Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
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 | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Common Stock [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 19,423,144 | |
Class A Common Stock [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,796,296 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 86,903 | $ 63,481 |
Restricted cash and cash equivalents | 8,089 | 8,034 |
Accounts receivable | 2,706 | 4,244 |
Inventories | 99,664 | 102,020 |
Prepaid expenses | 8,910 | 8,836 |
Other current assets | 6,973 | 7,500 |
Total current assets | 213,245 | 194,115 |
Accounts receivable, long-term | 311 | 462 |
Property and equipment | 226,693 | 233,667 |
Deferred income taxes | 21,339 | 18,376 |
Other assets | 8,611 | 7,885 |
Total assets | 470,199 | 454,505 |
Current liabilities | ||
Accounts payable | 26,550 | 25,662 |
Customer deposits | 29,454 | 24,923 |
Accrued liabilities | 38,418 | 41,904 |
Current portion of lease obligations | 3,733 | 3,461 |
Total current liabilities | 98,155 | 95,950 |
Lease obligations, less current portion | 51,523 | 52,013 |
Other liabilities | 26,549 | 24,671 |
Total liabilities | 176,227 | 172,634 |
Capital Stock, par value $1 per share | ||
Preferred Stock, Authorized - 1,000 shares; Issued: None | 0 | 0 |
Additional paid-in capital | 88,206 | 86,273 |
Retained earnings | 287,638 | 277,707 |
Accumulated other comprehensive loss | (1,790) | (1,830) |
Less treasury stock at cost - Common Stock (2017 - 9,498 and 2016 - 9,506) and Convertible Class A Common Stock (2017 and 2016 - 522) | (111,322) | (111,412) |
Total stockholders' equity | 293,972 | 281,871 |
Total liabilities and stockholders' equity | 470,199 | 454,505 |
Common Stock [Member] | ||
Capital Stock, par value $1 per share | ||
Common Stock | 28,920 | 28,793 |
Convertible Class A Common Stock [Member] | ||
Capital Stock, par value $1 per share | ||
Common Stock | $ 2,320 | $ 2,340 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 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) | 28,920 | 28,793 |
Treasury Stock, common stock shares (in shares) | 9,498 | 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) | 2,320 | 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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net sales | $ 207,647 | $ 211,690 | $ 604,904 | $ 600,976 |
Cost of goods sold | 95,632 | 97,953 | 276,175 | 278,660 |
Gross profit | 112,015 | 113,737 | 328,729 | 322,316 |
Credit service charges | 38 | 54 | 126 | 173 |
Gross profit and other revenue | 112,053 | 113,791 | 328,855 | 322,489 |
Expenses: | ||||
Selling, general and administrative | 102,099 | 101,745 | 299,310 | 294,809 |
Provision for doubtful accounts | 18 | 70 | 181 | 286 |
Other expense (income), net | (276) | (705) | (1,430) | (2,799) |
Total expenses | 101,841 | 101,110 | 298,061 | 292,296 |
Income before interest and income taxes | 10,212 | 12,681 | 30,794 | 30,193 |
Interest expense, net | 493 | 556 | 1,641 | 1,719 |
Income before income taxes | 9,719 | 12,125 | 29,153 | 28,474 |
Income tax expense | 3,736 | 4,759 | 10,999 | 11,065 |
Net income | 5,983 | 7,366 | 18,154 | 17,409 |
Other comprehensive income | ||||
Adjustments related to retirement plan; net of tax expense of $9 and $27 in 2017 and $12 and $34 in 2016 | 13 | 18 | 40 | 56 |
Comprehensive income | $ 5,996 | $ 7,384 | $ 18,194 | $ 17,465 |
Common Stock [Member] | ||||
Basic earnings per share: | ||||
Common Stock (in dollars per share) | $ 0.28 | $ 0.35 | $ 0.86 | $ 0.81 |
Diluted earnings per share: | ||||
Common Stock (in dollars per share) | 0.28 | 0.34 | 0.84 | 0.79 |
Cash dividends per share: | ||||
Common Stock (in dollars per share) | 0.1500 | 0.1200 | 0.3900 | 0.3200 |
Class A Common Stock [Member] | ||||
Basic earnings per share: | ||||
Common Stock (in dollars per share) | 0.27 | 0.33 | 0.82 | 0.77 |
Diluted earnings per share: | ||||
Common Stock (in dollars per share) | 0.27 | 0.33 | 0.81 | 0.76 |
Cash dividends per share: | ||||
Common Stock (in dollars per share) | $ 0.1425 | $ 0.1125 | $ 0.3675 | $ 0.3025 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Other comprehensive income | ||||
Adjustments related to retirement plans, tax expense | $ 9 | $ 12 | $ 27 | $ 34 |
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 | $ 18,154 | $ 17,409 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 22,819 | 21,472 |
Stock-based compensation expense | 3,045 | 2,992 |
Deferred income taxes | (2,990) | (3,030) |
Gain on insurance recovery | (1,531) | (2,460) |
Proceeds from insurance recovery | 916 | 2,327 |
Provision for doubtful accounts | 181 | 286 |
Other | 626 | 450 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,508 | 1,330 |
Inventories | 2,356 | 9,821 |
Customer deposits | 4,531 | 9,418 |
Other assets and liabilities | 1,977 | (5,176) |
Accounts payable and accrued liabilities | (2,844) | (7,603) |
Net cash provided by operating activities | 48,748 | 47,236 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (15,394) | (25,292) |
Maturities of investments | 0 | 12,000 |
Proceeds from insurance recovery for destroyed property and equipment | 1,045 | 2,312 |
Other | 28 | (3) |
Net cash used in investing activities | (14,321) | (10,983) |
Cash Flows from Financing Activities: | ||
Payments on lease obligations | (2,577) | (2,295) |
Taxes on vested restricted shares | (1,555) | (883) |
Dividends paid | (8,223) | (6,885) |
Common stock purchased | 0 | (21,282) |
Construction allowance receipts | 1,350 | 0 |
Net cash used in financing activities | (11,005) | (31,345) |
Increase in cash and cash equivalents during the period | 23,422 | 4,908 |
Cash and cash equivalents at beginning of period | 63,481 | 70,659 |
Cash and cash equivalents at end of period | $ 86,903 | $ 75,567 |
Business and Reporting Policies
Business and Reporting Policies | 9 Months Ended |
Sep. 30, 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 Company believes that the disclosures made are adequate to make the information not misleading. 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 condensed 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 | 9 Months Ended |
Sep. 30, 2017 | |
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 (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 issued several amendments to the revenue standard, including clarification on accounting for principal versus agent considerations (i.e., reporting gross versus net). 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 and will not have a material effect on Havertys' financial condition, results of operations or liquidity. We sell home furnishings and recognize revenue at delivery and this will not change under the new standard. We have substantially completed our comprehensive implementation plan, including the implementation of new controls and processes designed to comply with ASU 2014-09. We will use the modified retrospective (or cumulative-effect) adoption method and estimate the impact to retained earnings will be a reduction of less than $100,000. |
Restricted Cash and Cash Equiva
Restricted Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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 $5.7 million at September 30, 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 | 9 Months Ended |
Sep. 30, 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 $48.4 million at September 30, 2017, there were no outstanding letters of credit, and the net availability was $42.4 million. We have not had any borrowings under the facility, which matures March 31, 2021, since its origination in 2008. |
Insurance Recovery and Gains
Insurance Recovery and Gains | 9 Months Ended |
Sep. 30, 2017 | |
Insurance Recovery and Gains [Abstract] | |
Insurance Recovery and Gains | NOTE G – Insurance Recovery and Gains 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. In the second quarter of 2016 we opened a temporary location and began reconstruction of a new store. We received $4.6 million in insurance proceeds during the first nine months of 2016 for the building and inventory destroyed and recorded a gain on insurance recovery of $2.5 million. During 2017, we recorded an additional $1.4 million in gains for the insurance recovery on the building, business interruption and other expenses. Our store in Wichita, Kansas was closed in mid-July 2017 due to a rupture of a water pipe below the foundation and is expected to reopen in late November 2017. We have received $0.4 million in insurance proceeds for the inventory destroyed and other expenses and we anticipate receiving additional amounts. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2017 and 2016 was 37.7% and 38.9%, respectively. The primary difference in the effective rate and the statutory rate is due to state income taxes and excess tax benefits of $0.2 million in 2017 from vested stock awards. |
Stock Based Compensation Plan
Stock Based Compensation Plan | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 199,382 22.00 — — Restrictions lapsed or exercised (157,406 ) 22.02 (43,875 ) 18.14 Forfeited (4,507 ) 19.79 — — Outstanding at September 30, 2017 434,789 $ 21.69 57,000 $ 18.14 Exercisable at September 30, 2017 — — 57,000 $ 18.14 Awards expected to vest 420,491 $ 21.70 — — 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 approximately 63,000 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 was approximately $3.0 million for the nine months ended September 30, 2017 and September 30, 2016. The aggregate intrinsic value of outstanding restricted common stock grants was $11.4 million at September 30, 2017. The aggregate intrinsic value of vested and outstanding stock-settled appreciation rights at September 30, 2017 was approximately $0.5 million. As of September 30, 2017, the remaining unamortized compensation cost related to unvested equity awards was approximately $5.3 million and is expected to be recognized over a weighted-average period of 2.4 years. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Common: Distributed earnings $ 2,913 $ 2,290 $ 7,560 $ 6,273 Undistributed earnings 2,586 4,405 9,122 9,581 Basic 5,499 6,695 16,682 15,854 Class A Common earnings 484 671 1,472 1,555 Diluted $ 5,983 $ 7,366 $ 18,154 $ 17,409 Class A Common: Distributed earnings $ 256 $ 227 $ 663 $ 612 Undistributed earnings 228 444 809 943 $ 484 $ 671 $ 1,472 $ 1,555 Denominator: Common: Weighted average shares outstanding - basic 19,421 19,083 19,365 19,615 Assumed conversion of Class A Common Stock 1,798 2,021 1,804 2,026 Dilutive options, awards and common stock equivalents 391 332 413 331 Total weighted-average diluted Common Stock 21,610 21,436 21,582 21,972 Class A Common: Weighted average shares outstanding 1,798 2,021 1,804 2,026 Basic earnings per share: Common Stock $ 0.28 $ 0.35 $ 0.86 $ 0.81 Class A Common Stock $ 0.27 $ 0.33 $ 0.82 $ 0.77 Diluted earnings per share: Common Stock $ 0.28 $ 0.34 $ 0.84 $ 0.79 Class A Common Stock $ 0.27 $ 0.33 $ 0.81 $ 0.76 |
Recently Issued and Adopted A17
Recently Issued and Adopted Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Recently Issued and Adopted Accounting Pronouncements [Abstract] | |
Share-based payments | Share-based payments. |
Leases | Leases. |
Revenue Recognition | Revenue Recognition The FASB has issued several amendments to the revenue standard, including clarification on accounting for principal versus agent considerations (i.e., reporting gross versus net). 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 and will not have a material effect on Havertys' financial condition, results of operations or liquidity. We sell home furnishings and recognize revenue at delivery and this will not change under the new standard. We have substantially completed our comprehensive implementation plan, including the implementation of new controls and processes designed to comply with ASU 2014-09. We will use the modified retrospective (or cumulative-effect) adoption method and estimate the impact to retained earnings will be a reduction of less than $100,000. |
Stock Based Compensation Plan (
Stock Based Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stock Based Compensation Plan [Abstract] | |
Stock Award Activity | The following table summarizes our award activity during the nine months ended September 30, 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 199,382 22.00 — — Restrictions lapsed or exercised (157,406 ) 22.02 (43,875 ) 18.14 Forfeited (4,507 ) 19.79 — — Outstanding at September 30, 2017 434,789 $ 21.69 57,000 $ 18.14 Exercisable at September 30, 2017 — — 57,000 $ 18.14 Awards expected to vest 420,491 $ 21.70 — — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Common: Distributed earnings $ 2,913 $ 2,290 $ 7,560 $ 6,273 Undistributed earnings 2,586 4,405 9,122 9,581 Basic 5,499 6,695 16,682 15,854 Class A Common earnings 484 671 1,472 1,555 Diluted $ 5,983 $ 7,366 $ 18,154 $ 17,409 Class A Common: Distributed earnings $ 256 $ 227 $ 663 $ 612 Undistributed earnings 228 444 809 943 $ 484 $ 671 $ 1,472 $ 1,555 Denominator: Common: Weighted average shares outstanding - basic 19,421 19,083 19,365 19,615 Assumed conversion of Class A Common Stock 1,798 2,021 1,804 2,026 Dilutive options, awards and common stock equivalents 391 332 413 331 Total weighted-average diluted Common Stock 21,610 21,436 21,582 21,972 Class A Common: Weighted average shares outstanding 1,798 2,021 1,804 2,026 Basic earnings per share: Common Stock $ 0.28 $ 0.35 $ 0.86 $ 0.81 Class A Common Stock $ 0.27 $ 0.33 $ 0.82 $ 0.77 Diluted earnings per share: Common Stock $ 0.28 $ 0.34 $ 0.84 $ 0.79 Class A Common Stock $ 0.27 $ 0.33 $ 0.81 $ 0.76 |
Recently Issued and Adopted A20
Recently Issued and Adopted Accounting Pronouncements (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Revenue Recognition [Abstract] | ||
Retained earnings | $ 287,638,000 | $ 277,707,000 |
ASU 2014-09 [Member] | Maximum [Member] | ||
Revenue Recognition [Abstract] | ||
Retained earnings | $ 100,000 |
Fair Value of Financial Instr21
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Level 1 [Member] | ||
Fair Values of Financial Instruments [Abstract] | ||
Deferred compensation plans | $ 5.7 | $ 4.4 |
Credit Arrangement (Details)
Credit Arrangement (Details) $ in Millions | 9 Months Ended |
Sep. 30, 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 | $ 48.8 |
Net availability | $ 42.4 |
Maturity date | Mar. 31, 2021 |
Letter of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Outstanding letters of credit | $ 0 |
Insurance Recovery and Gains (D
Insurance Recovery and Gains (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Interruption Loss [Line Items] | ||||
Property and equipment | $ 226,693,000 | $ 233,667,000 | ||
Gain on insurance recovery | 1,531,000 | $ 2,460,000 | ||
Lubbock, Texas Interruption Loss [Member] | ||||
Business Interruption Loss [Line Items] | ||||
Property and equipment | $ 0 | |||
Insurance proceeds for building and inventory destroyed | 4,600,000 | |||
Gain on insurance recovery | $ 2,500,000 | |||
Lubbock, Texas Interruption Loss [Member] | Building [Member] | Business Interruption and Other Expenses [Member] | ||||
Business Interruption Loss [Line Items] | ||||
Gain on insurance recovery | 1,400,000 | |||
Wichita, Kansas [Member] | ||||
Business Interruption Loss [Line Items] | ||||
Insurance proceeds for inventory destroyed and other expenses | $ 400,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income Taxes [Abstract] | ||
Effective tax rate | 37.70% | 38.90% |
Excess tax benefits from vested stock awards and state income taxes | $ 0.2 |
Stock Based Compensation Plan25
Stock Based Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Additional Disclosures [Abstract] | ||
Vesting period of awards | 4 years | |
Stock based compensation expense | $ 3 | $ 3 |
Total compensation cost related to unvested equity awards | $ 5.3 | |
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) | 397,320 | |
Granted (in shares) | 199,382 | |
Restrictions lapsed or exercised (in shares) | (157,406) | |
Forfeited (in shares) | (4,507) | |
Outstanding, ending balance (in shares) | 434,789 | |
Exercisable, ending balance (in shares) | 0 | |
Awards expected to vest (in shares) | 420,491 | |
Weighted-Average Award Price [Roll Forward] | ||
Outstanding, beginning balance (in dollars per share) | $ 21.64 | |
Granted (in dollars per share) | 22 | |
Restrictions lapsed or exercised (in dollars per share) | 22.02 | |
Forfeited (in dollars per share) | 19.79 | |
Outstanding, ending balance (in dollars per share) | 21.69 | |
Exercisable, ending balance (in dollars per share) | 0 | |
Awards expected to vest (in dollars per share) | $ 21.70 | |
Additional Disclosures [Abstract] | ||
Vesting period of awards | 3 years | |
Aggregate intrinsic value of outstanding awards | $ 11.4 | |
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) | (43,875) | |
Forfeited (in shares) | 0 | |
Outstanding, ending balance (in shares) | 57,000 | |
Exercisable, ending balance (in shares) | 57,000 | |
Awards 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) | 18.14 | |
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) | $ 0 | |
Additional Disclosures [Abstract] | ||
Aggregate intrinsic value of outstanding awards | $ 0.5 | |
Aggregate intrinsic value of vested awards | $ 0.5 | |
Performance Shares [Member] | ||
Shares or Units and Rights [Roll Forward] | ||
Granted (in shares) | 63,000 | |
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 Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)Vote$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2017USD ($)Vote$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | |
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 | $ 2,913 | $ 2,290 | $ 7,560 | $ 6,273 |
Undistributed earnings | 2,586 | 4,405 | 9,122 | 9,581 |
Basic | 5,499 | 6,695 | 16,682 | 15,854 |
Class A Common earnings | 484 | 671 | 1,472 | 1,555 |
Diluted | $ 5,983 | $ 7,366 | $ 18,154 | $ 17,409 |
Denominator [Abstract] | ||||
Weighted average shares outstanding - basic (in shares) | shares | 19,421 | 19,083 | 19,365 | 19,615 |
Assumed conversion of Class A Common Stock (in shares) | shares | 1,798 | 2,021 | 1,804 | 2,026 |
Dilutive options, awards and common stock equivalents (in shares) | shares | 391 | 332 | 413 | 331 |
Total weighted-average diluted Common Stock (in shares) | shares | 21,610 | 21,436 | 21,582 | 21,972 |
Basic earnings per share [Abstract] | ||||
Common Stock (in dollars per share) | $ / shares | $ 0.28 | $ 0.35 | $ 0.86 | $ 0.81 |
Diluted earnings per share [Abstract] | ||||
Common Stock (in dollars per share) | $ / shares | $ 0.28 | $ 0.34 | $ 0.84 | $ 0.79 |
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 | $ 256 | $ 227 | $ 663 | $ 612 |
Undistributed earnings | 228 | 444 | 809 | 943 |
Class A Common earnings | $ 484 | $ 671 | $ 1,472 | $ 1,555 |
Denominator [Abstract] | ||||
Weighted average shares outstanding (in shares) | shares | 1,798 | 2,021 | 1,804 | 2,026 |
Basic earnings per share [Abstract] | ||||
Common Stock (in dollars per share) | $ / shares | $ 0.27 | $ 0.33 | $ 0.82 | $ 0.77 |
Diluted earnings per share [Abstract] | ||||
Common Stock (in dollars per share) | $ / shares | $ 0.27 | $ 0.33 | $ 0.81 | $ 0.76 |