Haverty Furniture Companies (HVT) 10-Q 3 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Entity Information [Line Items]
Entity Registrant Name	HAVERTY FURNITURE COMPANIES INC
Entity Central Index Key	216,085
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		19,077,430
Class A Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,027,049

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 48,525	$ 70,659
Investments	1,250	12,725
Restricted cash and cash equivalents	8,017	8,005
Accounts receivable	4,572	5,948
Inventories	109,942	108,896
Prepaid expenses	15,912	6,137
Other current assets	5,601	6,341
Total current assets	193,819	218,711
Accounts receivable, long-term	511	655
Property and equipment (less accumulated depreciation and amortization (2016 - $294,584; 2015 - $282,807)	238,014	229,283
Deferred income taxes	18,423	17,245
Other assets	6,184	5,357
Total assets	456,951	471,251
Current liabilities
Accounts payable	25,375	27,815
Customer deposits	27,809	21,036
Accrued liabilities	34,531	42,060
Current portion of lease obligations	3,341	3,051
Total current liabilities	91,056	93,962
Lease obligations, less current portion	52,179	50,074
Other liabilities	25,776	25,476
Total liabilities	169,011	169,512
Capital Stock, par value $1 per share
Preferred Stock, Authorized - 1,000 shares; Issued: None
Additional paid-in capital	84,684	83,179
Retained earnings	285,435	279,760
Accumulated other comprehensive loss	(1,900)	(1,938)
Less treasury stock at cost - Common Stock (2016 - 9,506; 2015 - 8,362) and Convertible Class A Common Stock (2016 and 2015 - 522)	(111,412)	(90,302)
Total stockholders' equity	287,940	301,739
Total liabilities and stockholders' equity	456,951	471,251
Common Stock [Member]
Capital Stock, par value $1 per share
Common Stock	28,583	28,486
Convertible Class A Common Stock [Member]
Capital Stock, par value $1 per share
Common Stock	$ 2,550	$ 2,554

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets
Accumulated depreciation and amortization	$ 294,584	$ 282,807
Stockholders' equity
Preferred Stock, shares authorized (in shares)	1,000	1,000
Preferred Stock, shares issued (in shares)	0	0
Common Stock, par value (in dollars per share)	$ 1	$ 1
Common Stock [Member]
Stockholders' equity
Common Stock, shares authorized (in shares)	50,000	50,000
Common Stock, shares issued (in shares)	28,583	28,486
Treasury Stock, common stock shares (in shares)	9,506	8,362
Convertible Class A Common Stock [Member]
Stockholders' equity
Common Stock, shares authorized (in shares)	15,000	15,000
Common Stock, shares issued (in shares)	2,550	2,554
Treasury Stock, common stock shares (in shares)	522	522

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net sales	$ 194,774	$ 187,732	$ 389,285	$ 379,063
Cost of goods sold	90,614	87,550	180,706	176,234
Gross profit	104,160	100,182	208,579	202,829
Credit service charges	54	69	119	142
Gross profit and other revenue	104,214	100,251	208,698	202,971
Expenses:
Selling, general and administrative	96,711	92,744	193,064	185,048
Provision for doubtful accounts	111	61	215	84
Other income, net	(1,911)	(921)	(2,093)	(947)
Total expenses	94,911	91,884	191,186	184,185
Income before interest and income taxes	9,303	8,367	17,512	18,786
Interest expense, net	541	528	1,163	1,019
Income before income taxes	8,762	7,839	16,349	17,767
Income tax expense	3,388	3,006	6,306	6,815
Net income	5,374	4,833	10,043	10,952
Other comprehensive income
Adjustments related to retirement plan; net of tax expense of $11 and $22 in 2016 and $42 and $73 in 2015	19	66	38	116
Comprehensive income	$ 5,393	$ 4,899	$ 10,081	$ 11,068
Common Stock [Member]
Basic earnings per share:
Common Stock (in dollars per share)	$ 0.25	$ 0.21	$ 0.46	$ 0.49
Diluted earnings per share:
Common Stock (in dollars per share)	0.24	0.21	0.45	0.48
Cash dividends per share:
Common Stock (in dollars per share)	0.100	0.080	0.200	0.160
Class A Common Stock [Member]
Basic earnings per share:
Common Stock (in dollars per share)	0.24	0.20	0.44	0.46
Diluted earnings per share:
Common Stock (in dollars per share)	0.23	0.20	0.43	0.46
Cash dividends per share:
Common Stock (in dollars per share)	$ 0.095	$ 0.075	$ 0.190	$ 0.150

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other comprehensive income
Adjustments related to retirement plans, tax expense	$ 11	$ 42	$ 22	$ 73

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows from Operating Activities:
Net income	$ 10,043	$ 10,952
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,992	12,503
Share-based compensation expense	2,163	2,160
Gain on insurance recovery	(1,914)	0
Proceeds from insurance recovery for destroyed inventory	1,041	0
Provision for doubtful accounts	215	84
Other	(747)	621
Changes in operating assets and liabilities:
Accounts receivable	1,305	1,008
Inventories	(1,046)	(5,206)
Customer deposits	6,773	6,351
Other assets and liabilities	(10,927)	(3,022)
Accounts payable and accrued liabilities	(10,269)	(7,350)
Net cash provided by operating activities	10,629	18,101
Cash Flows from Investing Activities:
Capital expenditures	(18,523)	(14,521)
Maturities of investments	11,500	2,250
Proceeds from insurance recovery for destroyed property and equipment	2,297	0
Other	1	33
Net cash used in investing activities	(4,725)	(12,238)
Cash Flows from Financing Activities:
Construction allowance receipts	0	3,286
Payments on lease obligations	(1,505)	(1,226)
Taxes on vested restricted shares	(883)	(1,152)
Dividends paid	(4,368)	(3,609)
Common stock purchased	(21,282)	(1,942)
Net cash used in financing activities	(28,038)	(4,643)
(Decrease) increase in cash and cash equivalents during the period	(22,134)	1,220
Cash and cash equivalents at beginning of period	70,659	65,481
Cash and cash equivalents at end of period	$ 48,525	$ 66,701

Business and Reporting Policies

Business and Reporting Policies	6 Months Ended
	Jun. 30, 2016
Business and Reporting Policies [Abstract]
Business and Reporting Policies	NOTE A – Business and Reporting Policies Haverty Furniture Companies, Inc. ("Havertys," "the Company," "we," "our," or "us") is a retailer of a broad line of residential furniture in the middle to upper-middle price ranges. We operate all of our stores using the Havertys brand and do not franchise our concept. We operate within a single reportable segment. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes required by U.S. generally accepted accounting principles ("U.S. GAAP") for complete financial statements. The financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. We believe all adjustments, normal and recurring in nature, considered necessary for a fair presentation have been included. The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenue and expenses. Actual results could differ from those estimates. The Company is subject to various claims and legal proceedings covering a wide range of matters that arise in the ordinary course of its business activities. We believe that any liability that may ultimately result from the resolution of these matters will not have a material adverse effect on our financial condition, results of operations or cash flows. For further information, refer to the consolidated financial statements and footnotes thereto included in Havertys' Annual Report on Form 10-K for the year ended December 31, 2015.

Recently Issued and Adopted Acc

Recently Issued and Adopted Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Recently Issued and Adopted Accounting Pronouncements [Abstract]
Recently Issued and Adopted Accounting Pronouncements	NOTE B - Recently Issued and Adopted Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASU's) to the FASB's Accounting Standards Codification. The Company considers the applicability and impact of all ASU's. Newly effective ASU's not noted herein were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations. Financial Instruments. In June 2016, the FASB issued ASU 2016-13, regarding ASC Topic 326, " Measurement of Credit Losses of Financial Instruments" , which changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. This guidance will be effective for reporting periods beginning after December 15, 2019 with early adoption permitted. We are currently in the process of evaluating the impact of the adoption of this ASU on our consolidated financial statements. Share-based payments. Leases. Deferred Taxes. Revenue Recognition

Restricted Cash and Cash Equiva

Restricted Cash and Cash Equivalents	6 Months Ended
	Jun. 30, 2016
Restricted Cash and Cash Equivalents [Abstract]
Restricted Cash and Cash Equivalents	NOTE C – Restricted Cash and Cash Equivalents Our insurance carrier requires us to collateralize a portion of our workers' compensation obligations. These escrowed funds are shown as restricted cash and cash equivalents on our consolidated balance sheet and are investments in money market funds held by an agent. The changes in the balance are shown in investing activities on our consolidated statements of cash flows. The annual agreement with our carrier governing these funds expires on December 31, 2016.

Investments

Investments	6 Months Ended
	Jun. 30, 2016
Investments [Abstract]
Investments	NOTE D - Investments Investments consist of certificates of deposit and commercial paper. Certificates of deposit had original maturities of greater than three months. The commercial paper totaled approximately $10.0 million at December 31, 2015 with original maturities of more than three months but less than six months. The fair values of the investments approximate their carrying amounts.

Interim LIFO Calculations

Interim LIFO Calculations	6 Months Ended
	Jun. 30, 2016
Interim LIFO Calculations [Abstract]
Interim LIFO Calculations	NOTE E – Interim LIFO Calculations An actual valuation of inventory under the LIFO method can be made only at the end of each year based on actual inventory levels and costs at that time. Accordingly, interim LIFO calculations must necessarily be based on management's estimates of inventory levels and inflation rates. Since these estimates may be affected by factors beyond management's control, interim results are subject to change based upon the final year-end LIFO inventory valuations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2016
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	NOTE F – Fair Value of Financial Instruments The fair values of our cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and customer deposits approximate their carrying values due to their short-term nature. The assets related to our self-directed, non-qualified deferred compensation plans for certain executives and employees are valued using quoted market prices multiplied by the number of shares held, a Level 1 valuation technique. The assets related to our deferred compensation plans totaled approximately $4.2 million at June 30, 2016 and $3.3 million at December 31, 2015 and are included in other assets. The related liabilities of the same amounts are included in other liabilities.

Credit Arrangement

Credit Arrangement	6 Months Ended
	Jun. 30, 2016
Credit Arrangement [Abstract]
Credit Arrangement	NOTE G – Credit Arrangement In March 2016 we entered into the First Amendment to Amended and Restated Credit Agreement (the "Credit Agreement") with a bank. The Credit Agreement amends our revolving credit facility to increase the aggregate commitments from $50.0 million to $60.0 million, extend the maturity date to March 31, 2021 from September 1, 2016, lower the commitment fees on unused amounts, reduce the applicable margin for interest rates on borrowings, modify the borrowing base calculation, and change the collateral reporting requirements. We have not had any borrowings under the revolving credit facility since its origination in 2008. The $60.0 million revolving credit facility is secured by inventory, accounts receivable, cash and certain other personal property. Our Credit Agreement includes negative covenants that limit our ability to, among other things (a) incur, assume or permit to exist additional indebtedness or guarantees; (b) incur liens and engage in sale leaseback transactions or real estate sales in excess of $100.0 million; (c) pay dividends or redeem or repurchase capital stock; (d) engage in certain transactions with affiliates; and (e) alter the business that the Company conducts. Availability fluctuates under a borrowing base calculation and is reduced by outstanding letters of credit. The borrowing base was $57.7 million at June 30, 2016 and there were no outstanding letters of credit. Amounts available are based on the lesser of the borrowing base or the $60.0 million line amount and reduced by $6.0 million since a fixed charge coverage ratio test was not met for the immediately preceding twelve months, resulting in a net availability of $51.7 million. There were no borrowed amounts outstanding under the Credit Agreement at June 30, 2016.

Other income, net

Other income, net	6 Months Ended
	Jun. 30, 2016
Other income, net [Abstract]
Other income, net	Note H - Other Income, net Our store in Lubbock, Texas sustained significant damage on December 30, 2015 from a blizzard. We reduced the value of the property and its contents at December 31,2015 to zero and recorded an insurance recovery receivable. In the second quarter of 2016 we opened a temporary location and began reconstruction of a new store. During the second quarter, we received $3.3 million in insurance proceeds for the inventory destroyed and the fair value of the building and recorded a gain on insurance recovery of $1.9 million. We expect to recover additional amounts for the replacement value of the building and business interruption which we will recognize when settled.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Taxes [Abstract]
Income Taxes	NOTE I – Income Taxes Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a year to date adjustment. Our effective tax rate for the six months ended June 30, 2016 and 2015 was 38.6% and 38.4%, respectively. The primary difference in the effective rate and the statutory rate is due to state income taxes.

Stock Based Compensation Plan

Stock Based Compensation Plan	6 Months Ended
	Jun. 30, 2016
Stock Based Compensation Plan [Abstract]
Stock Based Compensation Plan	NOTE J – Stock Based Compensation Plan As more fully discussed in Note 12 of the notes to the consolidated financial statements in our 2015 Annual Report on Form 10-K, we have awards outstanding for Common Stock under stock-based employee compensation plans . The following table summarizes our award activity during the six months ended June 30, 2016: Restricted Stock Awards Stock-Settled Appreciation Rights Shares or Units Weighted-Average Award Price Rights Weighted-Average Award Price Outstanding at December 31, 2015 344,490 $ 22.87 100,875 $ 18.14 Granted 205,640 18.80 — — Restrictions lapsed or exercised (140,864 ) 18.29 — — Forfeited (4,450 ) 19.29 — — Outstanding at June 30, 2016 404,816 $ 21.65 100,875 $ 18.14 Exercisable at June 30, 2016 — — 74,875 $ 18.14 Awards expected to vest 408,886 $ 21.62 100,875 $ 18.14 Grants of equity awards are made to certain officers and key employees under stockholder approved long-term incentive plans. The restrictions on most of the awards generally lapse annually, primarily over four year periods. During 2016, the Company granted 58,138 awards for which the shares ultimately issued will be based upon the achievement of various performance measures. The restricted units earned under most of these awards vest after three years. The remaining grants have time-based vesting of one or four years. The compensation is being charged to selling, general and administrative expense over the respective grants' vesting periods, primarily on a straight-line basis. Stock based compensation expense was approximately $2.2 million for the six months ended June 30, 2016 and June 30, 2015. The aggregate intrinsic value of outstanding restricted common stock grants was $7.3 million at June 30, 2016. The aggregate intrinsic value of vested and outstanding stock-settled appreciation rights at June 30, 2016 is zero. As of June 30, 2016, the remaining unamortized compensation cost related to unvested equity awards was approximately $6.1 million and is expected to be recognized over a weighted-average period of 2.4 years.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	NOTE K – Earnings Per Share We report our earnings per share using the two-class method. The income per share for each class of common stock is calculated assuming 100% of our earnings are distributed as dividends to each class of common stock based on their contractual rights. The Common Stock of the Company has a preferential dividend rate of at least 105% of the dividend paid on the Class A Common Stock. The Class A Common Stock, which has ten votes per share as opposed to one vote per share for the Common Stock (on all matters other than the election of directors), may be converted at any time on a one-for-one basis into Common Stock at the option of the holder of the Class A Common Stock. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Common: Distributed earnings $ 1,970 $ 1,651 $ 3,982 $ 3,297 Undistributed earnings 2,924 2,761 5,172 6,698 Basic 4,894 4,412 9,154 9,995 Class A Common earnings 480 421 889 957 Diluted $ 5,374 $ 4,833 $ 10,043 $ 10,952 Class A Common: Distributed earnings $ 193 $ 156 $ 386 $ 312 Undistributed earnings 287 265 503 645 $ 480 $ 421 $ 889 $ 957 Denominator: Common: Weighted average shares outstanding - basic 19,645 20,600 19,883 20,585 Assumed conversion of Class A Common Stock 2,027 2,079 2,029 2,080 Dilutive options, awards and common stock equivalents 317 276 331 302 Total weighted-average diluted Common Stock 21,989 22,955 22,243 22,967 Class A Common: Weighted average shares outstanding 2,027 2,079 2,029 2,080

Recently Issued and Adopted A18

Recently Issued and Adopted Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2016
Recently Issued and Adopted Accounting Pronouncements [Abstract]
Financial Instruments	Financial Instruments. In June 2016, the FASB issued ASU 2016-13, regarding ASC Topic 326, " Measurement of Credit Losses of Financial Instruments" , which changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. This guidance will be effective for reporting periods beginning after December 15, 2019 with early adoption permitted. We are currently in the process of evaluating the impact of the adoption of this ASU on our consolidated financial statements.
Share-based Payments	Share-based payments.
Leases	Leases.
Deferred Taxes	Deferred Taxes.
Revenue Recognition	Revenue Recognition

Stock Based Compensation Plan (

Stock Based Compensation Plan (Tables)	6 Months Ended
	Jun. 30, 2016
Stock Based Compensation Plan [Abstract]
Stock Award Activity	The following table summarizes our award activity during the six months ended June 30, 2016: Restricted Stock Awards Stock-Settled Appreciation Rights Shares or Units Weighted-Average Award Price Rights Weighted-Average Award Price Outstanding at December 31, 2015 344,490 $ 22.87 100,875 $ 18.14 Granted 205,640 18.80 — — Restrictions lapsed or exercised (140,864 ) 18.29 — — Forfeited (4,450 ) 19.29 — — Outstanding at June 30, 2016 404,816 $ 21.65 100,875 $ 18.14 Exercisable at June 30, 2016 — — 74,875 $ 18.14 Awards expected to vest 408,886 $ 21.62 100,875 $ 18.14

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Reconciliation of Earnings and Number of Shares Used in Calculating Diluted Earnings (Loss) Per Share	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Common: Distributed earnings $ 1,970 $ 1,651 $ 3,982 $ 3,297 Undistributed earnings 2,924 2,761 5,172 6,698 Basic 4,894 4,412 9,154 9,995 Class A Common earnings 480 421 889 957 Diluted $ 5,374 $ 4,833 $ 10,043 $ 10,952 Class A Common: Distributed earnings $ 193 $ 156 $ 386 $ 312 Undistributed earnings 287 265 503 645 $ 480 $ 421 $ 889 $ 957 Denominator: Common: Weighted average shares outstanding - basic 19,645 20,600 19,883 20,585 Assumed conversion of Class A Common Stock 2,027 2,079 2,029 2,080 Dilutive options, awards and common stock equivalents 317 276 331 302 Total weighted-average diluted Common Stock 21,989 22,955 22,243 22,967 Class A Common: Weighted average shares outstanding 2,027 2,079 2,029 2,080

Investments (Details)

Investments (Details) $ in Millions	Dec. 31, 2015USD ($)
Investments [Abstract]
Commercial paper	$ 10

Fair Value of Financial Instr22

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Level 1 [Member]
Fair Values of Financial Instruments [Abstract]
Deferred compensation plans	$ 4.2	$ 3.3

Credit Arrangement (Details)

Credit Arrangement (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Credit Agreement [Member]
Line of Credit Facility [Line Items]
Original borrowing capacity	$ 60	$ 50
Maturity date	Mar. 31, 2021	Sep. 1, 2016
Sale leaseback transactions or real estate sales as covenant	$ 100
Current borrowing base	57.7
Reduction in borrowing base due to deficit in fixed charges coverage ratio test	$ 6
Number of trailing months to compute fixed charges coverage ratio	12 months
Net availability	$ 51.7
Letter of Credit [Member]
Line of Credit Facility [Line Items]
Outstanding letters of credit	$ 0

Other income, net (Details)

Other income, net (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Other income, net [Abstract]
Value of property and its content of Lubbock store				$ 0
Insurance proceeds for inventory destroyed and fair value of building	$ 3,300
Gain on insurance recovery	$ 1,900	$ 1,914	$ 0

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Income Taxes [Abstract]
Effective tax rate	38.60%	38.40%

Stock Based Compensation Plan26

Stock Based Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Weighted-Average Award Price [Roll Forward]
Period of restrictions over awards	4 years
Compensation expense	$ 2.2	$ 2.2
Total compensation cost related to unvested equity awards	$ 6.1
Weighted-average period of recognition of cost	2 years 4 months 24 days
Restricted Stock Award [Member]
Shares or Units and Rights [Roll Forward]
Outstanding, beginning balance (in shares)	344,490
Granted (in shares)	205,640
Restrictions lapsed or exercised (in shares)	(140,864)
Forfeited (in shares)	(4,450)
Outstanding, ending balance (in shares)	404,816
Exercisable, ending balance (in shares)	0
Awards expected to vest (in shares)	408,886
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)	$ 22.87
Granted (in dollars per share)	18.80
Restrictions lapsed or exercised (in dollars per share)	18.29
Forfeited (in dollars per share)	19.29
Outstanding, ending balance (in dollars per share)	21.65
Exercisable, ending balance (in dollars per share)	0
Awards expected to vest (in dollars per share)	$ 21.62
Vesting period	3 years
Aggregate intrinsic value of outstanding awards	$ 7.3
Stock-Settled Appreciation Rights [Member]
Shares or Units and Rights [Roll Forward]
Outstanding, beginning balance (in shares)	100,875
Granted (in shares)	0
Restrictions lapsed or exercised (in shares)	0
Forfeited (in shares)	0
Outstanding, ending balance (in shares)	100,875
Exercisable, ending balance (in shares)	74,875
Awards expected to vest (in shares)	100,875
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)	$ 18.14
Granted (in dollars per share)	0
Restrictions lapsed or exercised (in dollars per share)	0
Forfeited (in dollars per share)	0
Outstanding, ending balance (in dollars per share)	18.14
Exercisable, ending balance (in dollars per share)	18.14
Awards expected to vest (in dollars per share)	$ 18.14
Aggregate intrinsic value of vested awards	$ 0
Aggregate intrinsic value of outstanding awards	$ 0
Performance Shares [Member]
Shares or Units and Rights [Roll Forward]
Granted (in shares)	58,138
Performance Shares [Member] | Maximum [Member]
Weighted-Average Award Price [Roll Forward]
Vesting period	4 years
Performance Shares [Member] | Minimum [Member]
Weighted-Average Award Price [Roll Forward]
Vesting period	1 year

Earnings Per Share (Details)

Earnings Per Share (Details) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)Voteshares	Jun. 30, 2015USD ($)shares	Jun. 30, 2016USD ($)Voteshares	Jun. 30, 2015USD ($)shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Percentage of earnings or losses assumed in calculation	100.00%		100.00%
Preferential dividend rate of dividend paid on Class A Common Stock			105.00%
Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of votes per share | Vote	1		1
Numerator [Abstract]
Distributed earnings	$ 1,970	$ 1,651	$ 3,982	$ 3,297
Undistributed earnings	2,924	2,761	5,172	6,698
Basic	4,894	4,412	9,154	9,995
Class A Common earnings	480	421	889	957
Diluted	$ 5,374	$ 4,833	$ 10,043	$ 10,952
Denominator [Abstract]
Weighted average shares outstanding - basic (in shares) | shares	19,645	20,600	19,883	20,585
Assumed conversion of Class A Common Stock (in shares) | shares	2,027	2,079	2,029	2,080
Dilutive options, awards and common stock equivalents (in shares) | shares	317	276	331	302
Total weighted-average diluted Common Stock (in shares) | shares	21,989	22,955	22,243	22,967
Class A Common [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of votes per share | Vote	10		10
Numerator [Abstract]
Distributed earnings	$ 193	$ 156	$ 386	$ 312
Undistributed earnings	287	265	503	645
Class A Common earnings	$ 480	$ 421	$ 889	$ 957
Denominator [Abstract]
Weighted average shares outstanding (in shares) | shares	2,027	2,079	2,029	2,080