Haverty Furniture Companies (HVT) 10-Q 3 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2017shares
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	2,017
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	0
Class A Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	0

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 61,495	$ 63,481
Restricted cash and cash equivalents	8,047	8,034
Accounts receivable	3,421	4,244
Inventories	108,258	102,020
Prepaid expenses	10,581	8,836
Other current assets	4,926	7,500
Total current assets	196,728	194,115
Accounts receivable, long-term	385	462
Property and equipment	231,584	233,667
Deferred income taxes	18,367	18,376
Other assets	8,556	7,885
Total assets	455,620	454,505
Current liabilities
Accounts payable	23,354	25,662
Customer deposits	27,263	24,923
Accrued liabilities	37,704	41,904
Current portion of lease obligations	3,568	3,461
Total current liabilities	91,889	95,950
Lease obligations, less current portion	52,066	52,013
Other liabilities	25,198	24,671
Total liabilities	169,153	172,634
Capital Stock, par value $1 per share
Preferred Stock, Authorized - 1,000 shares; Issued: None	0	0
Additional paid-in capital	87,373	86,273
Retained earnings	281,172	277,707
Accumulated other comprehensive loss	(1,814)	(1,830)
Less treasury stock at cost - Common Stock (2017 and 2016 - 9,506) and Convertible Class A Common Stock (2017 and 2016 - 522)	(111,412)	(111,412)
Total stockholders' equity	286,467	281,871
Total liabilities and stockholders' equity	455,620	454,505
Common Stock [Member]
Capital Stock, par value $1 per share
Common Stock	28,825	28,793
Convertible Class A Common Stock [Member]
Capital Stock, par value $1 per share
Common Stock	$ 2,323	$ 2,340

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2017	Dec. 31, 2016
Stockholders' equity
Preferred Stock, par value (in dollars per share)	$ 1	$ 1
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)	28,825	28,793
Treasury Stock, common stock shares (in shares)	9,506	9,506
Convertible Class A Common Stock [Member]
Stockholders' equity
Common Stock, shares authorized (in shares)	15,000	15,000
Common Stock, shares issued (in shares)	2,323	2,340
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
	Mar. 31, 2017	Mar. 31, 2016
Net sales	$ 200,427	$ 194,511
Cost of goods sold	90,831	90,092
Gross profit	109,596	104,419
Credit service charges	45	65
Gross profit and other revenue	109,641	104,484
Expenses:
Selling, general and administrative	100,374	96,353
Provision for doubtful accounts	102	104
Other (income) expense, net	(1,158)	(182)
Total expenses	99,318	96,275
Income before interest and income taxes	10,323	8,209
Interest expense, net	583	622
Income before income taxes	9,740	7,587
Income tax expense	3,754	2,918
Net income	5,986	4,669
Other comprehensive income
Adjustments related to retirement plans; net of tax expense of $9 and $11	16	19
Comprehensive income	$ 6,002	$ 4,688
Common Stock [Member]
Basic earnings per share:
Common Stock (in dollars per share)	$ 0.28	$ 0.21
Diluted earnings per share:
Common Stock (in dollars per share)	0.28	0.21
Cash dividends per share:
Common Stock (in dollars per share)	0.1200	0.100
Class A Common Stock [Member]
Basic earnings per share:
Common Stock (in dollars per share)	0.27	0.20
Diluted earnings per share:
Common Stock (in dollars per share)	0.27	0.20
Cash dividends per share:
Common Stock (in dollars per share)	$ 0.1125	$ 0.095

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other comprehensive income
Adjustments related to retirement plans, tax expense	$ 9	$ 11

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows from Operating Activities:
Net income	$ 5,986	$ 4,669
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	7,582	6,792
Gain on insurance recovery	(1,170)	0
Proceeds from insurance recovery received for business interruption	311	0
Share-based compensation expense	1,316	1,050
Provision for doubtful accounts	102	104
Other	13	(24)
Changes in operating assets and liabilities:
Accounts receivable	798	1,096
Inventories	(6,238)	(1,304)
Customer deposits	2,340	2,746
Other assets and liabilities	1,068	(3,512)
Accounts payable and accrued liabilities	(6,349)	(16,380)
Net cash provided by (used in) operating activities	5,759	(4,763)
Cash Flows from Investing Activities:
Capital expenditures	(5,182)	(8,979)
Proceeds from insurance for destroyed property and equipment	989	0
Other	19	4
Net cash used in investing activities	(4,174)	(8,975)
Cash Flows from Financing Activities:
Payments on lease obligations	(849)	(748)
Dividends paid	(2,521)	(2,205)
Common stock repurchased	0	(235)
Other	(201)	0
Net cash used in financing activities	(3,571)	(3,188)
Decrease in cash and cash equivalents during the period	(1,986)	(16,926)
Cash and cash equivalents at beginning of period	63,481	70,659
Cash and cash equivalents at end of period	$ 61,495	$ 53,733

Business and Reporting Policies

Business and Reporting Policies	3 Months Ended
	Mar. 31, 2017
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 United States of America 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. We suggest that these consolidated financial statements be read in conjunction with the consolidated financial statements and accompanying footnotes included in our latest Annual Report on Form 10-K. 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.

Recently Issued and Adopted Acc

Recently Issued and Adopted Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
Recently Issued and Adopted Accounting Pronouncements [Abstract]
Recently Issued and Adopted Accounting Pronouncements	NOTE B - Recently Issued and Adopted Accounting Pronouncements Changes to 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 (ASC). 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. Share-based payments. Leases. Revenue Recognition The FASB has recently issued several amendments to the revenue standard, including clarification on accounting for principal versus agent considerations (i.e., reporting gross versus net), licenses of intellectual property and identifying performance obligations. These amendments do not change the core principle of the standard, but provide clarity and implementation guidance. This standard is effective for Havertys beginning January 1, 2018. We are currently finalizing our comprehensive implementation plan, including the testing of any new controls and processes designed to comply with ASU 2014-09. We have not yet determined which adoption method we will use, retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. At this time, we do not believe this standard will have a material effect on Havertys' financial condition, results of operations or liquidity.

Restricted Cash and Cash Equiva

Restricted Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2017
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 sheets 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, 2017.

Interim LIFO Calculations

Interim LIFO Calculations	3 Months Ended
	Mar. 31, 2017
Interim LIFO Calculations [Abstract]
Interim LIFO Calculations	NOTE D – 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	3 Months Ended
	Mar. 31, 2017
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	NOTE E – 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 $5.3 million at March 31, 2017 and $4.4 million at December 31, 2016 and are included in other assets. The related liabilities of the same amounts are included in other liabilities.

Credit Arrangement

Credit Arrangement	3 Months Ended
	Mar. 31, 2017
Credit Arrangement [Abstract]
Credit Arrangement	NOTE F – Credit Arrangement We have a $60.0 million revolving credit facility secured by our inventory, accounts receivable, cash, and certain other personal property. Availability fluctuates based on a borrowing base calculation reduced by outstanding letters of credit. Amounts available to borrow are based on the lesser of the borrowing base or the $60.0 million line amount, reduced by $6.0 million if a fixed charge coverage ratio test for the immediately preceding 12 months are not met. The credit facility contains covenants that, among other things, limit our ability to incur certain types of debt or liens, pay dividends, enter into mergers and consolidations or use proceeds of borrowing for other than permitted uses. The borrowing base was $55.2 million at March 31, 2017, there were no outstanding letters of credit, and the net availability was $49.2 million. We have not had any borrowings under the facility, which matures March 31, 2021, since its origination in 2008.

Lubbock, Texas

Lubbock, Texas	3 Months Ended
	Mar. 31, 2017
Lubbock, Texas [Abstract]
Lubbock, Texas	NOTE G – Lubbock, Texas Our store in Lubbock, Texas sustained significant damage on December 27, 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. During the first quarter of 2016 we had not received any insurance recovery. In the second quarter of 2016 we opened a temporary location and began reconstruction of a new store. During the 2016 year, we recorded $2.3 million in gains for the insurance recovery on the building and $1.1 million for inventory, business interruption and other expenses. During the first quarter of 2017, we recorded $1.0 million in gains for the insurance recovery on the building and $0.2 million for business interruption and other expenses. We expect to receive minor additional amounts in 2017.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Taxes [Abstract]
Income Taxes	NOTE H – 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 three months ended March 31, 2017 and 2016 was 38.5%. 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	3 Months Ended
	Mar. 31, 2017
Stock Based Compensation Plan [Abstract]
Stock Based Compensation Plan	NOTE I – Stock Based Compensation Plan As more fully discussed in Note 12 of the notes to the consolidated financial statements in our 2016 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 three months ended March 31, 2017: Restricted Stock Awards Stock-Settled Appreciation Rights Shares or Units Weighted-Average Award Price Rights Weighted-Average Award Price Outstanding at December 31, 2016 397,320 $ 21.64 100,875 $ 18.14 Granted 188,290 21.80 — — Restrictions lapsed or exercised (23,847 ) 28.93 — — Forfeited — — — Outstanding at March 31, 2017 561,763 $ 21.39 100,875 $ 18.14 Exercisable at March 31, 2017 — — 74,875 $ 18.14 Awards expected to vest 561,763 $ 21.39 — — 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 2017, the Company granted 59,000 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 for the three months ended March 31, 2017 and March 31, 2016, was approximately $1.3 million and $1.0 million, respectively. The aggregate intrinsic value of outstanding restricted common stock grants was $13.7 million at March 31, 2017. The aggregate intrinsic value of vested and outstanding stock-settled appreciation rights at March 31, 2017 was approximately $0.5 million and $0.6 million, respectively. As of March 31, 2017, the remaining unamortized compensation cost related to unvested equity awards was approximately $6.9 million and is expected to be recognized over a weighted-average period of 2.6 years.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	NOTE J – 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 March 31, 2017 2016 Numerator: Common: Distributed earnings $ 2,317 $ 2,012 Undistributed earnings 3,180 2,248 Basic 5,497 4,260 Class A Common earnings 489 409 Diluted $ 5,986 $ 4,669 Class A Common: Distributed earnings $ 204 $ 193 Undistributed earnings 285 216 $ 489 $ 409 Denominator: Common: Weighted average shares outstanding - basic 19,297 20,121 Assumed conversion of Class A Common Stock 1,813 2,031 Dilutive options, awards and common stock equivalents 430 344 Total weighted-average diluted Common Stock 21,540 22,496 Class A Common: Weighted average shares outstanding 1,813 2,031

Recently Issued and Adopted A17

Recently Issued and Adopted Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2017
Recently Issued and Adopted Accounting Pronouncements [Abstract]
Share-based Payments	Share-based payments.
Leases	Leases. changes to processes and internal controls to meet the standard's reporting and disclosure requirements. For example, software has been evaluated that will assist in recognition of additional assets and liabilities to be included on the balance sheet related to operating leases with durations greater than twelve months, with certain allowable exceptions. We continue to evaluate the expected financial impact of this standard on our consolidated financial position or results of operations.
Revenue Recognition	Revenue Recognition The FASB has recently issued several amendments to the revenue standard, including clarification on accounting for principal versus agent considerations (i.e., reporting gross versus net), licenses of intellectual property and identifying performance obligations. These amendments do not change the core principle of the standard, but provide clarity and implementation guidance. This standard is effective for Havertys beginning January 1, 2018. We are currently finalizing our comprehensive implementation plan, including the testing of any new controls and processes designed to comply with ASU 2014-09. We have not yet determined which adoption method we will use, retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. At this time, we do not believe this standard will have a material effect on Havertys' financial condition, results of operations or liquidity.

Stock Based Compensation Plan (

Stock Based Compensation Plan (Tables)	3 Months Ended
	Mar. 31, 2017
Stock Based Compensation Plan [Abstract]
Stock Award Activity	The following table summarizes our award activity during the three months ended March 31, 2017: Restricted Stock Awards Stock-Settled Appreciation Rights Shares or Units Weighted-Average Award Price Rights Weighted-Average Award Price Outstanding at December 31, 2016 397,320 $ 21.64 100,875 $ 18.14 Granted 188,290 21.80 — — Restrictions lapsed or exercised (23,847 ) 28.93 — — Forfeited — — — Outstanding at March 31, 2017 561,763 $ 21.39 100,875 $ 18.14 Exercisable at March 31, 2017 — — 74,875 $ 18.14 Awards expected to vest 561,763 $ 21.39 — —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Reconciliation of Earnings (Loss) and Number of Shares used in Calculating Diluted Earnings (Loss) Per Share	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 March 31, 2017 2016 Numerator: Common: Distributed earnings $ 2,317 $ 2,012 Undistributed earnings 3,180 2,248 Basic 5,497 4,260 Class A Common earnings 489 409 Diluted $ 5,986 $ 4,669 Class A Common: Distributed earnings $ 204 $ 193 Undistributed earnings 285 216 $ 489 $ 409 Denominator: Common: Weighted average shares outstanding - basic 19,297 20,121 Assumed conversion of Class A Common Stock 1,813 2,031 Dilutive options, awards and common stock equivalents 430 344 Total weighted-average diluted Common Stock 21,540 22,496 Class A Common: Weighted average shares outstanding 1,813 2,031

Fair Value of Financial Instr20

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Level 1 [Member]
Fair Values of Financial Instruments [Abstract]
Deferred compensation plans	$ 5.3	$ 4.4

Credit Arrangement (Details)

Credit Arrangement (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Credit Agreement [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 60
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
Current borrowing base	$ 55.2
Net availability	$ 49.2
Maturity date	Mar. 31, 2021
Letter of Credit [Member]
Line of Credit Facility [Line Items]
Outstanding letters of credit	$ 0

Lubbock, Texas (Details)

Lubbock, Texas (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Business Interruption Loss [Line Items]
Property and equipment	$ 231,584,000		$ 233,667,000
Gain on insurance recovery	1,170,000	$ 0
Lubbock, Texas Interruption Loss [Member]
Business Interruption Loss [Line Items]
Property and equipment				$ 0
Gain on insurance recovery		$ 0
Lubbock, Texas Interruption Loss [Member] | Inventory Business Interruption and Other Expenses [Member]
Business Interruption Loss [Line Items]
Gain on insurance recovery			1,100,000
Lubbock, Texas Interruption Loss [Member] | Business Interruption and Other Expenses [Member]
Business Interruption Loss [Line Items]
Gain on insurance recovery	200,000
Lubbock, Texas Interruption Loss [Member] | Building [Member]
Business Interruption Loss [Line Items]
Gain on insurance recovery	$ 1,000,000		$ 2,300,000

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Taxes [Abstract]
Effective tax rate	38.50%	38.50%

Stock Based Compensation Plan24

Stock Based Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Additional Disclosures [Abstract]
Vesting period of awards	4 years
Compensation expense	$ 1.3	$ 1
Total compensation cost related to unvested equity awards	$ 6.9
Weighted-average period of recognition of cost	2 years 7 months 6 days
Restricted Stock Award [Member]
Shares or Units and Rights [Roll Forward]
Outstanding, beginning balance (in shares)	397,320
Granted (in shares)	188,290
Restrictions lapsed or exercised (in shares)	(23,847)
Forfeited (in shares)	0
Outstanding, ending balance (in shares)	561,763
Exercisable, ending balance (in shares)	0
Restricted units expected to vest (in shares)	561,763
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)	$ 21.64
Granted (in dollars per share)	21.80
Restrictions lapsed or exercised (in dollars per share)	28.93
Forfeited (in dollars per share)	0
Outstanding, ending balance (in dollars per share)	21.39
Exercisable, ending balance (in dollars per share)	0
Restricted units expected to vest (in dollars per share)	$ 21.39
Additional Disclosures [Abstract]
Vesting period of awards	3 years
Aggregate intrinsic value of outstanding awards	$ 13.7
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
Restricted units expected to vest (in shares)	0
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
Restricted units expected to vest (in dollars per share)	$ 0
Additional Disclosures [Abstract]
Aggregate intrinsic value of vested awards	$ 0.5
Aggregate intrinsic value of outstanding awards	$ 0.6
Performance Shares [Member]
Shares or Units and Rights [Roll Forward]
Granted (in shares)	59,000
Performance Shares [Member] | Maximum [Member]
Additional Disclosures [Abstract]
Vesting period of awards	4 years
Performance Shares [Member] | Minimum [Member]
Additional Disclosures [Abstract]
Vesting period of awards	1 year

Earnings Per Share (Details)

Earnings Per Share (Details) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)Voteshares	Mar. 31, 2016USD ($)shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Percentage of earnings or losses assumed in calculation	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
Numerator [Abstract]
Distributed earnings	$ 2,317	$ 2,012
Undistributed earnings	3,180	2,248
Basic	5,497	4,260
Class A Common earnings	489	409
Diluted	$ 5,986	$ 4,669
Denominator [Abstract]
Weighted average shares outstanding - basic (in shares) | shares	19,297	20,121
Assumed conversion of Class A Common Stock (in shares) | shares	1,813	2,031
Dilutive options, awards and common stock equivalents (in shares) | shares	430	344
Total weighted-average diluted Common Stock (in shares) | shares	21,540	22,496
Class A Common [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of votes per share | Vote	10
Numerator [Abstract]
Distributed earnings	$ 204	$ 193
Undistributed earnings	285	216
Class A Common earnings	$ 489	$ 409
Denominator [Abstract]
Weighted average shares outstanding (in shares) | shares	1,813	2,031