Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | CABLE ONE, INC. | |
Entity Central Index Key | 1,632,127 | |
Trading Symbol | cabo | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 5,729,380 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 118,701 | $ 138,040 |
Accounts receivable, net | 54,085 | 32,526 |
Income tax receivable | 18,127 | 4,547 |
Prepaid assets | 12,053 | 10,824 |
Total Current Assets | 202,966 | 185,937 |
Property, plant and equipment, net | 810,393 | 619,621 |
Intangibles, net | 968,557 | 497,480 |
Goodwill | 177,809 | 84,928 |
Other assets | 5,508 | 9,305 |
Total Assets | 2,165,233 | 1,397,271 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 101,310 | 82,703 |
Deferred revenue | 37,158 | 22,190 |
Long-term debt - current portion | 12,813 | 6,250 |
Total Current Liabilities | 151,281 | 111,143 |
Long-term debt | 1,164,070 | 530,886 |
Deferred income taxes | 298,324 | 276,297 |
Accrued compensation and other liabilities | 25,934 | 24,434 |
Total Liabilities | 1,639,609 | 942,760 |
Commitments and contingencies (see Note 12) | ||
Stockholders' Equity | ||
Preferred stock ($0.01 par value; 4,000,000 shares authorized; none issued or outstanding) | ||
Common stock ($0.01 par value; 40,000,000 shares authorized; 5,887,899 shares issued; and 5,728,358 and 5,708,223 shares outstanding as of September 30, 2017 and December 31, 2016, respectively) | 60 | 59 |
Additional paid-in capital | 25,590 | 17,669 |
Retained earnings | 577,892 | 511,776 |
Accumulated other comprehensive loss | (441) | (446) |
Treasury stock, at cost (159,541 and 179,676 shares held as of September 30, 2017 and December 31, 2016, respectively) | (77,477) | (74,547) |
Total Stockholders' Equity | 525,624 | 454,511 |
Total Liabilities and Stockholders' Equity | $ 2,165,233 | $ 1,397,271 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
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) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 5,887,899 | 5,887,899 |
Common stock, shares outstanding (in shares) | 5,728,358 | 5,708,223 |
Treasury stock, shares (in shares) | 159,541 | 179,676 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | $ 253,846 | $ 205,536 | $ 702,315 | $ 612,898 |
Costs and expenses | ||||
Operating (excluding depreciation and amortization) | 91,894 | 75,631 | 245,026 | 227,731 |
Selling, general and administrative | 51,968 | 48,807 | 148,695 | 136,182 |
Depreciation and amortization | 45,580 | 36,218 | 130,875 | 105,600 |
(Gain) loss on disposal of assets | 2,506 | 1,060 | (3,180) | 1,625 |
Total operating costs and expenses | 191,948 | 161,716 | 521,416 | 471,138 |
Income from operations | 61,898 | 43,820 | 180,899 | 141,760 |
Interest expense | (14,019) | (7,529) | (33,408) | (22,633) |
Other income (expense), net | 278 | 4,329 | 243 | 5,023 |
Income before income taxes | 48,157 | 40,620 | 147,734 | 124,150 |
Provision for income taxes | 16,643 | 19,746 | 54,430 | 49,598 |
Net income | 31,514 | 20,874 | 93,304 | 74,552 |
Other comprehensive gain (loss), net of tax | 1 | 28 | 5 | 83 |
Comprehensive income | $ 31,515 | $ 20,902 | $ 93,309 | $ 74,635 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 5.55 | $ 3.65 | $ 16.43 | $ 12.96 |
Diluted (in dollars per share) | $ 5.48 | $ 3.63 | $ 16.24 | $ 12.91 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 5,680,600 | 5,720,257 | 5,678,485 | 5,753,204 |
Diluted (in shares) | 5,753,910 | 5,755,161 | 5,745,783 | 5,776,504 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 5,708,223 | |||||
Balance at Dec. 31, 2016 | $ 59 | $ 17,669 | $ 511,776 | $ (74,547) | $ (446) | $ 454,511 |
Net income | 93,304 | 93,304 | ||||
Changes in pension, net of tax | 5 | 5 | ||||
Equity-based compensation (in shares) | ||||||
Equity-based compensation | 7,921 | 7,921 | ||||
Issuance of equity awards, net of forfeitures (in shares) | 24,292 | |||||
Issuance of equity awards, net of forfeitures | $ 1 | 1 | ||||
Repurchases of common stock (in shares) | (700) | |||||
Repurchases of common stock | (399) | $ (399) | ||||
Withholding tax for equity awards (in shares) | (3,457) | (3,457) | ||||
Withholding tax for equity awards | (2,531) | $ (2,531) | ||||
Dividends paid to stockholders | (27,188) | (27,188) | ||||
Balance (in shares) at Sep. 30, 2017 | 5,728,358 | |||||
Balance at Sep. 30, 2017 | $ 60 | $ 25,590 | $ 577,892 | $ (77,477) | $ (441) | $ 525,624 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 93,304 | $ 74,552 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 130,875 | 105,600 |
Amortization of debt issuance costs | 2,183 | 1,233 |
Equity-based compensation | 7,921 | 9,653 |
Write-off of debt issuance costs | 613 | |
Gain on sale of cable system | (4,165) | |
Deferred income taxes | 11,307 | 563 |
(Gain) loss on disposal of assets | (3,180) | 1,625 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (6,532) | 3,737 |
Income tax receivable | (13,580) | |
Prepaid assets | 884 | (4,292) |
Accounts payable and accrued liabilities | (6,618) | 6,433 |
Deferred revenue | 452 | (460) |
Income taxes payable | (2,938) | |
Other assets and liabilities, net | 2,159 | 2,031 |
Net cash provided by operating activities | 219,788 | 193,572 |
Cash flows from investing activities: | ||
Purchase of business, net of cash acquired | (727,947) | |
Capital expenditures | (128,830) | (91,343) |
Change in accrued expenses related to capital expenditures | 1,982 | (17,706) |
Proceeds from sale of cable system, net | 6,752 | |
Acquisition of cable system | (760) | |
Proceeds from sales of property, plant and equipment | 11,334 | 377 |
Net cash used in investing activities | (843,461) | (102,680) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 750,000 | |
Payment of debt issuance costs | (15,224) | |
Payments on long-term debt | (97,825) | (2,512) |
Repurchases of common stock | (399) | (56,141) |
Payment of withholding tax for equity awards | (2,531) | |
Dividends paid to stockholders | (27,188) | (25,874) |
Cash overdraft | (2,499) | (1,863) |
Net cash provided by (used in) financing activities | 604,334 | (86,390) |
Change in cash and cash equivalents | (19,339) | 4,502 |
Cash and cash equivalents, beginning of period | 138,040 | 119,199 |
Cash and cash equivalents, end of period | 118,701 | 123,701 |
Supplemental cash flow disclosures: | ||
Cash paid for interest | 20,437 | 14,781 |
Cash paid for income taxes | $ 57,397 | $ 51,372 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business. Cable One, Inc. (“Cable One” or the “Company”) owns and operates cable systems that provide data, video and voice services to residential and commercial subscribers in 21 July 1, 2015, September 30, 2017, 637,653 370,713 135,515 May 1, 2017, $740.2 2 Unless otherwise stated or the context otherwise indicates, all references in this Quarterly Report on Form 10 “Company” refer to Cable One, Inc. and its wholly owned subsidiaries. Basis of Presentation. The accompanying condensed consolidated financial statements have been prepared in accordance with: (i) generally accepted accounting principles in the United States (“GAAP”) for interim financial information; and (ii) the guidance of Rule 10 01 X 1934, 10 December 31, 2016. may not The December 31, 2016 not Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Principles of Consolidation. The accompanying condensed consolidated financial statements include the accounts of the Company, including its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Segment Reporting. Accounting Standard Codification (“ASC”) 280 Segment Reporting 280 one Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may Change in Accounting Estimate. As a result of additional information available from new systems and processes, the Company changed its accounting estimate related to the capitalization of certain internal labor and related costs associated with construction and customer installation activities beginning in the first 2017. $6.2 third 2017 third 2016 $17.2 nine September 30, 2017 Recently Adopted and Issued Accounting Pronouncements. In May 2017, No. 2017 09, Compensation – Stock Compensation (Topic 718 2017 09 718. December 15, 2017, In January 2017, No. 2017 04 , Intangibles - Goodwill and Other (Topic 350 2017 04 2 350 not may two December 15, 2019, 2017 04 not no not In January 2017, No. 2017 01, Business Combinations (Topic 805 2017 01 December 15, 2017. In August 201 6, No. 2016 15, Statement of Cash Flows (Topic 230 : Classification of Certain Cash Receipts and Cash Payments one 2016 15 first 2018, In March 2016, No. 2016 09, Compensation - Stock Compensation (Topic 718 2016 09 first 2017. The Company also established an accounting policy election to assume zero 2016 09 not In February 2016, No. 2016 02, Leases (Topic 842 2016 02 2016 02 first 2019, In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 2016, first 2018. two not not not |
Note 2 - NewWave Acquisition
Note 2 - NewWave Acquisition | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2 . NEWWAVE ACQUISITION On January 18, 2017, adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) margin expansion as well as the potential to realize cost synergies. The Company paid a purchase price of $740.2 May 1, 2017. 6 The Company accounted for the NewWave acquisition as a business combination pursuant to ASC 805 Business Combinations not three nine September 30, 2017, $0.6 $5.3 In accordance with ASC 805, the Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The adjustments described below were developed based on management's assumptions and estimates, including assumptions relating to the consideration paid and the allocation thereof to the assets acquired and liabilities assumed from NewWave based on preliminary estimates of fair value. The preliminary estimates of the fair values of consideration transferred and assets acquired and liabilities assumed are based on the information that was available as of the acquisition date. The Company believes that the information available provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed. The preliminary measurements of fair value set forth herein are subject to change and such changes could be material. During the third 2017, $0.9 $1.2 $0.8 $0.6 no one Provisional Allocation Assets Cash and cash equivalents $ 12,220 Accounts receivable 15,027 Prepaid assets 2,113 Property, plant and equipment 192,234 Intangible s 476,300 Other assets 370 Total 698,264 Liabilities Accounts payable and accrued liabilities 25,742 Deferred revenue 14,516 Deferred income taxes 10,720 Total 50,978 Net assets acquired 647,286 Purchase price consideration 740,166 Goodwill recognized $ 92,880 Acquired intangible assets consist of the following (dollars in thousands): Provisional Estimated F air Value Provisional Estimated Weighted Average Useful Life (in years) Franchise agreements $ 320,000 Indefinite Customer relationships $ 155,000 14 Trademark and trade name $ 1,300 1 The total weighted average amortization period for the acquired intangibles is 13.9 The acquisition produced $ 92.9 $177.8 not not T he Company recognized revenues of $47.5 $79.7 $2.8 $4.9 three nine September 30, 2017, $3.1 $5.2 The following unaudited pro forma condensed combined results of operations for the three nine September 30, 2017 2016 January 1, 2016 Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenues $ 253,846 $ 250,644 $ 766,231 $ 747,593 Net income $ 31,514 $ 18,558 $ 95,326 $ 66,028 Net income per common share: Basic $ 5.55 $ 3.24 $ 16.79 $ 11.48 Diluted $ 5.48 $ 3.22 $ 16.59 $ 11.43 The unaudited pro forma condensed combined results of operations is provided for informational purposes only and is not January 1, 2016 may |
Note 3 - Revenues
Note 3 - Revenues | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Revenue Disclosure [Text Block] | 3 . REVENUES The Company ’s revenues by product line were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Residential Data $ 109,340 $ 86,797 $ 302,696 $ 256,267 Video 88,601 73,841 245,928 222,710 Voice 11,265 10,475 32,549 32,733 Business services 35,168 25,406 94,673 73,724 Advertising sales 5,885 6,460 17,477 20,079 Other 3,587 2,557 8,992 7,385 Total revenues $ 253,846 $ 205,536 $ 702,315 $ 612,898 The amount of franchise fees recorded on a gross basis and included in residential video revenues above was $4.1 $3.6 three September 30, 2017 2016, $11.6 $10.7 nine September 30, 2017 2016, |
Note 4 - Property, Plant and Eq
Note 4 - Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4 . PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist ed of the following (in thousands): September 30, 2017 December 31, 2016 Cable distribution systems $ 1,257,762 $ 1,048,790 Customer premise equipment 200,961 181,852 Other equipment and fixtures 379,205 359,957 Buildings and leasehold improvements 95,359 88,592 Capitalized software 88,651 83,815 Construction in progress 59,976 64,822 Land 11,593 9,612 Total property, plant and equipment 2,093,507 1,837,440 Less accumulated depreciation (1,283,114 ) (1,217,819 ) Property, plant and equipment, net $ 810,393 $ 619,621 Depreciation expense was $42.5 $36.2 three September 30, 2017 2016, $125.6 $105.6 nine September 30, 2017 2016, The Company's previous headquarters building and adjoining property were held for sale at December 31, 2016. January 2017, a portion of this property for $10.1 $6.6 $4.6 September 30, 2017. |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5 . GOODWILL AND INTANGIBLE ASSETS The carrying amount of goodwill at September 30, 2017 December 31, 2016 $177.8 $84.9 May 1, 2017. not Intangible assets (excluding goodwill) consisted of the following (dollars in thousands): September 30, 2017 Useful Gross Net Life Carrying Accumulated Carrying Range (years) Amount Amortization Amount Amortized Intangible Assets Cable franchise renewals and access rights 1 - 25 $ 4,138 $ 3,863 $ 275 Customer relationships 14 $ 155,000 $ 4,613 $ 150,387 NewWave trademark and trade name 1 $ 1,300 $ 542 $ 758 Indefinite-Lived Intangible Assets (Excluding Goodwill) Franchise agreements $ 817,137 December 31, 2016 Useful Gross Net Life Carrying Accumulated Carrying Range (years) Amount Amortization Amount Amortized Intangible Assets Cable franchise renewals and access rights 1 - 25 $ 4,138 $ 3,794 $ 344 Indefinite-Lived Intangible Assets (Excluding Goodwill) Franchise agreements $ 497,136 Amortization expense was $3.1 $0.1 three September 30, 2017 2016, $5.2 $0.1 nine September 30, 2017 2016, |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6 . LONG-TERM DEBT The carrying amount of long-term debt as of September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Notes $ 450,000 $ 450,000 Senior Credit Facilities 747,188 95,000 Capital lease obligation 271 284 Total debt 1,197,459 545,284 Less unamortized debt issuance costs (20,576 ) (8,148 ) Less current portion of long-term debt (12,813 ) (6,250 ) Total Long-term debt $ 1,164,070 $ 530,886 Senior Unsecured Notes. June 17, 2015, $450 5.75% 2022 June 15, 2022 June 15 th December 15 th The Notes have not not 1933, may not 144A The Notes were issued pursuant to an indenture (the “Indenture”) dated as of June 17, 2015. ’s assets. The Indenture also provides for customary events of default (subject, in certain cases, to customary grace periods). Senior Credit Facilities. On June 30, 2015, five $200 five $100 Borrowings under the Original Credit Facilities bore interest, at the Company’s option, at a rate per annum determined by reference to either the London Interbank Offered Rate (“LIBOR”) or an adjusted base rate, in each case plus an applicable interest rate margin. The applicable interest rate margin with respect to LIBOR borrowings was a rate per annum between 1.50% 2.25% 0.50% 1.25%, 0.25% 0.40% The Revolving Credit Facility also gives the Company the ability to issue letters of credit, which reduce the amount available for borrowing under the Revolving Credit Facility. Letter of credit issuances under the Revolving Credit Facility of $3.1 September 30, 2017 1.75% $196.9 September 30, 2017. On May 1, 2017, a Restatement Agreement (the “Restatement Agreement”) with JPMorgan, as administrative agent, and the lenders party thereto, pursuant to which the Company amended and restated the Credit Agreement (as so amended and restated, the “Amended and Restated Credit Agreement”) and incurred $750 The New Loans consist of (a) a five $250 seven $500 The interest margins applicable to the New Loans under the Amended and Restated Credit Agreement are, at the Company’s option, equal to either LIBOR or a base rate, plus an applicable margin equal to, ( x 2.25% 1.50% 1.25% 0.50% 2.25% 1.25% may 2.5% first 5.0% second 7.5% third 10.0% fourth fifth 1.0% 1.0% six not As of September 30, 2017, $248.4 $498.8 3.07% 3.57% In connection with the New Loans, the Company incurred $15.2 $0.6 June 30, 2017. $20.6 $8.1 September 30, 2017 December 31, 2016, The Company may, Amended and Restated Credit Agreement, obtain additional credit facilities of up to $425 no 1.80 1.00. first The Company was in compliance with all debt covenants as of September 30, 2017. As of September 30, 2017, Years Ending December 31, Amount 2017 (remaining months) $ 2,817 2018 14,392 2019 20,642 2020 26,892 2021 30,017 Thereafter 1,102,699 Total $ 1,197,459 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 7 . FAIR VALUE MEASUREMENTS The Company ’s deferred compensation liabilities were $19.3 $18.2 September 30, 2017 December 31, 2016, not 2 The carrying amounts and fair values of the Company ’s money market and commercial paper investments and long-term debt (including the current portion) as of September 30, 2017 September 30, 2017 Carrying Fair Amount Value Assets: Money market investments $ 25,038 $ 25,038 Commercial paper $ 84,879 $ 84,856 Long-term debt, including current portion : Notes $ 450,000 $ 471,375 Senior Credit Facilities $ 747,188 $ 747,188 Money market investments are included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets. Commercial paper investments with original maturities of 90 1 2 2 2 |
Note 8 - Treasury Stock
Note 8 - Treasury Stock | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 8 . TREASURY STOCK Share Repurchase Program. On July 1, 2015, $250 600,000 may September 30, 2017, 165,633 $73.1 2017, 700 $0.4 first Tax Withholding for Equity Awards . three nine September 30, 2017 $2.1 $2.5 2,791 3,457 159,541 September 30, 2017 |
Note 9 - Equity-based Compensat
Note 9 - Equity-based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9 . EQUITY-BASED COMPENSATION On June 5, 2015, 2015 Original 2015 July 1, 2015. May 2, 2017, 2015 “2015 2015 2015 2015 one 2015 1 2 3 4 5 6 7 8 9 2015 162 1986, 2015 no may 2015 May 2, 2027. The 2015 specified corporate events, the maximum number of shares of Company common stock that may 2015 334,870, 2015 May 2, 2017, no 329,962 may September 30, 2017, 316,549 2015 Restricted Stock Awards. The Company has granted restricted shares of Company common stock subject to service-based and performance-based vesting conditions to employees of the Company. Restricted share awards generally cliff-vest on the three four first December 12, 2016 ( not 2015 January 2, 2018. three 2015 2015 May 2, 2017) The compensation arrangements for the Company ’s non-employee directors as of September 30, 2017 $75,000 $125,000 first one 2017 2017 September 30, 2017, 3,178 Restricted shares, RSUs and DEUs are collectively referred to as “restricted stock.” A summary of restricted stock activities is as follows: Weighted Average Grant Date Restricted Fair Value Stock Per Share Outstanding as of December 31, 2016 38,425 $ 402.21 Granted 16,821 $ 631.10 G ranted due to performance achievement 5,006 $ 433.66 Forfeited (4,943 ) $ 437.17 Vested (3,163 ) $ 415.39 Outstanding as of September 30, 2017 52,146 $ 473.61 Vested and unissued as of September 30, 2017 3,178 $ 436.37 Compensation expense associated with restricted stock is recognized on a straight-line basis over the vesting period. Equity-based compensation expense for restricted stock was $2.2 $5.5 three nine September 30, 2017, September 30, 2017, $8.8 1.0 Stock Appreciation Rights. The Company has granted SARs to certain executives and other employees of the Company. The SARs are scheduled to vest in four first 2015 2015 May 2, 2017) A summary of SAR activity is as follows: Stock Appreciation Rights Weighted Average Exercise Price Weighted Average Fair Value Aggregate Intrinsic Value ( in thousands ) Weighted Average Remaining Contractual Term (in y ears) Outstanding as of December 31, 2016 136,000 $ 426.80 $ 88.07 $ 26,510 8.7 Granted 24,432 $ 632.15 $ 140.44 $ - 9.3 Exercised (21,450 ) $ 422.31 $ 87.22 Forfeited (11,652 ) $ 422.31 $ 87.22 Outstanding as of September 30, 2017 127,330 $ 467.37 $ 98.34 $ 32,437 8.2 Vested and exercisable as of September 30, 2017 39,673 $ 422.61 $ 87.29 $ 11,882 7.9 The fair value of the SARs was measured based on the Black-Scholes model. The weighted average inputs used in the model for grants awarded during the nine September 30, 2017 2017 Expected volatility 20.83 % Risk-free interest rate 2.13 % Expected term (in years) 6.25 Expected dividend yield 0.95 % Compensation expense associated with SARs is recognized on a straight-line basis over the vesting period. Equity-based compensation expense for SARs was $0.9 $2.4 three nine September 30, 2017, September 30, 2017, $8.2 1.5 Compensation Expense . $3.1 $3.2 three September 30, 2017 2016, $7.9 $9.7 nine September 30, 2017 2016, $2.0 nine September 30, 2017. $6.8 September 30, 2017. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10 . INCOME TAXES The Company ’s effective tax rate was 34.6% 48.6% three September 30, 2017 2016, 36.8% 40.0% nine September 30, 2017 2016, three September 30, 2017 $4.1 $0.7 third 2016, $1.7 third 2017. nine September 30, 2017 $2.6 2016 $1.7 2017. |
Note 11 - Net Income Per Share
Note 11 - Net Income Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 1 . NET INCOME PER SHARE Basic net income per common share is computed by dividing the net income allocable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income per share further includes any common shares available to be issued upon vesting or exercise of outstanding equity awards if such inclusion would be dilutive. The following table sets forth the computation of basic and diluted net income per common share (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net income $ 31,514 $ 20,874 $ 93,304 $ 74,552 Denominator: Weighted average common shares outstanding - basic 5,680,600 5,720,257 5,678,485 5,753,204 Effect of dilutive equity awards (1) 73,310 34,904 67,298 23,300 Weighted average common shares outstanding - diluted 5,753,910 5,755,161 5,745,783 5,776,504 Net income per share: Basic $ 5.55 $ 3.65 $ 16.43 $ 12.96 Diluted $ 5.48 $ 3.63 $ 16.24 $ 12.91 ( 1 SARs outstanding that were not 2,669 0 three September 30, 2017 2016, 2,354 12,787 nine September 30, 2017 2016, |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 2 . COMMITMENTS AND CONTINGENCIES Litigation and Legal Matters. The Company is subject to complaints and administrative proceedings and is a defendant in various civil lawsuits that have arisen in the ordinary course of its business. Such matters include: contract disputes; actions alleging negligence; invasion of privacy; trademark, copyright and patent infringement; violations of applicable wage and hour laws; statutory or common law claims involving current and former employees; and other matters. Although the outcomes of the legal claims and proceedings against the Company cannot be predicted with certainty, based on currently available information, management believes that there are no not not Regulation in the Cable Industry. The operation of a cable system is extensively regulated by the Federal Communications Commission (the “FCC”), some state governments and most local governments. The FCC has the authority to enforce its regulations through the imposition of substantial fines, the issuance of cease and desist orders and/or the imposition of other administrative sanctions, such as the revocation of FCC licenses needed to operate certain transmission facilities used in connection with cable operations. The Telecommunications Act of 1996 GHC Agreements. On June 16, 2015, $0.1 $0.3 three nine September 30, 2017, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. The accompanying condensed consolidated financial statements have been prepared in accordance with: (i) generally accepted accounting principles in the United States (“GAAP”) for interim financial information; and (ii) the guidance of Rule 10 01 X 1934, 10 December 31, 2016. may not The December 31, 2016 not Certain reclassifications have been made to prior period amounts to conform to the current period presentation. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation. The accompanying condensed consolidated financial statements include the accounts of the Company, including its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting. Accounting Standard Codification (“ASC”) 280 Segment Reporting 280 one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may Change in Accounting Estimate. As a result of additional information available from new systems and processes, the Company changed its accounting estimate related to the capitalization of certain internal labor and related costs associated with construction and customer installation activities beginning in the first 2017. $6.2 third 2017 third 2016 $17.2 nine September 30, 2017 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted and Issued Accounting Pronouncements. In May 2017, No. 2017 09, Compensation – Stock Compensation (Topic 718 2017 09 718. December 15, 2017, In January 2017, No. 2017 04 , Intangibles - Goodwill and Other (Topic 350 2017 04 2 350 not may two December 15, 2019, 2017 04 not no not In January 2017, No. 2017 01, Business Combinations (Topic 805 2017 01 December 15, 2017. In August 201 6, No. 2016 15, Statement of Cash Flows (Topic 230 : Classification of Certain Cash Receipts and Cash Payments one 2016 15 first 2018, In March 2016, No. 2016 09, Compensation - Stock Compensation (Topic 718 2016 09 first 2017. The Company also established an accounting policy election to assume zero 2016 09 not In February 2016, No. 2016 02, Leases (Topic 842 2016 02 2016 02 first 2019, In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 2016, first 2018. two not not not |
Note 2 - NewWave Acquisition (T
Note 2 - NewWave Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Provisional Allocation Assets Cash and cash equivalents $ 12,220 Accounts receivable 15,027 Prepaid assets 2,113 Property, plant and equipment 192,234 Intangible s 476,300 Other assets 370 Total 698,264 Liabilities Accounts payable and accrued liabilities 25,742 Deferred revenue 14,516 Deferred income taxes 10,720 Total 50,978 Net assets acquired 647,286 Purchase price consideration 740,166 Goodwill recognized $ 92,880 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Provisional Estimated F air Value Provisional Estimated Weighted Average Useful Life (in years) Franchise agreements $ 320,000 Indefinite Customer relationships $ 155,000 14 Trademark and trade name $ 1,300 1 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenues $ 253,846 $ 250,644 $ 766,231 $ 747,593 Net income $ 31,514 $ 18,558 $ 95,326 $ 66,028 Net income per common share: Basic $ 5.55 $ 3.24 $ 16.79 $ 11.48 Diluted $ 5.48 $ 3.22 $ 16.59 $ 11.43 |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Residential Data $ 109,340 $ 86,797 $ 302,696 $ 256,267 Video 88,601 73,841 245,928 222,710 Voice 11,265 10,475 32,549 32,733 Business services 35,168 25,406 94,673 73,724 Advertising sales 5,885 6,460 17,477 20,079 Other 3,587 2,557 8,992 7,385 Total revenues $ 253,846 $ 205,536 $ 702,315 $ 612,898 |
Note 4 - Property, Plant and 22
Note 4 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, 2017 December 31, 2016 Cable distribution systems $ 1,257,762 $ 1,048,790 Customer premise equipment 200,961 181,852 Other equipment and fixtures 379,205 359,957 Buildings and leasehold improvements 95,359 88,592 Capitalized software 88,651 83,815 Construction in progress 59,976 64,822 Land 11,593 9,612 Total property, plant and equipment 2,093,507 1,837,440 Less accumulated depreciation (1,283,114 ) (1,217,819 ) Property, plant and equipment, net $ 810,393 $ 619,621 |
Note 5 - Goodwill and Intangi23
Note 5 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 30, 2017 Useful Gross Net Life Carrying Accumulated Carrying Range (years) Amount Amortization Amount Amortized Intangible Assets Cable franchise renewals and access rights 1 - 25 $ 4,138 $ 3,863 $ 275 Customer relationships 14 $ 155,000 $ 4,613 $ 150,387 NewWave trademark and trade name 1 $ 1,300 $ 542 $ 758 Indefinite-Lived Intangible Assets (Excluding Goodwill) Franchise agreements $ 817,137 December 31, 2016 Useful Gross Net Life Carrying Accumulated Carrying Range (years) Amount Amortization Amount Amortized Intangible Assets Cable franchise renewals and access rights 1 - 25 $ 4,138 $ 3,794 $ 344 Indefinite-Lived Intangible Assets (Excluding Goodwill) Franchise agreements $ 497,136 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, 2017 December 31, 2016 Notes $ 450,000 $ 450,000 Senior Credit Facilities 747,188 95,000 Capital lease obligation 271 284 Total debt 1,197,459 545,284 Less unamortized debt issuance costs (20,576 ) (8,148 ) Less current portion of long-term debt (12,813 ) (6,250 ) Total Long-term debt $ 1,164,070 $ 530,886 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Years Ending December 31, Amount 2017 (remaining months) $ 2,817 2018 14,392 2019 20,642 2020 26,892 2021 30,017 Thereafter 1,102,699 Total $ 1,197,459 |
Note 7 - Fair Value Measureme25
Note 7 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | September 30, 2017 Carrying Fair Amount Value Assets: Money market investments $ 25,038 $ 25,038 Commercial paper $ 84,879 $ 84,856 Long-term debt, including current portion : Notes $ 450,000 $ 471,375 Senior Credit Facilities $ 747,188 $ 747,188 |
Note 9 - Equity-based Compens26
Note 9 - Equity-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Weighted Average Grant Date Restricted Fair Value Stock Per Share Outstanding as of December 31, 2016 38,425 $ 402.21 Granted 16,821 $ 631.10 G ranted due to performance achievement 5,006 $ 433.66 Forfeited (4,943 ) $ 437.17 Vested (3,163 ) $ 415.39 Outstanding as of September 30, 2017 52,146 $ 473.61 Vested and unissued as of September 30, 2017 3,178 $ 436.37 |
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | Stock Appreciation Rights Weighted Average Exercise Price Weighted Average Fair Value Aggregate Intrinsic Value ( in thousands ) Weighted Average Remaining Contractual Term (in y ears) Outstanding as of December 31, 2016 136,000 $ 426.80 $ 88.07 $ 26,510 8.7 Granted 24,432 $ 632.15 $ 140.44 $ - 9.3 Exercised (21,450 ) $ 422.31 $ 87.22 Forfeited (11,652 ) $ 422.31 $ 87.22 Outstanding as of September 30, 2017 127,330 $ 467.37 $ 98.34 $ 32,437 8.2 Vested and exercisable as of September 30, 2017 39,673 $ 422.61 $ 87.29 $ 11,882 7.9 |
Schedule of Share-based Payment Award, Other than Options, Valuation Assumptions [Table Text Block] | 2017 Expected volatility 20.83 % Risk-free interest rate 2.13 % Expected term (in years) 6.25 Expected dividend yield 0.95 % |
Note 11 - Net Income Per Share
Note 11 - Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net income $ 31,514 $ 20,874 $ 93,304 $ 74,552 Denominator: Weighted average common shares outstanding - basic 5,680,600 5,720,257 5,678,485 5,753,204 Effect of dilutive equity awards (1) 73,310 34,904 67,298 23,300 Weighted average common shares outstanding - diluted 5,753,910 5,755,161 5,745,783 5,776,504 Net income per share: Basic $ 5.55 $ 3.65 $ 16.43 $ 12.96 Diluted $ 5.48 $ 3.63 $ 16.24 $ 12.91 |
Note 1 - Description of Busin28
Note 1 - Description of Business and Basis of Presentation (Details Textual) $ in Millions | May 01, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) |
Number of States in which Entity Operates | 21 | 21 | |
Number of Reportable Segments | 1 | ||
Reduction in Expense Due to Change in Capitalized Labor Accounting Estimate [Member] | |||
Change in Accounting Estimate, Impact | $ 6.2 | $ 17.2 | |
New Wave [Member] | |||
Payments to Acquire Businesses, Gross | $ 740.2 |
Note 2 - NewWave Acquisition (D
Note 2 - NewWave Acquisition (Details Textual) - USD ($) $ in Thousands | May 01, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Goodwill | $ 177,809 | $ 177,809 | $ 84,928 | |||
Amortization of Intangible Assets | 3,100 | $ 100 | 5,200 | $ 100 | ||
New Wave [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 740,200 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Prepaid Assets | 900 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accounts Payable and Accrued Liabilities | 1,200 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | (800) | |||||
Goodwill, Purchase Accounting Adjustments | (600) | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years 328 days | |||||
Goodwill, Acquired During Period | 92,900 | |||||
Goodwill | $ 92,880 | 177,800 | 177,800 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 47,500 | 79,700 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 2,800 | 4,900 | ||||
Amortization of Intangible Assets | 3,100 | 5,200 | ||||
New Wave [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Business Combination, Acquisition Related Costs | $ 600 | $ 5,300 |
Note 2 - NewWave Acquisition -
Note 2 - NewWave Acquisition - Allocation of Purchase Price Consideration (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | May 01, 2017 | Dec. 31, 2016 |
Liabilities | |||
Goodwill | $ 177,809 | $ 84,928 | |
New Wave [Member] | |||
Assets | |||
Cash and cash equivalents | $ 12,220 | ||
Accounts receivable | 15,027 | ||
Prepaid assets | 2,113 | ||
Property, plant and equipment | 192,234 | ||
Intangibles | 476,300 | ||
Other assets | 370 | ||
Total | 698,264 | ||
Liabilities | |||
Accounts payable and accrued liabilities | 25,742 | ||
Deferred revenue | 14,516 | ||
Deferred income taxes | 10,720 | ||
Total | 50,978 | ||
Net assets acquired | 647,286 | ||
Purchase price consideration | 740,166 | ||
Goodwill | $ 177,800 | $ 92,880 |
Note 2 - NewWave Acquisition 31
Note 2 - NewWave Acquisition - Acquired Intangible Assets (Details) - New Wave [Member] $ in Millions | May 01, 2017USD ($) |
Estimated weighted average useful life (Year) | 13 years 328 days |
Customer Relationships [Member] | |
Provisional estimated fair value, finite intangible asset | $ 155 |
Estimated weighted average useful life (Year) | 14 years |
Trademarks and Trade Names [Member] | |
Provisional estimated fair value, finite intangible asset | $ 1.3 |
Estimated weighted average useful life (Year) | 1 year |
Franchise Rights [Member] | |
Provisional estimated fair value, indefinite intangible asset | $ 320 |
Note 2 - NewWave Acquisition 32
Note 2 - NewWave Acquisition - Pro Forma Information (Details) - New Wave [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | $ 253,846 | $ 250,644 | $ 766,231 | $ 747,593 |
Net income | $ 31,514 | $ 18,558 | $ 95,326 | $ 66,028 |
Basic (in dollars per share) | $ 5.55 | $ 3.24 | $ 16.79 | $ 11.48 |
Diluted (in dollars per share) | $ 5.48 | $ 3.22 | $ 16.59 | $ 11.43 |
Note 3 - Revenues (Details Text
Note 3 - Revenues (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Franchise Costs | $ 4.1 | $ 3.6 | $ 11.6 | $ 10.7 |
Note 3 - Revenues - Revenues by
Note 3 - Revenues - Revenues by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Advertising sales | $ 5,885 | $ 6,460 | $ 17,477 | $ 20,079 |
Other | 3,587 | 2,557 | 8,992 | 7,385 |
Total revenues | 253,846 | 205,536 | 702,315 | 612,898 |
Data [Member] | ||||
Revenues | 109,340 | 86,797 | 302,696 | 256,267 |
Video [Member] | ||||
Revenues | 88,601 | 73,841 | 245,928 | 222,710 |
Voice [Member] | ||||
Revenues | 11,265 | 10,475 | 32,549 | 32,733 |
Commercial [Member] | ||||
Revenues | $ 35,168 | $ 25,406 | $ 94,673 | $ 73,724 |
Note 4 - Property, Plant and 35
Note 4 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Depreciation | $ 42.5 | $ 36.2 | $ 125.6 | $ 105.6 | |
Other Assets [Member] | |||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 4.6 | $ 4.6 | |||
Headquarters Building and Adjoining Property [Member] | |||||
Proceeds from Sale of Property Held-for-sale | $ 10.1 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 6.6 |
Note 4 - Property, Plant and 36
Note 4 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property, plant and equipment, gross | $ 2,093,507 | $ 1,837,440 |
Less accumulated depreciation | (1,283,114) | (1,217,819) |
Property, plant and equipment, net | 810,393 | 619,621 |
Other Capitalized Property Plant and Equipment [Member] | ||
Property, plant and equipment, gross | 1,257,762 | 1,048,790 |
Equipment [Member] | ||
Property, plant and equipment, gross | 200,961 | 181,852 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 379,205 | 359,957 |
Building and Leasehold Improvements[Member] | ||
Property, plant and equipment, gross | 95,359 | 88,592 |
Software and Software Development Costs [Member] | ||
Property, plant and equipment, gross | 88,651 | 83,815 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 59,976 | 64,822 |
Land [Member] | ||
Property, plant and equipment, gross | $ 11,593 | $ 9,612 |
Note 5 - Goodwill and Intangi37
Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Goodwill | $ 177,809 | $ 177,809 | $ 84,928 | ||
Amortization of Intangible Assets | $ 3,100 | $ 100 | $ 5,200 | $ 100 |
Note 5 - Goodwill and Intangi38
Note 5 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Franchise Rights [Member] | ||
Gross carrying amount, indefinite-lived intangible assets | $ 817,137 | $ 497,136 |
Use Rights [Member] | ||
Gross carrying amount, amortized intangible assets | 4,138 | 4,138 |
Accumulated amortization | 3,863 | 3,794 |
Net carrying amount | $ 275 | $ 344 |
Customer Relationships [Member] | ||
Useful life (Year) | 14 years | |
Gross carrying amount, amortized intangible assets | $ 155,000 | |
Accumulated amortization | 4,613 | |
Net carrying amount | $ 150,387 | |
Trademarks and Trade Names [Member] | ||
Useful life (Year) | 1 year | |
Gross carrying amount, amortized intangible assets | $ 1,300 | |
Accumulated amortization | 542 | |
Net carrying amount | $ 758 | |
Minimum [Member] | Use Rights [Member] | ||
Useful life (Year) | 1 year | 1 year |
Maximum [Member] | Use Rights [Member] | ||
Useful life (Year) | 25 years | 25 years |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) $ in Thousands | May 01, 2017USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Jun. 17, 2015USD ($) |
Debt Issuance Costs, Net | $ 20,576 | $ 8,148 | |||||
Write off of Deferred Debt Issuance Cost | 613 | ||||||
Secured Debt [Member] | |||||||
Debt Instrument, Face Amount | $ 750,000 | ||||||
Debt Issuance Costs, Net | $ 15,200 | ||||||
Write off of Deferred Debt Issuance Cost | $ 600 | ||||||
Optional Additional Available Credit Facilities | $ 425,000 | ||||||
Debt Instrument, Covenant, Maximum First Lien Net Leverage Ratio | 1.8 | ||||||
Secured Debt [Member] | Incremental Term Loan A [Member] | |||||||
Debt Instrument, Face Amount | $ 250,000 | ||||||
Debt Instrument, Term | 5 years | ||||||
Long-term Debt, Gross | $ 248,400 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.07% | ||||||
Long Term Debt, Amortization Rate, First Twelve Months | 2.50% | ||||||
Long Term Debt, Amortization Rate, Year Two | 5.00% | ||||||
Long Term Debt, Amortization Rate, Year Three | 7.50% | ||||||
Long Term Debt, Amortization Rate, Year Four | 10.00% | ||||||
Long Term Debt, Amortization Rate, Year Five | 10.00% | ||||||
Secured Debt [Member] | Incremental Term Loan B [Member] | |||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||
Debt Instrument, Term | 7 years | ||||||
Long-term Debt, Gross | $ 498,800 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.57% | ||||||
Debt Instrument, Amortization Percent on a Quarterly Basis | 1.00% | ||||||
Debt Instrument, Prepayment Penalty, Prepaid within Six Months, Percent | 1.00% | ||||||
Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Incremental Term Loan B [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||
Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Incremental Term Loan A [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||
Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Incremental Term Loan A [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||
Secured Debt [Member] | Base Rate [Member] | Incremental Term Loan B [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||
Secured Debt [Member] | Base Rate [Member] | Minimum [Member] | Incremental Term Loan A [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||
Secured Debt [Member] | Base Rate [Member] | Maximum [Member] | Incremental Term Loan A [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||
Senior Unsecured Notes Due 2022 [Member] | |||||||
Debt Instrument, Face Amount | $ 450,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||||
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | |||||||
Letters of Credit Outstanding, Amount | $ 3,100 | ||||||
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | Minimum [Member] | |||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||||||
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | Maximum [Member] | |||||||
Line of Credit Facility, Commitment Fee Percentage | 0.40% | ||||||
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | Base Rate [Member] | Minimum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | Base Rate [Member] | Maximum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||
Senior Credit Facilities Due 2020 [Member] | Revolving Credit Facility [Member] | JPMorgan Chase Bank [Member] | |||||||
Debt Instrument, Term | 5 years | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | ||||||
Senior Credit Facilities Due 2020 [Member] | Secured Debt [Member] | JPMorgan Chase Bank [Member] | |||||||
Debt Instrument, Term | 5 years | ||||||
Long-term Debt, Gross | $ 100,000 | ||||||
Senior Credit Facilities Due 2020 [Member] | Letter of Credit [Member] | JPMorgan Chase Bank [Member] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.75% | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 196,900 |
Note 6 - Long-term Debt - Sched
Note 6 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Capital lease obligation | $ 271 | $ 284 |
Total debt | 1,197,459 | 545,284 |
Less unamortized debt issuance costs | (20,576) | (8,148) |
Less current portion of long-term debt | (12,813) | (6,250) |
Total Long-term debt | 1,164,070 | 530,886 |
Senior Unsecured Notes Due 2022 [Member] | ||
Notes | 450,000 | 450,000 |
Senior Credit Facilities Due 2020 [Member] | Term Loan [Member] | ||
Senior Credit Facilities | $ 747,188 | $ 95,000 |
Note 6 - Long-term Debt - Futur
Note 6 - Long-term Debt - Future Maturities (Details) $ in Thousands | Sep. 30, 2017USD ($) |
2017 (remaining months) | $ 2,817 |
2,018 | 14,392 |
2,019 | 20,642 |
2,020 | 26,892 |
2,021 | 30,017 |
Thereafter | 1,102,699 |
Total | $ 1,197,459 |
Note 7 - Fair Value Measureme42
Note 7 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Deferred Compensation Liability, Current and Noncurrent | $ 19.3 | $ 18.2 |
Note 7 - Fair Value Measureme43
Note 7 - Fair Value Measurements - Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets, carrying amount | $ 118,701 | $ 138,040 |
Notes [Member] | ||
Senior Credit Facilities | 450,000 | |
Long-term debt, including current portion, fair value | 471,375 | |
Senior Credit Facilities Due 2020 [Member] | ||
Senior Credit Facilities | 747,188 | |
Long-term debt, including current portion, fair value | 747,188 | |
Money Market Funds [Member] | ||
Assets, carrying amount | 25,038 | |
Assets, fair value | 25,038 | |
Commercial Paper [Member] | ||
Assets, carrying amount | 84,879 | |
Assets, fair value | $ 84,856 |
Note 8 - Treasury Stock (Detail
Note 8 - Treasury Stock (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 27 Months Ended | ||||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | Jul. 01, 2015 | |
Stock Repurchase Program, Authorized Amount | $ 250,000 | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 600,000 | ||||||
Treasury Stock, Shares, Acquired | 700 | 165,633 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 400 | $ 399 | $ 73,100 | ||||
Payments Related to Tax Withholding for Share-based Compensation | $ 2,100 | $ 2,531 | |||||
Shares Paid for Tax Withholding for Share Based Compensation | 2,791 | 3,457 | |||||
Treasury Stock, Shares | 159,541 | 159,541 | 159,541 | 179,676 |
Note 9 - Equity-based Compens45
Note 9 - Equity-based Compensation (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($) | Jun. 05, 2015shares | |
Allocated Share-based Compensation Expense | $ 3,100,000 | $ 3,200,000 | $ 7,900,000 | $ 9,700,000 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 2,000,000 | ||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 6,800,000 | $ 6,800,000 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Vesting Period, Number of Installments | 4 | ||||
Annual Retainer | 75,000 | $ 75,000 | |||
Additional Annual Retainer | 125,000 | 125,000 | |||
Allocated Share-based Compensation Expense | 2,200,000 | 5,500,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 8,800,000 | $ 8,800,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||||
Restricted Stock Units (RSUs) [Member] | Non-employee Directors [Member | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Vested and Deferred, Number | shares | 3,178 | 3,178 | |||
Stock Appreciation Rights (SARs) [Member] | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Vesting Period, Number of Installments | 4 | ||||
Allocated Share-based Compensation Expense | $ 900,000 | $ 2,400,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 8,200,000 | $ 8,200,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 182 days | ||||
The 2015 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 316,549 | 316,549 | |||
The 2015 Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 334,870 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Authorized for Incentive Stock Options | shares | 329,962 |
Note 9 - Equity-based Compens46
Note 9 - Equity-based Compensation - Restricted Stock (Details) - Restricted Stock and Restricted Stock Units [Member] | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Unvested, restricted stock (in shares) | shares | 38,425 |
Unvested, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ / shares | $ 402.21 |
Granted, restricted stock (in shares) | shares | 16,821 |
Granted, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ / shares | $ 631.10 |
Granted due to performance achievement, restricted stock (in shares) | shares | 5,006 |
Granted due to performance achievement, weighted avergae grant date fair value (in dollars per share) | $ / shares | $ 433.66 |
Forfeited, restricted stock (in shares) | shares | (4,943) |
Forfeited, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 437.17 |
Vested, restricted stock (in shares) | shares | (3,163) |
Vested, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ / shares | $ 415.39 |
Unvested, restricted stock (in shares) | shares | 52,146 |
Unvested, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ / shares | $ 473.61 |
Vested and unissued, restricted stock (in shares) | shares | 3,178 |
Vested and unissued, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 436.37 |
Note 9 - Equity-based Compens47
Note 9 - Equity-based Compensation - Stock Appreciation Rights (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Outstanding, stock appreciation rights (in shares) | 136,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 426.80 | |
Outstanding, beginning balance, weighted average fair value (in dollars per share) | $ 88.07 | |
Outstanding, aggregate intrinsic value | $ 32,437 | $ 26,510 |
Weighted average remaining contractual term, outstanding (Year) | 8 years 73 days | 8 years 255 days |
Granted, stock appreciation rights (in shares) | 24,432 | |
Granted, weighted average exercise price (in dollars per share) | $ 632.15 | |
Granted, weighted average fair value (in dollars per share) | $ 140.44 | |
Weighted average remaining contractual term, granted (Year) | 9 years 109 days | |
Exercised, stock appreciation rights (in shares) | (21,450) | |
Exercised, weighted average exercise price (in dollars per share) | $ 422.31 | |
Exercised, weighted average fair value (in dollars per share) | $ 87.22 | |
Forfeited, stock appreciation rights (in shares) | (11,652) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 422.31 | |
Forfeited, weighted average fair value (in dollars per share) | $ 87.22 | |
Outstanding, stock appreciation rights (in shares) | 127,330 | 136,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ 467.37 | $ 426.80 |
Outstanding, beginning balance, weighted average fair value (in dollars per share) | $ 98.34 | $ 88.07 |
Vested and exercisable, stock appreciation rights (in shares) | 39,673 | |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ 422.61 | |
Vested and exercisable, weighted average fair value (in dollars per share) | $ 87.29 | |
Vested and exercisable, aggregate intrinsic value | $ 11,882 | |
Weighted average remaining contractual term, vested and exercisable (Year) | 7 years 328 days |
Note 9 - Equity-based Compens48
Note 9 - Equity-based Compensation - Stock Appreciation Rights, Fair Value Assumptions (Details) - Stock Appreciation Rights (SARs) [Member] | 9 Months Ended |
Sep. 30, 2017 | |
Expected volatility | 20.83% |
Risk-free interest rate | 2.13% |
Expected term (Year) | 6 years 91 days |
Expected dividend yield | 0.95% |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Effective Income Tax Rate Reconciliation, Percent | 34.60% | 48.60% | 36.80% | 40.00% |
Income Tax Benefits Due To Certain Spinoff Items | $ 4.1 | |||
Income Tax Benefits Due to State Tax Items | $ 0.7 | |||
Tax Adjustments, Settlements, and Unusual Provisions | $ (1.7) | $ (1.7) | $ 2.6 |
Note 11 - Net Income Per Shar50
Note 11 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,669 | 0 | 2,354 | 12,787 |
Note 11 - Net Income Per Shar51
Note 11 - Net Income Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Net income | $ 31,514 | $ 20,874 | $ 93,304 | $ 74,552 | |
Basic (in shares) | 5,680,600 | 5,720,257 | 5,678,485 | 5,753,204 | |
Effect of dilutive equity awards (in shares) | [1] | 73,310 | 34,904 | 67,298 | 23,300 |
Weighted average common shares outstanding - diluted (in shares) | 5,753,910 | 5,755,161 | 5,745,783 | 5,776,504 | |
Net income per common share: | |||||
Basic (in dollars per share) | $ 5.55 | $ 3.65 | $ 16.43 | $ 12.96 | |
Diluted (in dollars per share) | $ 5.48 | $ 3.63 | $ 16.24 | $ 12.91 | |
[1] | SARs outstanding that were not included in the diluted net income per share calculation because the effect would have been anti-dilutive were 2,669 and 0 for the three months ended September 30, 2017 and 2016, respectively, and 2,354 and 12,787 for the nine months ended September 30, 2017 and 2016, respectively. |
Note 12 - Commitments and Con52
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
GHC [Member] | ||
Employee Medical and Worker's Compensation Claims Expense | $ 0.1 | $ 0.3 |