BMC Stock (BMCH) 10-Q 4 Aug 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Aug. 03, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-36050
Entity Registrant Name	BMC Stock Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-4687975
Entity Address, Address Line One	4800 Falls of Neuse Rd, Suite 400
Entity Address, City or Town	Raleigh,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27609
City Area Code	919
Local Phone Number	431-1000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	BMCH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		67,068,363
Entity Central Index Key	0001574815
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 253,443	$ 165,496
Accounts Receivable, after Allowance for Credit Loss, Current	361,953	325,741
Inventories	326,807	331,969
Contract assets	33,871	32,125
Income taxes receivable	0	7,504
Prepaid expenses and other current assets	70,926	66,818
Total current assets	1,047,000	929,653
Property and equipment, net of accumulated depreciation	368,378	345,466
Operating lease right-of-use assets	136,540	139,907
Customer relationship intangible assets, net of accumulated amortization	175,150	185,049
Other intangible assets, net of accumulated amortization	450	580
Goodwill	295,402	297,146
Other long-term assets	7,443	8,300
Total assets	2,030,363	1,906,101
Current liabilities
Accounts payable	237,029	189,644
Accrued expenses and other liabilities	97,127	117,825
Contract liabilities	42,610	31,094
Income taxes payable	2,640	0
Interest payable	4,947	4,759
Current portion: Long-term debt and finance lease obligations	4,214	5,577
Current portion: Operating lease liabilities	27,411	26,147
Current portion: Insurance reserves	18,487	16,328
Total current liabilities	434,465	391,374
Insurance reserves	42,473	43,536
Long-term debt	346,450	346,032
Long-term portion of finance lease obligations	5,131	6,959
Long-term portion of operating lease liabilities	118,705	120,832
Deferred income taxes	25,601	15,195
Other long-term liabilities	7,474	661
Total liabilities	980,299	924,589
Commitments and contingencies (Note 8)
Stockholders’ equity
Preferred Stock, Value, Issued	0	0
Common Stock, Value, Issued	688	683
Additional paid-in capital	694,113	687,255
Retained earnings	385,841	320,190
Treasury Stock, Value	(30,578)	(26,616)
Total stockholders’ equity	1,050,064	981,512
Total liabilities and stockholders’ equity	$ 2,030,363	$ 1,906,101

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable allowances	$ 9,895	$ 8,318
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 (shares)	68,800,000	68,300,000
Common stock, shares outstanding (in shares)	67,100,000	66,800,000
Treasury stock (shares)	1,700,000	1,500,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net sales	$ 979,896	$ 946,375	$ 1,900,775	$ 1,771,780
Cost of sales	727,074	700,598	1,410,825	1,309,881
Gross profit	252,822	245,777	489,950	461,899
Selling, general and administrative expenses	173,420	181,431	360,342	351,365
Depreciation expense	11,704	10,043	23,223	19,616
Amortization expense	5,016	4,338	10,029	8,685
Asset Impairment Charges	2,255	529	2,255	529
Merger and integration costs	357	1,382	1,525	4,172
Total operating expenses	192,752	197,723	397,374	384,367
Income from operations	60,070	48,054	92,576	77,532
Other income (expense)
Interest expense	(6,204)	(5,574)	(12,136)	(11,612)
Other income, net	2,920	3,709	5,839	6,619
Income before income taxes	56,786	46,189	86,279	72,539
Income tax expense	13,164	10,490	20,628	16,490
Net income	$ 43,622	$ 35,699	$ 65,651	$ 56,049
Weighted average common shares outstanding
Basic (in shares)	67,022	66,578	66,931	66,679
Diluted (in shares)	67,564	67,077	67,604	67,179
Net income per common share
Basic (in dollars per share)	$ 0.65	$ 0.54	$ 0.98	$ 0.84
Diluted (in dollars per share)	$ 0.65	$ 0.53	$ 0.97	$ 0.83
Building Products [Member]
Net sales	$ 739,400	$ 712,400	$ 1,426,000	$ 1,333,300
Construction Services [Member]
Net sales	$ 240,500	$ 234,000	$ 474,700	$ 438,500

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Stockholders' equity beginning of period at Dec. 31, 2018	$ 874,659	$ 677	$ (8,458)	$ 672,095	$ 210,345
Common stock issued beginning of period (shares) at Dec. 31, 2018		67,708,000
Treasury stock beginning of period (shares) at Dec. 31, 2018			478,000
Stockholders' Equity [Abstract]
Exercise of stock options	132	$ 0		132
Exercise of stock options (shares)		8,000
Shares vested for long-term incentive plan	0	$ 3		(3)
Shares vested for long-term incentive plan (shares)		290,000
Repurchases of common stock under share repurchase program	(15,709)		$ (15,709)
Repurchases of common stock under share repurchase program (shares)			920,000
Repurchases of common stock equity related to equity award activity	(1,330)		$ (1,330)
Repurchases of common stock related to equity award activity (shares)			74,000
Stock compensation expense	2,915			2,915
Net income	20,350				20,350
Stockholders' equity end of period at Mar. 31, 2019	881,017	$ 680	$ (25,497)	675,139	230,695
Common stock issued end of period (shares) at Mar. 31, 2019		68,006,000
Treasury stock end of period (shares) at Mar. 31, 2019			1,472,000
Stockholders' equity beginning of period at Dec. 31, 2018	874,659	$ 677	$ (8,458)	672,095	210,345
Common stock issued beginning of period (shares) at Dec. 31, 2018		67,708,000
Treasury stock beginning of period (shares) at Dec. 31, 2018			478,000
Stockholders' Equity [Abstract]
Repurchases of common stock under share repurchase program	$ (16,400)
Repurchases of common stock under share repurchase program (shares)	1,000,000
Net income	$ 56,049
Stockholders' equity end of period at Jun. 30, 2019	919,619	$ 682	$ (26,371)	678,914	266,394
Common stock issued end of period (shares) at Jun. 30, 2019		68,155,000
Treasury stock end of period (shares) at Jun. 30, 2019			1,519,000
Stockholders' equity beginning of period at Mar. 31, 2019	881,017	$ 680	$ (25,497)	675,139	230,695
Common stock issued beginning of period (shares) at Mar. 31, 2019		68,006,000
Treasury stock beginning of period (shares) at Mar. 31, 2019			1,472,000
Stockholders' Equity [Abstract]
Exercise of stock options	529	$ 1		528
Exercise of stock options (shares)		76,000
Shares vested for long-term incentive plan	0	$ 1		(1)
Shares vested for long-term incentive plan (shares)		73,000
Repurchases of common stock under share repurchase program	$ (737)		$ (737)
Repurchases of common stock under share repurchase program (shares)	100,000		41,000
Repurchases of common stock equity related to equity award activity	$ (137)		$ (137)
Repurchases of common stock related to equity award activity (shares)			6,000
Stock compensation expense	3,248			3,248
Net income	35,699				35,699
Stockholders' equity end of period at Jun. 30, 2019	919,619	$ 682	$ (26,371)	678,914	266,394
Common stock issued end of period (shares) at Jun. 30, 2019		68,155,000
Treasury stock end of period (shares) at Jun. 30, 2019			1,519,000
Stockholders' equity beginning of period at Dec. 31, 2019	$ 981,512	$ 683	$ (26,616)	687,255	320,190
Common stock issued beginning of period (shares) at Dec. 31, 2019	68,300,000	68,306,000
Treasury stock beginning of period (shares) at Dec. 31, 2019	1,500,000		1,528,000
Stockholders' Equity [Abstract]
Exercise of stock options	$ 206	$ 0		206
Exercise of stock options (shares)		13,000
Shares vested for long-term incentive plan	0	$ 4		(4)
Shares vested for long-term incentive plan (shares)		402,000
Repurchases of common stock under share repurchase program	(1,416)		$ (1,416)
Repurchases of common stock under share repurchase program (shares)			87,000
Repurchases of common stock equity related to equity award activity	(2,441)		$ (2,441)
Repurchases of common stock related to equity award activity (shares)			122,000
Stock compensation expense	3,170			3,170
Net income	22,029				22,029
Stockholders' equity end of period at Mar. 31, 2020	1,003,060	$ 687	$ (30,473)	690,627	342,219
Common stock issued end of period (shares) at Mar. 31, 2020		68,721,000
Treasury stock end of period (shares) at Mar. 31, 2020			1,737,000
Stockholders' equity beginning of period at Dec. 31, 2019	$ 981,512	$ 683	$ (26,616)	687,255	320,190
Common stock issued beginning of period (shares) at Dec. 31, 2019	68,300,000	68,306,000
Treasury stock beginning of period (shares) at Dec. 31, 2019	1,500,000		1,528,000
Stockholders' Equity [Abstract]
Repurchases of common stock under share repurchase program	$ (1,400)
Repurchases of common stock under share repurchase program (shares)	100,000
Net income	$ 65,651
Stockholders' equity end of period at Jun. 30, 2020	$ 1,050,064	$ 688	$ (30,578)	694,113	385,841
Common stock issued end of period (shares) at Jun. 30, 2020	68,800,000	68,805,000
Treasury stock end of period (shares) at Jun. 30, 2020	1,700,000		1,743,000
Stockholders' equity beginning of period at Mar. 31, 2020	$ 1,003,060	$ 687	$ (30,473)	690,627	342,219
Common stock issued beginning of period (shares) at Mar. 31, 2020		68,721,000
Treasury stock beginning of period (shares) at Mar. 31, 2020			1,737,000
Stockholders' Equity [Abstract]
Exercise of stock options	159	$ 0		159
Exercise of stock options (shares)		9,000
Shares vested for long-term incentive plan	$ 0	$ 1		(1)
Shares vested for long-term incentive plan (shares)		75,000
Repurchases of common stock under share repurchase program (shares)	0
Repurchases of common stock equity related to equity award activity	$ (105)		$ (105)
Repurchases of common stock related to equity award activity (shares)			6,000
Stock compensation expense	3,328			3,328
Net income	43,622				43,622
Stockholders' equity end of period at Jun. 30, 2020	$ 1,050,064	$ 688	$ (30,578)	$ 694,113	$ 385,841
Common stock issued end of period (shares) at Jun. 30, 2020	68,800,000	68,805,000
Treasury stock end of period (shares) at Jun. 30, 2020	1,700,000		1,743,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net income	$ 65,651	$ 56,049
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	30,265	25,739
Amortization of intangible assets	10,029	8,685
Amortization of debt issuance costs	634	807
Deferred income taxes	10,406	6,888
Non-cash stock compensation expense	6,498	6,163
Gain on sale of property, equipment and real estate	(351)	(1,949)
Other non-cash adjustments	2,248	2,200
Change in assets and liabilities, net of effects of acquisitions
Accounts receivable, net of allowances	(36,201)	(30,725)
Inventories	5,175	(8,557)
Accounts payable	49,401	85,178
Other assets and liabilities	9,412	(21,166)
Net cash provided by operating activities	153,167	129,312
Cash flows from investing activities
Purchases of businesses, net of cash acquired	0	(52,012)
Purchases of property, equipment and real estate	(49,079)	(45,905)
Proceeds from sale of property, equipment and real estate	633	4,153
Insurance proceeds	0	107
Net cash used in investing activities	(48,446)	(93,657)
Cash flows from financing activities
Proceeds from revolving credit facility	144,000	110,987
Repayments of proceeds from revolving credit facility	(144,000)	(110,987)
Repurchases of common stock under share repurchase program	(1,416)	(16,446)
Payments on finance lease obligations	(3,166)	(3,385)
Other financing activities, net	(12,192)	(6,001)
Net cash used in financing activities	(16,774)	(25,832)
Net increase in cash and cash equivalents	87,947	9,823
Cash and cash equivalents
Beginning of period	165,496	150,723
End of period	253,443	160,546
Supplemental disclosure of non-cash transactions
Accrued purchases of property and equipment	12,493	4,609
Acquisition-related holdback payments due at future date	4,280	1,549
Assets acquired under finance lease obligations	0	635
Right-of-use assets obtained in exchange for operating lease obligations	$ 11,870	$ 5,561

Organization

Organization	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization These unaudited financial statements represent the financial statements of BMC Stock Holdings, Inc. and its subsidiaries. All references to “BMC” or the “Company” mean BMC Stock Holdings, Inc. and its subsidiaries. The Company distributes lumber and building materials to new construction and repair and remodeling contractors. Additionally, the Company provides solution-based services to its customers, including component design, product specification and installation services.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited 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, 2019 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, 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 condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 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. Cash equivalents Cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and have a maturity of three months or less from the time of purchase. As of June 30, 2020, the Company had no cash equivalents and as of December 31, 2019, the Company had cash equivalents of $4.4 million. Cash equivalents are valued at amortized cost, which approximates fair value due to the short-term maturity of these instruments, and were classified as Level 1 or Level 2 measurements in accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“ASC 820”). Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis and bases its estimates on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Certain accounting matters that generally require consideration of forecasted financial information were assessed in light of the impact from the COVID-19 pandemic as of June 30, 2020. The accounting matters assessed included, but were not limited to, the Company’s allowance for doubtful accounts, inventory reserves, supplier rebates, goodwill impairment, impairment of tangible and intangible long-lived assets, share-based compensation and valuation allowances for tax assets. While the assessments resulted in no material impacts to the Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2020, the Company believes the full impact of the COVID-19 pandemic remains uncertain and the Company will continue to assess if ongoing developments related to the pandemic may cause future material impacts to our consolidated financial statements. Share repurchase program Utilizing cash from operations, the Company repurchased no shares during the three months ended June 30, 2020, 0.1 million shares at a weighted average price of $16.20 per share for a total cost of $1.4 million during the six months ended June 30, 2020, less than 0.1 million shares at a weighted average price of $18.16 per share for a total cost of $0.7 million during the three months ended June 30, 2019 and 1.0 million shares at a weighted average price of $17.11 per share for a total cost of $16.4 million during the six months ended June 30, 2019. These repurchases were made under the Company’s $75.0 million share repurchase program authorized by the Company’s board of directors in November 2018. These repurchased shares are available for future issuance and are reflected as treasury stock, at cost, on the condensed consolidated balance sheets. As of June 30, 2020, the Company had approximately $54.2 million of capacity remaining under the current share repurchase authorization. The Company has temporarily postponed any additional share repurchases. Statement of cash flows Proceeds from revolving credit facility and repayments of proceeds from revolving credit facility as presented on the condensed consolidated statements of cash flows include all cash activities and transactions between the Company and its associated lenders in relation to the revolving credit facility, excluding interest and fees, and for the six months ended June 30, 2019, is specifically inclusive of operating cash receipts that were automatically applied to the revolving credit facility pursuant to a voluntary cash sweep arrangement. See Note 5 for further details on the Company’s revolving credit facility. Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and issued subsequent amendments to the initial guidance to provide additional clarification on specific topics (“ASU 2016-13”). ASU 2016-13 amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. ASU 2016-13 became effective for the Company’s annual and interim periods beginning on January 1, 2020. Modified retrospective application is required, with certain exceptions. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires computation of the implied fair value of a reporting unit’s goodwill. The amount of a goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 became effective for the Company’s annual goodwill impairment test and any interim tests during the Company’s annual and interim periods beginning on January 1, 2020. Prospective application is required. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies the disclosure requirements on fair value measurements by removing, modifying and adding certain disclosure requirements in ASC 820. ASU 2018-13 became effective for the Company’s annual and interim periods beginning on January 1, 2020. Certain disclosures in ASU 2018-13 are required to be applied prospectively, while others require retrospective application. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. Recently issued accounting pronouncements not yet adopted In December 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and clarifies and amends certain guidance to promote consistent application. ASU 2019-12 is effective for the Company's annual and interim periods beginning on January 1, 2021, with early adoption permitted. Depending on the amendment, adoption may be applied on a retrospective, modified retrospective or prospective basis. The adoption of the standard is not expected to have a material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the expected transition away from reference rates that are expected to be discontinued, such as LIBOR. ASU 2020-04 was effective upon issuance. The

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions For all acquisitions, the Company allocates the purchase price to assets acquired and liabilities assumed as of the date of acquisition based on the estimated fair values at the date of acquisition. The excess of the fair value of the purchase consideration over the fair values of the identifiable assets and liabilities is recorded as goodwill. Management makes significant estimates and assumptions when determining the fair value of assets acquired and liabilities assumed. These estimates include, but are not limited to, discount rates, projected future net sales, projected future expected cash flows and useful lives. During the measurement period, fair values assigned to the assets and liabilities may be adjusted as the Company receives additional information. The Company accounts for all acquisitions using the acquisition method of accounting under ASC 805, Business Combinations, whereby the results of operations of the acquired company are included in the Company’s consolidated financial statements beginning on the acquisition date. 2019 Acquisitions The Company completed the following acquisitions during the six months ended June 30, 2019: • On January 14, 2019, the Company acquired substantially all of the assets and assumed certain liabilities of Barefoot and Company (“Barefoot”), a supplier of windows, exterior doors, hardware, specialty products and installation services in the Charlotte, North Carolina metropolitan area. • On February 8, 2019, the Company acquired substantially all of the assets and assumed certain liabilities of Locust Lumber, a supplier of lumber products and building materials primarily to custom homebuilders and professional remodeling contractors in the Charlotte, North Carolina metropolitan area. The Barefoot and Locust Lumber acquisitions enhance the Company’s value-added offerings and footprint in the Charlotte, North Carolina metropolitan area. The purchase price, in aggregate, for the Barefoot and Locust Lumber acquisitions was $53.6 million. The purchase price included a holdback which, after certain post-closing adjustments, required the Company to pay $2.0 million to the sellers of Barefoot during the six months ended June 30, 2020. The Company funded the Barefoot and Locust Lumber acquisitions through available cash. The purchase price allocation for the Barefoot and Locust Lumber acquisitions, in aggregate, resulted in the recognition of goodwill of $11.9 million, customer relationship intangible assets of $23.3 million, non-compete agreement intangible assets of $0.2 million, accounts receivable of $12.1 million, inventory of $7.7 million and property and equipment of $2.3 million, as well as other operating assets and liabilities. The customer relationship and non-compete agreement intangible assets have a weighted average useful life of 9 years and 2 years, respectively. Goodwill represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce and non-contractual relationships, as well as expected future synergies. All of the goodwill is expected to be deductible for tax purposes.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable consist of the following at June 30, 2020 and December 31, 2019: (in thousands) June 30, December 31, Trade receivables $ 371,848 $ 334,059 Allowance for doubtful accounts (7,155) (5,674) Other allowances (2,740) (2,644) $ 361,953 $ 325,741 The allowance for doubtful accounts is based on an assessment of individual past due accounts, historical write-off experience, accounts receivable aging, customer disputes and the current and forecasted business environment. Account balances are charged off when the potential for recovery is considered remote. The following table shows the changes in the allowance for doubtful accounts for the six months ended June 30, 2020: (in thousands) 2020 Balance at January 1 $ 5,674 Write-offs (1,952) Recoveries 821 Increase in allowance 2,612 Balance at June 30 $ 7,155

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Long-term debt as of June 30, 2020 and December 31, 2019 consists of the following: (in thousands) June 30, December 31, Senior secured notes, due 2024 $ 350,000 $ 350,000 Revolving credit agreement — — 350,000 350,000 Unamortized debt issuance costs related to senior secured notes (3,550) (3,968) 346,450 346,032 Less: Current portion of long-term debt — — $ 346,450 $ 346,032 Senior Secured Notes On September 15, 2016, the Company issued $350.0 million of senior secured notes due 2024 (the “Senior Notes”) under an unregistered private placement not subject to the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Senior Notes were issued by BMC East, LLC, a 100% owned subsidiary of the Company, and are guaranteed by the Company and the other subsidiaries that guarantee the Credit Agreement (as defined below). Each of the subsidiary guarantors is 100% owned, directly or indirectly, by the Company, and all guarantees are full and unconditional and joint and several. The interest rate is fixed at 5.5% and is payable semiannually on April 1 and October 1. As of June 30, 2020, the estimated market value of the Senior Notes was approximately $4.4 million higher than the carrying amount. The fair value is based on institutional trading activity and was classified as a Level 2 measurement in accordance with ASC 820. Revolving Credit Agreement On December 1, 2015, the Company entered into a senior secured credit agreement with Wells Fargo Capital Finance, as administrative agent, and certain other lenders (the “Original Credit Agreement”), which includes a revolving credit facility (the “Revolver”). The Original Credit Agreement, as amended (the “Credit Agreement), has an aggregate commitment of $425.0 million. The Credit Agreement matures at the earlier of (i) May 31, 2024 and (ii) if the Senior Notes are refinanced or repaid, the date that is 91 days prior to the new maturity date of the replacement notes or other indebtedness that replaced or refinanced the Senior Notes. The Company had no outstanding borrowings under the Revolver with net availability of $362.3 million as of

Revenue

Revenue	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of revenue The following table shows net sales classified by major product category for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Millwork, doors & windows $ 287,999 $ 271,135 $ 583,668 $ 511,057 Structural components 164,535 166,955 324,879 308,231 Lumber & lumber sheet goods 292,817 281,855 551,956 523,814 Other building products & services 234,545 226,430 440,272 428,678 Total net sales $ 979,896 $ 946,375 $ 1,900,775 $ 1,771,780 The following table reflects the Company’s estimate of net sales by each customer type for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Single-family homebuilders $ 702,388 $ 716,974 $ 1,377,159 $ 1,345,692 Remodeling contractors 127,699 110,313 232,368 198,521 Multi-family, commercial & other contractors 149,809 119,088 291,248 227,567 Total net sales $ 979,896 $ 946,375 $ 1,900,775 $ 1,771,780 Net sales for the Company's building products contracts was $739.4 million, $712.4 million, $1,426.0 million and $1,333.3 million for the three and six months ended June 30, 2020 and 2019, respectively. Net sales for the Company's construction services contracts, which includes both products and installation services, was $240.5 million, $234.0 million, $474.7 million and $438.5 million for the three and six months ended June 30, 2020 and 2019, respectively. Contract balances The following table reflects the Company’s contract balances as of June 30, 2020 and December 31, 2019: (in thousands) June 30, December 31, Change Receivables, including unbilled receivables presented in prepaid expenses and other current assets $ 375,822 $ 333,044 $ 42,778 Contract assets 33,871 32,125 1,746 Contract liabilities $ 42,610 $ 31,094 $ 11,516 During the six months ended June 30, 2020, the Company’s contract assets increased by $1.7 million and the Company’s contract liabilities increased by $11.5 million. The changes in contract assets and liabilities were primarily due to the timing of revenue recognition, as the balances were not materially impacted by any other factors. For the three and six months ended June 30, 2020, the Company recognized revenue of $3.4 million and $27.8 million, respectively, that was included in contract liabilities as of December 31, 2019. Revenue recognized related to performance obligations that were satisfied or partially satisfied in previous periods was not material for the three and six months ended June 30, 2020. As permitted by ASC 606, Revenue from Contracts with Customers, the Company has elected not to disclose the value of unsatisfied performance obligations, as the Company’s contracts generally have an original expected length of one year or less.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
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 had a valuation allowance of $0.1 million against its deferred tax assets related to certain state tax jurisdictions as of June 30, 2020 and December 31, 2019. 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 unfavorably impact the effective tax rate. The Company has no material uncertain tax positions as of June 30, 2020 and December 31, 2019. For the three and six months ended June 30, 2020, the Company’s effective tax rate was 23.2% and 23.9%, respectively, which varied from the federal statutory rate of 21% primarily due to state income taxes and nondeductible compensation expense. For the three and six months ended June 30, 2019, the Company’s effective tax rate was 22.7%, which varied from the federal statutory rate of 21% primarily due to state income taxes.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesFrom 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.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation The following table highlights stock based compensation for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended 2020 2019 2020 2019 Restricted stock units (a) $ 2,966 $ 3,248 $ 6,136 $ 6,163 Stock options (b) 362 — 362 — Stock based compensation $ 3,328 $ 3,248 $ 6,498 $ 6,163 (a) Includes service-based and performance-based restricted stock units. (b) Represents expense related to a modification of vested stock options. During the three and six months ended June 30, 2020, the Company granted 0.1 million and 0.4 million service-based restricted stock unit awards, respectively. In addition, during the six months ended June 30, 2020, the Company granted performance-based restricted stock units that allow for a maximum of 0.2 million performance-based restricted stock units to be earned. During the three and six months ended June 30, 2019, the Company granted 0.1 million and 0.5 million service-based restricted stock unit awards, respectively. In addition, during the six months ended June 30, 2019, the Company granted performance-based restricted stock units that allow for a maximum of 0.4 million performance-based restricted stock units to be earned.

Segments

Segments	6 Months Ended
	Jun. 30, 2020
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 (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s operating segments consist of the Mid-Atlantic, Southeast, Texas, Intermountain and Western divisions. The CODM reviews aggregate information to allocate resources and assess performance. Based on the CODM’s review, as well as the similar economic characteristics, nature of products, distribution methods and customers of the divisions, the Company has aggregated its operating segments into one reportable segment, “Geographic divisions.” In addition to the Company’s reportable segment, the Company’s consolidated results include “Other reconciling items.” Other reconciling items comprises the Company’s corporate activities and other income and expenses not allocated to the operating segments. The following tables present Net Sales, Adjusted EBITDA and certain other measures for the reportable segment and total Company operations for the three and six months ended June 30, 2020 and 2019. Adjusted EBITDA is used as a performance metric by the CODM in determining how to allocate resources and assess performance. Three Months Ended June 30, 2020 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions $ 979,896 $ 252,822 $ 19,776 $ 106,466 Other reconciling items — — 523 (16,117) $ 979,896 $ 252,822 $ 20,299 Three Months Ended June 30, 2019 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions $ 946,375 $ 245,777 $ 17,000 $ 90,017 Other reconciling items — — 632 (16,688) $ 946,375 $ 245,777 $ 17,632 Six Months Ended June 30, 2020 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions $ 1,900,775 $ 489,950 $ 39,277 $ 186,842 Other reconciling items — — 1,017 (35,487) $ 1,900,775 $ 489,950 $ 40,294 Six Months Ended June 30, 2019 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions $ 1,771,780 $ 461,899 $ 33,147 $ 163,785 Other reconciling items — — 1,277 (36,056) $ 1,771,780 $ 461,899 $ 34,424 Reconciliation to consolidated financial statements: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Income before income taxes $ 56,786 $ 46,189 $ 86,279 $ 72,539 Interest expense 6,204 5,574 12,136 11,612 Interest income (339) (844) (922) (1,785) Depreciation and amortization 20,299 17,632 40,294 34,424 Merger and integration costs 357 1,382 1,525 4,172 Non-cash stock compensation expense 3,328 3,248 6,498 6,163 Acquisition costs 495 18 2,326 598 Business reorganization costs (a) 3,219 228 3,219 228 Other items (b) — (98) — (222) Adjusted EBITDA of other reconciling items 16,117 16,688 35,487 36,056 Adjusted EBITDA of geographic divisions reportable segment $ 106,466 $ 90,017 $ 186,842 $ 163,785 (a) For the three and six months ended June 30, 2020, represents asset impairment charges related to the closure or relocation of the operations of certain of the Company’s facilities (“Impairment Charges”), which were not related to the COVID-19 pandemic, and severance expense related to permanent headcount reductions due to the impact of the COVID-19 pandemic. For the three and six months ended June 30, 2019, represents Impairment Charges and the effect of certain customary post-closing adjustments related to the November 1, 2018 disposition of the Company’s Coleman Floor business. (b) For the three months ended June 30, 2019, represents income from a recovery made by the Company related to a fire at one of the Company’s facilities during 2015 (the “Recovery Income”). For the six months ended June 30, 2019, represents the Recovery Income and the effect of the settlement of pending litigation for an amount below what was previously accrued.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
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 and restricted stock unit awards are considered to be potential common shares. Performance-based restricted stock units are not included in the calculation of diluted EPS until they are contingently issuable. The basic and diluted EPS calculations for the three and six months ended June 30, 2020 and 2019 are presented below: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2020 2019 2020 2019 Income attributable to common stockholders $ 43,622 $ 35,699 $ 65,651 $ 56,049 Weighted average common shares outstanding, basic 67,022 66,578 66,931 66,679 Effect of dilutive securities: Restricted stock units (a) 454 390 562 403 Stock options 88 109 111 97 Weighted average common shares outstanding, diluted 67,564 67,077 67,604 67,179 Basic income per common share $ 0.65 $ 0.54 $ 0.98 $ 0.84 Diluted income per common share $ 0.65 $ 0.53 $ 0.97 $ 0.83 (a) Includes service-based and contingently issuable performance-based restricted stock units. The following table provides the securities that could potentially dilute EPS in the future, but were not included in the computation of diluted EPS for the periods presented because to do so would have been anti-dilutive. The amounts included in this table exclude performance-based restricted stock units. As of June 30, 2020, the number of currently outstanding performance-based restricted stock units that are issued upon vesting could range from zero to a maximum of 0.9 million. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Restricted stock units 46 59 46 59

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of PresentationThe unaudited 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, 2019 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, 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 condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 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 Comprehensive income is equal to the net income for all periods presented.
Cash and cash equivalents	Cash equivalentsCash equivalents are highly liquid investments that are readily convertible to known amounts of cash and have a maturity of three months or less from the time of purchase. As of June 30, 2020, the Company had no cash equivalents and as of December 31, 2019, the Company had cash equivalents of $4.4 million. Cash equivalents are valued at amortized cost, which approximates fair value due to the short-term maturity of these instruments, and were classified as Level 1 or Level 2 measurements in accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“ASC 820”).
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis and bases its estimates on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Certain accounting matters that generally require consideration of forecasted financial information were assessed in light of the impact from the COVID-19 pandemic as of June 30, 2020. The accounting matters assessed included, but were not limited to, the Company’s allowance for doubtful accounts, inventory reserves, supplier rebates, goodwill impairment, impairment of tangible and intangible long-lived assets, share-based compensation and valuation allowances for tax assets. While the assessments resulted in no material impacts to the Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2020, the Company believes the full impact of the COVID-19 pandemic remains uncertain and the Company will continue to assess if ongoing developments related to the pandemic may cause future material impacts to our consolidated financial statements.
Statement of cash flows	Statement of cash flows Proceeds from revolving credit facility and repayments of proceeds from revolving credit facility as presented on the condensed consolidated statements of cash flows include all cash activities and transactions between the Company and its associated lenders in relation to the revolving credit facility, excluding interest and fees, and for the six months ended June 30, 2019, is specifically inclusive of operating cash receipts that were automatically applied to the revolving credit facility pursuant to a voluntary cash sweep arrangement. See Note 5 for further details on the Company’s revolving credit facility.
Recently issued accounting pronouncements	Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and issued subsequent amendments to the initial guidance to provide additional clarification on specific topics (“ASU 2016-13”). ASU 2016-13 amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. ASU 2016-13 became effective for the Company’s annual and interim periods beginning on January 1, 2020. Modified retrospective application is required, with certain exceptions. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires computation of the implied fair value of a reporting unit’s goodwill. The amount of a goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 became effective for the Company’s annual goodwill impairment test and any interim tests during the Company’s annual and interim periods beginning on January 1, 2020. Prospective application is required. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies the disclosure requirements on fair value measurements by removing, modifying and adding certain disclosure requirements in ASC 820. ASU 2018-13 became effective for the Company’s annual and interim periods beginning on January 1, 2020. Certain disclosures in ASU 2018-13 are required to be applied prospectively, while others require retrospective application. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. Recently issued accounting pronouncements not yet adopted In December 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and clarifies and amends certain guidance to promote consistent application. ASU 2019-12 is effective for the Company's annual and interim periods beginning on January 1, 2021, with early adoption permitted. Depending on the amendment, adoption may be applied on a retrospective, modified retrospective or prospective basis. The adoption of the standard is not expected to have a material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the expected transition away from reference rates that are expected to be discontinued, such as LIBOR. ASU 2020-04 was effective upon issuance. The

Acquisitions (Policies)

Acquisitions (Policies)	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Acquisitions	AcquisitionsFor all acquisitions, the Company allocates the purchase price to assets acquired and liabilities assumed as of the date of acquisition based on the estimated fair values at the date of acquisition. The excess of the fair value of the purchase consideration over the fair values of the identifiable assets and liabilities is recorded as goodwill. Management makes significant estimates and assumptions when determining the fair value of assets acquired and liabilities assumed. These estimates include, but are not limited to, discount rates, projected future net sales, projected future expected cash flows and useful lives. During the measurement period, fair values assigned to the assets and liabilities may be adjusted as the Company receives additional information.The Company accounts for all acquisitions using the acquisition method of accounting under ASC 805, Business Combinations, whereby the results of operations of the acquired company are included in the Company’s consolidated financial statements beginning on the acquisition date.

Income Taxes (Policies)

Income Taxes (Policies)	6 Months Ended
	Jun. 30, 2020
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)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and ContingenciesFrom 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)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings Per ShareBasic 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 and restricted stock unit awards are considered to be potential common shares. Performance-based restricted stock units are not included in the calculation of diluted EPS until they are contingently issuable.

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Schedule of accounts receivable	Accounts receivable consist of the following at June 30, 2020 and December 31, 2019: (in thousands) June 30, December 31, Trade receivables $ 371,848 $ 334,059 Allowance for doubtful accounts (7,155) (5,674) Other allowances (2,740) (2,644) $ 361,953 $ 325,741
Allowance For Doubtful Accounts [Table Text Block]	The following table shows the changes in the allowance for doubtful accounts for the six months ended June 30, 2020: (in thousands) 2020 Balance at January 1 $ 5,674 Write-offs (1,952) Recoveries 821 Increase in allowance 2,612 Balance at June 30 $ 7,155

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of debt	Long-term debt as of June 30, 2020 and December 31, 2019 consists of the following: (in thousands) June 30, December 31, Senior secured notes, due 2024 $ 350,000 $ 350,000 Revolving credit agreement — — 350,000 350,000 Unamortized debt issuance costs related to senior secured notes (3,550) (3,968) 346,450 346,032 Less: Current portion of long-term debt — — $ 346,450 $ 346,032

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	The following table shows net sales classified by major product category for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Millwork, doors & windows $ 287,999 $ 271,135 $ 583,668 $ 511,057 Structural components 164,535 166,955 324,879 308,231 Lumber & lumber sheet goods 292,817 281,855 551,956 523,814 Other building products & services 234,545 226,430 440,272 428,678 Total net sales $ 979,896 $ 946,375 $ 1,900,775 $ 1,771,780 The following table reflects the Company’s estimate of net sales by each customer type for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Single-family homebuilders $ 702,388 $ 716,974 $ 1,377,159 $ 1,345,692 Remodeling contractors 127,699 110,313 232,368 198,521 Multi-family, commercial & other contractors 149,809 119,088 291,248 227,567 Total net sales $ 979,896 $ 946,375 $ 1,900,775 $ 1,771,780
Contract balances	The following table reflects the Company’s contract balances as of June 30, 2020 and December 31, 2019: (in thousands) June 30, December 31, Change Receivables, including unbilled receivables presented in prepaid expenses and other current assets $ 375,822 $ 333,044 $ 42,778 Contract assets 33,871 32,125 1,746 Contract liabilities $ 42,610 $ 31,094 $ 11,516

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of expenses related to share-based payments	The following table highlights stock based compensation for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended 2020 2019 2020 2019 Restricted stock units (a) $ 2,966 $ 3,248 $ 6,136 $ 6,163 Stock options (b) 362 — 362 — Stock based compensation $ 3,328 $ 3,248 $ 6,498 $ 6,163 (a) Includes service-based and performance-based restricted stock units. (b) Represents expense related to a modification of vested stock options.

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2020
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 Company operations for the three and six months ended June 30, 2020 and 2019. Adjusted EBITDA is used as a performance metric by the CODM in determining how to allocate resources and assess performance. Three Months Ended June 30, 2020 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions $ 979,896 $ 252,822 $ 19,776 $ 106,466 Other reconciling items — — 523 (16,117) $ 979,896 $ 252,822 $ 20,299 Three Months Ended June 30, 2019 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions $ 946,375 $ 245,777 $ 17,000 $ 90,017 Other reconciling items — — 632 (16,688) $ 946,375 $ 245,777 $ 17,632 Six Months Ended June 30, 2020 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions $ 1,900,775 $ 489,950 $ 39,277 $ 186,842 Other reconciling items — — 1,017 (35,487) $ 1,900,775 $ 489,950 $ 40,294 Six Months Ended June 30, 2019 (in thousands) Net Sales Gross Profit Depreciation & Amortization Adjusted EBITDA Geographic divisions $ 1,771,780 $ 461,899 $ 33,147 $ 163,785 Other reconciling items — — 1,277 (36,056) $ 1,771,780 $ 461,899 $ 34,424
Reconciliation to consolidated financial statements	Reconciliation to consolidated financial statements: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Income before income taxes $ 56,786 $ 46,189 $ 86,279 $ 72,539 Interest expense 6,204 5,574 12,136 11,612 Interest income (339) (844) (922) (1,785) Depreciation and amortization 20,299 17,632 40,294 34,424 Merger and integration costs 357 1,382 1,525 4,172 Non-cash stock compensation expense 3,328 3,248 6,498 6,163 Acquisition costs 495 18 2,326 598 Business reorganization costs (a) 3,219 228 3,219 228 Other items (b) — (98) — (222) Adjusted EBITDA of other reconciling items 16,117 16,688 35,487 36,056 Adjusted EBITDA of geographic divisions reportable segment $ 106,466 $ 90,017 $ 186,842 $ 163,785 (a) For the three and six months ended June 30, 2020, represents asset impairment charges related to the closure or relocation of the operations of certain of the Company’s facilities (“Impairment Charges”), which were not related to the COVID-19 pandemic, and severance expense related to permanent headcount reductions due to the impact of the COVID-19 pandemic. For the three and six months ended June 30, 2019, represents Impairment Charges and the effect of certain customary post-closing adjustments related to the November 1, 2018 disposition of the Company’s Coleman Floor business. (b) For the three months ended June 30, 2019, represents income from a recovery made by the Company related to a fire at one of the Company’s facilities during 2015 (the “Recovery Income”). For the six months ended June 30, 2019, represents the Recovery Income and the effect of the settlement of pending litigation for an amount below what was previously accrued.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of basic and diluted EPS calculations	The basic and diluted EPS calculations for the three and six months ended June 30, 2020 and 2019 are presented below: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2020 2019 2020 2019 Income attributable to common stockholders $ 43,622 $ 35,699 $ 65,651 $ 56,049 Weighted average common shares outstanding, basic 67,022 66,578 66,931 66,679 Effect of dilutive securities: Restricted stock units (a) 454 390 562 403 Stock options 88 109 111 97 Weighted average common shares outstanding, diluted 67,564 67,077 67,604 67,179 Basic income per common share $ 0.65 $ 0.54 $ 0.98 $ 0.84 Diluted income per common share $ 0.65 $ 0.53 $ 0.97 $ 0.83 (a) Includes service-based and contingently issuable performance-based restricted stock units.
Schedule of anti-dilutive securities excluded from computation of earnings per share	The following table provides the securities that could potentially dilute EPS in the future, but were not included in the computation of diluted EPS for the periods presented because to do so would have been anti-dilutive. The amounts included in this table exclude performance-based restricted stock units. As of June 30, 2020, the number of currently outstanding performance-based restricted stock units that are issued upon vesting could range from zero to a maximum of 0.9 million. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Restricted stock units 46 59 46 59

Summary of Significant Accounti

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Organization Consolidation And Presentation [Line Items]
Cash equivalents	$ 0				$ 0		$ 4,400,000
Repurchases of common stock under share repurchase program (shares)	0		100,000		100,000	1,000,000
Weighted average cost of repurchased shares			$ 18.16		$ 16.20	$ 17.11
Repurchases of common stock under share repurchase program		$ 1,416,000	$ 737,000	$ 15,709,000	$ 1,400,000	$ 16,400,000
Share repurchase program authorized	$ 75,000,000				75,000,000
Remaining under current repurchase authorization	$ 54,200,000				$ 54,200,000

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ in Thousands	Feb. 08, 2019	Jan. 14, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Acquisition holdback					$ 4,280	$ 1,549
Goodwill			$ 295,402		295,402		$ 297,146
Transaction costs			$ 495	$ 18	2,326	598
Barefoot [Member]
Business Acquisition [Line Items]
Date of acquisition		Jan. 14, 2019
Locust [Member]
Business Acquisition [Line Items]
Date of acquisition	Feb. 8, 2019
2019 Acquisitions [Member]
Business Acquisition [Line Items]
Purchase price				53,600		53,600
Acquisition holdback						2,000
Payment of acquisition holdback					$ 2,000
Goodwill				11,900		11,900
Accounts receivable				12,100		12,100
Inventory				7,700		7,700
Property and equipment				2,300		2,300
Net sales of acquiree since acquisition date				27,700		45,900
Estimated pre-tax earnings of acquiree since acquisition date				2,300		4,200
Customer relationships [Member] | 2019 Acquisitions [Member]
Business Acquisition [Line Items]
Intangible assets				23,300		$ 23,300
Useful life						9 years
Non-compete agreements [Member] | 2019 Acquisitions [Member]
Business Acquisition [Line Items]
Intangible assets				$ 200		$ 200
Useful life						2 years

Accounts Receivable (Accounts R

Accounts Receivable (Accounts Receivable) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Trade receivables	$ 371,848	$ 334,059
Allowance for doubtful accounts	(7,155)	(5,674)
Other allowances	(2,740)	(2,644)
Accounts receivable, net	$ 361,953	$ 325,741

Accounts Receivable (Allowance)

Accounts Receivable (Allowance) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at January 1	$ 5,674
Write-offs	(1,952)
Recoveries	821
Increase in allowance	2,612
Balance at June 30	$ 7,155

Debt (Debt Table) (Details)

Debt (Debt Table) (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Sep. 15, 2016
Debt Instrument [Line Items]
Outstanding borrowings	$ 350,000,000	$ 350,000,000
Unamortized debt issuance costs related to senior secured notes	(3,550,000)	(3,968,000)
Total debt	346,450,000	346,032,000
Less: Current portion of long-term debt	0	0
Long-term debt	346,450,000	346,032,000
Senior secured notes, due 2024 [Member]
Debt Instrument [Line Items]
Outstanding borrowings	350,000,000	350,000,000	$ 350,000,000
Revolving credit agreement [Member]
Debt Instrument [Line Items]
Outstanding borrowings	$ 0	$ 0

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	Sep. 15, 2016	Dec. 01, 2015	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Outstanding borrowings			$ 350,000,000	$ 350,000,000		$ 350,000,000
Repayment of revolver borrowings				144,000,000	$ 110,987,000
Senior secured notes, due 2024 [Member]
Debt Instrument [Line Items]
Debt issuance date	Sep. 15, 2016
Interest rate	5.50%
Estimated market value above (below) carrying amount			4,400,000	4,400,000
Outstanding borrowings	$ 350,000,000		350,000,000	350,000,000		350,000,000
Revolving credit agreement [Member]
Debt Instrument [Line Items]
Date entered into agreement		Dec. 1, 2015
Maximum borrowing capacity			425,000,000	425,000,000
Outstanding borrowings			0	0		$ 0
Net availability			362,300,000	362,300,000
Letters of credit outstanding			61,600,000	$ 61,600,000
Repayment of revolver borrowings			$ 144,000,000
Guarantor Subsidiaries [Member] | Senior secured notes, due 2024 [Member]
Debt Instrument [Line Items]
Ownership percent	100.00%
BMC East, LLC [Member] | Senior secured notes, due 2024 [Member]
Debt Instrument [Line Items]
Ownership percent	100.00%

Revenue (Revenue by Product Cat

Revenue (Revenue by Product Category) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 979,896	$ 946,375	$ 1,900,775	$ 1,771,780
Millwork, doors & windows [Member]
Disaggregation of Revenue [Line Items]
Net sales	287,999	271,135	583,668	511,057
Structural components [Member]
Disaggregation of Revenue [Line Items]
Net sales	164,535	166,955	324,879	308,231
Lumber & lumber sheet goods [Member]
Disaggregation of Revenue [Line Items]
Net sales	292,817	281,855	551,956	523,814
Other building products & services [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 234,545	$ 226,430	$ 440,272	$ 428,678

Revenue (Revenue by Customer Ty

Revenue (Revenue by Customer Type) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 979,896	$ 946,375	$ 1,900,775	$ 1,771,780
Single-family homebuilders [Member]
Disaggregation of Revenue [Line Items]
Net sales	702,388	716,974	1,377,159	1,345,692
Remodeling contractors [Member]
Disaggregation of Revenue [Line Items]
Net sales	127,699	110,313	232,368	198,521
Multi-family, commercial & other contractors [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 149,809	$ 119,088	$ 291,248	$ 227,567

Revenue (Contract Assets and Li

Revenue (Contract Assets and Liabilities) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Receivables, including unbilled receivables presented in prepaid expenses and other current assets	$ 375,822	$ 333,044
Receivables, including unbilled receivables change	42,778
Contract assets	33,871	32,125
Contract assets change	1,746
Contract liabilities	42,610	$ 31,094
Contract liabilities change	$ 11,516

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 979,896	$ 946,375	$ 1,900,775	$ 1,771,780
Contract assets change			1,746
Contract liabilities change			11,516
Revenue recognized previously included in contract liabilities	3,400		27,800
Building Products [Member]
Disaggregation of Revenue [Line Items]
Net sales	739,400	712,400	1,426,000	1,333,300
Construction Services [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 240,500	$ 234,000	$ 474,700	$ 438,500

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Contingency [Line Items]
Valuation allowance	$ 0.1		$ 0.1		$ 0.1
Effective income tax rate	23.20%	22.70%	23.90%	22.70%
Federal statutory rate	21.00%	21.00%	21.00%	21.00%
Change in income tax payable related to CARES Act			$ 2
Deferred income tax benefit, CARES Act			$ 2

Stock Based Compensation (Stock

Stock Based Compensation (Stock based compensation expense) (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2020		Jun. 30, 2019	Jun. 30, 2020		Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation		$ 3,328		$ 3,248	$ 6,498		$ 6,163
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	[1]	2,966		3,248	6,136		6,163
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation		$ 362	[2]	$ 0	$ 362	[2]	$ 0
[1]	Includes service-based and performance-based restricted stock units.
[2]	Represents expense related to a modification of vested stock options.

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted	0.1	0.1	0.4	0.5
Maximum [Member] | Performance-based restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based shares available for vesting			0.2	0.4

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Net sales	$ 979,896	$ 946,375	$ 1,900,775	$ 1,771,780
Gross profit	252,822	245,777	489,950	461,899
Depreciation & amortization	20,299	17,632	40,294	34,424
Operating segments [Member] | Geographic divisions [Member]
Segment Reporting Information [Line Items]
Net sales	979,896	946,375	1,900,775	1,771,780
Gross profit	252,822	245,777	489,950	461,899
Depreciation & amortization	19,776	17,000	39,277	33,147
Adjusted EBITDA	106,466	90,017	186,842	163,785
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	523	632	1,017	1,277
Adjusted EBITDA	$ (16,117)	$ (16,688)	$ (35,487)	$ (36,056)

Segments (Reconciliation of adj

Segments (Reconciliation of adjusted EBITDA to consolidated financial statements) (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019		Jun. 30, 2020	Jun. 30, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Income before income taxes		$ 56,786	$ 46,189		$ 86,279	$ 72,539
Interest expense		6,204	5,574		12,136	11,612
Interest income		(339)	(844)		(922)	(1,785)
Depreciation and amortization		20,299	17,632		40,294	34,424
Merger and integration costs		357	1,382		1,525	4,172
Non-cash stock compensation expense		3,328	3,248		6,498	6,163
Acquisition costs		495	18		2,326	598
Business reorganization costs	[1]	3,219	228		3,219	228
Other items		0	(98)	[2]	0	(222)	[2]
Other reconciling items [Member] | Other reconciling items [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization		523	632		1,017	1,277
Adjusted EBITDA		16,117	16,688		35,487	36,056
Operating segments [Member] | Geographic divisions [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization		19,776	17,000		39,277	33,147
Adjusted EBITDA		$ (106,466)	$ (90,017)		$ (186,842)	$ (163,785)
[1]	For the three and six months ended June 30, 2020, represents asset impairment charges related to the closure or relocation of the operations of certain of the Company’s facilities (“Impairment Charges”), which were not related to the COVID-19 pandemic, and severance expense related to permanent headcount reductions due to the impact of the COVID-19 pandemic. For the three and six months ended June 30, 2019, represents Impairment Charges and the effect of certain customary post-closing adjustments related to the November 1, 2018 disposition of the Company’s Coleman Floor business.
[2]	For the three months ended June 30, 2019, represents income from a recovery made by the Company related to a fire at one of the Company’s facilities during 2015 (the “Recovery Income”). For the six months ended June 30, 2019, represents the Recovery Income and the effect of the settlement of pending litigation for an amount below what was previously accrued.

Segments (Narrative) (Details)

Segments (Narrative) (Details)	6 Months Ended
	Jun. 30, 2020segment
Segment Reporting Information [Line Items]
Number of reportable segments	1

Earnings Per Share (Basic and D

Earnings Per Share (Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Income attributable to common stockholders		$ 43,622	$ 22,029	$ 35,699	$ 20,350	$ 65,651	$ 56,049
Weighted average common shares outstanding, basic (in shares)		67,022		66,578		66,931	66,679
Weighted average common shares outstanding, diluted (in shares)		67,564		67,077		67,604	67,179
Basic income per common share (in dollars per share)		$ 0.65		$ 0.54		$ 0.98	$ 0.84
Diluted income per common share (in dollars per share)		$ 0.65		$ 0.53		$ 0.97	$ 0.83
Restricted stock units [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock based payment arrangements (in shares)	[1]	454		390		562	403
Stock options [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock based payment arrangements (in shares)		88		109		111	97
[1]	Includes service-based and contingently issuable performance-based restricted stock units.

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of anti-dilutive securities) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	46	59	46	59

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - Performance-based restricted stock units [Member]	Jun. 30, 2020shares
Minimum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Performance-based restricted stock units that could be issued upon vesting	0
Maximum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Performance-based restricted stock units that could be issued upon vesting	900,000