BMC Stock (BMCH) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	Stock Building Supply Holdings, Inc.
Entity Central Index Key	1,574,815
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		26,186,111

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 5,382	$ 5,806
Restricted assets	523	1,076
Accounts receivable, net	138,405	114,448
Inventories, net	108,726	98,259
Costs in excess of billings on uncompleted contracts	10,501	7,981
Current income taxes receivable	0	4,863
Prepaid expenses and other current assets	13,858	11,718
Deferred income taxes	2,063	4,081
Total current assets	279,458	248,232
Property and equipment, net of accumulated depreciation	88,295	90,611
Intangible assets, net of accumulated amortization	20,780	22,536
Goodwill	7,186	7,186
Restricted assets	1,104	861
Other assets	1,109	1,792
Total assets	397,932	371,218
Current liabilities
Accounts payable	83,376	72,029
Accrued expenses and other liabilities	40,203	32,957
Income taxes payable	4,640	0
Current portion of restructuring reserve	845	892
Current portion of capital lease obligation	3,306	1,706
Billings in excess of costs on uncompleted contracts	1,064	592
Total current liabilities	133,434	108,176
Revolving line of credit	76,464	90,114
Long-term portion of capital lease obligation	12,217	5,955
Deferred income taxes	13,079	18,880
Other long-term liabilities	9,450	7,222
Total liabilities	$ 244,644	$ 230,347
Commitments and contingencies (Note 10)
Stockholders' equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding at September 30, 2015 and December 31, 2014	$ 0	$ 0
Common stock, $0.01 par value, 300,000,000 shares authorized, 26,195,627 shares issued and 26,186,111 shares outstanding at September 30, 2015, and 26,176,056 shares issued and outstanding at December 31, 2014	262	262
Additional paid-in capital	149,479	147,340
Retained earnings (deficit)	3,729	(6,731)
Treasury stock, at cost, 9,516 shares at September 30, 2015	(182)	0
Total stockholders' equity	153,288	140,871
Total liabilities and stockholders' equity	$ 397,932	$ 371,218

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	26,195,627	26,176,056
Common stock, shares outstanding (in shares)	26,186,111	26,176,056
Treasury stock, shares	9,516	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net sales	$ 358,540	$ 354,060	$ 1,006,225	$ 978,629
Cost of goods sold	269,401	269,668	759,354	746,781
Gross profit	89,139	84,392	246,871	231,848
Selling, general and administrative expenses	75,286	73,665	219,866	211,878
Depreciation expense	2,493	1,681	6,811	4,790
Amortization expense	596	563	1,756	1,690
Impairment of assets held for sale	0	0	0	48
Merger-related costs	1,183	0	4,652	0
Public offering transaction-related costs	0	60	0	508
Restructuring expense	(14)	2	383	11
Total operating expenses	79,544	75,971	233,468	218,925
Income from operations	9,595	8,421	13,403	12,923
Other income (expense)
Interest expense	(745)	(712)	(2,133)	(2,011)
Other income, net	194	197	1,002	610
Income from continuing operations before income taxes	9,044	7,906	12,272	11,522
Income tax expense	3,020	2,972	1,866	4,417
Income from continuing operations	6,024	4,934	10,406	7,105
Income from discontinued operations, net of income tax expense of $4, $25, $33 and $133, respectively	7	40	54	208
Net income	$ 6,031	$ 4,974	$ 10,460	$ 7,313
Weighted average common shares outstanding
Basic (in shares)	26,123,202	25,733,833	26,104,425	25,713,688
Diluted (in shares)	26,354,070	26,229,323	26,317,488	26,218,405
Basic income (loss) per share
Income from continuing operations (in dollars per share)	$ 0.23	$ 0.19	$ 0.40	$ 0.27
Income from discontinued operations (in dollars per share)	0	0	0	0.01
Net income per share (in dollars per share)	0.23	0.19	0.40	0.28
Diluted income (loss) per share
Income from continuing operations (in dollars per share)	0.23	0.19	0.40	0.27
Income from discontinued operations (in dollars per share)	0	0	0	0.01
Net income per share (in dollars per share)	$ 0.23	$ 0.19	$ 0.40	$ 0.28

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Discontinued operations, income tax expense	$ 4	$ 25	$ 33	$ 133

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income	$ 10,460	$ 7,313
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation expense	10,074	8,054
Amortization of intangible assets	1,756	1,690
Amortization of debt issuance costs	339	353
Deferred income taxes	(3,783)	(4,030)
Non-cash stock compensation expense	2,101	1,848
Impairment of assets held for sale	0	96
Gain on sale of property, equipment and real estate	(370)	(1,076)
Bad debt expense	1,801	417
Change in assets and liabilities
Accounts receivable	(24,535)	(19,756)
Inventories, net	(9,693)	(23,445)
Accounts payable	11,871	26,951
Other assets and liabilities	13,461	6,396
Net cash provided by operating activities	13,482	4,811
Cash flows from investing activities
Purchases of property and equipment	(12,329)	(20,795)
Purchase of business	(2,025)	0
Proceeds on sale-leaseback transactions, net	15,296	0
Proceeds from sale of property, equipment and real estate	1,005	3,493
Change in restricted assets	310	2
Net cash provided by (used in) investing activities	2,257	(17,300)
Cash flows from financing activities
Proceeds from revolving line of credit	1,055,182	1,046,220
Repayments of proceeds from revolving line of credit	(1,068,832)	(1,023,476)
Payments on capital leases	(2,419)	(1,177)
Other financing activities	(94)	(1,972)
Net cash (used in) provided by financing activities	(16,163)	19,595
Net (decrease) increase in cash and cash equivalents	(424)	7,106
Cash and cash equivalents
Beginning of period	5,806	1,138
End of period	5,382	8,244
Non-cash investing and financing transactions
Assets acquired under capital lease obligations	$ 10,298	$ 1,783

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Stock Building Supply Holdings, Inc. and its subsidiaries (the “Company,” “we,” “us” and “our”) distributes lumber and building materials to new construction and repair and remodeling contractors. Additionally, we provide solution-based services to our customers, including component design, product specification and installation management services. Due to the seasonal nature of our industry, sales are usually lower in the first and fourth quarters than in the second and third quarters.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. The condensed consolidated balance sheet as of December 31, 2014 was derived from audited financial statements, but does not include all necessary disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The unaudited condensed consolidated financial statements include all accounts of the Company and its subsidiaries and, in the opinion of management, include all recurring adjustments and normal accruals necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the dates and periods presented. These unaudited financial statements should be read in conjunction with the Company’s 2014 Annual Report on Form 10-K. Results for interim periods are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. All material intercompany accounts and transactions have been eliminated in consolidation. Comprehensive income Comprehensive income is equal to the net income for all periods presented. Recently issued accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides a comprehensive revenue recognition model requiring companies to recognize revenue for the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 by one year, and therefore the standard is effective for the Company’s annual and interim periods beginning on January 1, 2018. Early application is permitted, but only for the Company’s annual and interim periods beginning on January 1, 2017. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are evaluating the impact of the standard on our financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"). ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change GAAP for a customer's accounting for service contracts. ASU 2015-05 is effective for the Company’s annual and interim periods beginning on January 1, 2016. Early adoption is permitted. We are evaluating the impact of the standard on our financial statements. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory (“ASU 2015-11”). ASU 2015-11 requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value. Prior to the issuance of the standard, inventory was measured at the lower of cost or market, where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin. Inventory measured using last-in, first-out (LIFO) and the retail inventory method are not impacted by the new guidance. Prospective application is required and early adoption is permitted. ASU 2015-11 is effective for the Company’s annual and interim periods beginning on January 1, 2017. We are evaluating the impact of the standard on our financial statements. In August 2015, the FASB issued Accounting Standards Update No. 2015-15, Interest - Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (“ASU 2015-15”). ASU 2015-15 clarifies the treatment of debt issuance costs for line-of-credit arrangements, which was not addressed in Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs. ASU 2015-15 clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-15 is effective for the Company’s annual and interim periods beginning on January 1, 2016. Early adoption is permitted. We are evaluating the impact of the standard on our financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount as if the accounting had been completed at the acquisition date. The adjustments related to previous reporting periods since the acquisition date must be disclosed by income statement line item either on the face of the income statement or in the notes. Prospective application is required and early adoption is permitted. ASU 2015-16 is effective for the Company’s annual and interim periods beginning on January 1, 2016. We are evaluating the impact of the standard on our financial statements.

Merger Agreement with Building

Merger Agreement with Building Materials Holding Corporation Merger Agreement with Building Materials Holding Corporation	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Merger Agreement with Building Materials Holding Corporation	Merger Agreement with Building Materials Holding Corporation On June 2, 2015 , the Company and Building Materials Holding Corporation, a Delaware corporation (“BMC”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which BMC, subject to certain conditions, will be merged with and into the Company, with the Company surviving the merger (the “Merger”). Under the terms of the Merger Agreement, which has been unanimously approved by the board of directors of each company, BMC stockholders will receive 0.5231 newly issued Company shares for each BMC share. Upon the closing of the transaction, BMC stockholders will own approximately 60% of the merged entity, with stockholders of the Company immediately prior to the closing of the Merger owning approximately 40% . The transaction is structured to be tax-free to the stockholders of both companies, and is expected to close in the fourth quarter of 2015, subject to approval by the stockholders of the Company and BMC and typical regulatory clearances. The Merger Agreement contains customary representations and warranties from both the Company and BMC, and each party has agreed to customary covenants, including, among others, covenants relating to the conduct of its business during the interim period between the execution of the Merger Agreement and the effective time of the Merger. In addition, the Company and BMC have made customary non-solicitation covenants prohibiting each from (i) soliciting, providing non-public information or engaging or participating in any discussions or negotiations concerning proposals relating to alternative business combination transactions or (ii) entering into an acquisition agreement in connection with such an alternative business combination transaction, in each case, except as permitted under the Merger Agreement. The Merger Agreement contains certain termination rights for the Company and BMC, including in the event that (i) the Merger is not consummated on or before December 31, 2015, (ii) the approval of the stockholders of the Company is not obtained at a stockholder meeting, (iii) the approval of the stockholders of BMC is not obtained pursuant to written consent, (iv) the other party’s board of directors changes its recommendation to its stockholders due to an intervening event or (v) either the Company or BMC terminates the Merger Agreement to enter into a binding agreement providing for a superior alternative transaction. The Merger Agreement further provides that, upon termination of the Merger Agreement under specified circumstances, including in connection with a change in the recommendation of the board of directors of the Company or BMC or a termination of the Merger Agreement by the Company or BMC to enter into a binding agreement providing for a superior alternative transaction, the Company or BMC, as the case may be, will pay to the other party a termination fee. The termination fee payable by the Company equals $15.7 million in cash. The termination fee payable by BMC equals $23.6 million in cash. The Company incurred Merger-related costs of $1.2 million and $4.7 million for the three and nine months ended September 30, 2015, respectively.

Acquisition of Guildford Builde

Acquisition of Guildford Builders Supply	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisition of Guilford Builders Supply	Acquisition of Guilford Builders Supply On June 1, 2015 , the Company acquired certain assets and assumed certain liabilities of Guilford Builders Supply (“GBS”), a provider of building materials and custom millwork located in Greensboro, North Carolina, for a preliminary purchase price of $2.2 million . The purchase price includes an initial holdback of $0.2 million due to the sellers on June 1, 2016. The holdback amount may be reduced under certain circumstances, including the Company’s inability to collect upon acquired receivables. The acquisition was accounted for by the acquisition method, whereby the results of operations of GBS are included in the Company’s consolidated financial statements beginning on the acquisition date. The purchase price was allocated to the assets acquired and liabilities assumed. No goodwill resulted from the acquisition. The impact of the acquisition on our operating results was not significant for the reporting of pro forma financial information. The Company incurred transaction costs of $0.1 million for the nine months ended September 30, 2015, which are included in selling, general and administrative expenses on the condensed consolidated statements of operations.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations The results of operations for the Company’s discontinued operations, which include certain operations that were sold or exited in certain prior years, are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Net sales $ — $ — $ — $ — Restructuring charges — 3 — 18 Gain before income taxes 11 65 87 341 Income tax expense 4 25 33 133 Net income 7 40 54 208 The assets and liabilities of discontinued operations reflected on the consolidated balance sheets at September 30, 2015 and December 31, 2014 are as follows: (in thousands) September 30, December 31, Prepaid expenses and other current assets $ — $ 7 Current assets of discontinued operations — 7 Accrued expenses and other liabilities — 175 Current portion of restructuring reserve — 71 Current liabilities of discontinued operations $ — $ 246

Restructuring Costs

Restructuring Costs	9 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs In addition to the discontinued operations, the Company has instituted store closures, store relocations and reductions in headcount in certain markets (collectively, the “Restructurings”) in an effort to: (i) strengthen the Company’s competitive position, (ii) reduce costs and (iii) improve operating margins within these markets. No significant additional costs are expected to be incurred related to the Restructurings. The following table summarizes the restructuring expenses incurred in connection with the Restructurings and the remaining reserves as of September 30, 2015 : (in thousands) Lease Termination Costs Other Exit Costs One-Time Employee Termination Benefits Total Restructuring reserve, December 31, 2014 $ 1,810 $ — $ 14 $ 1,824 Restructuring charges incurred 70 313 — 383 Cash payments (742 ) (313 ) (14 ) (1,069 ) Restructuring reserve, September 30, 2015 $ 1,138 $ — $ — $ 1,138 The remaining accrual for lease termination costs, which includes costs that will continue to be incurred under lease agreements without economic benefit to the Company, is expected to be fully paid by January 2017 as the related leases expire. The restructuring reserve at September 30, 2015 consists of a current portion of $0.8 million and a long-term portion of $0.3 million . The long-term portion is included in other long-term liabilities on the condensed consolidated balance sheets.

Accounts Receivable

Accounts Receivable	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable consist of the following at September 30, 2015 and December 31, 2014 : (in thousands) September 30, December 31, Trade receivables $ 142,928 $ 118,531 Allowance for doubtful accounts (2,376 ) (2,101 ) Allowance for sales returns and discounts (2,147 ) (1,982 ) $ 138,405 $ 114,448

Secured Credit Agreement

Secured Credit Agreement	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Secured Credit Agreement	Secured Credit Agreement On June 30, 2009, the Company entered into a Secured Credit Agreement (the “Credit Agreement”) with Wells Fargo Capital Finance (“WFCF”), which includes a revolving line of credit (the “Revolver”). The Revolver has been amended for changes in financial covenants, maximum availability, maturity date, interest rate and other terms. The following is a summary of the significant terms of the Revolver as of September 30, 2015 : Maturity December 31, 2017 Interest/Usage Rate Company’s option of Base Rate (a) plus a Base Rate Margin (ranges from 0.50%–1.00% based on Revolver availability) or LIBOR plus a LIBOR Rate Margin (ranges from 1.50%–2.00% based on Revolver availability) Maximum Availability Lesser of $200 million or the borrowing base (b) Periodic Principal Payments None (a) Base Rate is the higher of (i) the Federal Funds Rate plus 0.5% or (ii) the prime rate. (b) The Revolver’s borrowing base is calculated as the sum of (i) 85% of the Company’s eligible accounts receivable plus (ii) the lesser of 90% of the eligible credit card receivables and $5 million plus (iii) the lesser of $150 million , 65% of the eligible inventory or 85% of the net liquidation value of eligible inventory as defined in the Credit Agreement plus (iv) the lesser of $30 million , 85% of the net liquidation value of eligible fixed assets or the net book value of fixed assets, all as defined in the Credit Agreement, minus (v) reserves from time to time set by the administrative agent. The Company’s borrowing base can also be increased pursuant to certain terms outlined in the Credit Agreement. The Credit Agreement provides that the Company can use the Revolver availability to issue letters of credit. The fees on any outstanding letters of credit issued under the Revolver include a participation fee equal to the LIBOR Rate Margin. The fee on the unused portion of the Revolver is 0.25% . The Revolver includes a financial covenant that requires the Company to maintain a minimum Fixed Charge Coverage Ratio of 1.00 :1.00 as defined by the Credit Agreement. The Fixed Charge Coverage Ratio requirement is only applicable if Adjusted Liquidity, defined as the sum of (i) availability under the Revolver and (ii) Qualified Cash (which includes cash and cash equivalents in deposit accounts or securities accounts or any combination thereof that are subject to a control agreement), is less than $20 million , and remains in effect until the date on which Adjusted Liquidity has been greater than or equal to $20 million for a period of 30 consecutive days. While there can be no assurances, based upon the Company’s forecast, the Company does not expect the financial covenants to become applicable during the year ending December 31, 2015 . The Company had outstanding borrowings of $76.5 million and $90.1 million with net availability of $112.9 million and $72.6 million as of September 30, 2015 and December 31, 2014 , respectively. The interest rate on outstanding LIBOR Rate borrowings of $76.0 million was 1.7% and the interest rate on outstanding Base Rate borrowings of $0.5 million was 3.8% as of September 30, 2015 . The Company had $9.5 million and $8.2 million in letters of credit outstanding under the Credit Agreement as of September 30, 2015 and December 31, 2014 , respectively. The Revolver is collateralized by substantially all assets of the Company. The carrying value of the Revolver at September 30, 2015 and December 31, 2014 approximates fair value as the Revolver contains a variable interest rate. As such, the fair value of the Revolver was classified as a Level 2 measurement in accordance with ASC 820, Fair Value Measurement.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company evaluates its deferred tax assets quarterly to determine if valuation allowances are required. In assessing the realizability of deferred tax assets, the Company considers both positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company has valuation allowances of $1.6 million and $1.8 million against its deferred tax assets related to certain state tax jurisdictions as of September 30, 2015 and December 31, 2014 , respectively. The Company is not permitted to carry back any of its existing tax net operating losses related to certain state tax jurisdictions; therefore, to the extent the Company generates future tax net operating losses, the Company may be required to increase the valuation allowance on deferred tax assets, which may increase the effective tax rate. However, given the Company’s current earnings and anticipated future earnings, there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow the Company to reach a conclusion that a significant portion, or all, of the valuation allowance will no longer be needed. Release of the valuation allowance would result in a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company is able to actually achieve. As of December 31, 2014, the Company recognized a liability for uncertain tax positions of $2.9 million within accrued expenses and other liabilities on the condensed consolidated balance sheets related to a payment during 2013 to The Gores Group, LLC (“Gores”) to terminate our management services agreement with Gores (the “Gores Termination Fee”). During the three months ended March 31, 2015, the Company received new information, including a favorable tax ruling from the Internal Revenue Service. With this new information, the Company believes it is more likely than not that its recognition of the payment of the Gores Termination Fee as a deduction will be sustained under examination. During the three months ended March 31, 2015, the Company recognized a $3.0 million tax benefit (the “Gores Termination Fee Tax Benefit”), which resulted from the removal of the liability for uncertain tax positions of $2.9 million and an increase in its deferred tax assets of $0.2 million related to state net operating loss carry-forwards, which were offset by an increase in a valuation allowance of $0.1 million related to the expected realization of these state net operating loss carry-forwards. As of September 30, 2015 , the Company has no remaining liabilities for uncertain tax positions. For the three and nine months ended September 30, 2015, the effective tax rate from continuing operations was 33.4% and 15.2% , respectively. Excluding the discrete tax impact related to the Gores Termination Fee Tax Benefit and non-deductible Merger-related costs of $1.0 million and $3.4 million for the three and nine months ended September 30, 2015, respectively, the effective tax rate from continuing operations was 29.3% and 29.9% for the three and nine months ended September 30, 2015, respectively, which varied from the federal statutory rate of 35% primarily due to a permanent domestic manufacturing deduction under Internal Revenue Code Section 199 (the “Manufacturing Deduction”). For the three and nine months ended September 30, 2014, the effective tax rate from continuing operations was 37.6% and 38.3% , respectively, which varied from the federal statutory rate of 35% primarily due to state taxes.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, various claims, legal proceedings and litigation are asserted or commenced against the Company principally arising from alleged product liability, warranty, casualty, construction defect, contract, tort, employment and other disputes. In determining loss contingencies, management considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recorded when it is considered probable that such a liability has been incurred and when the amount of loss can be reasonably estimated. It is not certain that the Company will prevail in these matters. However, the Company does not currently believe that the ultimate outcome of any pending matters will have a material adverse effect on its consolidated financial position, results of operations or cash flows. In February 2015, the Company completed a sale-leaseback transaction under which it sold an operating facility, which had been purchased in 2014, to an unrelated third party for net proceeds of $15.3 million and entered into an operating lease with an initial term of 15 years . The Company recorded a deferred gain of $0.5 million , which will be amortized as a reduction to rent expense over the lease term.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Stock Based Compensation The following table highlights the expense related to stock based compensation for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Nonvested stock $ 141 $ 263 $ 382 $ 651 Stock options 625 537 1,595 1,072 Restricted stock units 9 68 124 125 Stock based compensation $ 775 $ 868 $ 2,101 $ 1,848 The following is a summary of nonvested stock and restricted stock unit activity for the nine months ended September 30, 2015 . Nonvested Stock Restricted Stock Units Number of Shares Outstanding Weighted Average Grant Date Fair Value Number of Units Outstanding Weighted Average Grant Date Fair Value December 31, 2014 83,940 $ 17.46 16,124 $ 17.02 Granted — — — — Vested (29,031 ) 17.20 (16,124 ) 17.02 Forfeited — — — — September 30, 2015 54,909 $ 17.59 — $ — During the nine months ended September 30, 2015, certain employees elected to surrender a total of 9,516 shares to the Company to satisfy their tax withholding obligations in connection with the vesting of restricted stock awards. These surrendered shares are reflected as treasury stock on the condensed consolidated balance sheets. The following is a summary of stock options award activity for the nine months ended September 30, 2015 : Number of Weighted December 31, 2014 1,023,637 $ 13.59 Granted — — Exercised (3,447 ) 14.00 Forfeited (22,793 ) 17.68 Expired (3,328 ) 14.41 September 30, 2015 994,069 $ 13.49

Segments

Segments	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segments	Segments ASC 280, Segment Reporting, defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s operating segments consist of the East and West divisions along with Coleman Floor, which offers professional flooring installation services. Due to the similar economic characteristics, nature of products, distribution methods and customers, the Company has aggregated our East and West operating segments into one reportable segment, “Geographic divisions.” In addition to our reportable segment, the Company’s consolidated results include “Coleman Floor” and “Other reconciling items.” Other reconciling items is comprised of our corporate activities. The following tables present Net Sales, Adjusted EBITDA and certain other measures for the reportable segment and total continuing operations for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions $ 343,895 $ 86,258 $ 3,774 $ 25,380 Coleman Floor 14,645 2,881 35 522 Other reconciling items — — 377 (9,461 ) $ 358,540 $ 89,139 $ 4,186 Three Months Ended September 30, 2014 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions $ 338,998 $ 81,844 $ 2,963 $ 21,684 Coleman Floor 15,062 2,548 30 208 Other reconciling items — — 305 (8,684 ) $ 354,060 $ 84,392 $ 3,298 Nine Months Ended September 30, 2015 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions 965,416 238,645 10,733 61,714 Coleman Floor 40,809 8,226 117 1,329 Other reconciling items — — 980 (28,336 ) $ 1,006,225 $ 246,871 $ 11,830 Nine Months Ended September 30, 2014 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions 938,841 224,964 8,927 51,872 Coleman Floor 39,788 6,884 84 (389 ) Other reconciling items — — 733 (25,225 ) $ 978,629 $ 231,848 $ 9,744 Reconciliation to consolidated financial statements: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Income from continuing operations before income taxes $ 9,044 $ 7,906 $ 12,272 $ 11,522 Interest expense 745 712 2,133 2,011 Depreciation and amortization 4,186 3,298 11,830 9,744 Impairment of assets held for sale — — — 48 Merger-related costs 1,183 — 4,652 — Public offering transaction-related costs — 60 — 508 Restructuring expense (14 ) 2 383 11 Non-cash stock compensation expense 775 868 2,101 1,848 Severance and other items related to store closures 490 325 1,083 440 Other items 32 37 253 126 Adjusted EBITDA of Coleman Floor (522 ) (208 ) (1,329 ) 389 Adjusted EBITDA of other reconciling items 9,461 8,684 28,336 25,225 Adjusted EBITDA of geographic divisions reportable segment $ 25,380 $ 21,684 $ 61,714 $ 51,872

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic net income per share (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding during the period. Diluted EPS is calculated by adjusting weighted average shares outstanding for the dilutive effect of potential common shares, determined using the treasury-stock method. For purposes of the diluted EPS calculation, stock options, nonvested stock and restricted stock unit awards are considered to be potential common shares. The basic and diluted EPS calculations for the three and nine months ended September 30, 2015 and 2014 are presented below: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share amounts) 2015 2014 2015 2014 Income from continuing operations $ 6,024 $ 4,934 $ 10,406 $ 7,105 Income from discontinued operations, net of tax 7 40 54 208 Net income $ 6,031 $ 4,974 $ 10,460 $ 7,313 Weighted average outstanding shares of common stock 26,123,202 25,733,833 26,104,425 25,713,688 Effect of dilutive securities: Nonvested stock 29,064 357,177 27,659 359,941 Stock options 199,629 133,604 177,152 140,395 Restricted stock units 2,175 4,709 8,252 4,381 Weighted average shares and dilutive shares 26,354,070 26,229,323 26,317,488 26,218,405 Basic EPS Income from continuing operations $ 0.23 $ 0.19 $ 0.40 $ 0.27 Income from discontinued operations — — — 0.01 Net income per share $ 0.23 $ 0.19 $ 0.40 $ 0.28 Diluted EPS Income from continuing operations $ 0.23 $ 0.19 $ 0.40 $ 0.27 Income from discontinued operations — — — 0.01 Net income per share $ 0.23 $ 0.19 $ 0.40 $ 0.28 The following table provides the securities that could potentially dilute basic earnings per share in the future, but were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Stock options 366,359 823,566 366,359 820,517 Nonvested stock awards — 44,245 — 44,245

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of Presentation The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. The condensed consolidated balance sheet as of December 31, 2014 was derived from audited financial statements, but does not include all necessary disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The unaudited condensed consolidated financial statements include all accounts of the Company and its subsidiaries and, in the opinion of management, include all recurring adjustments and normal accruals necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the dates and periods presented. These unaudited financial statements should be read in conjunction with the Company’s 2014 Annual Report on Form 10-K. Results for interim periods are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. All material intercompany accounts and transactions have been eliminated in consolidation.
Comprehensive income (loss)	Comprehensive income Comprehensive income is equal to the net income for all periods presented.
Recently issued accounting pronouncements	Recently issued accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides a comprehensive revenue recognition model requiring companies to recognize revenue for the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 by one year, and therefore the standard is effective for the Company’s annual and interim periods beginning on January 1, 2018. Early application is permitted, but only for the Company’s annual and interim periods beginning on January 1, 2017. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are evaluating the impact of the standard on our financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"). ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change GAAP for a customer's accounting for service contracts. ASU 2015-05 is effective for the Company’s annual and interim periods beginning on January 1, 2016. Early adoption is permitted. We are evaluating the impact of the standard on our financial statements. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory (“ASU 2015-11”). ASU 2015-11 requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value. Prior to the issuance of the standard, inventory was measured at the lower of cost or market, where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin. Inventory measured using last-in, first-out (LIFO) and the retail inventory method are not impacted by the new guidance. Prospective application is required and early adoption is permitted. ASU 2015-11 is effective for the Company’s annual and interim periods beginning on January 1, 2017. We are evaluating the impact of the standard on our financial statements. In August 2015, the FASB issued Accounting Standards Update No. 2015-15, Interest - Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (“ASU 2015-15”). ASU 2015-15 clarifies the treatment of debt issuance costs for line-of-credit arrangements, which was not addressed in Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs. ASU 2015-15 clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-15 is effective for the Company’s annual and interim periods beginning on January 1, 2016. Early adoption is permitted. We are evaluating the impact of the standard on our financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount as if the accounting had been completed at the acquisition date. The adjustments related to previous reporting periods since the acquisition date must be disclosed by income statement line item either on the face of the income statement or in the notes. Prospective application is required and early adoption is permitted. ASU 2015-16 is effective for the Company’s annual and interim periods beginning on January 1, 2016. We are evaluating the impact of the standard on our financial statements.

Income Taxes (Policies)

Income Taxes (Policies)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income taxes	Income Taxes The Company evaluates its deferred tax assets quarterly to determine if valuation allowances are required. In assessing the realizability of deferred tax assets, the Company considers both positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Commitments and Contingencies (

Commitments and Contingencies (Policies)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and Contingencies From time to time, various claims, legal proceedings and litigation are asserted or commenced against the Company principally arising from alleged product liability, warranty, casualty, construction defect, contract, tort, employment and other disputes. In determining loss contingencies, management considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recorded when it is considered probable that such a liability has been incurred and when the amount of loss can be reasonably estimated.

Earnings Per Share (Policies)

Earnings Per Share (Policies)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Income (loss) per common share	Earnings Per Share Basic net income per share (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding during the period. Diluted EPS is calculated by adjusting weighted average shares outstanding for the dilutive effect of potential common shares, determined using the treasury-stock method. For purposes of the diluted EPS calculation, stock options, nonvested stock and restricted stock unit awards are considered to be potential common shares.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of discontinued operations, income statement and balance sheet	The results of operations for the Company’s discontinued operations, which include certain operations that were sold or exited in certain prior years, are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Net sales $ — $ — $ — $ — Restructuring charges — 3 — 18 Gain before income taxes 11 65 87 341 Income tax expense 4 25 33 133 Net income 7 40 54 208 The assets and liabilities of discontinued operations reflected on the consolidated balance sheets at September 30, 2015 and December 31, 2014 are as follows: (in thousands) September 30, December 31, Prepaid expenses and other current assets $ — $ 7 Current assets of discontinued operations — 7 Accrued expenses and other liabilities — 175 Current portion of restructuring reserve — 71 Current liabilities of discontinued operations $ — $ 246

Restructuring Costs (Tables)

Restructuring Costs (Tables)	9 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Schedule of restructuring expenses	The following table summarizes the restructuring expenses incurred in connection with the Restructurings and the remaining reserves as of September 30, 2015 : (in thousands) Lease Termination Costs Other Exit Costs One-Time Employee Termination Benefits Total Restructuring reserve, December 31, 2014 $ 1,810 $ — $ 14 $ 1,824 Restructuring charges incurred 70 313 — 383 Cash payments (742 ) (313 ) (14 ) (1,069 ) Restructuring reserve, September 30, 2015 $ 1,138 $ — $ — $ 1,138

Accounts Receivable (Tables)

Accounts Receivable (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Schedule of accounts receivable	Accounts receivable consist of the following at September 30, 2015 and December 31, 2014 : (in thousands) September 30, December 31, Trade receivables $ 142,928 $ 118,531 Allowance for doubtful accounts (2,376 ) (2,101 ) Allowance for sales returns and discounts (2,147 ) (1,982 ) $ 138,405 $ 114,448

Secured Credit Agreement (Table

Secured Credit Agreement (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of secured credit agreement	The following is a summary of the significant terms of the Revolver as of September 30, 2015 : Maturity December 31, 2017 Interest/Usage Rate Company’s option of Base Rate (a) plus a Base Rate Margin (ranges from 0.50%–1.00% based on Revolver availability) or LIBOR plus a LIBOR Rate Margin (ranges from 1.50%–2.00% based on Revolver availability) Maximum Availability Lesser of $200 million or the borrowing base (b) Periodic Principal Payments None (a) Base Rate is the higher of (i) the Federal Funds Rate plus 0.5% or (ii) the prime rate. (b) The Revolver’s borrowing base is calculated as the sum of (i) 85% of the Company’s eligible accounts receivable plus (ii) the lesser of 90% of the eligible credit card receivables and $5 million plus (iii) the lesser of $150 million , 65% of the eligible inventory or 85% of the net liquidation value of eligible inventory as defined in the Credit Agreement plus (iv) the lesser of $30 million , 85% of the net liquidation value of eligible fixed assets or the net book value of fixed assets, all as defined in the Credit Agreement, minus (v) reserves from time to time set by the administrative agent. The Company’s borrowing base can also be increased pursuant to certain terms outlined in the Credit Agreement.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of expenses related to share-based payments	The following table highlights the expense related to stock based compensation for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Nonvested stock $ 141 $ 263 $ 382 $ 651 Stock options 625 537 1,595 1,072 Restricted stock units 9 68 124 125 Stock based compensation $ 775 $ 868 $ 2,101 $ 1,848
Schedule of nonvested stock awards and restricted stock units	The following is a summary of nonvested stock and restricted stock unit activity for the nine months ended September 30, 2015 . Nonvested Stock Restricted Stock Units Number of Shares Outstanding Weighted Average Grant Date Fair Value Number of Units Outstanding Weighted Average Grant Date Fair Value December 31, 2014 83,940 $ 17.46 16,124 $ 17.02 Granted — — — — Vested (29,031 ) 17.20 (16,124 ) 17.02 Forfeited — — — — September 30, 2015 54,909 $ 17.59 — $ —
Schedule of stock options	The following is a summary of stock options award activity for the nine months ended September 30, 2015 : Number of Weighted December 31, 2014 1,023,637 $ 13.59 Granted — — Exercised (3,447 ) 14.00 Forfeited (22,793 ) 17.68 Expired (3,328 ) 14.41 September 30, 2015 994,069 $ 13.49

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of net sales, adjusted EBITDA and certain other measures by reportable segment	The following tables present Net Sales, Adjusted EBITDA and certain other measures for the reportable segment and total continuing operations for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions $ 343,895 $ 86,258 $ 3,774 $ 25,380 Coleman Floor 14,645 2,881 35 522 Other reconciling items — — 377 (9,461 ) $ 358,540 $ 89,139 $ 4,186 Three Months Ended September 30, 2014 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions $ 338,998 $ 81,844 $ 2,963 $ 21,684 Coleman Floor 15,062 2,548 30 208 Other reconciling items — — 305 (8,684 ) $ 354,060 $ 84,392 $ 3,298 Nine Months Ended September 30, 2015 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions 965,416 238,645 10,733 61,714 Coleman Floor 40,809 8,226 117 1,329 Other reconciling items — — 980 (28,336 ) $ 1,006,225 $ 246,871 $ 11,830 Nine Months Ended September 30, 2014 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions 938,841 224,964 8,927 51,872 Coleman Floor 39,788 6,884 84 (389 ) Other reconciling items — — 733 (25,225 ) $ 978,629 $ 231,848 $ 9,744
Reconciliation to consolidated financial statements	Reconciliation to consolidated financial statements: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Income from continuing operations before income taxes $ 9,044 $ 7,906 $ 12,272 $ 11,522 Interest expense 745 712 2,133 2,011 Depreciation and amortization 4,186 3,298 11,830 9,744 Impairment of assets held for sale — — — 48 Merger-related costs 1,183 — 4,652 — Public offering transaction-related costs — 60 — 508 Restructuring expense (14 ) 2 383 11 Non-cash stock compensation expense 775 868 2,101 1,848 Severance and other items related to store closures 490 325 1,083 440 Other items 32 37 253 126 Adjusted EBITDA of Coleman Floor (522 ) (208 ) (1,329 ) 389 Adjusted EBITDA of other reconciling items 9,461 8,684 28,336 25,225 Adjusted EBITDA of geographic divisions reportable segment $ 25,380 $ 21,684 $ 61,714 $ 51,872

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of basic and diluted EPS calculations	The basic and diluted EPS calculations for the three and nine months ended September 30, 2015 and 2014 are presented below: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share amounts) 2015 2014 2015 2014 Income from continuing operations $ 6,024 $ 4,934 $ 10,406 $ 7,105 Income from discontinued operations, net of tax 7 40 54 208 Net income $ 6,031 $ 4,974 $ 10,460 $ 7,313 Weighted average outstanding shares of common stock 26,123,202 25,733,833 26,104,425 25,713,688 Effect of dilutive securities: Nonvested stock 29,064 357,177 27,659 359,941 Stock options 199,629 133,604 177,152 140,395 Restricted stock units 2,175 4,709 8,252 4,381 Weighted average shares and dilutive shares 26,354,070 26,229,323 26,317,488 26,218,405 Basic EPS Income from continuing operations $ 0.23 $ 0.19 $ 0.40 $ 0.27 Income from discontinued operations — — — 0.01 Net income per share $ 0.23 $ 0.19 $ 0.40 $ 0.28 Diluted EPS Income from continuing operations $ 0.23 $ 0.19 $ 0.40 $ 0.27 Income from discontinued operations — — — 0.01 Net income per share $ 0.23 $ 0.19 $ 0.40 $ 0.28
Schedule of anti-dilutive securities excluded from computation of earnings per share	The following table provides the securities that could potentially dilute basic earnings per share in the future, but were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Stock options 366,359 823,566 366,359 820,517 Nonvested stock awards — 44,245 — 44,245

Merger Agreement with Buildin31

Merger Agreement with Building Materials Holding Corporation Merger Agreement with Building Materials Holding Corporation (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Merger agreement date			Jun. 2, 2015
Merger share exchange ratio	0.5231		0.5231
Ownership percentage after merger			40.00%
Merger agreement termination fees	$ 15,700		$ 15,700
Merger-related costs	1,183	$ 0	$ 4,652	$ 0
BMC [Member]
Business Acquisition [Line Items]
Ownership percentage after merger			60.00%
Merger agreement termination fees	$ 23,600		$ 23,600

Acquisition of Guilford Builder

Acquisition of Guilford Builders Supply (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill	$ 7,186,000	$ 7,186,000
GBS [Member]
Business Acquisition [Line Items]
Date of acquisition	Jun. 1, 2015
Acquisition purchase price, including holdback	$ 2,200,000
Initial holdback amount	200,000
Goodwill	0
GBS [Member] | Selling, general and administrative expenses [Member]
Business Acquisition [Line Items]
Acquisition costs	$ 100,000

Discontinued Operations (Income

Discontinued Operations (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax expense	$ 4	$ 25	$ 33	$ 133
Income from discontinued operations, net of tax	7	40	54	208
Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	0	0	0	0
Restructuring charges	0	3	0	18
Gain before income taxes	11	65	87	341
Income tax expense	4	25	33	133
Income from discontinued operations, net of tax	$ 7	$ 40	$ 54	$ 208

Discontinued Operations (Balanc

Discontinued Operations (Balance Sheet) (Details) - Discontinued Operations [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Prepaid expenses and other current assets	$ 0	$ 7
Current assets of discontinued operations	0	7
Accrued expenses and other liabilities	0	175
Current portion of restructuring reserve	0	71
Current liabilities of discontinued operations	$ 0	$ 246

Restructuring Costs (Schedule o

Restructuring Costs (Schedule of restructuring expenses) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, December 31, 2014	$ 1,824
Restructuring charges incurred	383
Cash payments	(1,069)
Restructuring reserve, September 30, 2015	1,138
Lease termination costs [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, December 31, 2014	1,810
Restructuring charges incurred	70
Cash payments	(742)
Restructuring reserve, September 30, 2015	1,138
Other exit costs [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, December 31, 2014	0
Restructuring charges incurred	313
Cash payments	(313)
Restructuring reserve, September 30, 2015	0
One-time employee termination benefits [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, December 31, 2014	14
Restructuring charges incurred	0
Cash payments	(14)
Restructuring reserve, September 30, 2015	$ 0

Restructuring Costs (Narrative)

Restructuring Costs (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Current portion of restructuring reserve	$ 845	$ 892
Lease termination costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring reserve completion date	Jan. 31, 2017
Other Long-term Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Long-term restructuring reserve	$ 300

Accounts Receivable (Accounts R

Accounts Receivable (Accounts Receivable) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Trade receivables	$ 142,928	$ 118,531
Allowance for doubtful accounts	(2,376)	(2,101)
Allowance for sales returns and discounts	(2,147)	(1,982)
Accounts receivable, net	$ 138,405	$ 114,448

Secured Credit Agreement (Detai

Secured Credit Agreement (Details)		9 Months Ended
		Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Line of Credit Facility [Line Items]
Revolving line of credit		$ 76,464,000	$ 90,114,000
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member]
Line of Credit Facility [Line Items]
Maturity date		Dec. 31, 2017
Maximum borrowing capacity	[1]	$ 200,000,000
Periodic principal payments		$ 0
Unused capacity, commitment fee percentage		0.25%
Minimum fixed charge coverage ratio		1
Threshold for minimum adjusted liquidity		$ 20,000,000
Minimum adjusted liquidity for 30 consecutive days		20,000,000
Revolving line of credit		76,464,000	90,114,000
Remaining borrowing capacity		112,900,000	72,600,000
Letters of credit, amount outstanding		$ 9,500,000	$ 8,200,000
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | 85% of eligible accounts receivable [Member]
Line of Credit Facility [Line Items]
Borrowing base, percentage of accounts receivable		85.00%
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Lesser of 90% of eligible credit card receivables and $5 million [Member]
Line of Credit Facility [Line Items]
Borrowing base, percentage of credit card receivables		90.00%
Portion of borrowing base		$ 5,000,000
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Lesser of $150 million, 65% of the eligible inventory or 85% of the net liquidation value of eligible inventory [Member]
Line of Credit Facility [Line Items]
Borrowing base, percentage of eligible inventory		65.00%
Borrowing base, percentage of net liquidation value of eligible inventory		85.00%
Portion of borrowing base		$ 150,000,000
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Lesser of $30 million, 85% of the net liquidation value of eligible fixed assets or the net book value of fixed assets [Member]
Line of Credit Facility [Line Items]
Borrowing base, percentage of net liquidation value of eligible fixed assets		85.00%
Portion of borrowing base		$ 30,000,000
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Revolving line of credit		$ 76,000,000
Interest rate at period end		1.70%
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Revolving line of credit		$ 500,000
Interest rate at period end		3.80%
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Base Rate Option [Member] | Federal Funds Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Base Rate Option [Member] | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	[2]	0.50%
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | Base Rate Option [Member] | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	[2]	1.00%
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | LIBOR Rate Option [Member] | LIBOR [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	[2]	1.50%
Revolving Credit Facility [Member] | Wells Fargo Capital Finance [Member] | LIBOR Rate Option [Member] | LIBOR [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	[2]	2.00%
[1]	The Revolver’s borrowing base is calculated as the sum of (i) 85% of the Company’s eligible accounts receivable plus (ii) the lesser of 90% of the eligible credit card receivables and $5 million plus (iii) the lesser of $150 million, 65% of the eligible inventory or 85% of the net liquidation value of eligible inventory as defined in the Credit Agreement plus (iv) the lesser of $30 million, 85% of the net liquidation value of eligible fixed assets or the net book value of fixed assets, all as defined in the Credit Agreement, minus (v) reserves from time to time set by the administrative agent. The Company’s borrowing base can also be increased pursuant to certain terms outlined in the Credit Agreement.
[2]	Base Rate is the higher of (i) the Federal Funds Rate plus 0.5% or (ii) the prime rate.

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Income Tax Contingency [Line Items]
Valuation allowance	$ 1,600,000			$ 1,600,000		$ 1,800,000
Income tax expense at statutory rate	35.00%		35.00%	35.00%	35.00%
Effective income tax rate on continuing operations	33.40%		37.60%	15.20%	38.30%
Discrete tax impact	$ 1,000,000			$ 3,400,000
Effective income tax rate on continuing operations excluding the discrete tax impact of certain items	29.30%			29.90%
Accrued expenses and other liabilities [Member]
Income Tax Contingency [Line Items]
Uncertain tax positions	$ 0			$ 0		$ 2,900,000
Gores Termination Fee [Member]
Income Tax Contingency [Line Items]
Current income tax expense (benefit)		$ 3,000,000
Increase (decrease) in state operating loss carryforwards		200,000
Increase (decrease) in valuation allowance from continuing operations		100,000
Increase (decrease) in uncertain tax positions (resulting from current period tax positions)		$ 2,900,000

Commitments and Contingencies40

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Loss Contingencies [Line Items]
Proceeds on sale-leaseback transactions, net	$ 15,296	$ 0
Operating lease term	15 years
Deferred gain on sale-leaseback	$ 500

Stock Based Compensation (Stock

Stock Based Compensation (Stock based compensation expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	$ 775	$ 868	$ 2,101	$ 1,848
Nonvested stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	141	263	382	651
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	625	537	1,595	1,072
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	$ 9	$ 68	$ 124	$ 125

Stock Based Compensation (Summa

Stock Based Compensation (Summary of non-vested stock and restricted stock units) (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Nonvested stock [Member]
Number of shares/units outstanding (in shares):
December 31, 2014 (in shares)	83,940
Granted (in shares)	0
Vested (in shares)	(29,031)
Forfeited (in shares)	0
September 30, 2015 (in shares)	54,909
Weighted average grant date fair value (in dollars per share):
December 31, 2014 (in dollars per share) | $ / shares	$ 17.46
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	17.20
Forfeited (in dollars per share) | $ / shares	0
September 30, 2015 (in dollars per share) | $ / shares	$ 17.59
Restricted stock units [Member]
Number of shares/units outstanding (in shares):
December 31, 2014 (in shares)	16,124
Granted (in shares)	0
Vested (in shares)	(16,124)
Forfeited (in shares)	0
September 30, 2015 (in shares)	0
Weighted average grant date fair value (in dollars per share):
December 31, 2014 (in dollars per share) | $ / shares	$ 17.02
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	17.02
Forfeited (in dollars per share) | $ / shares	0
September 30, 2015 (in dollars per share) | $ / shares	$ 0

Stock Based Compensation (Sum43

Stock Based Compensation (Summary of stock option awards) (Details) - Stock options [Member]	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Number of options outstanding (in shares):
December 31, 2014 (in shares)	1,023,637
Granted (in shares)	0
Exercised (in shares)	(3,447)
Forfeited (in shares)	(22,793)
Expired (in shares)	(3,328)
September 30, 2015 (in shares)	994,069
Weighted average exercise price (in dollars per share):
December 31, 2014 (in dollars per share) | $ / shares	$ 13.59
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	14
Forfeited (in dollars per share) | $ / shares	17.68
Expired (in dollars per share) | $ / shares	14.41
September 30, 2015 (in dollars per share) | $ / shares	$ 13.49

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details)	9 Months Ended
	Sep. 30, 2015shares
Treasury Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares surrendered to satisfy tax withholding obligations	9,516

Segments (Schedule of net sales

Segments (Schedule of net sales, adjusted EBITDA and certain other measures by reportable segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Net sales	$ 358,540	$ 354,060	$ 1,006,225	$ 978,629
Gross profit	89,139	84,392	246,871	231,848
Depreciation & amortization	4,186	3,298	11,830	9,744
Operating segments [Member] | Geographic divisions [Member]
Segment Reporting Information [Line Items]
Net sales	343,895	338,998	965,416	938,841
Gross profit	86,258	81,844	238,645	224,964
Depreciation & amortization	3,774	2,963	10,733	8,927
Adjusted EBITDA	25,380	21,684	61,714	51,872
Operating segments [Member] | Coleman Floor [Member]
Segment Reporting Information [Line Items]
Net sales	14,645	15,062	40,809	39,788
Gross profit	2,881	2,548	8,226	6,884
Depreciation & amortization	35	30	117	84
Adjusted EBITDA	522	208	1,329	(389)
Other reconciling items [Member] | Other reconciling items [Member]
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Gross profit	0	0	0	0
Depreciation & amortization	377	305	980	733
Adjusted EBITDA	$ (9,461)	$ (8,684)	$ (28,336)	$ (25,225)

Segments (Reconciliation of adj

Segments (Reconciliation of adjusted EBITDA to consolidated financial statements) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Income from continuing operations before income taxes	$ 9,044	$ 7,906	$ 12,272	$ 11,522
Interest expense	745	712	2,133	2,011
Depreciation and amortization	4,186	3,298	11,830	9,744
Impairment of assets held for sale	0	0	0	48
Merger-related costs	1,183	0	4,652	0
Public offering transaction-related costs	0	60	0	508
Restructuring expense	(14)	2	383	11
Non-cash stock compensation expense	775	868	2,101	1,848
Severance and other items related to store closures	490	325	1,083	440
Other items	32	37	253	126
Other reconciling items [Member] | Other reconciling items [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	377	305	980	733
Adjusted EBITDA	(9,461)	(8,684)	(28,336)	(25,225)
Operating segments [Member] | Coleman Floor [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	35	30	117	84
Adjusted EBITDA	522	208	1,329	(389)
Operating segments [Member] | Geographic divisions [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	3,774	2,963	10,733	8,927
Adjusted EBITDA	$ 25,380	$ 21,684	$ 61,714	$ 51,872

Segments (Narrative) (Details)

Segments (Narrative) (Details)	9 Months Ended
	Sep. 30, 2015segment
Segment Reporting [Abstract]
Number of reportable segments	1

Earnings Per Share (Basic and D

Earnings Per Share (Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Income from continuing operations	$ 6,024	$ 4,934	$ 10,406	$ 7,105
Income from discontinued operations, net of tax	7	40	54	208
Net income	$ 6,031	$ 4,974	$ 10,460	$ 7,313
Weighted average outstanding shares of common stock (in shares)	26,123,202	25,733,833	26,104,425	25,713,688
Weighted average shares and dilutive shares (in shares)	26,354,070	26,229,323	26,317,488	26,218,405
Basic EPS
Income from continuing operations (in dollars per share)	$ 0.23	$ 0.19	$ 0.40	$ 0.27
Income from discontinued operations (in dollars per share)	0	0	0	0.01
Net income per share (in dollars per share)	0.23	0.19	0.40	0.28
Diluted EPS
Income from continuing operations (in dollars per share)	0.23	0.19	0.40	0.27
Income from discontinued operations (in dollars per share)	0	0	0	0.01
Net income per share (in dollars per share)	$ 0.23	$ 0.19	$ 0.40	$ 0.28
Nonvested stock [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock based payment arrangements (in shares)	29,064	357,177	27,659	359,941
Stock options [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock based payment arrangements (in shares)	199,629	133,604	177,152	140,395
Restricted stock units [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock based payment arrangements (in shares)	2,175	4,709	8,252	4,381

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of anti-dilutive securities) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	366,359	823,566	366,359	820,517
Nonvested stock awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	44,245	0	44,245