Haverty Furniture Companies (HVT) 10-Q 2 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2019shares
Entity Information [Line Items]
Entity Registrant Name	HAVERTY FURNITURE COMPANIES INC
Entity Central Index Key	0000216085
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Address, State or Province	GA
Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	18,168,134
Class A Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	1,535,654

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 56,094	$ 71,537
Restricted cash and cash equivalents	6,591	8,272
Accounts receivable, net	1,578	1,833
Inventories	109,213	105,840
Prepaid expenses	9,876	8,106
Other current assets	10,489	6,262
Total current assets	193,841	201,850
Accounts receivable, long-term, net	221	226
Property and equipment, net	157,551	216,852
Right-of-use lease assets	187,178	0
Deferred income taxes	12,175	12,544
Other assets	9,810	8,707
Total assets	560,776	440,179
Current liabilities
Accounts payable	20,910	19,840
Customer deposits	29,098	24,465
Accrued liabilities	33,318	39,903
Current lease liabilities	28,768	0
Current portion of lease obligations	0	4,018
Total current liabilities	112,094	88,226
Noncurrent lease liabilities	158,782	0
Lease obligations, less current portion	0	46,785
Other liabilities	22,640	30,539
Total liabilities	293,516	165,550
Capital Stock, par value $1 per share
Preferred Stock, Authorized - 1,000 shares; Issued: None	0	0
Additional paid-in capital	91,847	91,394
Retained earnings	291,573	282,366
Accumulated other comprehensive loss	(1,448)	(1,465)
Less treasury stock at cost - Common Stock (2019 - 11,250; 2018 - 10,300 shares) and Convertible Class A Common Stock (2019 and 2018 - 522 shares)	(146,188)	(129,025)
Total stockholders' equity	267,260	274,629
Total liabilities and stockholders' equity	560,776	440,179
Common Stock [Member]
Capital Stock, par value $1 per share
Common Stock	29,418	29,079
Convertible Class A Common Stock [Member]
Capital Stock, par value $1 per share
Common Stock	$ 2,058	$ 2,280

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2019	Dec. 31, 2018
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)	29,418	29,079
Treasury Stock, common stock shares (in shares)	11,250	10,300
Convertible Class A Common Stock [Member]
Stockholders' equity
Common Stock, shares authorized (in shares)	15,000	15,000
Common Stock, shares issued (in shares)	2,058	2,280
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, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net sales	$ 191,893	$ 198,775	$ 379,134	$ 398,218
Cost of goods sold	88,336	90,978	172,494	181,514
Gross profit	103,557	107,797	206,640	216,704
Credit service charges	19	25	41	57
Gross profit and other revenue	103,576	107,822	206,681	216,761
Expenses:
Selling, general and administrative	95,784	98,753	194,663	199,756
Provision for doubtful accounts	20	22	23	24
Other (income) expense, net	(126)	183	(280)	(811)
Total expenses	95,678	98,958	194,406	198,969
Income before interest and income taxes	7,898	8,864	12,275	17,792
Interest (income) expense, net	(339)	454	(688)	925
Income before income taxes	8,237	8,410	12,963	16,867
Income tax expense	2,191	2,196	3,295	4,340
Net income	6,046	6,214	9,668	12,527
Other comprehensive income
Adjustments related to retirement plan; net of tax expense	8	25	17	50
Comprehensive income	$ 6,054	$ 6,239	$ 9,685	$ 12,577
Basic earnings per share:
Common Stock (in dollars per share)	$ 0.30	$ 0.30	$ 0.48	$ 0.60
Diluted earnings per share:
Common Stock (in dollars per share)	0.29	0.29	0.47	0.58
Cash dividends per share:
Common Stock (in dollars per share)	0.18	0.18	0.36	0.36
Common Stock [Member]
Basic earnings per share:
Common Stock (in dollars per share)	0.30	0.30	0.48	0.60
Diluted earnings per share:
Common Stock (in dollars per share)	0.29	0.29	0.47	0.58
Class A Common Stock [Member]
Basic earnings per share:
Common Stock (in dollars per share)	0.28	0.28	0.44	0.56
Diluted earnings per share:
Common Stock (in dollars per share)	0.27	0.28	0.44	0.56
Cash dividends per share:
Common Stock (in dollars per share)	$ 0.17	$ 0.17	$ 0.34	$ 0.34

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other comprehensive income
Adjustments related to retirement plans, tax expense	$ 3	$ 9	$ 6	$ 18

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities:
Net income	$ 9,668	$ 12,527
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	10,276	15,061
Share-based compensation expense	1,951	2,557
Deferred income taxes	(1,912)	(335)
Provision for doubtful accounts	23	24
Other	623	(23)
Changes in operating assets and liabilities:
Accounts receivable	237	510
Inventories	(3,373)	(4,044)
Customer deposits	4,633	1,539
Other assets and liabilities	(2,805)	(484)
Accounts payable and accrued liabilities	(4,481)	1,525
Net cash provided by operating activities	14,840	28,857
Cash Flows from Investing Activities:
Capital expenditures	(7,768)	(14,642)
Proceeds from sale of land, property and equipment	2,260	846
Other	0	55
Net cash used in investing activities	(5,508)	(13,741)
Cash Flows from Financing Activities:
Payments on lease obligations	0	(1,872)
Taxes on vested restricted shares	(1,328)	(1,162)
Dividends paid	(7,285)	(7,585)
Common stock repurchased	(17,843)	(9,281)
Net cash used in financing activities	(26,456)	(19,900)
Decrease in cash, cash equivalents and restricted equivalents during the period	(17,124)	(4,784)
Cash, cash equivalents and restricted cash equivalents at beginning of period	79,809	87,606
Cash, cash equivalents and restricted cash equivalents at end of period	$ 62,685	$ 82,822

Business and Reporting Policies

Business and Reporting Policies	6 Months Ended
	Jun. 30, 2019
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	6 Months Ended
	Jun. 30, 2019
Recently Issued and Adopted Accounting Pronouncements [Abstract]
Recently Issued and Adopted Accounting Pronouncements	NOTE B - Recently Issued and Adopted Accounting Pronouncements Recently Issued Accounting Pronouncements: Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). We considered the applicability and impact of all ASUs. ASUs not listed below 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. Leases. We elected the transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification, and initial direct costs. We did not elect the hindsight practical expedient, which permits the use of hindsight when determining lease term and impairment of right-of-use assets. Further, we elected a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e. leases with terms of 12 months or less). For our real property leases, we did not elect the accounting policy to account for lease and non-lease components as a single component . As part of the adjustment for ASU 2016-02 effective January 1, 2019, we derecognized certain assets and liabilities associated with legacy build-to-suit arrangements and the deferred gain on previous sale leaseback transactions. Accordingly, $53.5 million of net property and equipment, $50.8 million of financing obligations, $9.3 of other net liabilities, and $2.3 million of deferred tax assets recorded on the balance sheet as of December 31, 2018 were removed as part of our transition adjustment. Effective January 1, 2019, we recognized right-of-use lease assets totaling $177.9 million and recorded lease liabilities totaling $175.4 million. The net adjustment recorded to equity as of January 1, 2019 was a credit of $6.8 million. Since we are not restating prior periods as part of adopting this guidance, our results in 2019 will not be directly comparable to our results for periods before 2019. Specifically, for those leases that were previously recognized on our balance sheet prior to 2019, their associated depreciation and interest expense will be characterized as rent expense. The adoption of ASU 2016-02 had an immaterial impact on our consolidated statement of income and our consolidated statement of cash flows for the six-month period ended June 30, 2019.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity [Abstract]
Stockholders' Equity	NOTE C – Stockholders’ Equity The following outlines the changes in each caption of stockholders’ equity for the current and comparative periods and the dividends per share for each class of shares. For the three months ended June 30, 2019: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Total Balances at March 31, 2019 $ 29,113 $ 2,280 $ 91,888 $ 289,126 $ (1,456 ) $ (129,025 ) $ 281,926 Net income 6,046 6,046 Dividends declared: Common Stock, $0.18 per share (3,338 ) (3,338 ) Class A Common Stock, $0.17 per share (261 ) (261 ) Acquisition of treasury stock (17,843 ) (17,843 ) Restricted stock issuances 83 (878 ) (795 ) Class A conversion 222 (222 ) — Amortization of restricted stock 890 890 Director’s compensation plan (53 ) 680 627 Other comprehensive income 8 8 Balances at June 30, 2019 $ 29,418 $ 2,058 $ 91,847 $ 291,573 $ (1,448 ) $ (146,188 ) $ 267,260 For the six months ended June 30, 2019: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Total Balances at December 31, 2018 $ 29,079 $ 2,280 $ 91,394 $ 282,366 $ (1,465 ) $ (129,025 ) $ 274,629 Net income 9,668 9,668 Dividends declared: Common Stock, $0.36 per share (6,725 ) (6,725 ) Class A Common Stock, $0.34 per share (560 ) (560 ) Acquisition of treasury stock (17,843 ) (17,843 ) Restricted stock issuances 117 (1,445 ) (1,328 ) Class A conversion 222 (222 ) — Amortization of restricted stock 1,951 1,951 Director’s compensation plan (53 ) 680 627 Other comprehensive income 17 17 Cumulative effect adjustment 6,824 6,824 Balances at June 30, 2019 $ 29,418 $ 2,058 $ 91,847 $ 291,573 $ (1,448 ) $ (146,188 ) $ 267,260 For the three months ended June 30, 2018: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Total Balances at March 31, 2018 $ 28,979 $ 2,290 $ 90,174 $ 290,044 $ (2,119 ) $ (114,846 ) $ 294,522 Net income 6,214 6,214 Dividends declared: Common Stock, $0.18 per share (3,493 ) (3,493 ) Class A Common Stock, $0.17 per share (300 ) (300 ) Acquisition of treasury stock (5,757 ) (5,757 ) Restricted Stock issuances 85 (901 ) (816 ) Class A conversion 1 (1 ) — Amortization of restricted stock 986 986 Director’s compensation plan (609 ) 1,006 397 Other comprehensive income 25 25 Balances at June 30, 2018 $ 29,065 $ 2,289 $ 89,650 $ 292,465 $ (2,094 ) $ (119,597 ) $ 291,778 For the six months ended June 30, 2018: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Total Balances at December 31, 2017 $ 28,950 $ 2,290 $ 88,978 $ 287,390 $ (2,144 ) $ (111,322 ) $ 294,142 Net income 12,527 12,527 Dividends declared: Common Stock, $0.36 per share (6,984 ) (6,984 ) Class A Common Stock, $0.34 per share (601 ) (601 ) Acquisition of treasury stock (9,281 ) (9,281 ) Restricted Stock issuances 114 (1,276 ) (1,162 ) Class A conversion 1 (1 ) — Amortization of restricted stock 2,557 2,557 Director’s compensation plan (609 ) 1,006 397 Other comprehensive income 50 50 Cumulative effect adjustment 133 133 Balances at June 30, 2018 $ 29,065 $ 2,289 $ 89,650 $ 292,465 $ (2,094 ) $ (119,597 ) $ 291,778

Interim LIFO Calculations

Interim LIFO Calculations	6 Months Ended
	Jun. 30, 2019
Interim LIFO Calculations [Abstract]
Interim LIFO Calculations	NOTE D – Interim LIFO Calculations We calculate the LIFO index annually. 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, 2019
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 $7.2 million at June 30, 2019 and $6.0 million at December 31, 2018 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, 2019
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 is not met. The credit facility contains covenants that, among other things, limit our ability to incur certain types of debt or liens, enter into mergers and consolidations or use proceeds of borrowing for other than permitted uses. The covenants also limit our ability to pay dividends if unused availability is less than $16.5 million The borrowing base was $55.6 million at June 30, 2019, there were no outstanding letters of credit, and the net availability was $49.6 million. The facility, which has not been used since its origination, matures March 31, 2021.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2019
Revenues [Abstract]
Revenues	Note G – Revenues We recognize revenue at delivery. Havertys does not have a loyalty program or sell gift certificates. We also do not offer coupons for redemption for future purchases, such as those other retailers might issue for general marketing purposes or for those issued based in conjunction with prior purchases. The following table presents our revenues disaggregated by each major product category and service (dollars in thousands, amounts and percentages may not always add due to rounding): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (In thousands) Net Sales % of Net Sales Net Sales % of Net Sales Net Sales % of Net Sales Net Sales % of Net Sales Merchandise: Case Goods Bedroom Furniture $ 31,417 16.4 % $ 33,550 16.9 % 61,937 16.3 % $ 64,665 16.2 % Dining Room Furniture 20,265 10.6 22,121 11.1 39,862 10.5 43,755 11.0 Occasional 14,568 7.6 17,044 8.6 30,945 8.2 35,502 8.9 66,251 34.5 72,715 36.6 132,744 35.0 143,922 36.1 Upholstery 77,146 40.2 78,472 39.5 150,178 39.6 160,269 40.3 Mattresses 21,976 11.5 21,350 10.7 43,234 11.4 41,029 10.3 Accessories and Other (1) 26,520 13.8 26,238 13.2 52,978 14.1 52,998 13.3 $ 191,893 100.0 % $ 198,775 100.0 % 379,134 100.0 % $ 398,218 100.0 % (1) Includes delivery charges and product protection.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	NOTE H – Leases We have operating leases for offices, warehouses, and certain equipment. Our leases have remaining lease terms of 1 year to 14 years, some of which include options to extend the leases for up to 20 years. We determine if an arrangement is or contains a lease at lease inception. The table below presents the operating lease assets and liabilities recognized on the condensed consolidated balance sheets as of June 30, 2019 (in thousands): June 30, 2019 Operating Lease Assets: Right-of use lease assets $ 187,178 Operating Lease Liabilities: Current lease liabilities 28,768 Non-current lease liabilities 158,782 Total operating lease liabilities $ 187,550 Our leases generally do not provide an implicit rate, and therefore we used our incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. We used incremental borrowing rates as of January 1, 2019 for operating leases that commenced prior to that date. The weighted average remaining lease term and weighted average discount rate for operating leases as of June 30, 2019 are: June 30, 2019 Weighted Average Remaining Lease Term Operating leases 7.5 years Weighted Average Discount Rate Operating leases 6.71% The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable leases with terms of more than one year to the total lease liabilities recognized on the condensed consolidated balance sheets as of June 30, 2019 (in thousands): Operating Leases July 1, 2019 thru December 31, 2019 20,205 2020 39,095 2021 36,696 2022 31,300 2023 24,749 Thereafter 89,818 Total undiscounted future minimum lease payments 241,863 Less: difference between undiscounted lease payments and discounted operating lease liabilities (54,313 ) Total operating lease liabilities 187,550 Certain of our lease agreements for retail stores include variable lease payments, generally based on sales volume. The variable portion of payments are not included in the initial measurement of the right-of-use asset or lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. Certain of our equipment lease agreements include variable lease costs, generally based on usage of the underlying asset (mileage, fuel, etc.). The variable portion of payments are not included in the initial measurement of the right-of-use asset or lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. Components of lease expense were as follows (in thousands): Three months ended June 30, 2019 Six months ended June 30, 2019 Operating lease cost $ 10,465 $ 20,693 Short-term lease cost 30 40 Variable lease cost 1,281 2,812 Total lease expense $ 11,776 $ 23,545 During the first quarter of 2019, we entered into a non-cancellable lease for real property that had not commenced as of June 30, 2019. The initial terms are approximately 10 years, with options to extend for up to an additional 20 years. Upon lease commencement, the right-of-use asset and lease liability will be determined and recorded. Supplemental cash flow information related to leases is as follows (in thousands): Six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 20,085 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 22,519

Other Income, net

Other Income, net	6 Months Ended
	Jun. 30, 2019
Other Income, net [Abstract]
Other Income, net	NOTE I – Other Income, net Other income, net includes gains and losses related to fixed assets. We had gains from real estate sales and insurance recoveries on stores damaged or destroyed of approximately $0.7 million for the six months ended June 30, 2018.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Taxes [Abstract]
Income Taxes	NOTE J – Income Taxes Our effective tax rate for the six months ended June 30, 2019 and 2018 was 25.4% and 25.7%, respectively. The primary difference in the effective rate and the statutory rate is due to state income taxes and additional tax expense from vested stock awards.

Stock Based Compensation Plan

Stock Based Compensation Plan	6 Months Ended
	Jun. 30, 2019
Stock Based Compensation Plan [Abstract]
Stock Based Compensation Plan	NOTE K – Stock Based Compensation Plan As more fully discussed in Note 12 of the notes to the consolidated financial statements in our 2018 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, 2019: Service-Based Restricted Stock Awards Performance-Based Restricted Stock Awards Stock-Settled Appreciation Rights Shares or Units Weighted-Average Award Price Shares or Units Weighted-Average Award Price Rights Weighted-Average Award Price Outstanding at December 31, 2018 249,142 $ 22.05 209,754 $ 21.56 57,000 $ 18.14 Granted/Issued 133,770 20.30 111,780 20.33 — — Awards vested or rights exercised (1) (124,544 ) 22.32 (57,351 ) 18.93 — — Forfeited (11,368 ) 21.37 (51,116 ) 22.45 — — Outstanding at June 30, 2019 247,000 $ 21.00 213,067 $ 21.41 57,000 $ 18.14 Exercisable at June 30, 2019 — — — — 57,000 $ 18.14 Awards expected to vest 247,000 $ 21.00 159,551 $ 21.76 — — (1) Includes shares repurchased from employees for employee’s tax liability. The aggregate intrinsic value of outstanding restricted stock awards was $4,206,000 at June 30, 2019. The restrictions on the service-based awards generally lapse or vest annually, primarily over four-year periods. The total fair value of performance-based restricted stock awards that vested during the six months ended June 30, 2019 was approximately $1,389,000. The aggregate intrinsic value of outstanding performance awards at June 30, 2019 expected to vest was $2,717,000. The performance awards are based on one-year performance periods but cliff vest in approximately three years from grant date. The fair value for stock-settled appreciation rights were estimated at the date of grant using a BlackScholes pricing model. The aggregate intrinsic value of vested and outstanding stock-settled appreciation rights at June 30, 2019 was approximately $36,000. The compensation for all awards is being charged to selling, general and administrative expense over the respective grants’ vesting periods, primarily on a straight-line basis, and for the six months ended June 30, 2019 and 2018 was approximately $1,951,000 and $2,557,000, respectively. Forfeitures are recognized as they occur. As of June 30, 2019, the total compensation cost related to unvested equity awards was approximately $5,783,000 and is expected to be recognized over a weighted-average period of 2.3 years.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	NOTE L – 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, 2019 2018 2019 2018 Numerator: Common: Distributed earnings $ 3,338 $ 3,494 $ 6,725 $ 6,984 Undistributed earnings 2,260 2,226 2,194 4,547 Basic 5,598 5,720 8,919 11,531 Class A Common earnings 448 494 749 996 Diluted $ 6,046 $ 6,214 $ 9,668 $ 12,527 Class A Common: Distributed earnings $ 261 $ 300 $ 560 $ 601 Undistributed earnings 187 194 189 395 $ 448 $ 494 $ 749 $ 996 Denominator: Common: Weighted average shares outstanding - basic 18,642 19,312 18,716 19,364 Assumed conversion of Class A Common Stock 1,621 1,766 1,689 1,767 Dilutive options, awards and common stock equivalents 279 313 318 367 Total weighted-average diluted Common Stock 20,542 21,391 20,723 21,498 Class A Common: Weighted average shares outstanding 1,621 1,766 1,689 1,767 Basic earnings per share: Common Stock $ 0.30 $ 0.30 $ 0.48 $ 0.60 Class A Common Stock $ 0.28 $ 0.28 $ 0.44 $ 0.56 Diluted earnings per share: Common Stock $ 0.29 $ 0.29 $ 0.47 $ 0.58 Class A Common Stock $ 0.27 $ 0.28 $ 0.44 $ 0.56

Recently Issued and Adopted A_2

Recently Issued and Adopted Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2019
Recently Issued and Adopted Accounting Pronouncements [Abstract]
Leases	Leases. We elected the transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification, and initial direct costs. We did not elect the hindsight practical expedient, which permits the use of hindsight when determining lease term and impairment of right-of-use assets. Further, we elected a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e. leases with terms of 12 months or less). For our real property leases, we did not elect the accounting policy to account for lease and non-lease components as a single component . As part of the adjustment for ASU 2016-02 effective January 1, 2019, we derecognized certain assets and liabilities associated with legacy build-to-suit arrangements and the deferred gain on previous sale leaseback transactions. Accordingly, $53.5 million of net property and equipment, $50.8 million of financing obligations, $9.3 of other net liabilities, and $2.3 million of deferred tax assets recorded on the balance sheet as of December 31, 2018 were removed as part of our transition adjustment. Effective January 1, 2019, we recognized right-of-use lease assets totaling $177.9 million and recorded lease liabilities totaling $175.4 million. The net adjustment recorded to equity as of January 1, 2019 was a credit of $6.8 million. Since we are not restating prior periods as part of adopting this guidance, our results in 2019 will not be directly comparable to our results for periods before 2019. Specifically, for those leases that were previously recognized on our balance sheet prior to 2019, their associated depreciation and interest expense will be characterized as rent expense. The adoption of ASU 2016-02 had an immaterial impact on our consolidated statement of income and our consolidated statement of cash flows for the six-month period ended June 30, 2019.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity [Abstract]
Stock by Class	The following outlines the changes in each caption of stockholders’ equity for the current and comparative periods and the dividends per share for each class of shares. For the three months ended June 30, 2019: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Total Balances at March 31, 2019 $ 29,113 $ 2,280 $ 91,888 $ 289,126 $ (1,456 ) $ (129,025 ) $ 281,926 Net income 6,046 6,046 Dividends declared: Common Stock, $0.18 per share (3,338 ) (3,338 ) Class A Common Stock, $0.17 per share (261 ) (261 ) Acquisition of treasury stock (17,843 ) (17,843 ) Restricted stock issuances 83 (878 ) (795 ) Class A conversion 222 (222 ) — Amortization of restricted stock 890 890 Director’s compensation plan (53 ) 680 627 Other comprehensive income 8 8 Balances at June 30, 2019 $ 29,418 $ 2,058 $ 91,847 $ 291,573 $ (1,448 ) $ (146,188 ) $ 267,260 For the six months ended June 30, 2019: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Total Balances at December 31, 2018 $ 29,079 $ 2,280 $ 91,394 $ 282,366 $ (1,465 ) $ (129,025 ) $ 274,629 Net income 9,668 9,668 Dividends declared: Common Stock, $0.36 per share (6,725 ) (6,725 ) Class A Common Stock, $0.34 per share (560 ) (560 ) Acquisition of treasury stock (17,843 ) (17,843 ) Restricted stock issuances 117 (1,445 ) (1,328 ) Class A conversion 222 (222 ) — Amortization of restricted stock 1,951 1,951 Director’s compensation plan (53 ) 680 627 Other comprehensive income 17 17 Cumulative effect adjustment 6,824 6,824 Balances at June 30, 2019 $ 29,418 $ 2,058 $ 91,847 $ 291,573 $ (1,448 ) $ (146,188 ) $ 267,260 For the three months ended June 30, 2018: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Total Balances at March 31, 2018 $ 28,979 $ 2,290 $ 90,174 $ 290,044 $ (2,119 ) $ (114,846 ) $ 294,522 Net income 6,214 6,214 Dividends declared: Common Stock, $0.18 per share (3,493 ) (3,493 ) Class A Common Stock, $0.17 per share (300 ) (300 ) Acquisition of treasury stock (5,757 ) (5,757 ) Restricted Stock issuances 85 (901 ) (816 ) Class A conversion 1 (1 ) — Amortization of restricted stock 986 986 Director’s compensation plan (609 ) 1,006 397 Other comprehensive income 25 25 Balances at June 30, 2018 $ 29,065 $ 2,289 $ 89,650 $ 292,465 $ (2,094 ) $ (119,597 ) $ 291,778 For the six months ended June 30, 2018: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Total Balances at December 31, 2017 $ 28,950 $ 2,290 $ 88,978 $ 287,390 $ (2,144 ) $ (111,322 ) $ 294,142 Net income 12,527 12,527 Dividends declared: Common Stock, $0.36 per share (6,984 ) (6,984 ) Class A Common Stock, $0.34 per share (601 ) (601 ) Acquisition of treasury stock (9,281 ) (9,281 ) Restricted Stock issuances 114 (1,276 ) (1,162 ) Class A conversion 1 (1 ) — Amortization of restricted stock 2,557 2,557 Director’s compensation plan (609 ) 1,006 397 Other comprehensive income 50 50 Cumulative effect adjustment 133 133 Balances at June 30, 2018 $ 29,065 $ 2,289 $ 89,650 $ 292,465 $ (2,094 ) $ (119,597 ) $ 291,778

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2019
Revenues [Abstract]
Disaggregation of Revenue by Each Major Product Category and Service	The following table presents our revenues disaggregated by each major product category and service (dollars in thousands, amounts and percentages may not always add due to rounding): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (In thousands) Net Sales % of Net Sales Net Sales % of Net Sales Net Sales % of Net Sales Net Sales % of Net Sales Merchandise: Case Goods Bedroom Furniture $ 31,417 16.4 % $ 33,550 16.9 % 61,937 16.3 % $ 64,665 16.2 % Dining Room Furniture 20,265 10.6 22,121 11.1 39,862 10.5 43,755 11.0 Occasional 14,568 7.6 17,044 8.6 30,945 8.2 35,502 8.9 66,251 34.5 72,715 36.6 132,744 35.0 143,922 36.1 Upholstery 77,146 40.2 78,472 39.5 150,178 39.6 160,269 40.3 Mattresses 21,976 11.5 21,350 10.7 43,234 11.4 41,029 10.3 Accessories and Other (1) 26,520 13.8 26,238 13.2 52,978 14.1 52,998 13.3 $ 191,893 100.0 % $ 198,775 100.0 % 379,134 100.0 % $ 398,218 100.0 % (1) Includes delivery charges and product protection.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Operating Lease Assets and Liabilities Recognized on Balance Sheets	The table below presents the operating lease assets and liabilities recognized on the condensed consolidated balance sheets as of June 30, 2019 (in thousands): June 30, 2019 Operating Lease Assets: Right-of use lease assets $ 187,178 Operating Lease Liabilities: Current lease liabilities 28,768 Non-current lease liabilities 158,782 Total operating lease liabilities $ 187,550
Weighted Average Remaining Lease Term and Discount Rate for Operating Leases	The weighted average remaining lease term and weighted average discount rate for operating leases as of June 30, 2019 are: June 30, 2019 Weighted Average Remaining Lease Term Operating leases 7.5 years Weighted Average Discount Rate Operating leases 6.71%
Undiscounted Future Minimum lease Payments	The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable leases with terms of more than one year to the total lease liabilities recognized on the condensed consolidated balance sheets as of June 30, 2019 (in thousands): Operating Leases July 1, 2019 thru December 31, 2019 20,205 2020 39,095 2021 36,696 2022 31,300 2023 24,749 Thereafter 89,818 Total undiscounted future minimum lease payments 241,863 Less: difference between undiscounted lease payments and discounted operating lease liabilities (54,313 ) Total operating lease liabilities 187,550
Components of Lease Expense	Components of lease expense were as follows (in thousands): Three months ended June 30, 2019 Six months ended June 30, 2019 Operating lease cost $ 10,465 $ 20,693 Short-term lease cost 30 40 Variable lease cost 1,281 2,812 Total lease expense $ 11,776 $ 23,545
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows (in thousands): Six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 20,085 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 22,519

Stock Based Compensation Plan (

Stock Based Compensation Plan (Tables)	6 Months Ended
	Jun. 30, 2019
Stock Based Compensation Plan [Abstract]
Share Option and Award Activity	The following table summarizes our award activity during the six months ended June 30, 2019: Service-Based Restricted Stock Awards Performance-Based Restricted Stock Awards Stock-Settled Appreciation Rights Shares or Units Weighted-Average Award Price Shares or Units Weighted-Average Award Price Rights Weighted-Average Award Price Outstanding at December 31, 2018 249,142 $ 22.05 209,754 $ 21.56 57,000 $ 18.14 Granted/Issued 133,770 20.30 111,780 20.33 — — Awards vested or rights exercised (1) (124,544 ) 22.32 (57,351 ) 18.93 — — Forfeited (11,368 ) 21.37 (51,116 ) 22.45 — — Outstanding at June 30, 2019 247,000 $ 21.00 213,067 $ 21.41 57,000 $ 18.14 Exercisable at June 30, 2019 — — — — 57,000 $ 18.14 Awards expected to vest 247,000 $ 21.00 159,551 $ 21.76 — — (1) Includes shares repurchased from employees for employee’s tax liability.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Common: Distributed earnings $ 3,338 $ 3,494 $ 6,725 $ 6,984 Undistributed earnings 2,260 2,226 2,194 4,547 Basic 5,598 5,720 8,919 11,531 Class A Common earnings 448 494 749 996 Diluted $ 6,046 $ 6,214 $ 9,668 $ 12,527 Class A Common: Distributed earnings $ 261 $ 300 $ 560 $ 601 Undistributed earnings 187 194 189 395 $ 448 $ 494 $ 749 $ 996 Denominator: Common: Weighted average shares outstanding - basic 18,642 19,312 18,716 19,364 Assumed conversion of Class A Common Stock 1,621 1,766 1,689 1,767 Dilutive options, awards and common stock equivalents 279 313 318 367 Total weighted-average diluted Common Stock 20,542 21,391 20,723 21,498 Class A Common: Weighted average shares outstanding 1,621 1,766 1,689 1,767 Basic earnings per share: Common Stock $ 0.30 $ 0.30 $ 0.48 $ 0.60 Class A Common Stock $ 0.28 $ 0.28 $ 0.44 $ 0.56 Diluted earnings per share: Common Stock $ 0.29 $ 0.29 $ 0.47 $ 0.58 Class A Common Stock $ 0.27 $ 0.28 $ 0.44 $ 0.56

Recently Issued and Adopted A_3

Recently Issued and Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Recently Issued and Adopted Accounting Pronouncement [Abstract]
Property and equipment, net	$ 157,551	$ 216,852
Financing obligations	0	46,785
Other net liabilities	22,640	30,539
Deferred tax assets	12,175	12,544
Right to use of assets	187,178	0
Recorded lease liabilities	187,550
ASU 2016-02 [Member]
Recently Issued and Adopted Accounting Pronouncement [Abstract]
Right to use of assets	177,900
Recorded lease liabilities	175,400
Adjustment recorded amount in equity	$ 6,800
ASU 2016-02 [Member] | Restatement Adjustment [Member]
Recently Issued and Adopted Accounting Pronouncement [Abstract]
Property and equipment, net		(53,500)
Financing obligations		(50,800)
Other net liabilities		(9,300)
Deferred tax assets		$ (2,300)

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 281,926	$ 294,522	$ 274,629	$ 294,142
Net income	6,046	6,214	9,668	12,527
Dividends declared	(3,338)	(3,493)	(6,725)	(6,984)
Acquisition of treasury stock	(17,843)	(5,757)	(17,843)	(9,281)
Restricted stock issuances	(795)	(816)	(1,328)	(1,162)
Class A conversion	0	0	0	0
Amortization of restricted stock	890	986	1,951	2,557
Director's compensation plan	627	397	627	397
Other comprehensive income	8	25	17	50
Cumulative effect adjustment	6,824	133	6,824	133
Ending balance	$ 267,260	$ 291,778	$ 267,260	$ 291,778
Cash dividends, common stock (in dollars per share)	$ 0.18	$ 0.18	$ 0.36	$ 0.36
Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	$ (261)	$ (300)	$ (560)	$ (601)
Cash dividends, common stock (in dollars per share)	$ 0.17	$ 0.17	$ 0.34	$ 0.34
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 29,113	$ 28,979	$ 29,079	$ 28,950
Restricted stock issuances	83	85	117	114
Class A conversion	222	1	222	1
Ending balance	$ 29,418	$ 29,065	$ 29,418	$ 29,065
Cash dividends, common stock (in dollars per share)	$ 0.18	$ 0.18	$ 0.36	$ 0.36
Common Stock [Member] | Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 2,280	$ 2,290	$ 2,280	$ 2,290
Class A conversion	(222)	(1)	(222)	(1)
Ending balance	2,058	2,289	2,058	2,289
Additional Paid-In Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	91,888	90,174	91,394	88,978
Restricted stock issuances	(878)	(901)	(1,445)	(1,276)
Amortization of restricted stock	890	986	1,951	2,557
Director's compensation plan	(53)	(609)	(53)	(609)
Ending balance	91,847	89,650	91,847	89,650
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	289,126	290,044	282,366	287,390
Net income	6,046	6,214	9,668	12,527
Dividends declared	(3,338)	(3,493)	(6,725)	(6,984)
Cumulative effect adjustment	6,824	133	6,824	133
Ending balance	291,573	292,465	291,573	292,465
Retained Earnings [Member] | Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(261)	(300)	(560)	(601)
Accumulated Other Comprehensive Income [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,456)	(2,119)	(1,465)	(2,144)
Other comprehensive income	8	25	17	50
Ending balance	(1,448)	(2,094)	(1,448)	(2,094)
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(129,025)	(114,846)	(129,025)	(111,322)
Acquisition of treasury stock	(17,843)	(5,757)	(17,843)	(9,281)
Director's compensation plan	680	1,006	680	1,006
Ending balance	$ (146,188)	$ (119,597)	$ (146,188)	$ (119,597)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Level 1 [Member]
Fair Values of Financial Instruments [Abstract]
Deferred compensation plans	$ 7.2	$ 6

Credit Arrangement (Details)

Credit Arrangement (Details) - Credit Agreement [Member] $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Line of Credit Facility, Amount [Abstract]
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	$ 55.6
Outstanding letters of credit	0
Net availability	$ 49.6
Maturity date	Mar. 31, 2021
Maximum [Member]
Line of Credit Facility, Amount [Abstract]
Unused availability covenant limit to pay dividends	$ 16.5

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Abstract]
Net sales		$ 191,893	$ 198,775	$ 379,134	$ 398,218
Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		100.00%	100.00%	100.00%	100.00%
Case Goods [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 66,251	$ 72,715	$ 132,744	$ 143,922
Case Goods [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		34.50%	36.60%	35.00%	36.10%
Bedroom Furniture [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 31,417	$ 33,550	$ 61,937	$ 64,665
Bedroom Furniture [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		16.40%	16.90%	16.30%	16.20%
Dining Room Furniture [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 20,265	$ 22,121	$ 39,862	$ 43,755
Dining Room Furniture [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		10.60%	11.10%	10.50%	11.00%
Occasional [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 14,568	$ 17,044	$ 30,945	$ 35,502
Occasional [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		7.60%	8.60%	8.20%	8.90%
Upholstery [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 77,146	$ 78,472	$ 150,178	$ 160,269
Upholstery [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		40.20%	39.50%	39.60%	40.30%
Mattresses [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 21,976	$ 21,350	$ 43,234	$ 41,029
Mattresses [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		11.50%	10.70%	11.40%	10.30%
Accessories and Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	[1]	$ 26,520	$ 26,238	$ 52,978	$ 52,998
Accessories and Other [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales	[1]	13.80%	13.20%	14.10%	13.30%
[1]	Includes delivery charges and product protection.

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)Lease	Dec. 31, 2018USD ($)
Operating Leases [Abstract]
Number of non-cancellable operating leases entered during period | Lease		1
Initial lease term	10 years	10 years
Operating Lease Assets [Abstract]
Right-of use lease assets	$ 187,178	$ 187,178	$ 0
Operating Lease Liabilities [Abstract]
Current lease liabilities	28,768	28,768	0
Non-current lease liabilities	158,782	158,782	$ 0
Total operating lease liabilities	$ 187,550	$ 187,550
Weighted-Average Remaining Lease Term and Discount Rate [Abstract]
Weighted average remaining lease term, Operating leases	7 years 6 months	7 years 6 months
Weighted average discount rate, Operating leases	6.71%	6.71%
Undiscounted Future Minimum Lease Payments [Abstract]
July 1, 2019 thru December 31, 2019	$ 20,205	$ 20,205
2020	39,095	39,095
2021	36,696	36,696
2022	31,300	31,300
2023	24,749	24,749
Thereafter	89,818	89,818
Total undiscounted future minimum lease payments	241,863	241,863
Less: difference between undiscounted lease payments and discounted operating lease liabilities	(54,313)	(54,313)
Total operating lease liabilities	187,550	187,550
Lease Expense [Abstract]
Operating lease cost	10,465	20,693
Short-term lease cost	30	40
Variable lease cost	1,281	2,812
Total lease expense	$ 11,776	23,545
Cash paid for amounts included in the measurement of lease liabilities [Abstract]
Operating cash flows from operating leases		20,085
Right-of-use assets obtained in exchange for lease obligations [Abstract]
Operating leases		$ 22,519
Minimum [Member]
Operating Leases [Abstract]
Remaining lease term		1 year
Maximum [Member]
Operating Leases [Abstract]
Remaining lease term		14 years
Lease term extension option	20 years	20 years

Other Income, net (Details)

Other Income, net (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Other Income, net [Abstract]
Other income from real estate sales and insurance recoveries	$ 700

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Taxes [Abstract]
Effective tax rate	25.40%	25.70%

Stock Based Compensation Plan_2

Stock Based Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018
Additional Disclosures [Abstract]
Stock based compensation expense		$ 1,951	$ 2,557
Total compensation cost related to unvested equity awards		$ 5,783
Weighted-average period of recognition of cost		2 years 3 months 18 days
Service-Based Restricted Stock Awards [Member]
Shares or Units and Rights [Roll Forward]
Outstanding, beginning balance (in shares)		249,142
Granted/Issued (in shares)		133,770
Awards vested or rights exercised (in shares)	[1]	(124,544)
Forfeited (in shares)		(11,368)
Outstanding, ending balance (in shares)		247,000
Exercisable, ending balance (in shares)		0
Awards expected to vest (in shares)		247,000
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)		$ 22.05
Granted/Issued (in dollars per share)		20.30
Awards vested or rights exercised (in dollars per share)	[1]	22.32
Forfeited (in dollars per share)		21.37
Outstanding, ending balance (in dollars per share)		21
Exercisable, ending balance (in dollars per share)		0
Awards expected to vest (in dollars per share)		$ 21
Additional Disclosures [Abstract]
Aggregate intrinsic value of outstanding awards		$ 4,206
Vesting period of awards		4 years
Performance-Based Restricted Stock Awards [Member]
Shares or Units and Rights [Roll Forward]
Outstanding, beginning balance (in shares)		209,754
Granted/Issued (in shares)		111,780
Awards vested or rights exercised (in shares)	[1]	(57,351)
Forfeited (in shares)		(51,116)
Outstanding, ending balance (in shares)		213,067
Exercisable, ending balance (in shares)		0
Awards expected to vest (in shares)		159,551
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)		$ 21.56
Granted/Issued (in dollars per share)		20.33
Awards vested or rights exercised (in dollars per share)	[1]	18.93
Forfeited (in dollars per share)		22.45
Outstanding, ending balance (in dollars per share)		21.41
Exercisable, ending balance (in dollars per share)		0
Awards expected to vest (in dollars per share)		$ 21.76
Additional Disclosures [Abstract]
Fair value of vested shares		$ 1,389
Aggregate intrinsic value of outstanding awards		$ 2,717
Vesting period of awards		3 years
Performance period		1 year
Stock-Settled Appreciation Rights [Member]
Shares or Units and Rights [Roll Forward]
Outstanding, beginning balance (in shares)		57,000
Granted/Issued (in shares)		0
Awards vested or rights exercised (in shares)	[1]	0
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/Issued (in dollars per share)		0
Awards vested or rights exercised (in dollars per share)	[1]	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)		$ 0
Additional Disclosures [Abstract]
Aggregate intrinsic value of outstanding awards		$ 36
Aggregate intrinsic value of vested awards		$ 36
[1]	Includes shares repurchased from employees for employee's tax liability.

Earnings Per Share (Details)

Earnings Per Share (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)Vote$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2019USD ($)Vote$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares
Earnings Per Share, by Common Class Method [Abstract]
Percentage of earnings or losses assumed in calculation	100.00%		100.00%
Basic earnings per share [Abstract]
Common Stock (in dollars per share) | $ / shares	$ 0.30	$ 0.30	$ 0.48	$ 0.60
Diluted earnings per share [Abstract]
Common Stock (in dollars per share) | $ / shares	$ 0.29	$ 0.29	$ 0.47	$ 0.58
Common Stock [Member]
Earnings Per Share, by Common Class Method [Abstract]
Number of votes per share | Vote	1		1
Numerator [Abstract]
Distributed earnings	$ 3,338	$ 3,494	$ 6,725	$ 6,984
Undistributed earnings	2,260	2,226	2,194	4,547
Basic	5,598	5,720	8,919	11,531
Class A Common earnings	448	494	749	996
Diluted	$ 6,046	$ 6,214	$ 9,668	$ 12,527
Denominator [Abstract]
Weighted average shares outstanding - basic (in shares) | shares	18,642	19,312	18,716	19,364
Assumed conversion of Class A Common Stock (in shares) | shares	1,621	1,766	1,689	1,767
Dilutive options, awards and common stock equivalents (in shares) | shares	279	313	318	367
Total weighted-average diluted Common Stock (in shares) | shares	20,542	21,391	20,723	21,498
Basic earnings per share [Abstract]
Common Stock (in dollars per share) | $ / shares	$ 0.30	$ 0.30	$ 0.48	$ 0.60
Diluted earnings per share [Abstract]
Common Stock (in dollars per share) | $ / shares	$ 0.29	$ 0.29	$ 0.47	$ 0.58
Class A Common [Member]
Earnings Per Share, by Common Class Method [Abstract]
Preferential dividend rate of dividend paid			105.00%
Number of votes per share | Vote	10		10
Numerator [Abstract]
Distributed earnings	$ 261	$ 300	$ 560	$ 601
Undistributed earnings	187	194	189	395
Class A Common earnings	$ 448	$ 494	$ 749	$ 996
Denominator [Abstract]
Weighted average shares outstanding (in shares) | shares	1,621	1,766	1,689	1,767
Basic earnings per share [Abstract]
Common Stock (in dollars per share) | $ / shares	$ 0.28	$ 0.28	$ 0.44	$ 0.56
Diluted earnings per share [Abstract]
Common Stock (in dollars per share) | $ / shares	$ 0.27	$ 0.28	$ 0.44	$ 0.56