Haverty Furniture Companies (HVT) 10-Q 1 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
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	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Address, State or Province	GA
Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		18,090,513
Class A Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,535,054

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 89,528	$ 71,537
Restricted cash and cash equivalents	6,632	8,272
Accounts receivable, net	1,570	1,833
Inventories	99,958	105,840
Prepaid expenses	10,476	8,106
Other current assets	6,449	6,262
Total current assets	214,613	201,850
Accounts receivable, long-term, net	204	226
Property and equipment, net	158,087	216,852
Right-of-use lease assets	183,524	0
Deferred income taxes	12,202	12,544
Other assets	9,873	8,707
Total assets	578,503	440,179
Current liabilities
Accounts payable	27,495	19,840
Customer deposits	34,852	24,465
Accrued liabilities	41,163	39,903
Current lease liabilities	29,283	0
Current portion of lease obligations	0	4,018
Total current liabilities	132,793	88,226
Noncurrent lease liabilities	155,046	0
Lease obligations, less current portion	0	46,785
Other liabilities	21,942	30,539
Total liabilities	309,781	165,550
Capital Stock, par value $1 per share
Preferred Stock, Authorized - 1,000 shares; Issued: None	0	0
Additional paid-in capital	92,586	91,394
Retained earnings	293,761	282,366
Accumulated other comprehensive loss	(1,440)	(1,465)
Less treasury stock at cost - Common Stock (2019 - 11,333; 2018 - 10,300 shares) and Convertible Class A Common Stock (2019 and 2018 - 522 shares)	(147,661)	(129,025)
Total stockholders' equity	268,722	274,629
Total liabilities and stockholders' equity	578,503	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	Sep. 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)	11,333	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net sales	$ 209,320	$ 210,547	$ 588,455	$ 608,765
Cost of goods sold	97,301	95,175	269,796	276,689
Gross profit	112,019	115,372	318,659	332,076
Credit service charges	19	24	60	81
Gross profit and other revenue	112,038	115,396	318,719	332,157
Expenses:
Selling, general and administrative	104,161	103,185	298,824	302,942
Provision for doubtful accounts	42	34	66	58
Other (income) expense, net	(42)	713	(323)	(98)
Total expenses	104,161	103,932	298,567	302,902
Income before interest and income taxes	7,877	11,464	20,152	29,255
Interest (income) expense, net	(292)	260	(980)	1,184
Income before income taxes	8,169	11,204	21,132	28,071
Income tax expense	2,072	2,852	5,367	7,192
Net income	6,097	8,352	15,765	20,879
Other comprehensive income
Adjustments related to retirement plan; net of tax expense of $3 and $9 in 2019 and $9 and $27 in 2018	8	25	25	75
Comprehensive income	$ 6,105	$ 8,377	$ 15,790	$ 20,954
Basic earnings per share:
Common Stock (in dollars per share)	$ 0.31	$ 0.40	$ 0.79	$ 1
Diluted earnings per share:
Common Stock (in dollars per share)	0.31	0.39	0.77	0.98
Cash dividends per share:
Common Stock (in dollars per share)	0.20	0.18	0.56	0.54
Common Stock [Member]
Basic earnings per share:
Common Stock (in dollars per share)	0.31	0.40	0.79	1
Diluted earnings per share:
Common Stock (in dollars per share)	0.31	0.39	0.77	0.98
Class A Common Stock [Member]
Basic earnings per share:
Common Stock (in dollars per share)	0.30	0.38	0.74	0.94
Diluted earnings per share:
Common Stock (in dollars per share)	0.30	0.38	0.73	0.94
Cash dividends per share:
Common Stock (in dollars per share)	$ 0.19	$ 0.17	$ 0.53	$ 0.51

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other comprehensive income
Adjustments related to retirement plans, tax expense	$ 3	$ 9	$ 9	$ 27

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities:
Net income	$ 15,765	$ 20,879
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	15,412	22,650
Share-based compensation expense	2,690	3,781
Deferred income taxes	(1,942)	(592)
Provision for doubtful accounts	66	58
Other	615	825
Changes in operating assets and liabilities:
Accounts receivable	219	550
Inventories	5,882	(4,907)
Customer deposits	10,387	2,728
Other assets and liabilities	316	6,534
Accounts payable and accrued liabilities	8,957	9,988
Net cash provided by operating activities	58,367	62,494
Cash Flows from Investing Activities:
Capital expenditures	(12,446)	(18,231)
Proceeds from sale of property and equipment	2,268	2,421
Other	0	55
Net cash used in investing activities	(10,178)	(15,755)
Cash Flows from Financing Activities:
Payments on lease obligations	0	(2,824)
Taxes on vested restricted shares	(1,328)	(1,233)
Dividends paid	(11,194)	(11,337)
Common stock repurchased	(19,316)	(14,456)
Net cash used in financing activities	(31,838)	(29,850)
Increase in cash, cash equivalents and restricted cash equivalents during the period	16,351	16,889
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	$ 96,160	$ 104,495

Business and Reporting Policies

Business and Reporting Policies	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 million 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 nine-month period ended September 30, 2019.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 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 September 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 June 30, 2019 $ 29,418 $ 2,058 $ 91,847 $ 291,573 $ (1,448 ) $ (146,188 ) $ 267,260 Net income 6,097 6,097 Dividends declared: Common Stock,$0.20 per share (3,617 ) (3,617 ) Class A Common Stock,$0.19 per share (292 ) (292 ) Acquisition of treasury stock (1,473 ) (1,473 ) Amortization of restricted stock 739 739 Other comprehensive income 8 8 Balances at September 30, 2019 $ 29,418 $ 2,058 $ 92,586 $ 293,761 $ (1,440 ) $ (147,661 ) $ 268,722 For the nine months ended September 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 15,765 15,765 Dividends declared: Common Stock, $0.56 per share (10,342 ) (10,342 ) Class A Common Stock, $0.53 per share (852 ) (852 ) Acquisition of treasury stock (19,316 ) (19,316 ) Restricted stock issuances 117 (1,445 ) (1,328 ) Class A conversion 222 (222 ) — Amortization of restricted stock 2,690 2,690 Director’s compensation plan (53 ) 680 627 Other comprehensive income 25 25 Cumulative effect adjustment 6,824 6,824 Balances at September 30, 2019 $ 29,418 $ 2,058 $ 92,586 $ 293,761 $ (1,440 ) $ (147,661 ) $ 268,722 For the three months ended September 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 June 30, 2018 $ 29,065 $ 2,289 $ 89,650 $ 292,465 $ (2,094 ) $ (119,597 ) $ 291,778 Net income 8,352 8,352 Dividends declared: Common Stock, $0.18 per share (3,452 ) (3,452 ) Class A Common Stock, $0.17 per share (300 ) (300 ) Acquisition of treasury stock (5,175 ) (5,175 ) Restricted Stock issuances 5 (76 ) (71 ) Class A conversion 5 (5 ) — Amortization of restricted stock 1,224 1,224 Director’s compensation plan 19 23 42 Other comprehensive income 25 25 Balances at September 30, 2018 $ 29,075 $ 2,284 $ 90,817 $ 297,065 $ (2,069 ) $ (124,749 ) $ 292,423 For the nine months ended September 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 20,879 20,879 Dividends declared: Common Stock, $0.54 per share (10,436 ) (10,436 ) Class A Common Stock, $0.51 per share (901 ) (901 ) Acquisition of treasury stock (14,456 ) (14,456 ) Restricted Stock issuances 119 (1,352 ) (1,233 ) Class A conversion 6 (6 ) — Amortization of restricted stock 3,781 3,781 Director’s compensation plan (590 ) 1,029 439 Other comprehensive income 75 75 Cumulative effect adjustment 133 133 Balances at September 30, 2018 $ 29,075 $ 2,284 $ 90,817 $ 297,065 $ (2,069 ) $ (124,749 ) $ 292,423

Interim LIFO Calculations

Interim LIFO Calculations	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 $7.1 million at September 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	9 Months Ended
	Sep. 30, 2019
Credit Arrangement [Abstract]
Credit Arrangement	NOTE F – Credit Arrangement In September 2019 we entered into the Second Amendment to Amended and Restated Credit Agreement (the “Credit Agreement”) with a bank. The Credit Agreement amends our credit facility to extend the maturity date to September 27, 2024 from March 31, 2021 and change certain collateral reporting requirements. We have not had any borrowings under the facility since its origination in 2008. The Credit Agreement is 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. 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 $12.5 million. The borrowing base was $48.6 million at September 30, 2019, there were no outstanding letters of credit, and the net availability was $48.6 million.

Revenues

Revenues	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 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 $ 33,564 16.0 % $ 34,251 16.3 % $ 95,501 16.2 % $ 98,915 16.2 % Dining Room Furniture 22,836 10.9 23,728 11.3 62,698 10.7 67,483 11.1 Occasional 16,125 7.7 18,809 8.9 47,070 8.0 54,312 8.9 72,525 34.6 76,788 36.5 205,269 34.9 220,710 36.3 Upholstery 83,619 39.9 82,360 39.1 233,797 39.7 242,629 39.9 Mattresses 25,721 12.4 23,168 11.0 68,956 11.7 64,197 10.5 Accessories and Other (1) 27,455 13.1 28,231 13.4 80,433 13.7 81,229 13.3 $ 209,320 100.0 % $ 210,547 100.0 % $ 588,455 100.0 % $ 608,765 100.0 % (1) Includes delivery charges and product protection.

Leases

Leases	9 Months Ended
	Sep. 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 sheet as of September 30, 2019 (in thousands): September 30, 2019 Operating Lease Assets: Right-of use lease assets $ 183,524 Operating Lease Liabilities: Current lease liabilities $ 29,283 Non-current lease liabilities 155,046 Total operating lease liabilities $ 184,329 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 September 30, 2019 are: September 30, 2019 Weighted Average Remaining Lease Term Operating leases 7.4 years Weighted Average Discount Rate Operating leases 6.69 % 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 sheet as of September 30, 2019 (in thousands): Operating Leases October 1, 2019 thru December 31, 2019 $ 10,273 2020 39,661 2021 37,238 2022 31,842 2023 25,292 Thereafter 92,229 Total undiscounted future minimum lease payments 236,535 Less: difference between undiscounted lease payments and discounted operating lease liabilities (52,206 ) Total operating lease liabilities $ 184,329 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 September 30, 2019 Nine months ended September 30, 2019 Operating lease cost $ 10,478 $ 31,171 Short-term lease cost 30 70 Variable lease cost 1,572 4,384 Total lease expense $ 12,080 $ 35,625 Supplemental cash flow information related to leases is as follows (in thousands): Nine months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 30,130 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 25,664

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Taxes [Abstract]
Income Taxes	NOTE I – Income Taxes Our effective tax rate for the nine months ended September 30, 2019 and 2018 was 25.4% and 25.6%, 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	9 Months Ended
	Sep. 30, 2019
Stock Based Compensation Plan [Abstract]
Stock Based Compensation Plan	NOTE J – Stock Based Compensation Plan As more fully discussed in Note 12 of the notes to the consolidated financial statements in our 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 nine months ended September 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 136,868 20.24 113,522 20.29 — — Awards vested or rights exercised (1) (124,544 ) 22.32 (57,351 ) 18.93 — — Forfeited (17,986 ) 21.28 (51,116 ) 22.45 — — Outstanding at September 30, 2019 243,480 $ 20.95 214,809 $ 21.38 57,000 $ 18.14 Exercisable at September 30, 2019 — — — — 57,000 $ 18.14 Awards expected to vest 243,480 $ 20.95 144,561 $ 21.90 — — (1) Includes shares repurchased from employees for employee’s tax liability. The aggregate intrinsic value of outstanding restricted stock awards was $4.9 million at September 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 nine months ended September 30, 2019 was $1.4 million. The aggregate intrinsic value of outstanding performance awards at September 30, 2019 expected to vest was $2.9 million. 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 September 30, 2019 was $0.1 million. 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 nine months ended September 30, 2019 and 2018 was approximately $2.7 million and $3.8 million, respectively. Forfeitures are recognized as they occur. As of September 30, 2019, the total compensation cost related to unvested equity awards was approximately $4.7 million and is expected to be recognized over a weighted-average period of 2.2 years.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	NOTE K – Earnings Per Share We report our earnings per share using the two-class method. The income per share for each class of common stock is calculated assuming 100% of our earnings are distributed as dividends to each class of common stock based on their contractual rights. The Common Stock of the Company has a preferential dividend rate of at least 105% of the dividend paid on the Class A Common Stock. The Class A Common Stock, which has ten votes per share as opposed to one vote per share for the Common Stock (on all matters other than the election of directors), may be converted at any time on a one-for-one basis into Common Stock at the option of the holder of the Class A Common Stock. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Common: Distributed earnings $ 3,617 $ 3,451 $ 10,342 $ 10,436 Undistributed earnings 2,025 4,230 4,216 8,777 Basic 5,642 7,681 14,558 19,213 Class A Common earnings 455 671 1,207 1,666 Diluted $ 6,097 $ 8,352 $ 15,765 $ 20,879 Class A Common: Distributed earnings $ 292 $ 300 $ 852 $ 901 Undistributed earnings 163 371 355 765 $ 455 $ 671 $ 1,207 $ 1,666 Denominator: Common: Weighted average shares outstanding - basic 18,116 19,138 18,514 19,288 Assumed conversion of Class A Common Stock 1,536 1,765 1,637 1,766 Dilutive options, awards and common stock equivalents 241 327 293 354 Total weighted-average diluted Common Stock 19,893 21,230 20,444 21,408 Class A Common: Weighted average shares outstanding 1,536 1,765 1,637 1,766 Basic earnings per share: Common Stock $ 0.31 $ 0.40 $ 0.79 $ 1.00 Class A Common Stock $ 0.30 $ 0.38 $ 0.74 $ 0.94 Diluted earnings per share: Common Stock $ 0.31 $ 0.39 $ 0.77 $ 0.98 Class A Common Stock $ 0.30 $ 0.38 $ 0.73 $ 0.94

Recently Issued and Adopted A_2

Recently Issued and Adopted Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 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 million 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 nine-month period ended September 30, 2019.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 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 September 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 June 30, 2019 $ 29,418 $ 2,058 $ 91,847 $ 291,573 $ (1,448 ) $ (146,188 ) $ 267,260 Net income 6,097 6,097 Dividends declared: Common Stock,$0.20 per share (3,617 ) (3,617 ) Class A Common Stock,$0.19 per share (292 ) (292 ) Acquisition of treasury stock (1,473 ) (1,473 ) Amortization of restricted stock 739 739 Other comprehensive income 8 8 Balances at September 30, 2019 $ 29,418 $ 2,058 $ 92,586 $ 293,761 $ (1,440 ) $ (147,661 ) $ 268,722 For the nine months ended September 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 15,765 15,765 Dividends declared: Common Stock, $0.56 per share (10,342 ) (10,342 ) Class A Common Stock, $0.53 per share (852 ) (852 ) Acquisition of treasury stock (19,316 ) (19,316 ) Restricted stock issuances 117 (1,445 ) (1,328 ) Class A conversion 222 (222 ) — Amortization of restricted stock 2,690 2,690 Director’s compensation plan (53 ) 680 627 Other comprehensive income 25 25 Cumulative effect adjustment 6,824 6,824 Balances at September 30, 2019 $ 29,418 $ 2,058 $ 92,586 $ 293,761 $ (1,440 ) $ (147,661 ) $ 268,722 For the three months ended September 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 June 30, 2018 $ 29,065 $ 2,289 $ 89,650 $ 292,465 $ (2,094 ) $ (119,597 ) $ 291,778 Net income 8,352 8,352 Dividends declared: Common Stock, $0.18 per share (3,452 ) (3,452 ) Class A Common Stock, $0.17 per share (300 ) (300 ) Acquisition of treasury stock (5,175 ) (5,175 ) Restricted Stock issuances 5 (76 ) (71 ) Class A conversion 5 (5 ) — Amortization of restricted stock 1,224 1,224 Director’s compensation plan 19 23 42 Other comprehensive income 25 25 Balances at September 30, 2018 $ 29,075 $ 2,284 $ 90,817 $ 297,065 $ (2,069 ) $ (124,749 ) $ 292,423 For the nine months ended September 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 20,879 20,879 Dividends declared: Common Stock, $0.54 per share (10,436 ) (10,436 ) Class A Common Stock, $0.51 per share (901 ) (901 ) Acquisition of treasury stock (14,456 ) (14,456 ) Restricted Stock issuances 119 (1,352 ) (1,233 ) Class A conversion 6 (6 ) — Amortization of restricted stock 3,781 3,781 Director’s compensation plan (590 ) 1,029 439 Other comprehensive income 75 75 Cumulative effect adjustment 133 133 Balances at September 30, 2018 $ 29,075 $ 2,284 $ 90,817 $ 297,065 $ (2,069 ) $ (124,749 ) $ 292,423

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 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 $ 33,564 16.0 % $ 34,251 16.3 % $ 95,501 16.2 % $ 98,915 16.2 % Dining Room Furniture 22,836 10.9 23,728 11.3 62,698 10.7 67,483 11.1 Occasional 16,125 7.7 18,809 8.9 47,070 8.0 54,312 8.9 72,525 34.6 76,788 36.5 205,269 34.9 220,710 36.3 Upholstery 83,619 39.9 82,360 39.1 233,797 39.7 242,629 39.9 Mattresses 25,721 12.4 23,168 11.0 68,956 11.7 64,197 10.5 Accessories and Other (1) 27,455 13.1 28,231 13.4 80,433 13.7 81,229 13.3 $ 209,320 100.0 % $ 210,547 100.0 % $ 588,455 100.0 % $ 608,765 100.0 % (1) Includes delivery charges and product protection.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 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 sheet as of September 30, 2019 (in thousands): September 30, 2019 Operating Lease Assets: Right-of use lease assets $ 183,524 Operating Lease Liabilities: Current lease liabilities $ 29,283 Non-current lease liabilities 155,046 Total operating lease liabilities $ 184,329
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 September 30, 2019 are: September 30, 2019 Weighted Average Remaining Lease Term Operating leases 7.4 years Weighted Average Discount Rate Operating leases 6.69 %
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 sheet as of September 30, 2019 (in thousands): Operating Leases October 1, 2019 thru December 31, 2019 $ 10,273 2020 39,661 2021 37,238 2022 31,842 2023 25,292 Thereafter 92,229 Total undiscounted future minimum lease payments 236,535 Less: difference between undiscounted lease payments and discounted operating lease liabilities (52,206 ) Total operating lease liabilities $ 184,329
Components of Lease Expense	Components of lease expense were as follows (in thousands): Three months ended September 30, 2019 Nine months ended September 30, 2019 Operating lease cost $ 10,478 $ 31,171 Short-term lease cost 30 70 Variable lease cost 1,572 4,384 Total lease expense $ 12,080 $ 35,625
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows (in thousands): Nine months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 30,130 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 25,664

Stock Based Compensation Plan (

Stock Based Compensation Plan (Tables)	9 Months Ended
	Sep. 30, 2019
Stock Based Compensation Plan [Abstract]
Share Option and Award Activity	The following table summarizes our award activity during the nine months ended September 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 136,868 20.24 113,522 20.29 — — Awards vested or rights exercised (1) (124,544 ) 22.32 (57,351 ) 18.93 — — Forfeited (17,986 ) 21.28 (51,116 ) 22.45 — — Outstanding at September 30, 2019 243,480 $ 20.95 214,809 $ 21.38 57,000 $ 18.14 Exercisable at September 30, 2019 — — — — 57,000 $ 18.14 Awards expected to vest 243,480 $ 20.95 144,561 $ 21.90 — — (1) Includes shares repurchased from employees for employee’s tax liability.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Common: Distributed earnings $ 3,617 $ 3,451 $ 10,342 $ 10,436 Undistributed earnings 2,025 4,230 4,216 8,777 Basic 5,642 7,681 14,558 19,213 Class A Common earnings 455 671 1,207 1,666 Diluted $ 6,097 $ 8,352 $ 15,765 $ 20,879 Class A Common: Distributed earnings $ 292 $ 300 $ 852 $ 901 Undistributed earnings 163 371 355 765 $ 455 $ 671 $ 1,207 $ 1,666 Denominator: Common: Weighted average shares outstanding - basic 18,116 19,138 18,514 19,288 Assumed conversion of Class A Common Stock 1,536 1,765 1,637 1,766 Dilutive options, awards and common stock equivalents 241 327 293 354 Total weighted-average diluted Common Stock 19,893 21,230 20,444 21,408 Class A Common: Weighted average shares outstanding 1,536 1,765 1,637 1,766 Basic earnings per share: Common Stock $ 0.31 $ 0.40 $ 0.79 $ 1.00 Class A Common Stock $ 0.30 $ 0.38 $ 0.74 $ 0.94 Diluted earnings per share: Common Stock $ 0.31 $ 0.39 $ 0.77 $ 0.98 Class A Common Stock $ 0.30 $ 0.38 $ 0.73 $ 0.94

Recently Issued and Adopted A_3

Recently Issued and Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Recently Issued and Adopted Accounting Pronouncement [Abstract]
Property and equipment, net	$ 158,087	$ 216,852
Financing obligations	0	46,785
Other net liabilities	21,942	30,539
Deferred tax assets	12,202	12,544
Right to use of assets	183,524	0
Recorded lease liabilities	$ 184,329
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 267,260	$ 291,778	$ 274,629	$ 294,142
Net income	6,097	8,352	15,765	20,879
Dividends declared	(3,617)	(3,452)	(10,342)	(10,436)
Acquisition of treasury stock	(1,473)	(5,175)	(19,316)	(14,456)
Restricted stock issuances		(71)	(1,328)	(1,233)
Class A conversion		0	0	0
Amortization of restricted stock	739	1,224	2,690	3,781
Director's compensation plan		42	627	439
Other comprehensive income	8	25	25	75
Cumulative effect adjustment	6,824	133	6,824	133
Ending balance	$ 268,722	$ 292,423	$ 268,722	$ 292,423
Cash dividends, common stock (in dollars per share)	$ 0.20	$ 0.18	$ 0.56	$ 0.54
Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	$ (292)	$ (300)	$ (852)	$ (901)
Cash dividends, common stock (in dollars per share)	$ 0.19	$ 0.17	$ 0.53	$ 0.51
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 29,418	$ 29,065	$ 29,079	$ 28,950
Restricted stock issuances		5	117	119
Class A conversion		5	222	6
Ending balance	$ 29,418	$ 29,075	$ 29,418	$ 29,075
Cash dividends, common stock (in dollars per share)	$ 0.20	$ 0.18	$ 0.56	$ 0.54
Common Stock [Member] | Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 2,058	$ 2,289	$ 2,280	$ 2,290
Class A conversion		(5)	(222)	(6)
Ending balance	2,058	2,284	2,058	2,284
Additional Paid-In Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	91,847	89,650	91,394	88,978
Restricted stock issuances		(76)	(1,445)	(1,352)
Amortization of restricted stock	739	1,224	2,690	3,781
Director's compensation plan		19	(53)	(590)
Ending balance	92,586	90,817	92,586	90,817
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	291,573	292,465	282,366	287,390
Net income	6,097	8,352	15,765	20,879
Dividends declared	(3,617)	(3,452)	(10,342)	(10,436)
Cumulative effect adjustment	6,824	133	6,824	133
Ending balance	293,761	297,065	293,761	297,065
Retained Earnings [Member] | Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(292)	(300)	(852)	(901)
Accumulated Other Comprehensive Income [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,448)	(2,094)	(1,465)	(2,144)
Other comprehensive income	8	25	25	75
Ending balance	(1,440)	(2,069)	(1,440)	(2,069)
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(146,188)	(119,597)	(129,025)	(111,322)
Acquisition of treasury stock	(1,473)	(5,175)	(19,316)	(14,456)
Director's compensation plan		23	680	1,029
Ending balance	$ (147,661)	$ (124,749)	$ (147,661)	$ (124,749)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Level 1 [Member]
Fair Values of Financial Instruments [Abstract]
Deferred compensation plans	$ 7.1	$ 6

Credit Arrangement (Details)

Credit Arrangement (Details) - Credit Agreement [Member] $ in Millions	Sep. 30, 2019USD ($)
Line of Credit Facility, Amount [Abstract]
Maximum borrowing capacity	$ 60
Current borrowing base	48.6
Outstanding letters of credit	0
Net availability	48.6
Maximum [Member]
Line of Credit Facility, Amount [Abstract]
Unused availability covenant limit to pay dividends	$ 12.5

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Abstract]
Net sales		$ 209,320	$ 210,547	$ 588,455	$ 608,765
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		$ 72,525	$ 76,788	$ 205,269	$ 220,710
Case Goods [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		34.60%	36.50%	34.90%	36.30%
Bedroom Furniture [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 33,564	$ 34,251	$ 95,501	$ 98,915
Bedroom Furniture [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		16.00%	16.30%	16.20%	16.20%
Dining Room Furniture [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 22,836	$ 23,728	$ 62,698	$ 67,483
Dining Room Furniture [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		10.90%	11.30%	10.70%	11.10%
Occasional [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 16,125	$ 18,809	$ 47,070	$ 54,312
Occasional [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		7.70%	8.90%	8.00%	8.90%
Upholstery [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 83,619	$ 82,360	$ 233,797	$ 242,629
Upholstery [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		39.90%	39.10%	39.70%	39.90%
Mattresses [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 25,721	$ 23,168	$ 68,956	$ 64,197
Mattresses [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		12.40%	11.00%	11.70%	10.50%
Accessories and Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	[1]	$ 27,455	$ 28,231	$ 80,433	$ 81,229
Accessories and Other [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales	[1]	13.10%	13.40%	13.70%	13.30%
[1]	Includes delivery charges and product protection.

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)Lease	Dec. 31, 2018USD ($)
Operating Leases [Abstract]
Number of non-cancellable operating leases entered during period | Lease		1
Operating Lease Assets [Abstract]
Right-of use lease assets	$ 183,524	$ 183,524	$ 0
Operating Lease Liabilities [Abstract]
Current lease liabilities	29,283	29,283	0
Non-current lease liabilities	155,046	155,046	$ 0
Total operating lease liabilities	$ 184,329	$ 184,329
Weighted-Average Remaining Lease Term and Discount Rate [Abstract]
Weighted average remaining lease term, Operating leases	7 years 4 months 24 days	7 years 4 months 24 days
Weighted average discount rate, Operating leases	6.69%	6.69%
Undiscounted Future Minimum Lease Payments [Abstract]
October 1, 2019 thru December 31, 2019	$ 10,273	$ 10,273
2020	39,661	39,661
2021	37,238	37,238
2022	31,842	31,842
2023	25,292	25,292
Thereafter	92,229	92,229
Total undiscounted future minimum lease payments	236,535	236,535
Less: difference between undiscounted lease payments and discounted operating lease liabilities	(52,206)	(52,206)
Total operating lease liabilities	184,329	184,329
Lease Expense [Abstract]
Operating lease cost	10,478	31,171
Short-term lease cost	30	70
Variable lease cost	1,572	4,384
Total lease expense	$ 12,080	35,625
Cash paid for amounts included in the measurement of lease liabilities [Abstract]
Operating cash flows from operating leases		30,130
Right-of-use assets obtained in exchange for lease obligations [Abstract]
Operating leases		$ 25,664
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

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Income Taxes [Abstract]
Effective tax rate	25.40%	25.60%

Stock Based Compensation Plan_2

Stock Based Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018
Additional Disclosures [Abstract]
Stock based compensation expense		$ 2.7	$ 3.8
Total compensation cost related to unvested equity awards		$ 4.7
Weighted-average period of recognition of cost		2 years 2 months 12 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)		136,868
Awards vested or rights exercised (in shares)	[1]	(124,544)
Forfeited (in shares)		(17,986)
Outstanding, ending balance (in shares)		243,480
Exercisable, ending balance (in shares)		0
Awards expected to vest (in shares)		243,480
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)		$ 22.05
Granted/Issued (in dollars per share)		20.24
Awards vested or rights exercised (in dollars per share)	[1]	22.32
Forfeited (in dollars per share)		21.28
Outstanding, ending balance (in dollars per share)		20.95
Exercisable, ending balance (in dollars per share)		0
Awards expected to vest (in dollars per share)		$ 20.95
Additional Disclosures [Abstract]
Aggregate intrinsic value of outstanding awards		$ 4.9
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)		113,522
Awards vested or rights exercised (in shares)	[1]	(57,351)
Forfeited (in shares)		(51,116)
Outstanding, ending balance (in shares)		214,809
Exercisable, ending balance (in shares)		0
Awards expected to vest (in shares)		144,561
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)		$ 21.56
Granted/Issued (in dollars per share)		20.29
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)		21.38
Exercisable, ending balance (in dollars per share)		0
Awards expected to vest (in dollars per share)		$ 21.90
Additional Disclosures [Abstract]
Fair value of vested shares		$ 1.4
Aggregate intrinsic value of outstanding awards		$ 2.9
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		$ 0.1
Aggregate intrinsic value of vested awards		$ 0.1
[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		9 Months Ended
	Sep. 30, 2019USD ($)Vote$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2019USD ($)Vote$ / sharesshares	Sep. 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	$ 0.31	$ 0.40	$ 0.79	$ 1
Diluted earnings per share [Abstract]
Common Stock (in dollars per share) | $ / shares	$ 0.31	$ 0.39	$ 0.77	$ 0.98
Common Stock [Member]
Earnings Per Share, by Common Class Method [Abstract]
Number of votes per share | Vote	1		1
Numerator [Abstract]
Distributed earnings	$ 3,617	$ 3,451	$ 10,342	$ 10,436
Undistributed earnings	2,025	4,230	4,216	8,777
Basic	5,642	7,681	14,558	19,213
Class A Common earnings	455	671	1,207	1,666
Diluted	$ 6,097	$ 8,352	$ 15,765	$ 20,879
Denominator [Abstract]
Weighted average shares outstanding - basic (in shares) | shares	18,116	19,138	18,514	19,288
Assumed conversion of Class A Common Stock (in shares) | shares	1,536	1,765	1,637	1,766
Dilutive options, awards and common stock equivalents (in shares) | shares	241	327	293	354
Total weighted-average diluted Common Stock (in shares) | shares	19,893	21,230	20,444	21,408
Basic earnings per share [Abstract]
Common Stock (in dollars per share) | $ / shares	$ 0.31	$ 0.40	$ 0.79	$ 1
Diluted earnings per share [Abstract]
Common Stock (in dollars per share) | $ / shares	$ 0.31	$ 0.39	$ 0.77	$ 0.98
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	$ 292	$ 300	$ 852	$ 901
Undistributed earnings	163	371	355	765
Class A Common earnings	$ 455	$ 671	$ 1,207	$ 1,666
Denominator [Abstract]
Weighted average shares outstanding (in shares) | shares	1,536	1,765	1,637	1,766
Basic earnings per share [Abstract]
Common Stock (in dollars per share) | $ / shares	$ 0.30	$ 0.38	$ 0.74	$ 0.94
Diluted earnings per share [Abstract]
Common Stock (in dollars per share) | $ / shares	$ 0.30	$ 0.38	$ 0.73	$ 0.94