Marine Products (MPX) 10-Q 31 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 18, 2019
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2019
Entity File Number	1-16263
Entity Registrant Name	MARINE PRODUCTS CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-2572419
Entity Address, Address Line One	2801 Buford Highway, Suite 300
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30329
City Area Code	404
Local Phone Number	321-7910
Title of 12(b) Security	Common stock
Trading Symbol	MPX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		33,960,500
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001129155
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 23,030	$ 8,745
Marketable securities		2,966
Accounts receivable, net of allowance for doubtful accounts of $20 in 2019 and $25 in 2018	15,164	3,872
Inventories	45,013	46,770
Income taxes receivable		452
Prepaid expenses and other current assets	1,541	1,795
Total current assets	84,748	64,600
Property, plant and equipment, net of accumulated depreciation of $27,724 in 2019 and $26,213 in 2018	15,009	14,552
Goodwill	3,308	3,308
Other intangibles, net	465	465
Marketable securities		4,699
Deferred income taxes	4,381	3,325
Other assets	11,120	9,931
Total assets	119,031	100,880
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	9,624	4,673
Income taxes payable	446
Accrued expenses and other liabilities	17,043	13,494
Total current liabilities	27,113	18,167
Pension liabilities	9,244	7,045
Other long-term liabilities	537	456
Total liabilities	36,894	25,668
Common stock	3,396	3,433
Retained earnings	81,273	73,954
Accumulated other comprehensive loss	(2,532)	(2,175)
Total stockholders' equity	82,137	75,212
Total liabilities and stockholders' equity	$ 119,031	$ 100,880

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Consolidated Balance Sheets
Allowance for doubtful accounts	$ 20	$ 25
Accumulated depreciation, property plant and equipment	$ 27,724	$ 26,213

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Consolidated Statements of Operations
Net sales	$ 72,212	$ 72,012	$ 243,961	$ 236,554
Cost of goods sold	56,463	55,829	189,089	183,248
Gross profit	15,749	16,183	54,872	53,306
Selling, general and administrative expenses	6,039	6,996	24,915	23,935
Operating income	9,710	9,187	29,957	29,371
Interest income	83	102	235	220
Income before income taxes	9,793	9,289	30,192	29,591
Income tax provision	1,938	2,128	5,495	5,831
Net income	$ 7,855	$ 7,161	$ 24,697	$ 23,760
Earnings per share
Basic (in dollars per share)	$ 0.23	$ 0.21	$ 0.72	$ 0.69
Diluted (in dollars per share)	0.23	0.21	0.72	0.69
Dividends paid per share (in dollars per share)	$ 0.12	$ 0.10	$ 0.36	$ 0.30

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Consolidated Statements of Comprehensive Income
Net income	$ 7,855	$ 7,161	$ 24,697	$ 23,760
Other comprehensive income, net of taxes:
Pension adjustment	16	17	50	51
Unrealized gain on securities, net of reclassification adjustments			7	16
Comprehensive income	$ 7,871	$ 7,178	$ 24,754	$ 23,827

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2017	$ 3,457		$ 68,127	$ (1,980)	$ 69,604
Balance (in shares) at Dec. 31, 2017	34,572
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 20	$ 496			516
Stock issued for stock incentive plans, net (in shares)	194
Stock purchased and retired	$ (20)	(496)	(2,419)		(2,935)
Stock purchased and retired (in shares)	(200)
Net income			7,609		7,609
Pension adjustment, net of taxes				19	19
Unrealized gain on securities, net of taxes and reclassification adjustment				7	7
Dividends paid			(3,465)		(3,465)
Balance at Mar. 31, 2018	$ 3,457		69,852	(1,954)	71,355
Balance (in shares) at Mar. 31, 2018	34,566
Balance at Dec. 31, 2017	$ 3,457		68,127	(1,980)	69,604
Balance (in shares) at Dec. 31, 2017	34,572
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					23,760
Pension adjustment, net of taxes					51
Unrealized gain on securities, net of taxes and reclassification adjustment					16
Balance at Sep. 30, 2018	$ 3,450		78,958	(1,913)	80,495
Balance (in shares) at Sep. 30, 2018	34,499
Balance at Mar. 31, 2018	$ 3,457		69,852	(1,954)	71,355
Balance (in shares) at Mar. 31, 2018	34,566
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ (1)	529			528
Stock issued for stock incentive plans, net (in shares)	(1)
Stock purchased and retired	$ (1)	(529)	259		(271)
Stock purchased and retired (in shares)	(17)
Net income			8,990		8,990
Pension adjustment, net of taxes				15	15
Unrealized gain on securities, net of taxes and reclassification adjustment				9	9
Dividends paid			(3,455)		(3,455)
Balance at Jun. 30, 2018	$ 3,455		75,646	(1,930)	77,171
Balance (in shares) at Jun. 30, 2018	34,548
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 0	528			528
Stock issued for stock incentive plans, net (in shares)	0
Stock purchased and retired	$ (5)	(528)	(397)		(930)
Stock purchased and retired (in shares)	(49)
Net income			7,161		7,161
Pension adjustment, net of taxes				17	17
Dividends paid			(3,452)		(3,452)
Balance at Sep. 30, 2018	$ 3,450		78,958	(1,913)	80,495
Balance (in shares) at Sep. 30, 2018	34,499
Balance at Dec. 31, 2018	$ 3,433		73,954	(2,175)	75,212
Balance (in shares) at Dec. 31, 2018	34,328
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 14	524			538
Stock issued for stock incentive plans, net (in shares)	141
Stock purchased and retired	$ (34)	(524)	(4,338)		(4,896)
Stock purchased and retired (in shares)	(344)
Net income			7,469		7,469
Pension adjustment, net of taxes				17	17
Unrealized gain on securities, net of taxes and reclassification adjustment				7	7
Dividends paid			(4,117)		(4,117)
Balance at Mar. 31, 2019	$ 3,413		73,382	(2,565)	74,230
Balance (in shares) at Mar. 31, 2019	34,125
Balance at Dec. 31, 2018	$ 3,433		73,954	(2,175)	75,212
Balance (in shares) at Dec. 31, 2018	34,328
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					24,697
Pension adjustment, net of taxes					50
Unrealized gain on securities, net of taxes and reclassification adjustment					7
Balance at Sep. 30, 2019	$ 3,396		81,273	(2,532)	82,137
Balance (in shares) at Sep. 30, 2019	33,960
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standard (Note 2)			414	(414)
Balance at Mar. 31, 2019	$ 3,413		73,382	(2,565)	74,230
Balance (in shares) at Mar. 31, 2019	34,125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ (1)	545			544
Stock issued for stock incentive plans, net (in shares)	(11)
Stock purchased and retired	$ (8)	(545)	(443)		(996)
Stock purchased and retired (in shares)	(69)
Net income			9,373		9,373
Pension adjustment, net of taxes				17	17
Dividends paid			(4,092)		(4,092)
Balance at Jun. 30, 2019	$ 3,404		78,220	(2,548)	79,076
Balance (in shares) at Jun. 30, 2019	34,045
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net		544			544
Stock purchased and retired	$ (8)	$ (544)	(719)		(1,271)
Stock purchased and retired (in shares)	(85)
Net income			7,855		7,855
Pension adjustment, net of taxes				16	16
Dividends paid			(4,083)		(4,083)
Balance at Sep. 30, 2019	$ 3,396		$ 81,273	$ (2,532)	82,137
Balance (in shares) at Sep. 30, 2019	33,960
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standard (Note 2)					$ 414

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
OPERATING ACTIVITIES
Net income	$ 24,697	$ 23,760
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,556	1,330
(Accretion) of discount/amortization of premium related to marketable securities, net	(5)	200
Stock-based compensation expense	1,626	1,572
Deferred income tax (benefit)/provision	(1,074)	239
(Increase) decrease in assets:
Accounts receivable	(11,292)	(4,353)
Inventories	1,757	(11,865)
Prepaid expenses and other current assets	254	569
Income taxes receivable	452	643
Other non-current assets	(918)	(1,227)
Increase (decrease) in liabilities:
Accounts payable	4,951	6,863
Income taxes payable	446
Accrued expenses and other liabilities	3,502	(609)
Other long-term liabilities	2,122	1,063
Net cash provided by operating activities	28,074	18,185
INVESTING ACTIVITIES
Capital expenditures	(2,013)	(1,912)
Purchases of marketable securities	(299)	(15,075)
Sales of marketable securities	7,530	9,799
Maturities of marketable securities	448	1,973
Net cash provided by (used for) investing activities	5,666	(5,215)
FINANCING ACTIVITIES
Payment of dividends	(12,292)	(10,372)
Cash paid for common stock purchased and retired	(7,163)	(4,136)
Net cash used for financing activities	(19,455)	(14,508)
Net increase (decrease) in cash and cash equivalents	14,285	(1,538)
Cash and cash equivalents at beginning of year	8,745	7,684
Cash and cash equivalents at end of year	23,030	6,146
Supplemental information:
Income tax payments, net	$ 5,710	$ 4,597

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 2019
GENERAL
GENERAL	1. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The consolidated balance sheet at December 31, 2018 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the annual report of Marine Products Corporation (“Marine Products,” the “Company” or “MPC”) on Form 10-K for the year ended December 31, 2018. A group that includes the Company’s Chairman of the Board, R. Randall Rollins and his brother Gary W. Rollins, who is also a director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	9 Months Ended
	Sep. 30, 2019
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	2. Recently Adopted Accounting Standards: ● Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). The Company adopted ASC 842, Leases and all the related amendments (“new lease standard”) on January 1, 2019 by recognizing on its balance sheet, a right-of-use asset and lease liabilities each totaling approximately $200 thousand, for all of its leases with terms greater than 12 months. The Company adopted the standard on January 1, 2019 using the optional transition method with no cumulative-effect adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards that were in effect for those periods. The adoption of the standard did not have a material impact on the Company’s consolidated statements of operations and consolidated statements of cash flows. See “Leases” in the Notes to Consolidated Financial Statements for expanded disclosures. ● ASU No. 2017-08 — Receivables —Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments shorten the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. The amendments are to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted the standard in the first quarter of 2019 and adoption did not have a material impact on its consolidated financial statements, since the Company changed its investment strategy in the first quarter of 2019 and no longer holds investments in callable debt securities. ● ASU No. 2018-02— Income Statement—Reporting Comprehensive Income (Topic 220)—Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments provide an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recorded. The Company adopted the standard in the first quarter of 2019 and elected to reclassify approximately $414 thousand of stranded tax effects related to its pension plan and unrealized gain on its available-for-sale debt securities from AOCI to retained earnings. ● ASU No. 2018-07 — Compensation —Stock Compensation (Topic 718) —Improvements to Nonemployee Share-Based Payment Accounting. The amendments expand the scope of ASU 718 to include share-based payments issued to nonemployees for goods or services, thereby substantially aligning the accounting for share-based payments to nonemployees and employees. The Company adopted these provisions in the first quarter of 2019 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: To be adopted in 2020 and later: ● ASU No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amendments require the credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration to be presented as an allowance rather than a write-down. It also allows recording of credit loss reversals in current period net income. The amendments are effective starting in the first quarter of 2020 with early application permitted. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements. ● ASU No. 2017-04 — Intangibles —Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the amendments eliminate Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendments are effective for annual or any interim goodwill impairment tests beginning in 2020 applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements. ● ASU No. 2018-15 — Intangibles —Goodwill and Other —Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments reduce the complexity for the accounting for costs of implementing a cloud computing service arrangement and align the requirements for capitalizing implementation costs that are incurred in a hosting arrangement that is a service contract with the costs incurred to develop or obtain internal-use software. The provisions may be applied prospectively or retrospectively. The amendments are effective starting in the first quarter of 2020, with early adoption permitted. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements. ​

NET SALES

NET SALES	9 Months Ended
	Sep. 30, 2019
NET SALES
NET SALES	3. Accounting Policy: MPC’s contract revenues are generated principally from selling: (1) fiberglass motorized boats and accessories and (2) parts to independent dealers. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied. Satisfaction of contract terms occur with the transfer of title of our boats, accessories, and parts to our dealers. Net sale is measured as the amount of consideration we expect to receive in exchange for transferring the goods to the dealer. The amount of consideration we expect to receive consists of the sales price adjusted for dealer incentives. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold as they are deemed to be assurance-type warranties (see Note 7). Incidental promotional items that are immaterial in the context of the contract are recognized as expense. Fees charged to customers for shipping and handling are included in net sales in the accompanying consolidated statements of operations and the related costs incurred by the Company are included in cost of goods sold. Nature of goods: MPC’s performance obligations within its contracts consists of: (1) boats and accessories and (2) parts. The Company transfers control and recognizes revenue on the satisfaction of its performance obligations (point in time) as follows: ● Boats and accessories (domestic sales) – upon delivery and acceptance by the dealer ● Boats and accessories (international sales) – upon delivery to shipping port ● Parts – upon shipment/delivery to carrier Payment terms: For most domestic customers, MPC manufactures and delivers boats and accessories and parts ahead of payment - i.e., MPC has fulfilled its performance obligations prior to submitting an invoice to the dealer. MPC invoices the customer when the products are delivered and receives the related compensation, typically within seven to ten business days after invoicing. For some domestic customers and all international customers, MPC requires payment prior to transferring control of the goods. These amounts are classified as deferred revenue and recognized when control has transferred, which generally occurs within three months of receiving the payment. When the Company enters into contracts with its customers, it generally expects there to be no significant timing difference between the date the goods have been delivered to the customer (satisfaction of the performance obligation) and the date cash consideration is received. Accordingly, there is no financing component to the Company’s arrangements with its customers. Significant judgments: Determining the transaction price The transaction price for MPC’s boats and accessories is the invoice price adjusted for dealer incentives. The Company utilizes the expected value method to estimate the variable consideration related to dealer incentives. Key inputs and assumptions in determining variable consideration includes: ● Inputs: Current model year boat sales, total potential program incentive percentage, prior model year results of dealer incentive activity (i.e. incentive earned as a percentage of total incentive potential) ● Assumption: Current model year incentive activity will closely reflect prior model year actual results, adjusted as necessary for dealer purchasing trends or economic factors Other: Our contracts with dealers do not provide them with a right of return. Accordingly, we do not have any obligations recorded for returns or refunds. Disaggregation of revenues: The following table disaggregates our sales by major source (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended (in thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Boats and accessories ​ $ 70,927 ​ $ 70,787 ​ $ 240,296 ​ $ 233,139 Parts ​ 1,285 ​ 1,225 ​ 3,665 ​ 3,415 Net sales ​ $ 72,212 ​ $ 72,012 ​ $ 243,961 ​ $ 236,554 ​ The following table disaggregates our revenues between domestic and international (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended (in thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Domestic ​ $ 69,136 ​ $ 69,781 ​ $ 229,266 ​ $ 219,078 International ​ 3,076 ​ 2,231 ​ 14,695 ​ 17,475 Net sales ​ $ 72,212 ​ $ 72,012 ​ $ 243,961 ​ $ 236,554 ​ Timing of revenue recognition for each of the periods presented is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended (in thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Products transferred at a point in time ​ $ 72,212 ​ $ 72,012 ​ $ 243,961 ​ $ 236,554 Products transferred over time ​ — ​ — ​ — ​ — Net sales ​ $ 72,212 ​ $ 72,012 ​ $ 243,961 ​ $ 236,554 ​ Contract balances: Amounts received from international and certain domestic dealers toward the purchase of boats are classified as deferred revenue and are included in accrued expenses and other liabilities on the Consolidated Balance Sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, September 30, December 31, (in thousands) ​ 2019 ​ 2018 ​ 2018 ​ 2017 Deferred revenue ​ $ 320 ​ $ 496 ​ $ 397 ​ $ 864 ​ Substantially all of the amounts of deferred revenue disclosed above were recognized as sales during the immediately following quarters, respectively, when control transferred.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2019
EARNINGS PER SHARE
EARNINGS PER SHARE	4. Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (In thousands) 2019 2018 2019 2018 Net income available for stockholders: ​ $ 7,855 ​ $ 7,161 ​ $ 24,697 ​ $ 23,760 Less: Adjustments for earnings attributable to participating securities ​ (187) ​ (194) ​ (594) ​ (658) Net income used in calculating earnings per share ​ $ 7,668 ​ $ 6,967 ​ $ 24,103 ​ $ 23,102 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 34,001 ​ 34,539 ​ 34,111 ​ 34,563 Adjustment for participating securities ​ (817) ​ (950) ​ (837) ​ (979) Shares used in calculating basic and diluted earnings per share ​ 33,184 ​ 33,589 ​ 33,274 ​ 33,584 ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2019
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	5. The Company reserved 3,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of ten years expiring in April 2024. All future equity compensation awards by the Company will be issued under the 2014 plan. This plan provides for the issuance of various forms of stock incentives, including among others, incentive and non-qualified stock options and restricted shares. As of September 30, 2019, there were approximately 1,741,200 shares available for grant. Stock-based compensation for the three and nine months ended September 30, 2019 and 2018 were as follows: Restricted Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, (in thousands) 2019 2018 2019 2018 Pre – tax cost ​ $ 544 ​ $ 528 ​ $ 1,626 ​ $ 1,572 After tax cost ​ $ 424 ​ $ 412 ​ $ 1,268 ​ $ 1,226 ​ The following is a summary of the changes in non-vested restricted shares for the three months ended September 30, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ Shares Fair Value Non-vested shares at December 31, 2018 947,710 ​ $ 9.41 Granted 141,600 ​ 17.21 Vested (260,770) ​ 7.65 Forfeited (11,300) ​ 12.47 Non-vested shares at September 30, 2019 817,240 ​ ​ 11.28 ​ The total fair value of shares vested was approximately $3,818,000 during the nine months ended September 30, 2019 and approximately $4,289,000 during the nine months ended September 30, 2018. Other Information As of September 30, 2019, total unrecognized compensation cost related to non-vested restricted shares was approximately $7,884,000. This cost is expected to be recognized over a weighted-average period of 2.4 years. For the nine months ended September 30, 2019, approximately $456,000 of excess tax benefit for stock-based compensation awards has been recorded as a discrete tax adjustment and classified within operating activities in the consolidated statements of cash flows compared to approximately $604,000 for the nine months ended September 30, 2018.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	9 Months Ended
	Sep. 30, 2019
MARKETABLE SECURITIES
MARKETABLE SECURITIES	6. During the first quarter of 2019, the Company changed its investment strategy and as of September 30, 2019, no longer held investments in marketable securities. The Company held investments in marketable securities for a short duration in the first quarter of 2019. During 2018, Marine Products’ marketable securities were held with a large, well-capitalized financial institution. Management determined the appropriate classification of debt securities at the time of purchase and reevaluated such designations as of each balance sheet date. Debt securities were classified as available-for-sale because the Company did not have the intent to hold the securities to maturity. Available-for-sale debt securities were stated at their fair values, with the unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. The cost of securities sold was based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale debt securities have been included in interest income. The net realized gains (losses) and the reclassification of net realized gains (losses) from other comprehensive income are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Net realized gain (loss) ​ $ — ​ $ (16) ​ $ 4 ​ $ (36) Reclassification of net realized gains from other comprehensive income ​ $ — ​ $ (16) ​ $ 4 ​ $ (36) ​ Gross unrealized gains (losses) on marketable securities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 ​ December 31, 2018 ​ ​ Gross unrealized ​ Gross unrealized (in thousands) Gains (Losses) Gains (Losses) Municipal Obligations ​ $ — ​ $ — ​ $ 2 ​ $ (2) Corporate Obligations ​ — ​ — ​ 1 ​ (10) ​ ​ $ — ​ $ — ​ $ 3 ​ $ (12) ​ There were no available-available-for sale securities as of September 30, 2019. The amortized cost basis, fair value and net unrealized gains on the available-for-sale debt securities as of December 31, 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ Net ​ ​ Amortized ​ Fair ​ Unrealized Type of Securities Cost Basis Value Losses (in thousands) ​ ​ ​ Municipal Obligations ​ $ 1,490 ​ $ 1,490 ​ $ — Corporate Obligations ​ 6,184 ​ 6,175 ​ (9) Total ​ $ 7,674 ​ $ 7,665 ​ $ (9) ​

WARRANTY COSTS AND OTHER CONTIN

WARRANTY COSTS AND OTHER CONTINGENCIES	9 Months Ended
	Sep. 30, 2019
WARRANTY COSTS AND OTHER CONTINGENCIES
WARRANTY COSTS AND OTHER CONTINGENCIES	7. Warranty Costs: For its Chaparral and Robalo products, Marine Products provides a lifetime limited structural hull warranty and a transferable one-year limited warranty to the original owner. Chaparral also includes a five-year limited structural deck warranty. Warranties for additional items are provided for periods of one to five years and are not transferrable. Additionally, as it relates to the second subsequent owner, a five-year transferrable hull warranty and the remainder of the original one-year limited warranty on certain components are available. The five-year transferable hull warranty terminates five years after the date of the original retail purchase. Claim costs related to components are generally absorbed by the original component manufacturer. The manufacturers of the engines, generators, and navigation electronics included on our boats provide and administer their own warranties for various lengths of time. An analysis of the warranty accruals for the nine months ended September 30, 2019 and 2018 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2019 2018 Balance at beginning of period ​ $ 5,607 ​ $ 5,373 Less: Payments made during the period ​ (3,134) ​ (3,016) Add: Warranty provision for the period ​ 3,135 ​ 3,026 Changes to warranty provision for prior periods ​ 93 ​ 56 Balance at September 30 ​ $ 5,701 ​ $ 5,439 ​ The warranty accruals are reflected in accrued expenses and other liabilities on the consolidated balance sheets. Repurchase Obligations: The Company is a party to various agreements with third party lenders that provide floor plan financing to qualifying dealers whereby the Company guarantees varying amounts of debt on boats in dealer inventory. The Company’s obligation under these guarantees becomes effective in the case of a default under the financing arrangement between the dealer and the third-party lender. The agreements provide for the return of repossessed boats to the Company in new and unused condition subject to normal wear and tear as defined, in exchange for the Company’s assumption of specified percentages of the debt obligation on those boats, up to certain contractually determined dollar limits by the lenders. The Company had repurchases of dealer inventory totaling $3.4 million under contractual agreements during the third quarter of 2019 and no repurchases during the nine months ended September 30, 2018. As previously noted, the Company recorded the repurchase of inventory totaling $3.4 million as a result of dealer defaults. At September 30, 2019, there was $2.7 million payable to floor plan lenders in connection with these repurchases and was recorded in accrued expenses. During the third quarter of 2019, the Company redistributed $3.1 million of these boats among existing and replacement dealers. The remaining repurchased boats are included in inventory as of September 30, 2019 and are recorded at a net realizable value of $0.3 million. The Company recorded $0.1 million of costs associated with these repurchases. Management continues to monitor the risk of defaults and resulting repurchase obligations based in part on information provided by third-party floor plan lenders and will adjust the guarantee liability at the end of each reporting period based on information reasonably available at that time. The Company currently has an agreement with one of the floor plan lenders whereby the contractual repurchase limit is 16 percent of the amount of the average net receivables financed by the floor plan lender for our dealers during the prior 12 month period, which was $13.1 million as of September 30, 2019. The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of approximately $7.2 million with various expiration and cancellation terms of less than one year, for an aggregate repurchase obligation with all floor plan financing institutions of approximately $20.3 million as of September 30, 2019.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2019
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	8. The Company has only one reportable segment, its powerboat manufacturing business; therefore, the majority of segment-related disclosures are not relevant to the Company. In addition, the Company’s results of operations and its financial condition are not significantly reliant upon any single customer or product model.

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2019
INVENTORIES
INVENTORIES	9. Inventories consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, (in thousands) ​ 2019 ​ 2018 Raw materials and supplies ​ $ 29,623 ​ $ 26,874 Work in process ​ 7,868 ​ 10,671 Finished goods ​ 7,522 ​ 9,225 Total inventories ​ $ 45,013 ​ $ 46,770 ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2019
INCOME TAXES.
INCOME TAXES	10. The Company determines its periodic income tax provision based upon the current period income and the annual estimated tax rate for the Company adjusted for discrete items including tax credits and changes to prior year estimates. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate. Income tax provision for the third quarter of 2019 reflects an effective tax rate of 19.8 percent, compared to an effective tax rate of 22.9 percent for the comparable period in the prior year. For the nine months ended September 30, 2019, the effective tax rate reflects an income tax provision of 18.2 percent compared to 19.7 percent for the comparable period in the prior year. The slight decrease in effective rate is primarily due to an increase in tax exempt investment gains in 2019 as compared to the same period in 2018. The effective rate in all periods includes the effect of beneficial permanent differences including discrete adjustments related to restricted stock dividends.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 30, 2019
EMPLOYEE BENEFIT PLANS.
EMPLOYEE BENEFIT PLANS	11. The Company participates in a multiple employer pension plan. The following represents the net periodic benefit cost and related components for the plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended (in thousands) ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 Interest cost ​ $ 64 ​ $ 63 ​ $ 192 ​ $ 188 Expected return on plan assets ​ (117) ​ (126) ​ (352) ​ (376) Amortization of net losses ​ 22 ​ 20 ​ 66 ​ 61 Net periodic benefit ​ $ (31) ​ $ (43) ​ $ (94) ​ $ (127) ​ The Company did not make a contribution to this plan during the nine months ended September 30, 2019. The Company permits selected highly compensated employees to defer a portion of their compensation into a non-qualified Supplemental Executive Retirement Plan (“SERP”). The Company maintains certain securities in the SERP that have been classified as trading. The SERP assets are stated at fair value and totaled approximately $6,323,000 as of September 30, 2019 and $5,518,000 as of December 31, 2018. The SERP assets are reported in other non-current assets on the consolidated balance sheets and changes to the fair value of the assets are reported in selling, general and administrative expenses in the consolidated statements of operations. Trading gains related to the SERP assets totaled approximately $805,000 during the nine months ended September 30, 2019, compared to trading gains of approximately $211,000 during the nine months ended September 30, 2018.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2019
FAIR VALUE MEASUREMENTS.
FAIR VALUE MEASUREMENTS	12. The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three broad levels as follows: 1. Level 1 – Quoted market prices in active markets for identical assets or liabilities. 2. Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 3. Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use. The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis on the balance sheet as of September 30, 2019 and December 31, 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2019 with: ​ ​ ​ ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ ​ for ​ observable ​ unobservable (in thousands) Total identical assets inputs inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Municipal Obligations ​ $ — ​ $ — ​ $ — ​ $ — Corporate Obligations ​ — ​ — ​ — ​ — ​ ​ $ — ​ $ — ​ $ — ​ $ — Investments measured at Net Asset Value - Trading securities ​ $ 6,323 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2018 with: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ ​ for ​ observable ​ unobservable (in thousands) Total identical assets inputs inputs ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ Available-for-sale debt securities: ​ ​ ​ ​ Municipal Obligations ​ $ 1,490 ​ $ — ​ $ 1,490 ​ $ — Corporate Obligations ​ 6,175 ​ — ​ 6,175 ​ — ​ ​ $ 7,665 ​ $ — ​ $ 7,665 ​ $ — Investments measured at Net Asset Value - Trading securities ​ $ 5,518 ​ ​ ​ ​ The carrying amount of other financial instruments reported in the consolidated balance sheets for current assets and current liabilities approximate their fair values because of the short-term nature of these instruments.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2019
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	13. Accumulated other comprehensive loss consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Pension ​ Loss On ​ ​ ​ (in thousands) ​ Adjustment ​ Securities ​ Total Balance at December 31, 2018 ​ $ (2,178) ​ ​ 3 ​ $ (2,175) Change during the period ended September 30, 2019: ​ ​ ​ ​ ​ ​ Adoption of accounting standard (Note 2) ​ ​ (404) ​ (10) ​ (414) Before-tax amount ​ — ​ 13 ​ 13 Tax provision ​ — ​ (3) ​ (3) Reclassification adjustment, net of taxes ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 50 ​ — ​ 50 Net realized gain (2) ​ — ​ (3) ​ (3) Total activity for the period ​ 50 ​ (3) ​ 47 Balance at September 30, 2019 ​ $ (2,532) ​ ​ — ​ $ (2,532) ​ (1) Reported as part of selling, general and administrative expenses. (2) Reported as part of interest income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Pension ​ Loss On ​ ​ ​ (in thousands) ​ Adjustment ​ Securities ​ Total Balance at December 31, 2017 ​ $ (1,936) ​ $ (44) ​ $ (1,980) Change during the period ended September 30, 2018: ​ ​ ​ ​ ​ ​ Before-tax amount ​ — ​ (15) ​ (15) Tax provision ​ — ​ 3 ​ 3 Reclassification adjustment, net of taxes ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 51 ​ — ​ 51 Net realized loss (2) ​ — ​ 28 ​ 28 Total activity for the period ​ 51 ​ 16 ​ 67 Balance at September 30, 2018 ​ $ (1,885) ​ $ (28) ​ $ (1,913) ​ (1) Reported as part of selling, general and administrative expenses. (2) Reported as part of interest income.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2019
LEASES
LEASES	14. The Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019 and recognized leases with duration greater than 12 months on the balance sheet using the modified retrospective approach. Prior year financial statements have not been restated and therefore those amounts are not presented below. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed for a carry-forward of the historical lease classification. For leases with terms greater than 12 months, the Company has recorded the related Right-Of-Use asset and liability at the present value of lease payments over the term. Renewal options have been factored into the determination of lease payments when appropriate. There are no residual value guarantees on the existing leases. The Company estimates its incremental borrowing rate, at lease commencement, to determine the present value of lease payments, since most of the Company’s leases do not provide an implicit rate of return. The Company’s lease population consists primarily of office equipment. The Company does not have any finance leases. The Company determines at contract inception, if an arrangement is a lease or contains a lease based on whether the Company obtains the right to control the use of specifically identifiable property, plant and equipment for a period of time in exchange for consideration. The Company has elected not to separate non-lease components from lease components for its leases. Variable lease payments are recognized as expense when incurred. As of September 30, 2019, the Company had no operating leases that had not yet commenced. Lease position: The table below presents the assets and liabilities related to operating leases recorded on the balance sheet: ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification on the Consolidated ​ ​ (in thousands) ​ Balance Sheet ​ September 30, 2019 Assets: ​ ​ Operating lease right-of-use assets ​ Other assets ​ $ 171 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ Current maturities of operating leases ​ Accrued expenses and other liabilities ​ $ 47 Long-term operating lease liabilities ​ Other long-term liabilities ​ 122 Total lease liabilities ​ ​ ​ ​ $ 169 ​ Lease Costs: The components of lease expense for the period are reported as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification on the Consolidated Three months ended Nine months ended (in thousands) ​ Statements of Operations ​ September 30, 2019 ​ September 30, 2019 Operating lease cost ​ Selling, general and administrative expenses ​ $ 13 ​ $ 39 Short-term lease cost ​ Selling, general and administrative expenses ​ 1 ​ 2 Total lease cost ​ ​ ​ ​ $ 14 ​ $ 41 ​ Other information: ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities –operating leases (in thousands) $ 34 ​ Weighted average remaining lease term –operating leases ​ 3.5 years Weighted average discount rate – operating leases ​ 3.68 % ​ Lease Commitments: Future minimum lease payments at September 30, 2019 were as follows: ​ ​ ​ ​ ​ Maturity of lease liabilities ​ ​ ​ (in thousands) Operating Leases 2019 (excluding the nine months ended September 30, 2019) ​ $ 13 2020 ​ 52 2021 ​ 52 2022 ​ 52 2023 ​ 10 Thereafter ​ — Total lease payments ​ 179 Less: Amounts representing interest ​ (10) Present value of lease liabilities ​ $ 169 ​ In the second quarter of 2019, the Company entered into an operating lease as the lessor for certain real estate leased to a third party under an operating lease with an initial term of 36 months. The lease requires fixed monthly payments and does not contain clauses for future rent escalations or renewal options. There are no terms and conditions under which the lessee has the option to purchase this asset. As of September 30, 2019, projected future lease income on this lease totaled $588,750 scheduled to be received as follows: 2019 - $58,875 (excluding the nine months ended September 30, 2019), 2020 - $235,500, 2021 - $235,500 and 2022 - $58,875. During the three and nine months ended September 30, 2019, the Company recorded rental income of $59 thousand and $88 thousand and is classified as part of selling, general and administrative expenses on the consolidated statements of operations.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Sep. 30, 2019
SUBSEQUENT EVENT
SUBSEQUENT EVENT	15. On October 22, 2019, the Board of Directors declared a regular quarterly cash dividend of $0.12 per share and a special year-end cash dividend of $0.10 per share. Both dividends are payable December 10, 2019 to common stockholders of record at the close of business November 11, 2019.

RECENT ACCOUNTING STANDARDS (Po

RECENT ACCOUNTING STANDARDS (Policies)	9 Months Ended
	Sep. 30, 2019
SIGNIFICANT ACCOUNTING POLICIES
RECENT ACCOUNTING STANDARDS	Recently Adopted Accounting Standards: ● Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). The Company adopted ASC 842, Leases and all the related amendments (“new lease standard”) on January 1, 2019 by recognizing on its balance sheet, a right-of-use asset and lease liabilities each totaling approximately $200 thousand, for all of its leases with terms greater than 12 months. The Company adopted the standard on January 1, 2019 using the optional transition method with no cumulative-effect adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards that were in effect for those periods. The adoption of the standard did not have a material impact on the Company’s consolidated statements of operations and consolidated statements of cash flows. See “Leases” in the Notes to Consolidated Financial Statements for expanded disclosures. ● ASU No. 2017-08 — Receivables —Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments shorten the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. The amendments are to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted the standard in the first quarter of 2019 and adoption did not have a material impact on its consolidated financial statements, since the Company changed its investment strategy in the first quarter of 2019 and no longer holds investments in callable debt securities. ● ASU No. 2018-02— Income Statement—Reporting Comprehensive Income (Topic 220)—Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments provide an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recorded. The Company adopted the standard in the first quarter of 2019 and elected to reclassify approximately $414 thousand of stranded tax effects related to its pension plan and unrealized gain on its available-for-sale debt securities from AOCI to retained earnings. ● ASU No. 2018-07 — Compensation —Stock Compensation (Topic 718) —Improvements to Nonemployee Share-Based Payment Accounting. The amendments expand the scope of ASU 718 to include share-based payments issued to nonemployees for goods or services, thereby substantially aligning the accounting for share-based payments to nonemployees and employees. The Company adopted these provisions in the first quarter of 2019 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: To be adopted in 2020 and later: ● ASU No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amendments require the credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration to be presented as an allowance rather than a write-down. It also allows recording of credit loss reversals in current period net income. The amendments are effective starting in the first quarter of 2020 with early application permitted. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements. ● ASU No. 2017-04 — Intangibles —Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the amendments eliminate Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendments are effective for annual or any interim goodwill impairment tests beginning in 2020 applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements. ● ASU No. 2018-15 — Intangibles —Goodwill and Other —Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments reduce the complexity for the accounting for costs of implementing a cloud computing service arrangement and align the requirements for capitalizing implementation costs that are incurred in a hosting arrangement that is a service contract with the costs incurred to develop or obtain internal-use software. The provisions may be applied prospectively or retrospectively. The amendments are effective starting in the first quarter of 2020, with early adoption permitted. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.
NET SALES	MPC’s contract revenues are generated principally from selling: (1) fiberglass motorized boats and accessories and (2) parts to independent dealers. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied. Satisfaction of contract terms occur with the transfer of title of our boats, accessories, and parts to our dealers. Net sale is measured as the amount of consideration we expect to receive in exchange for transferring the goods to the dealer. The amount of consideration we expect to receive consists of the sales price adjusted for dealer incentives. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold as they are deemed to be assurance-type warranties (see Note 7). Incidental promotional items that are immaterial in the context of the contract are recognized as expense. Fees charged to customers for shipping and handling are included in net sales in the accompanying consolidated statements of operations and the related costs incurred by the Company are included in cost of goods sold.

NET SALES (Tables)

NET SALES (Tables)	9 Months Ended
	Sep. 30, 2019
NET SALES
Schedule of disaggregation of sales by major source	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended (in thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Boats and accessories ​ $ 70,927 ​ $ 70,787 ​ $ 240,296 ​ $ 233,139 Parts ​ 1,285 ​ 1,225 ​ 3,665 ​ 3,415 Net sales ​ $ 72,212 ​ $ 72,012 ​ $ 243,961 ​ $ 236,554
Schedule of revenue by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended (in thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Domestic ​ $ 69,136 ​ $ 69,781 ​ $ 229,266 ​ $ 219,078 International ​ 3,076 ​ 2,231 ​ 14,695 ​ 17,475 Net sales ​ $ 72,212 ​ $ 72,012 ​ $ 243,961 ​ $ 236,554
Schedule of disaggregation of revenues: timing	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended (in thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Products transferred at a point in time ​ $ 72,212 ​ $ 72,012 ​ $ 243,961 ​ $ 236,554 Products transferred over time ​ — ​ — ​ — ​ — Net sales ​ $ 72,212 ​ $ 72,012 ​ $ 243,961 ​ $ 236,554
Schedule of contract balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, September 30, December 31, (in thousands) ​ 2019 ​ 2018 ​ 2018 ​ 2017 Deferred revenue ​ $ 320 ​ $ 496 ​ $ 397 ​ $ 864

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2019
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (In thousands) 2019 2018 2019 2018 Net income available for stockholders: ​ $ 7,855 ​ $ 7,161 ​ $ 24,697 ​ $ 23,760 Less: Adjustments for earnings attributable to participating securities ​ (187) ​ (194) ​ (594) ​ (658) Net income used in calculating earnings per share ​ $ 7,668 ​ $ 6,967 ​ $ 24,103 ​ $ 23,102 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 34,001 ​ 34,539 ​ 34,111 ​ 34,563 Adjustment for participating securities ​ (817) ​ (950) ​ (837) ​ (979) Shares used in calculating basic and diluted earnings per share ​ 33,184 ​ 33,589 ​ 33,274 ​ 33,584

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2019
STOCK-BASED COMPENSATION
Schedule of stock-based compensation	Restricted Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, (in thousands) 2019 2018 2019 2018 Pre – tax cost ​ $ 544 ​ $ 528 ​ $ 1,626 ​ $ 1,572 After tax cost ​ $ 424 ​ $ 412 ​ $ 1,268 ​ $ 1,226
Schedule of summary of the changes in non-vested restricted shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ Shares Fair Value Non-vested shares at December 31, 2018 947,710 ​ $ 9.41 Granted 141,600 ​ 17.21 Vested (260,770) ​ 7.65 Forfeited (11,300) ​ 12.47 Non-vested shares at September 30, 2019 817,240 ​ ​ 11.28

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2019
MARKETABLE SECURITIES
Schedule of net realized (losses) gains and reclassification of net realized (losses) gains from other comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Net realized gain (loss) ​ $ — ​ $ (16) ​ $ 4 ​ $ (36) Reclassification of net realized gains from other comprehensive income ​ $ — ​ $ (16) ​ $ 4 ​ $ (36)
Schedule of gross unrealized gains (losses) on marketable securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 ​ December 31, 2018 ​ ​ Gross unrealized ​ Gross unrealized (in thousands) Gains (Losses) Gains (Losses) Municipal Obligations ​ $ — ​ $ — ​ $ 2 ​ $ (2) Corporate Obligations ​ — ​ — ​ 1 ​ (10) ​ ​ $ — ​ $ — ​ $ 3 ​ $ (12)
Schedule of amortized cost basis, fair value and net unrealized gains on the available-for-sale securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ Net ​ ​ Amortized ​ Fair ​ Unrealized Type of Securities Cost Basis Value Losses (in thousands) ​ ​ ​ Municipal Obligations ​ $ 1,490 ​ $ 1,490 ​ $ — Corporate Obligations ​ 6,184 ​ 6,175 ​ (9) Total ​ $ 7,674 ​ $ 7,665 ​ $ (9)

WARRANTY COSTS AND OTHER CONT_2

WARRANTY COSTS AND OTHER CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2019
WARRANTY COSTS AND OTHER CONTINGENCIES
Schedule of analysis of warranty accruals	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2019 2018 Balance at beginning of period ​ $ 5,607 ​ $ 5,373 Less: Payments made during the period ​ (3,134) ​ (3,016) Add: Warranty provision for the period ​ 3,135 ​ 3,026 Changes to warranty provision for prior periods ​ 93 ​ 56 Balance at September 30 ​ $ 5,701 ​ $ 5,439

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2019
INVENTORIES
Schedule of Inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, (in thousands) ​ 2019 ​ 2018 Raw materials and supplies ​ $ 29,623 ​ $ 26,874 Work in process ​ 7,868 ​ 10,671 Finished goods ​ 7,522 ​ 9,225 Total inventories ​ $ 45,013 ​ $ 46,770

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2019
EMPLOYEE BENEFIT PLANS.
Schedule of net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended (in thousands) ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 Interest cost ​ $ 64 ​ $ 63 ​ $ 192 ​ $ 188 Expected return on plan assets ​ (117) ​ (126) ​ (352) ​ (376) Amortization of net losses ​ 22 ​ 20 ​ 66 ​ 61 Net periodic benefit ​ $ (31) ​ $ (43) ​ $ (94) ​ $ (127)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
FAIR VALUE MEASUREMENTS.
Schedule of the valuation of financial instruments measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2019 with: ​ ​ ​ ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ ​ for ​ observable ​ unobservable (in thousands) Total identical assets inputs inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Municipal Obligations ​ $ — ​ $ — ​ $ — ​ $ — Corporate Obligations ​ — ​ — ​ — ​ — ​ ​ $ — ​ $ — ​ $ — ​ $ — Investments measured at Net Asset Value - Trading securities ​ $ 6,323 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2018 with: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ ​ for ​ observable ​ unobservable (in thousands) Total identical assets inputs inputs ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ Available-for-sale debt securities: ​ ​ ​ ​ Municipal Obligations ​ $ 1,490 ​ $ — ​ $ 1,490 ​ $ — Corporate Obligations ​ 6,175 ​ — ​ 6,175 ​ — ​ ​ $ 7,665 ​ $ — ​ $ 7,665 ​ $ — Investments measured at Net Asset Value - Trading securities ​ $ 5,518 ​ ​ ​

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2019
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Pension ​ Loss On ​ ​ ​ (in thousands) ​ Adjustment ​ Securities ​ Total Balance at December 31, 2018 ​ $ (2,178) ​ ​ 3 ​ $ (2,175) Change during the period ended September 30, 2019: ​ ​ ​ ​ ​ ​ Adoption of accounting standard (Note 2) ​ ​ (404) ​ (10) ​ (414) Before-tax amount ​ — ​ 13 ​ 13 Tax provision ​ — ​ (3) ​ (3) Reclassification adjustment, net of taxes ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 50 ​ — ​ 50 Net realized gain (2) ​ — ​ (3) ​ (3) Total activity for the period ​ 50 ​ (3) ​ 47 Balance at September 30, 2019 ​ $ (2,532) ​ ​ — ​ $ (2,532) ​ (1) Reported as part of selling, general and administrative expenses. (2) Reported as part of interest income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Pension ​ Loss On ​ ​ ​ (in thousands) ​ Adjustment ​ Securities ​ Total Balance at December 31, 2017 ​ $ (1,936) ​ $ (44) ​ $ (1,980) Change during the period ended September 30, 2018: ​ ​ ​ ​ ​ ​ Before-tax amount ​ — ​ (15) ​ (15) Tax provision ​ — ​ 3 ​ 3 Reclassification adjustment, net of taxes ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 51 ​ — ​ 51 Net realized loss (2) ​ — ​ 28 ​ 28 Total activity for the period ​ 51 ​ 16 ​ 67 Balance at September 30, 2018 ​ $ (1,885) ​ $ (28) ​ $ (1,913) ​ (1) Reported as part of selling, general and administrative expenses. (2) Reported as part of interest income.

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2019
LEASES
Schedule of operating leases assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ Classification on the Consolidated ​ ​ (in thousands) ​ Balance Sheet ​ September 30, 2019 Assets: ​ ​ Operating lease right-of-use assets ​ Other assets ​ $ 171 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ Current maturities of operating leases ​ Accrued expenses and other liabilities ​ $ 47 Long-term operating lease liabilities ​ Other long-term liabilities ​ 122 Total lease liabilities ​ ​ ​ ​ $ 169
Schedule of operating leases expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification on the Consolidated Three months ended Nine months ended (in thousands) ​ Statements of Operations ​ September 30, 2019 ​ September 30, 2019 Operating lease cost ​ Selling, general and administrative expenses ​ $ 13 ​ $ 39 Short-term lease cost ​ Selling, general and administrative expenses ​ 1 ​ 2 Total lease cost ​ ​ ​ ​ $ 14 ​ $ 41
Schedule of leases cost	​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities –operating leases (in thousands) $ 34 ​ Weighted average remaining lease term –operating leases ​ 3.5 years Weighted average discount rate – operating leases ​ 3.68 %
Schedule of maturity of lease liabilities	​ ​ ​ ​ ​ Maturity of lease liabilities ​ ​ ​ (in thousands) Operating Leases 2019 (excluding the nine months ended September 30, 2019) ​ $ 13 2020 ​ 52 2021 ​ 52 2022 ​ 52 2023 ​ 10 Thereafter ​ — Total lease payments ​ 179 Less: Amounts representing interest ​ (10) Present value of lease liabilities ​ $ 169

GENERAL (Details)

GENERAL (Details)	9 Months Ended
	Sep. 30, 2019
Chairman of Board and Director
Ownership control
Voting power (in percent)	50.00%

RECENT ACCOUNTING STANDARDS (De

RECENT ACCOUNTING STANDARDS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Sep. 30, 2019	Jan. 01, 2019
ASU No. 2016-02, Leases (Topic 842)
Operating Lease, Liability		$ 169
Operating Lease, Right-of-Use Asset		$ 171
ASU No. 2016-02, Leases (Topic 842) | Restatement Adjustment
Operating Lease, Liability			$ 200
Operating Lease, Right-of-Use Asset			$ 200
ASU No. 2018-02, (Topic 220)
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	$ 414

NET SALES - Payment Terms (Deta

NET SALES - Payment Terms (Details)	9 Months Ended
	Sep. 30, 2019
Minimum
Revenue satisfaction period	7 days
Maximum
Revenue satisfaction period	10 days

NET SALES - Disaggregate sales

NET SALES - Disaggregate sales by major source (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of revenue:
Net sales	$ 72,212	$ 72,012	$ 243,961	$ 236,554
Boats and accessories
Disaggregation of revenue:
Net sales	70,927	70,787	240,296	233,139
Parts
Disaggregation of revenue:
Net sales	$ 1,285	$ 1,225	$ 3,665	$ 3,415

NET SALES - Disaggregate revenu

NET SALES - Disaggregate revenue by location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of revenue:
Net sales	$ 72,212	$ 72,012	$ 243,961	$ 236,554
Domestic
Disaggregation of revenue:
Net sales	69,136	69,781	229,266	219,078
International
Disaggregation of revenue:
Net sales	$ 3,076	$ 2,231	$ 14,695	$ 17,475

NET SALES - Timing of revenue r

NET SALES - Timing of revenue recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of revenue:
Net sales	$ 72,212	$ 72,012	$ 243,961	$ 236,554
Products transferred at point in time
Disaggregation of revenue:
Net sales	72,212	72,012	243,961	236,554
Products transferred over time
Disaggregation of revenue:
Net sales	$ 0	$ 0	$ 0	$ 0

NET SALES - Deferred revenue (D

NET SALES - Deferred revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Accrued expenses and other liabilities
Disaggregation of revenue:
Deferred revenue	$ 320	$ 496	$ 397	$ 864

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
EARNINGS PER SHARE
Net income available for stockholders:	$ 7,855	$ 9,373	$ 7,469	$ 7,161	$ 8,990	$ 7,609	$ 24,697	$ 23,760
Less: Adjustments for earnings attributable to participating securities	(187)			(194)			(594)	(658)
Net income used in calculating earnings per share	$ 7,668			$ 6,967			$ 24,103	$ 23,102
Weighted average shares outstanding (including participating securities)	34,001			34,539			34,111	34,563
Adjustment for participating securities	(817)			(950)			(837)	(979)
Shares used in calculating basic and diluted earnings per share	33,184			33,589			33,274	33,584

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - shares	1 Months Ended
	Apr. 30, 2014	Sep. 30, 2019
STOCK-BASED COMPENSATION
Stock authorized (in shares)	3,000,000
Term (in years)	P10Y
Available for grant (in shares)		1,741,200

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
STOCK-BASED COMPENSATION
Pre - tax cost	$ 544	$ 528	$ 1,626	$ 1,572
After tax cost	$ 424	$ 412	$ 1,268	$ 1,226

STOCK-BASED COMPENSATION - Non

STOCK-BASED COMPENSATION - Non vested RSU's (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Shares
Non-vested shares at December 31, 2018 | shares	947,710
Granted | shares	141,600
Vested | shares	(260,770)
Forfeited | shares	(11,300)
Non-vested shares at September 30, 2019 | shares	817,240
Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2018 | $ / shares	$ 9.41
Granted | $ / shares	17.21
Vested | $ / shares	7.65
Forfeited | $ / shares	12.47
Non-vested shares at September 30, 2019 | $ / shares	$ 11.28

STOCK-BASED COMPENSATION - Fair

STOCK-BASED COMPENSATION - Fair value (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Restricted Stock
Stock-based compensation
Fair value, shares vested	$ 3,818,000	$ 4,289,000

STOCK-BASED COMPENSATION - Othe

STOCK-BASED COMPENSATION - Other Information (Details) - Restricted Stock - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Stock-based compensation
Unrecognized compensation cost related to non-vested restricted shares	$ 7,884,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	2 years 4 months 24 days
Tax benefits for compensation tax deductions in excess of compensation expense	$ 456,000	$ 604,000

MARKETABLE SECURITIES - Net rea

MARKETABLE SECURITIES - Net realized gains (losses) and reclassification (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
MARKETABLE SECURITIES
Net realized gain (loss)	$ 0	$ (16)	$ 4	$ (36)
Reclassification of net realized gains from other comprehensive income	$ 0	$ (16)	$ 4	$ (36)

MARKETABLE SECURITIES - Gross u

MARKETABLE SECURITIES - Gross unrealized gains (losses) on marketable securities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Marketable Securities:
Gross unrealized Gains	$ 0	$ 3
Gross unrealized (Losses)	0	(12)
Municipal Obligations
Marketable Securities:
Gross unrealized Gains	0	2
Gross unrealized (Losses)	0	(2)
Corporate Obligations
Marketable Securities:
Gross unrealized Gains	0	1
Gross unrealized (Losses)	$ 0	$ (10)

MARKETABLE SECURITIES - Amortiz

MARKETABLE SECURITIES - Amortized cost basis, fair value and net unrealized gains on available-for-sale securities (Details) $ in Thousands	Dec. 31, 2018USD ($)
Marketable Securities:
Amortized Cost Basis	$ 7,674
Fair Value	7,665
Net Unrealized Losses	(9)
Municipal Obligations
Marketable Securities:
Amortized Cost Basis	1,490
Fair Value	1,490
Net Unrealized Losses	0
Corporate Obligations
Marketable Securities:
Amortized Cost Basis	6,184
Fair Value	6,175
Net Unrealized Losses	$ (9)

WARRANTY COSTS AND OTHER CONT_3

WARRANTY COSTS AND OTHER CONTINGENCIES - Warranty Costs (Details)	9 Months Ended
	Sep. 30, 2019
Warranty Costs:
Warranty Term (in years)	1 year
Termination period after date of purchase (in years)	5 years
Second subsequent owner
Warranty Costs:
Warranty Term (in years)	1 year
Hull warranty term (in years)	5 years
Minimum
Warranty Costs:
Additional items warranty term (in years)	1 year
Maximum
Warranty Costs:
Additional items warranty term (in years)	5 years
Chaparral
Warranty Costs:
Structural deck warranty term (in years)	5 years

WARRANTY COSTS AND OTHER CONT_4

WARRANTY COSTS AND OTHER CONTINGENCIES - Analysis of warranty accruals (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Warranty accrual:
Balance at beginning of period	$ 5,607	$ 5,373
Less: Payments made during the period	(3,134)	(3,016)
Add: Warranty provision for the period	3,135	3,026
Changes to warranty provision for prior periods	93	56
Balance at end of the period	$ 5,701	$ 5,439

WARRANTY COSTS AND OTHER CONT_5

WARRANTY COSTS AND OTHER CONTINGENCIES- Repurchase Obligations (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Repurchase obligations
Repurchases of inventory	$ 3.4		$ 0
Outstanding amounts recorded in accrued expenses	2.7	$ 2.7
Redistributed amounts	3.1
Net realizable value of repurchased inventory	0.3	0.3
Costs associated with repurchases	0.1
Total purchase obligation	20.3	$ 20.3
Floor plan lender one
Repurchase obligations
Repurchase limit in percentage of amount of average net receivables		16.00%
Total purchase obligation	13.1	$ 13.1
Additional floor plan lenders
Repurchase obligations
Total purchase obligation	$ 7.2	$ 7.2

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Details)	9 Months Ended
	Sep. 30, 2019segment
BUSINESS SEGMENT INFORMATION
Number of reportable segments	1

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
INVENTORIES
Raw materials and supplies	$ 29,623	$ 26,874
Work in process	7,868	10,671
Finished goods	7,522	9,225
Total inventories	$ 45,013	$ 46,770

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
INCOME TAXES.
Effective tax rate (as a percent)	19.80%	22.90%	18.20%	19.70%

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - Multiple employer pension plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Employee benefit plans
Interest cost	$ 64	$ 63	$ 192	$ 188
Expected return on plan assets	(117)	(126)	(352)	(376)
Amortization of net losses	22	20	66	61
Net periodic benefit, Total	$ (31)	$ (43)	$ (94)	$ (127)

EMPLOYEE BENEFIT PLANS - SERP (

EMPLOYEE BENEFIT PLANS - SERP (Details) - SERP - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Employee Benefit Plans- SERP:
Fair value of plan assets	$ 6,323,000		$ 5,518,000
Trading gains related to the SERP assets	$ 805,000	$ 211,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Available-for-sale debt securities:
Fair Value		$ 7,665
Municipal Obligations
Available-for-sale debt securities:
Fair Value		1,490
Corporate Obligations
Available-for-sale debt securities:
Fair Value		6,175
Fair value on a recurring basis
Available-for-sale debt securities:
Fair Value		7,665
Trading securities	$ 6,323	5,518
Fair value on a recurring basis | Municipal Obligations
Available-for-sale debt securities:
Fair Value		1,490
Fair value on a recurring basis | Corporate Obligations
Available-for-sale debt securities:
Fair Value		6,175
Fair value on a recurring basis | Quoted prices in active markets for identical assets (Level 1)
Available-for-sale debt securities:
Fair Value		0
Fair value on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Municipal Obligations
Available-for-sale debt securities:
Fair Value		0
Fair value on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Corporate Obligations
Available-for-sale debt securities:
Fair Value		0
Fair value on a recurring basis | Significant other observable inputs (Level 2)
Available-for-sale debt securities:
Fair Value		7,665
Fair value on a recurring basis | Significant other observable inputs (Level 2) | Municipal Obligations
Available-for-sale debt securities:
Fair Value		1,490
Fair value on a recurring basis | Significant other observable inputs (Level 2) | Corporate Obligations
Available-for-sale debt securities:
Fair Value		6,175
Fair value on a recurring basis | Significant unobservable inputs (Level 3)
Available-for-sale debt securities:
Fair Value		0
Fair value on a recurring basis | Significant unobservable inputs (Level 3) | Municipal Obligations
Available-for-sale debt securities:
Fair Value		0
Fair value on a recurring basis | Significant unobservable inputs (Level 3) | Corporate Obligations
Available-for-sale debt securities:
Fair Value		$ 0

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
AOCI Roll Forward
Balance	$ (2,175)	$ (1,980)
Change during the period ended September 30, 2019:
Adoption of account standard (Note 2)	(414)
Before-tax amount	13	(15)
Tax provision	(3)	3
Reclassification adjustment, net of taxes
Amortization of net loss	50	51
Net realized loss (gain)	(3)	28
Total activity for the period	47	67
Balance	(2,532)	(1,913)
Pension adjustment
AOCI Roll Forward
Balance	(2,178)	(1,936)
Change during the period ended September 30, 2019:
Adoption of account standard (Note 2)	(404)
Before-tax amount	0	0
Tax provision	0	0
Reclassification adjustment, net of taxes
Amortization of net loss	50	51
Net realized loss (gain)	0	0
Total activity for the period	50	51
Balance	(2,532)	(1,885)
Unrealized Loss on Securities
AOCI Roll Forward
Balance	3	(44)
Change during the period ended September 30, 2019:
Adoption of account standard (Note 2)	(10)
Before-tax amount	13	(15)
Tax provision	(3)	3
Reclassification adjustment, net of taxes
Amortization of net loss	0	0
Net realized loss (gain)	(3)	28
Total activity for the period	(3)	16
Balance	$ 0	$ (28)

LEASES - Assets and liabilities

LEASES - Assets and liabilities related to operating leases recorded on balance sheet (Details) - ASU No. 2016-02, Leases (Topic 842) $ in Thousands	Sep. 30, 2019USD ($)
Assets:
Operating lease right-of-use assets	$ 171
Liabilities:
Current maturities of operating leases	47
Long-term operating lease liabilities	122
Total lease liabilities	$ 169

LEASES - Components of lease ex

LEASES - Components of lease expense (Details) - ASU No. 2016-02, Leases (Topic 842) - Selling, General and Administrative Expenses - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Line Items]
Operating lease cost	$ 13	$ 39
Short-term lease cost	1	2
Total lease cost	$ 14	$ 41

LEASES - Other information (Det

LEASES - Other information (Details) - ASU No. 2016-02, Leases (Topic 842) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Leases [Line Items]
Cash paid for amounts included in the measurement of lease liabilities - operating leases (in thousands)	$ 34
Weighted average remaining lease term - operating leases	3 years 6 months
Weighted average discount rate - operating leases	3.68%

LEASES - Future minimum lease p

LEASES - Future minimum lease payments (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Maturity of lease liabilities
Initial lease term (in months)	36 months	36 months
2019 (excluding the nine months ended September 30, 2019)	$ 58,875	$ 58,875
2020	235,500	235,500
2021	235,500	235,500
2022	58,875	58,875
Total received leases	588,750	588,750
Rental income	59,000	88,000
ASU No. 2016-02, Leases (Topic 842)
Maturity of lease liabilities
2019 (excluding the nine months ended September 30, 2019)	13,000	13,000
2020	52,000	52,000
2021	52,000	52,000
2022	52,000	52,000
2023	10,000	10,000
Total lease payments	179,000	179,000
Less: Amounts representing interest	(10,000)	(10,000)
Present value of lease liabilities	$ 169,000	$ 169,000

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - Subsequent Event	Oct. 22, 2019$ / shares
Subsequent Event
Dividends payable, date declared	Oct. 22, 2019
Cash dividend Payable, Amount Per Share	$ 0.12
Special cash dividend Payable, Amount Per Share	$ 0.10
Dividend payable, date to be payable	Dec. 10, 2019
Dividends payable, date of record	Nov. 11, 2019