Marine Products (MPX) 10-Q 30 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 23, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Entity File Number	1-16263
Entity Registrant Name	MARINE PRODUCTS CORPORATION
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 Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,868,624
Entity Central Index Key	0001129155
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 29,014	$ 19,804
Accounts receivable, net of allowance for doubtful accounts of $20 in 2020 and 2019	8,517	6,607
Inventories	42,890	41,553
Income taxes receivable	206	907
Prepaid expenses and other current assets	1,883	2,056
Total current assets	82,510	70,927
Property, plant and equipment, net of accumulated depreciation of $29,629 in 2020 and $28,258 in 2019	14,741	14,796
Goodwill	3,308	3,308
Other intangibles, net	465	465
Deferred income taxes	4,181	3,990
Other assets	12,266	11,278
Total assets	117,471	104,764
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	9,592	3,886
Accrued expenses and other liabilities	15,607	13,155
Total current liabilities	25,199	17,041
Pension liabilities	11,289	9,980
Other long-term liabilities	508	531
Total liabilities	36,996	27,552
Common stock	3,387	3,387
Retained earnings	79,679	76,573
Accumulated other comprehensive loss	(2,591)	(2,748)
Total stockholders' equity	80,475	77,212
Total liabilities and stockholders' equity	$ 117,471	$ 104,764

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 20	$ 20
Accumulated depreciation, property plant and equipment	$ 29,629	$ 28,258

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 68,778	$ 72,212	$ 168,715	$ 243,961
Cost of goods sold	52,542	56,463	132,541	189,089
Gross profit	16,236	15,749	36,174	54,872
Selling, general and administrative expenses	7,886	6,039	20,896	24,915
Operating income	8,350	9,710	15,278	29,957
Interest income	10	83	86	235
Income before income taxes	8,360	9,793	15,364	30,192
Income tax provision	1,825	1,938	2,914	5,495
Net income	$ 6,535	$ 7,855	$ 12,450	$ 24,697
Earnings per share
Basic	$ 0.19	$ 0.23	$ 0.37	$ 0.72
Diluted	0.19	0.23	0.37	0.72
Dividends paid per share	$ 0.08	$ 0.12	$ 0.28	$ 0.36

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 6,535	$ 7,855	$ 12,450	$ 24,697
Other comprehensive income, net of taxes:
Pension adjustment	19	16	157	50
Unrealized gain on securities, net of reclassification adjustments				7
Comprehensive income	$ 6,554	$ 7,871	$ 12,607	$ 24,754

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Cumulative Effect, Period of Adoption, Adjustment	Total
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		$ 414	73,382	$ (414)	(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)	$ 414	82,137
Balance (in shares) at Sep. 30, 2019	33,960
Balance at Mar. 31, 2019	$ 3,413		$ 414	73,382	$ (414)	(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)	$ 414	82,137
Balance (in shares) at Sep. 30, 2019	33,960
Balance at Dec. 31, 2019	$ 3,387			76,573		(2,748)		77,212
Balance (in shares) at Dec. 31, 2019	33,870
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 18	558						576
Stock issued for stock incentive plans, net (in shares)	175
Stock purchased and retired	$ (8)	(558)		(489)				(1,055)
Stock purchased and retired (in shares)	(73)
Net income				4,208				4,208
Pension adjustment, net of taxes						119		119
Dividends paid				(4,074)				(4,074)
Balance at Mar. 31, 2020	$ 3,397			76,218		(2,629)		76,986
Balance (in shares) at Mar. 31, 2020	33,972
Balance at Dec. 31, 2019	$ 3,387			76,573		(2,748)		77,212
Balance (in shares) at Dec. 31, 2019	33,870
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income								12,450
Pension adjustment, net of taxes								157
Balance at Sep. 30, 2020	$ 3,387			79,679		(2,591)		80,475
Balance (in shares) at Sep. 30, 2020	33,869
Balance at Mar. 31, 2020	$ 3,397			76,218		(2,629)		76,986
Balance (in shares) at Mar. 31, 2020	33,972
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net		581						581
Stock purchased and retired		(581)		552				(29)
Stock purchased and retired (in shares)	(3)
Net income				1,707				1,707
Pension adjustment, net of taxes						19		19
Dividends paid				(2,696)				(2,696)
Balance at Jun. 30, 2020	$ 3,397			75,781		(2,610)		76,568
Balance (in shares) at Jun. 30, 2020	33,969
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ (1)	1,501						1,500
Stock issued for stock incentive plans, net (in shares)	(2)
Stock purchased and retired	$ (9)	$ (1,501)		79				(1,431)
Stock purchased and retired (in shares)	(98)
Net income				6,535				6,535
Pension adjustment, net of taxes						19		19
Dividends paid				(2,716)				(2,716)
Balance at Sep. 30, 2020	$ 3,387			$ 79,679		$ (2,591)		$ 80,475
Balance (in shares) at Sep. 30, 2020	33,869

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES
Net income	$ 12,450	$ 24,697
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,509	1,556
Accretion of discount related to marketable securities, net		(5)
Stock-based compensation expense	2,657	1,626
Gain on sale of assets	(30)
Deferred income tax benefit	(234)	(1,074)
(Increase) decrease in assets:
Accounts receivable	(1,910)	(11,292)
Inventories	(1,337)	1,757
Prepaid expenses and other current assets	173	254
Income taxes receivable	701	452
Other non-current assets	(788)	(918)
Increase (decrease) in liabilities:
Accounts payable	5,706	4,951
Income taxes payable	737	446
Accrued expenses and other liabilities	1,715	3,502
Other long-term liabilities	1,286	2,122
Net cash provided by operating activities	22,635	28,074
INVESTING ACTIVITIES
Capital expenditures	(1,458)	(2,013)
Proceeds from sale of assets	34
Purchases of marketable securities		(299)
Sales of marketable securities		7,530
Maturities of marketable securities		448
Net cash (used for) provided by investing activities	(1,424)	5,666
FINANCING ACTIVITIES
Payment of dividends	(9,486)	(12,292)
Cash paid for common stock purchased and retired	(2,515)	(7,163)
Net cash used for financing activities	(12,001)	(19,455)
Net increase in cash and cash equivalents	9,210	14,285
Cash and cash equivalents at beginning of period	19,804	8,745
Cash and cash equivalents at end of period	29,014	23,030
Supplemental information:
Income tax payments, net	$ 1,738	$ 5,710

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 2020
GENERAL
GENERAL	1. GENERAL 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 nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The consolidated balance sheet at December 31, 2019 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. At the end of the first quarter of 2020, the Company suspended manufacturing operations for five weeks in response to concerns related to the COVID-19 pandemic. We resumed production during the second quarter at a slightly higher production rate than our production rate during the first quarter of 2020, although production increases have been constrained by employment availability and supply chain restrictions caused by the pandemic. This operational suspension negatively impacted our net sales and profits during the second quarter of 2020. At the end of the third quarter of 2020, the Company’s order backlog was at its highest level in several years, and dealer inventories were significantly lower than in previous periods. 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, 2019. A group that includes the Company’s Chairman of the Board, Gary W. Rollins, who is also a director of the Company, and certain companies under his control, controls in excess of fifty percent of the Company’s voting power.

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	9 Months Ended
	Sep. 30, 2020
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	2. RECENT ACCOUNTING STANDARDS Recently Adopted Accounting Standards: 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 ASU introduced a new accounting model, the Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for recognition. The expected credit losses are adjusted each period for changes in expected lifetime. The Company adopted the provisions of the standard in the first quarter of 2020 and the adoption did not have a material impact on its consolidated financial statements. ASU No. 2017-04 —Intangibles —Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. 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 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 Company adopted these provisions in the first quarter of 2020 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: ASU No. 2019-12 — Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing the exceptions to the incremental approach for intra-period tax allocation in certain situations, requirement to recognize a deferred tax liability for a change in the status of a foreign investment, and the general methodology for computing income taxes in an interim period when year-to date loss exceeds the anticipated loss for the year. The amendments also simplify the accounting for income taxes with regard to franchise tax, evaluation of step up in the tax basis of goodwill in certain business combinations, allocating current and deferred tax expense to legal entities that are not subject to tax and enacted change in tax laws or rates. The amendments are effective beginning in the first quarter of 2021 and 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, 2020
NET SALES
NET SALES	3. NET SALES 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 sales are 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 ten 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, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Boats and accessories ​ $ 67,127 ​ $ 70,927 ​ $ 165,001 ​ $ 240,296 Parts ​ 1,651 ​ 1,285 ​ 3,714 ​ 3,665 Net sales ​ $ 68,778 ​ $ 72,212 ​ $ 168,715 ​ $ 243,961 ​ The following table disaggregates our revenues between domestic and international (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended (in thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Domestic ​ $ 66,621 ​ $ 69,136 ​ $ 161,172 ​ $ 229,266 International ​ 2,157 ​ 3,076 ​ 7,543 ​ 14,695 Net sales ​ $ 68,778 ​ $ 72,212 ​ $ 168,715 ​ $ 243,961 ​ Timing of revenue recognition for each of the periods presented is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended (in thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Products transferred at a point in time ​ $ 68,778 ​ $ 72,212 ​ $ 168,715 ​ $ 243,961 Products transferred over time ​ — ​ — ​ — ​ — Net sales ​ $ 68,778 ​ $ 72,212 ​ $ 168,715 ​ $ 243,961 ​ 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) ​ 2020 ​ 2019 ​ 2019 ​ 2018 Deferred revenue ​ $ 1,119 ​ $ 295 ​ $ 320 ​ $ 496 ​ 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, 2020
EARNINGS PER SHARE
EARNINGS PER SHARE	4. EARNINGS PER SHARE 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) 2020 2019 2020 2019 Net income available for stockholders: ​ $ 6,535 ​ $ 7,855 ​ $ 12,450 ​ $ 24,697 Less: Adjustments for earnings attributable to participating securities ​ (139) ​ (187) ​ (273) ​ (594) Net income used in calculating earnings per share ​ $ 6,396 ​ $ 7,668 ​ $ 12,177 ​ $ 24,103 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 33,928 ​ 34,001 ​ 33,946 ​ 34,111 Adjustment for participating securities ​ (715) ​ (817) ​ (752) ​ (837) Shares used in calculating basic and diluted earnings per share ​ 33,213 ​ 33,184 ​ 33,194 ​ 33,274 ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2020
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	5. STOCK-BASED COMPENSATION 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. 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, 2020, there were approximately 1,569,700 shares available for grant. Stock-based compensation for the three and nine months ended September 30, 2020 and 2019 were as follows: Restricted Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Pre – tax cost ​ $ 1,500 ​ $ 544 ​ $ 2,657 ​ $ 1,626 After tax cost ​ $ 1,170 ​ $ 424 ​ $ 2,072 ​ $ 1,268 ​ The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ Shares Fair Value Non-vested shares at December 31, 2019 815,540 ​ $ 11.29 Granted 179,000 ​ 4.59 Vested (310,520) ​ 9.36 Forfeited (5,800) ​ 9.50 Non-vested shares at September 30, 2020 678,220 ​ $ 10.43 ​ The total fair value of shares vested was approximately $4,431,000 during the nine months ended September 30, 2020 and approximately $3,818,000 during the nine months ended September 30, 2019. Other Information As of September 30, 2020, total unrecognized compensation cost related to non-vested restricted shares was approximately $7,415,000. This cost is expected to be recognized over a weighted-average period of 3.3 years. For the nine months ended September 30, 2020, approximately $345,000 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 $456,000 for the nine months ended September 30, 2019.

WARRANTY COSTS AND OTHER CONTIN

WARRANTY COSTS AND OTHER CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
WARRANTY COSTS AND OTHER CONTINGENCIES
WARRANTY COSTS AND OTHER CONTINGENCIES	6. WARRANTY COSTS AND OTHER CONTINGENCIES 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 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, 2020 and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2020 2019 Balance at beginning of period ​ $ 5,410 ​ $ 5,607 Less: Payments made during the period ​ (2,045) ​ (3,134) Add: Warranty provision for the period ​ 2,150 ​ 3,135 Changes to warranty provision for prior periods ​ 62 ​ 93 Balance at September 30 ​ $ 5,577 ​ $ 5,701 ​ 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 no material repurchases during the nine months ended September 30, 2020 and repurchases of inventory for $3.4 million under contractual agreements during the third quarter of 2019. 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 based on a specified percentage of the amount of the average net receivables financed by the floor plan lender for our dealers less repurchases during the prior 12 month period, which was a net $12.2 million as of September 30, 2020. The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of $1.9 million with various expiration and cancellation terms of less than one year, for an aggregate repurchase obligation with all floor plan financing institutions of $14.1 million as of September 30, 2020.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2020
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	7. BUSINESS SEGMENT INFORMATION 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, 2020
INVENTORIES
INVENTORIES	8. INVENTORIES Inventories consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, (in thousands) ​ 2020 ​ 2019 Raw materials and supplies ​ $ 25,478 ​ $ 24,993 Work in process ​ 10,734 ​ 7,731 Finished goods ​ 6,678 ​ 8,829 Total inventories ​ $ 42,890 ​ $ 41,553 ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2020
INCOME TAXES
INCOME TAXES	9. INCOME TAXES 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 2020 reflects an effective tax rate of 21.8 percent, compared to an effective rate of 19.8 percent for the comparable period in the prior year. For the nine months ended September 30, 2020, the effective tax rate was 19.0 percent compared to 18.2 percent for the comparable period in the prior year. The effective tax rates in 2020 and 2019 include the effect of beneficial permanent differences including discrete adjustments related to vesting of restricted stock and the associated dividends. The increase in the 2020 effective tax rate is primarily due to a detrimental provision to return discrete adjustment in the third quarter of 2020 compared to a beneficial discrete adjustment in the same period of 2019. The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted into law on March 27, 2020, has been evaluated in the Company's tax provision and there is no impact to the tax provision at this time. The impact of the CARES Act will continue to be evaluated throughout 2020.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 30, 2020
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	10. EMPLOYEE BENEFIT PLANS The Company participates in a multiple employer pension plan. The following represents the net periodic cost (benefit) and related components for the plan for the three and nine months ended September 30, 2020 and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 Interest cost ​ $ 58 ​ $ 64 ​ $ 174 ​ $ 192 Expected return on plan assets ​ (73) ​ (117) ​ (219) ​ (352) Amortization of net losses ​ 24 ​ 22 ​ 72 ​ 66 Net periodic cost (benefit) ​ $ 9 ​ $ (31) ​ $ 27 ​ $ (94) ​ The Company made a contribution of $550,000 to this plan during the nine months ended September 30, 2020; and no contributions were made during the nine months ended September 30, 2019. In October 2020, the Company amended its retirement income plan to add a limited lump-sum payment window for vested terminated participants who had terminated employment before July 1, 2020 and for active employees who will have reached age 59 ½ by December 1, 2020, with a vested balance. The participants could elect to receive their vested balance immediately as a lump-sum or a monthly annuity payment. The lump-sum payment window offering is scheduled to end during the fourth quarter of 2020. Plan assets will be utilized to fund the participants’ election and is expected to trigger settlement accounting, which will be recognized when the distributions are made in December 2020. The settlement charges represent the accelerated recognition of actuarial losses held in accumulated other comprehensive income. 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 and are stated at fair value totaling approximately $6,979,000 as of September 30, 2020 and $6,716,000 as of December 31, 2019. 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 losses related to the SERP assets totaled approximately $263,000 during the nine months ended September 30, 2020, compared to trading gains of approximately $738,000 during the nine months ended September 30, 2019. The SERP liability includes participant deferrals net of distributions and is recorded on the consolidated balance sheets in long-term pension liabilities with any change in the fair value of the liabilities recorded as compensation cost within selling, general and administrative expenses in the consolidated statements of operations.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2020
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS 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, 2020 and December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2020 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments measured at Net Asset Value - Trading securities ​ $ 6,979 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 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: ​ ​ ​ ​ Investments measured at Net Asset Value - Trading securities ​ $ 6,716 ​ $ — ​ $ — ​ $ — ​ The trading securities are comprised of SERP assets, as described in Note 10, and are recorded primarily at their net cash surrender values calculated using their net asset values, which approximate fair value, as provided by the issuing insurance or investment company. 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, 2020
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	12. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Pension ​ Loss On ​ ​ ​ (in thousands) ​ Adjustment ​ Securities ​ Total Balance at December 31, 2019 ​ $ (2,748) ​ $ — ​ $ (2,748) Change during the period ended September 30, 2020: ​ ​ ​ ​ ​ ​ Before-tax amount ​ 128 ​ — ​ 128 Tax provision ​ (28) ​ — ​ ​ (28) Reclassification adjustment, net of taxes ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 57 ​ — ​ 57 Total activity for the period ​ 157 ​ — ​ 157 Balance at September 30, 2020 ​ $ (2,591) ​ $ — ​ $ (2,591) (1) Reported as part of selling, general and administrative expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Sep. 30, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENT	13. SUBSEQUENT EVENT On October 27, 2020, the Board of Directors declared a regular quarterly cash dividend of $0.08 per share and a special year-end cash dividend of $0.04 per share. Both dividends are payable December 10, 2020 to common stockholders of record at the close of business November 10, 2020 .

RECENT ACCOUNTING STANDARDS (Po

RECENT ACCOUNTING STANDARDS (Policies)	9 Months Ended
	Sep. 30, 2020
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	Recently Adopted Accounting Standards: 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 ASU introduced a new accounting model, the Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for recognition. The expected credit losses are adjusted each period for changes in expected lifetime. The Company adopted the provisions of the standard in the first quarter of 2020 and the adoption did not have a material impact on its consolidated financial statements. ASU No. 2017-04 —Intangibles —Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. 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 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 Company adopted these provisions in the first quarter of 2020 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: ASU No. 2019-12 — Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing the exceptions to the incremental approach for intra-period tax allocation in certain situations, requirement to recognize a deferred tax liability for a change in the status of a foreign investment, and the general methodology for computing income taxes in an interim period when year-to date loss exceeds the anticipated loss for the year. The amendments also simplify the accounting for income taxes with regard to franchise tax, evaluation of step up in the tax basis of goodwill in certain business combinations, allocating current and deferred tax expense to legal entities that are not subject to tax and enacted change in tax laws or rates. The amendments are effective beginning in the first quarter of 2021 and 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 sales are 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, 2020
NET SALES
Schedule of disaggregation of sales by major source	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended (in thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Boats and accessories ​ $ 67,127 ​ $ 70,927 ​ $ 165,001 ​ $ 240,296 Parts ​ 1,651 ​ 1,285 ​ 3,714 ​ 3,665 Net sales ​ $ 68,778 ​ $ 72,212 ​ $ 168,715 ​ $ 243,961
Schedule of revenue by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended (in thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Domestic ​ $ 66,621 ​ $ 69,136 ​ $ 161,172 ​ $ 229,266 International ​ 2,157 ​ 3,076 ​ 7,543 ​ 14,695 Net sales ​ $ 68,778 ​ $ 72,212 ​ $ 168,715 ​ $ 243,961
Schedule of timing of revenue recognition	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended (in thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Products transferred at a point in time ​ $ 68,778 ​ $ 72,212 ​ $ 168,715 ​ $ 243,961 Products transferred over time ​ — ​ — ​ — ​ — Net sales ​ $ 68,778 ​ $ 72,212 ​ $ 168,715 ​ $ 243,961
Schedule of contract balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, September 30, December 31, (in thousands) ​ 2020 ​ 2019 ​ 2019 ​ 2018 Deferred revenue ​ $ 1,119 ​ $ 295 ​ $ 320 ​ $ 496

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2020
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (In thousands) 2020 2019 2020 2019 Net income available for stockholders: ​ $ 6,535 ​ $ 7,855 ​ $ 12,450 ​ $ 24,697 Less: Adjustments for earnings attributable to participating securities ​ (139) ​ (187) ​ (273) ​ (594) Net income used in calculating earnings per share ​ $ 6,396 ​ $ 7,668 ​ $ 12,177 ​ $ 24,103 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 33,928 ​ 34,001 ​ 33,946 ​ 34,111 Adjustment for participating securities ​ (715) ​ (817) ​ (752) ​ (837) Shares used in calculating basic and diluted earnings per share ​ 33,213 ​ 33,184 ​ 33,194 ​ 33,274

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2020
STOCK-BASED COMPENSATION
Schedule of stock-based compensation	Restricted Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Pre – tax cost ​ $ 1,500 ​ $ 544 ​ $ 2,657 ​ $ 1,626 After tax cost ​ $ 1,170 ​ $ 424 ​ $ 2,072 ​ $ 1,268
Schedule of summary of the changes in non-vested restricted shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ Shares Fair Value Non-vested shares at December 31, 2019 815,540 ​ $ 11.29 Granted 179,000 ​ 4.59 Vested (310,520) ​ 9.36 Forfeited (5,800) ​ 9.50 Non-vested shares at September 30, 2020 678,220 ​ $ 10.43

WARRANTY COSTS AND OTHER CONT_2

WARRANTY COSTS AND OTHER CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2020
WARRANTY COSTS AND OTHER CONTINGENCIES
Schedule of analysis of warranty accruals	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2020 2019 Balance at beginning of period ​ $ 5,410 ​ $ 5,607 Less: Payments made during the period ​ (2,045) ​ (3,134) Add: Warranty provision for the period ​ 2,150 ​ 3,135 Changes to warranty provision for prior periods ​ 62 ​ 93 Balance at September 30 ​ $ 5,577 ​ $ 5,701

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2020
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, (in thousands) ​ 2020 ​ 2019 Raw materials and supplies ​ $ 25,478 ​ $ 24,993 Work in process ​ 10,734 ​ 7,731 Finished goods ​ 6,678 ​ 8,829 Total inventories ​ $ 42,890 ​ $ 41,553

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2020
EMPLOYEE BENEFIT PLANS
Schedule of net periodic cost (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 Interest cost ​ $ 58 ​ $ 64 ​ $ 174 ​ $ 192 Expected return on plan assets ​ (73) ​ (117) ​ (219) ​ (352) Amortization of net losses ​ 24 ​ 22 ​ 72 ​ 66 Net periodic cost (benefit) ​ $ 9 ​ $ (31) ​ $ 27 ​ $ (94)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
FAIR VALUE MEASUREMENTS
Schedule of the valuation of financial instruments measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2020 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments measured at Net Asset Value - Trading securities ​ $ 6,979 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 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: ​ ​ ​ ​ Investments measured at Net Asset Value - Trading securities ​ $ 6,716 ​ $ — ​ $ — ​ $ —

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2020
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Pension ​ Loss On ​ ​ ​ (in thousands) ​ Adjustment ​ Securities ​ Total Balance at December 31, 2019 ​ $ (2,748) ​ $ — ​ $ (2,748) Change during the period ended September 30, 2020: ​ ​ ​ ​ ​ ​ Before-tax amount ​ 128 ​ — ​ 128 Tax provision ​ (28) ​ — ​ ​ (28) Reclassification adjustment, net of taxes ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 57 ​ — ​ 57 Total activity for the period ​ 157 ​ — ​ 157 Balance at September 30, 2020 ​ $ (2,591) ​ $ — ​ $ (2,591) (1) Reported as part of selling, general and administrative expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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.

GENERAL (Details)

GENERAL (Details)	9 Months Ended
	Sep. 30, 2020
Chairman of Board and Director
Ownership control
Voting power (in percent)	50.00%

NET SALES - Payment Terms (Deta

NET SALES - Payment Terms (Details)	9 Months Ended
	Sep. 30, 2020
Minimum
Net sales:
Revenue satisfaction period	7 days
Maximum
Net sales:
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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of revenue:
Net sales	$ 68,778	$ 72,212	$ 168,715	$ 243,961
Boats and accessories
Disaggregation of revenue:
Net sales	67,127	70,927	165,001	240,296
Parts
Disaggregation of revenue:
Net sales	$ 1,651	$ 1,285	$ 3,714	$ 3,665

NET SALES - Disaggregate revenu

NET SALES - Disaggregate revenue by location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of revenue:
Net sales	$ 68,778	$ 72,212	$ 168,715	$ 243,961
Domestic
Disaggregation of revenue:
Net sales	66,621	69,136	161,172	229,266
International
Disaggregation of revenue:
Net sales	$ 2,157	$ 3,076	$ 7,543	$ 14,695

NET SALES - Timing of revenue r

NET SALES - Timing of revenue recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of revenue:
Net sales	$ 68,778	$ 72,212	$ 168,715	$ 243,961
Products transferred at point in time
Disaggregation of revenue:
Net sales	68,778	72,212	168,715	243,961
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, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Accrued expenses and other liabilities
Disaggregation of revenue:
Deferred revenue	$ 1,119	$ 295	$ 320	$ 496

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
EARNINGS PER SHARE
Net income available for stockholders	$ 6,535	$ 1,707	$ 4,208	$ 7,855	$ 9,373	$ 7,469	$ 12,450	$ 24,697
Less: Adjustments for earnings attributable to participating securities	(139)			(187)			(273)	(594)
Net income used in calculating earnings per share	$ 6,396			$ 7,668			$ 12,177	$ 24,103
Weighted average shares outstanding (including participating securities)	33,928			34,001			33,946	34,111
Adjustment for participating securities	(715)			(817)			(752)	(837)
Shares used in calculating basic and diluted earnings per share	33,213			33,184			33,194	33,274

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - shares	1 Months Ended
	Apr. 30, 2014	Sep. 30, 2020
STOCK-BASED COMPENSATION
Stock authorized (in shares)	3,000,000
Term (in years)	P10Y
Available for grant (in shares)		1,569,700

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
STOCK-BASED COMPENSATION
Pre - tax cost	$ 1,500	$ 544	$ 2,657	$ 1,626
After tax cost	$ 1,170	$ 424	$ 2,072	$ 1,268

STOCK-BASED COMPENSATION - Non

STOCK-BASED COMPENSATION - Non vested RSU's (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Shares
Non-vested shares at beginning | shares	815,540
Granted | shares	179,000
Vested | shares	(310,520)
Forfeited | shares	(5,800)
Non-vested shares at ending | shares	678,220
Weighted Average Grant-Date Fair Value
Non-vested shares at beginning | $ / shares	$ 11.29
Granted | $ / shares	4.59
Vested | $ / shares	9.36
Forfeited | $ / shares	9.50
Non-vested shares at ending | $ / shares	$ 10.43

STOCK-BASED COMPENSATION - Fair

STOCK-BASED COMPENSATION - Fair value (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Restricted Stock
Stock-based compensation
Fair value, shares vested	$ 4,431,000	$ 3,818,000

STOCK-BASED COMPENSATION - Othe

STOCK-BASED COMPENSATION - Other Information (Details) - Restricted Stock - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Stock-based compensation
Unrecognized compensation cost related to non-vested restricted shares	$ 7,415,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	3 years 3 months 18 days
Tax benefits for compensation tax deductions in excess of compensation expense	$ 345,000	$ 456,000

WARRANTY COSTS AND OTHER CONT_3

WARRANTY COSTS AND OTHER CONTINGENCIES - Warranty Costs (Details)	9 Months Ended
	Sep. 30, 2020
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
Termination period after date of purchase (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, 2020	Sep. 30, 2019
Warranty accruals:
Balance at beginning of period	$ 5,410	$ 5,607
Less: Payments made during the period	(2,045)	(3,134)
Add: Warranty provision for the period	2,150	3,135
Changes to warranty provision for prior periods	62	93
Balance at September 30	$ 5,577	$ 5,701

WARRANTY COSTS AND OTHER CONT_5

WARRANTY COSTS AND OTHER CONTINGENCIES- Repurchase Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2020
Repurchase obligations
Repurchases of inventory	$ 3.4
Total purchase obligation		$ 14.1
Floor plan lender one
Repurchase obligations
Total purchase obligation		12.2
Additional floor plan lenders
Repurchase obligations
Total purchase obligation		$ 1.9

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Details)	9 Months Ended
	Sep. 30, 2020segment
BUSINESS SEGMENT INFORMATION
Number of reportable segments	1

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
INVENTORIES
Raw materials and supplies	$ 25,478	$ 24,993
Work in process	10,734	7,731
Finished goods	6,678	8,829
Total inventories	$ 42,890	$ 41,553

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
INCOME TAXES
Effective tax rate (as a percent)	21.80%	19.80%	19.00%	18.20%

EMPLOYEE BENEFIT PLANS - Compon

EMPLOYEE BENEFIT PLANS - Components of net periodic cost (benefit) (Details) - Retirement Income Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
EMPLOYEE BENEFIT PLANS
Interest cost	$ 58	$ 64	$ 174	$ 192
Expected return on plan assets	(73)	(117)	(219)	(352)
Amortization of net losses	24	22	72	66
Net periodic cost (benefit)	$ 9	$ (31)	$ 27	$ (94)

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($)	1 Months Ended	9 Months Ended
	Oct. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Company's contribution		$ 550,000	$ 0
Vested balance age	59 years 6 months
SERP
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		6,979,000		$ 6,716,000
Trading (losses) gains related to the SERP assets		$ (263,000)	$ 738,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair value on a recurring basis
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investments measured at Net Asset Value - Trading securities	$ 6,979	$ 6,716

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
AOCI Roll Forward
Balance	$ (2,748)	$ (2,175)
Change during the period ended
Adoption of accounting standard (Note 2)	(80,475)	(82,137)	$ (76,568)	$ (76,986)	$ (77,212)	$ (79,076)	$ (74,230)	$ (75,212)
Before-tax amount	128	13
Tax provision	(28)	(3)
Reclassification adjustment, net of taxes
Amortization of net loss	57	50
Net realized gain		(3)
Total activity for the period	157	47
Balance	(2,591)	(2,532)
Cumulative Effect, Period of Adoption, Adjustment
Change during the period ended
Adoption of accounting standard (Note 2)		(414)
Pension adjustment
AOCI Roll Forward
Balance	(2,748)	(2,178)
Change during the period ended
Before-tax amount	128
Tax provision	(28)
Reclassification adjustment, net of taxes
Amortization of net loss	57	50
Total activity for the period	157	50
Balance	$ (2,591)	(2,532)
Pension adjustment | Cumulative Effect, Period of Adoption, Adjustment
Change during the period ended
Adoption of accounting standard (Note 2)		(404)
Unrealized Gain (Loss) on Securities
AOCI Roll Forward
Balance		3
Change during the period ended
Before-tax amount		13
Tax provision		(3)
Reclassification adjustment, net of taxes
Net realized gain		(3)
Total activity for the period		(3)
Unrealized Gain (Loss) on Securities | Cumulative Effect, Period of Adoption, Adjustment
Change during the period ended
Adoption of accounting standard (Note 2)		$ (10)

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details)	Oct. 27, 2020$ / shares
Subsequent Event.
Special year-end cash dividend	$ 0.04
Subsequent Event
Subsequent Event.
Regular cash dividend Payable, Amount Per Share	$ 0.08
Dividend payable, date to be payable	Dec. 10, 2020
Dividends payable, date of record	Nov. 10, 2020