statements of financial position and eliminate current real estate-specific lease guidance, while maintaining substantially similar classification criteria for distinguishing between finance leases and operating leases. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. This standard will be adopted on a modified retrospective basis. Huttig is required to adopt the standard in the first quarter of 2019. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements and related disclosures. In November 2015, the FASB issued accounting guidance, "Balance Sheet Classification of Deferred Taxes", which removes the requirement to separate deferred tax liabilities and assets into current and noncurrent amounts and instead requires all such amounts be classified as noncurrent on the Statement of Financial Position. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted, including adoption in an interim period, for financial periods not yet reported. The standard may be adopted on a prospective or retrospective basis. Huttig is required to adopt the standard in the first quarter of 2017. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements and related disclosures. |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Comprehensive Income | 3. COMPREHENSIVE INCOME Comprehensive income refers to net income adjusted by gains and losses that in conformity with GAAP are excluded from net income. Other comprehensive items are amounts that are included in shareholders’ equity in the condensed consolidated balance sheets. The Company has no comprehensive income (loss) items and therefore the comprehensive net income (loss) is equal to net income (loss) for all periods presented. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 4. DEBT Debt consisted of the following (in millions): March 31, December 31, March 31, 2016 2015 2015 Revolving credit facility $ 62.9 $ 46.1 $ 75.5 Other obligations 2.4 2.5 2.5 Total debt 65.3 48.6 78.0 Less current portion 1.0 1.2 1.1 Long-term debt $ 64.3 $ 47.4 $ 76.9 Credit Agreement — The Company has a $160.0 million asset-based senior secured revolving credit facility (“credit facility”). Borrowing availability under the credit facility is based on eligible accounts receivable, inventory and real estate. The real estate component of the borrowing base amortizes monthly over 12.5 years on a straight-line basis. Borrowings under the credit facility are collateralized by substantially all of the Company’s assets, and the Company is subject to certain operating limitations applicable to a loan of this type, which, among other things, place limitations on indebtedness, liens, investments, mergers and acquisitions, dispositions of assets, cash dividends and transactions with affiliates. The entire unpaid balance under the credit facility is due and payable on May 28, 2019. At March 31, 2016, under the credit facility, the Company had revolving credit borrowings of $62.9 million outstanding at a weighted average interest rate of 1.96% per annum, letters of credit outstanding totaling $3.0 million, primarily for health and workers’ compensation insurance and $79.8 million of excess committed borrowing capacity. The Company pays an unused commitment fee of 0.25% per annum. In addition, the Company had $2.4 million of capital lease and other obligations outstanding at March 31, 2016. The sole financial covenant in the credit facility is the fixed charge coverage ratio (“FCCR”) of 1.05:1.00 which must be tested by the Company if the excess committed borrowing availability falls below an amount in a range between $12.5 million to $20.0 million, which amounts depend on the Company’s borrowing base, and must also be tested on a pro forma basis prior to consummation of certain significant transactions outside the ordinary course of the Company’s business, as defined in the credit agreement. The Company believes that cash generated from its operations and funds available under the credit facility will provide sufficient funds to meet the operating needs of the Company for at least the next twelve months. However, if the Company’s availability falls below the required threshold and the Company does not meet the minimum FCCR, its lenders would have the right to terminate the loan commitments and accelerate the repayment of the entire amount outstanding under the credit facility. The lenders could also foreclose on the Company’s assets that secure the credit facility. If the credit facility is terminated, the Company would be forced to seek alternative sources of financing, which may not be available on terms acceptable to it, or at all. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 5. CONTINGENCIES The Company carries insurance policies on insurable risks with coverage and other terms that it believes to be appropriate. The Company generally has self-insured retention limits and has obtained fully insured layers of coverage above such self-insured retention limits. Accruals for self-insurance losses are made based on claims experience. Liabilities for existing and unreported claims are accrued for when it is probable that future costs will be incurred and can be reasonably estimated. As described in Note 7 — “Commitments and Contingencies” to the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, the Company was previously identified as a potentially responsible party in connection with the cleanup of contamination at a formerly owned property in Montana. On February 18, 2015, the Montana Department of Environmental Quality (the “DEQ”) issued an amendment to the unilateral administrative order of the DEQ outlining the final remediation of the property in its Record of Decision (the “ROD”). Under the ROD, the DEQ estimated the remediation costs of the property to be $8.3 million. The Company submitted a comprehensive final remedial action work plan (the “RAWP”) in September 2015 that was approved by the DEQ. During the process of finalizing the RAWP in the third quarter of 2015 the Company considered a multitude of factors including, but not limited to, consultation with third party experts, the evaluation of remedial action alternatives, and discussions with DEQ. The culmination of the information, data, and risk analysis resulted in excluding certain potential cost savings remedial action alternatives from the final RAWP that had been previously proposed for inclusion in the RAWP. Eliminating these potential cost savings remedial action alternatives from the final RAWP caused the Company to reassess the total estimated remediation costs of the project. The Company estimates the total cost of implementing the RAWP to be $7.9 million at March 31, 2016 down from the $8.0 million estimate as of December 31, 2015. The Company is currently implementing the RAWP and has received approval for certain specific work plans required prior to commencing field work at the site. The Company anticipates field work will commence in the second quarter of 2016 subject to DEQ oversight and approval. As of March 31, 2016, the Company believes the accrual represents a reasonable best estimate of the total remaining remediation costs, based on facts, circumstances, and information currently available to Huttig. However, there are currently unknown variables relating to the actual levels of contaminants and amounts of soil that will ultimately require treatment or removal and as part of the remediation process, additional soil and groundwater sampling, and bench and pilot testing is required to ensure the remediation will achieve the projected outcome required by the DEQ. Potential indemnification or other claims we may be able to assert against third parties and possible insurance coverage have also been considered but any potential recoveries have not been recognized at this time. The ultimate final amount of remediation costs and expenditures are difficult to estimate with certainty and as a result, the amount of actual costs and expenses ultimately incurred by Huttig with respect to this property could be lower than, or exceed the amount accrued as of March 31, 2016 by a material amount and could have a material adverse effect on our liquidity, financial condition or operating results of any fiscal quarter or year in which estimated costs or additional expenses are, or are not incurred. On June 29, 2015, certain private plaintiffs owning properties adjacent to the Montana site sued the Company, Crane Co., and other defendants in the Montana Fourth Judicial District Court seeking remediation of the property in excess of what is contemplated by the ROD and other damages. In October 2015, the lawsuit was amended to include additional plaintiffs and was formally served. Crane Co. asserted its right of indemnification under the Distribution Agreement between the Company and Crane Co. dated December 6, 1999. The Company continues to defend the lawsuit vigorously. The Company has filed a declaratory action against certain liability insurers seeking, inter alia, defense and indemnification for the costs of implementing the final remediation activities associated with the Montana property and defense and indemnification costs associated with the related lawsuit described above. This case currently is pending in the United States District Court for the Eastern District of Missouri. A trial date has been set for August 21, 2017. The parties are in discovery. In addition, some of the Company’s current and former distribution centers are located in areas of current or former industrial activity where environmental contamination may have occurred, and for which the Company, among others, could be held responsible. The Company currently believes that there are no material environmental liabilities at any of its distribution center locations. The Company accrues expenses for contingencies when it is probable that an asset has been impaired or a liability has been incurred and management can reasonably estimate the expense. Contingencies for which the Company has made accruals include environmental, product liability and other legal matters. It is possible, however, that actual expenses could, or could not exceed our accrual by a material amount which could have a material adverse effect on the Company’s future liquidity, financial condition or operating results in the period in which any such additional expenses are incurred or recognized. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. EARNINGS PER SHARE The Company calculates its basic income per share by dividing net income allocated to common shares outstanding by the weighted average number of common shares outstanding. Although we don’t currently pay dividends, holders of unvested shares of restricted stock have a right to participate in dividends on the same basis as common shares. As a result, these share-based awards meet the definition of participating securities and the Company applies the two-class method to compute earnings per share. The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that would otherwise have been available to common stockholders. In periods in which the Company has net losses, the losses are not allocated to participating securities because the participating security holders are not obligated to share in such losses. The following table presents the number of participating securities and earnings allocated to those securities (in millions). Three Months Ended March 31, 2016 2015 Earnings allocated to participating shareholders $ — $ — Number of participating securities 0.8 1.1 The diluted earnings per share calculations include the effect of the assumed exercise using the treasury stock method for both stock options and unvested restricted stock units, except when the effect would be anti-dilutive. The following table presents the number of common shares used in the calculation of net income per share from continuing operations (in millions). Three Months Ended March 31, 2016 2015 Weighted-average number of common shares-basic 24.4 23.9 Dilutive potential common shares — — Weighted-average number of common shares-dilutive 24.4 23.9 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES The Company’s effective tax rate for continuing operations was 42% and 0% in the quarter ended March 31, 2016 and 2015, respectively. The 2016 tax rate was negatively impacted by expiration of stock options and non-deductible permanent items. Prior to September 30, 2015, the Company recognized no income tax expense or benefit as it had 100% valuation allowance on all of its net deferred tax assets. As of March 31, 2016, the Company has $7.2 million valuation allowance primarily relating to certain state net operating loss carryforwards that are not likely to be realized in future periods. |
Stock-Based Employee Compensati
Stock-Based Employee Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Employee Compensation | 8. STOCK-BASED EMPLOYEE COMPENSATION The Company recognized $0.4 million in non-cash stock-based compensation expense in each of the three-month periods ended March 31, 2016 and March 31, 2015, respectively. During the first three months of 2016, the Company granted an aggregate of 307,036 shares of restricted stock at a fair market value of $3.331 per share under its 2005 Executive Incentive Compensation Plan, as amended and restated. The restricted shares vest in three equal installments on the first, second and third anniversaries of the grant date. The unearned compensation expense is being amortized into expense on a straight-line basis over the requisite service period for the entire award. As of March 31, 2016 and 2015, the total compensation expense not yet recognized related to all outstanding restricted stock/unit awards was $2.2 million and $2.9 million, respectively. |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Standards | In March 2016, the Financial Accounting Standards Board ("FASB") issued accounting guidance, "Improvements to Employee Share-Based Payment Accounting", which will simplify the income tax consequences, accounting for forfeitures and classification on the Statements of Consolidated Cash Flows. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. Huttig is required to adopt the standard in the first quarter of 2017. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements and related disclosures. In February 2016, the FASB issued accounting guidance, "Leases", which will supersede the existing lease guidance and will require all leases with a term greater than 12 months to be recognized in the statements of financial position and eliminate current real estate-specific lease guidance, while maintaining substantially similar classification criteria for distinguishing between finance leases and operating leases. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. This standard will be adopted on a modified retrospective basis. Huttig is required to adopt the standard in the first quarter of 2019. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements and related disclosures. In November 2015, the FASB issued accounting guidance, "Balance Sheet Classification of Deferred Taxes", which removes the requirement to separate deferred tax liabilities and assets into current and noncurrent amounts and instead requires all such amounts be classified as noncurrent on the Statement of Financial Position. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted, including adoption in an interim period, for financial periods not yet reported. The standard may be adopted on a prospective or retrospective basis. Huttig is required to adopt the standard in the first quarter of 2017. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements and related disclosures. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | Debt consisted of the following (in millions): March 31, December 31, March 31, 2016 2015 2015 Revolving credit facility $ 62.9 $ 46.1 $ 75.5 Other obligations 2.4 2.5 2.5 Total debt 65.3 48.6 78.0 Less current portion 1.0 1.2 1.1 Long-term debt $ 64.3 $ 47.4 $ 76.9 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Summary of Number of Participating Securities and Earning Allocations to those Securities | The following table presents the number of participating securities and earnings allocated to those securities (in millions). Three Months Ended March 31, 2016 2015 Earnings allocated to participating shareholders $ — $ — Number of participating securities 0.8 1.1 |
Summary of Diluted Earning Per Share | The following table presents the number of common shares used in the calculation of net income per share from continuing operations (in millions). Three Months Ended March 31, 2016 2015 Weighted-average number of common shares-basic 24.4 23.9 Dilutive potential common shares — — Weighted-average number of common shares-dilutive 24.4 23.9 |
Debt - Summary of Long-term Deb
Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Debt Disclosure [Abstract] | |||
Revolving credit facility | $ 62.9 | $ 46.1 | $ 75.5 |
Other obligations | 2.4 | 2.5 | 2.5 |
Total debt | 65.3 | 48.6 | 78 |
Less current portion | 1 | 1.2 | 1.1 |
Long-term debt | $ 64.3 | $ 47.4 | $ 76.9 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Line of Credit Facility [Line Items] | |||
Asset based senior secured revolving credit | $ 160,000,000 | ||
Revolving credit borrowing | 62,900,000 | $ 46,100,000 | $ 75,500,000 |
Letters of credit outstanding | 3,000,000 | ||
Capital lease and other obligations | 2,400,000 | $ 2,500,000 | $ 2,500,000 |
Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Fall of excess committed borrowing availability | 12,500,000 | ||
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Fall of excess committed borrowing availability | $ 20,000,000 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility maturity date | May 28, 2019 | ||
Amortization period on real estate component of borrowing base | 12 years 6 months | ||
Revolving credit borrowing | $ 62,900,000 | ||
Weighted average interest rate | 1.96% | ||
Excess committed borrowing capacity | $ 79,800,000 | ||
Unused commitment fees | 0.25% | ||
Fixed charge coverage ratio of credit facility | 105.00% |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Feb. 18, 2015 | Mar. 31, 2016 | Dec. 31, 2015 |
Commitments And Contingencies Disclosure [Abstract] | |||
Estimated total costs to remediate property | $ 8.3 | ||
Accrual for reasonably estimable remediation cost | $ 7.9 | $ 8 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Number of Participating Securities and Earning Allocated to those Securities (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Number of participating securities | 0.8 | 1.1 |
Earnings Per Share - Summary 21
Earnings Per Share - Summary of Diluted Earning Per Share (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Weighted Average Number Of Shares Outstanding [Abstract] | ||
Weighted-average number of common shares-basic | 24.4 | 23.9 |
Dilutive potential common shares | 0 | 0 |
Weighted-average number of common shares-dilutive | 24.4 | 23.9 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2015 | |
Operating Loss Carryforwards [Line Items] | |||
Effective income tax rate reconciliation, percent | 42.00% | 0.00% | |
Income tax expense (benefit) | $ 1.1 | ||
Deferred tax assets not to be utilized in future period | $ 7.2 | ||
Prior to September 30, 2015 [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax expense (benefit) | $ 0 | ||
Percentage of valuation allowance, deferred tax assets | 100.00% |
Stock-Based Employee Compensa23
Stock-Based Employee Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($)Installment$ / sharesshares | Mar. 31, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ 0.4 | $ 0.4 |
Number of installments of restricted shares | Installment | 3 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense of restricted stock | $ 2.2 | $ 2.9 |
2005 Executive Incentive Compensation Plan [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock shares granted | shares | 307,036 | |
Fair market value of restricted shares granted | $ / shares | $ 3.331 |