Haverty Furniture Companies (HVT) 10-Q 4 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 29, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	HAVERTY FURNITURE COMPANIES, INC
Entity Central Index Key	0000216085
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	1-14445
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	58-0281900
Entity Address, Address Line One	780 Johnson Ferry Road, Suite 800
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30342
City Area Code	404
Local Phone Number	443-2900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Stock [Member]
Document and Entity Information [Abstract]
Title of 12(b) Security	Common Stock
Trading Symbol	HVT
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		16,699,704
Class A Common Stock [Member]
Document and Entity Information [Abstract]
Title of 12(b) Security	Class A Common Stock
Trading Symbol	HVTA
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		1,511,955

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 211,849	$ 75,739
Restricted cash and cash equivalents	6,713	6,663
Accounts receivable, net	1,521	1,527
Inventories	90,943	104,817
Prepaid expenses	9,996	7,652
Other current assets	9,954	8,125
Total current assets	330,976	204,523
Accounts receivable, long-term, net	161	195
Property and equipment, net	109,663	156,534
Right-of-use lease assets	235,778	175,474
Deferred income taxes	12,523	13,198
Other assets	10,324	10,148
Total assets	699,425	560,072
Current liabilities
Accounts payable	27,110	27,830
Customer deposits	88,408	30,121
Accrued liabilities	53,866	39,654
Current lease liabilities	32,685	29,411
Total current liabilities	202,069	127,016
Noncurrent lease liabilities	207,780	149,594
Other liabilities	22,199	22,959
Total liabilities	432,048	299,569
Capital Stock, par value $1 per share
Preferred Stock, Authorized - 1,000 shares; Issued: None
Additional paid-in capital	95,901	93,208
Retained earnings	319,448	295,999
Accumulated other comprehensive loss	(1,997)	(2,087)
Less treasury stock at cost - Common Stock (2020 - 12,862 shares; 2019 - 11,850 shares) and Convertible Class A Common Stock (2020 and 2019 - 522 shares)	(177,567)	(158,102)
Total stockholders' equity	267,377	260,503
Total liabilities and stockholders' equity	699,425	560,072
Common Stock [Member]
Capital Stock, par value $1 per share
Common Stock	29,555	29,431
Total stockholders' equity	29,555	29,431
Common Stock [Member] | Convertible Class A [Member]
Capital Stock, par value $1 per share
Common Stock	2,037	2,054
Total stockholders' equity	$ 2,037	$ 2,054

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2020	Dec. 31, 2019
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
Capital 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)	29,555	29,431
Treasury Stock, common stock shares (in shares)	12,862	11,850
Common Stock [Member] | Convertible Class A [Member]
Stockholders' equity
Common Stock, shares authorized (in shares)	15,000	15,000
Common Stock, shares issued (in shares)	2,037	2,054
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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net sales	$ 217,513	$ 209,320	$ 506,913	$ 588,455
Cost of goods sold	95,336	97,301	225,537	269,796
Gross profit	122,177	112,019	281,376	318,659
Credit service charges	15	19	53	60
Gross profit and other revenue	122,192	112,038	281,429	318,719
Expenses:
Selling, general and administrative	100,097	104,161	270,281	298,824
Provision for doubtful accounts	20	42	56	66
Other (income) expense, net	(2,406)	(42)	(34,301)	(323)
Total expenses	97,711	104,161	236,036	298,567
Income before interest and income taxes	24,481	7,877	45,393	20,152
Interest expense (income), net	(51)	(292)	(64)	(980)
Income before income taxes	24,532	8,169	45,457	21,132
Income tax expense	6,271	2,072	11,737	5,367
Net income	18,261	6,097	33,720	15,765
Other comprehensive income
Adjustments related to retirement plans; net of tax expense of $10 and $30 in 2020 and $3 and $9 in 2019	30	8	90	25
Comprehensive income	$ 18,291	$ 6,105	$ 33,810	$ 15,790
Class A Common Stock [Member]
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.94	$ 0.30	$ 1.71	$ 0.74
Diluted earnings per share (in dollars per share)	0.93	0.30	1.70	0.73
Cash dividends per share (in dollars per share)	0.19	0.19	0.52	0.53
Common Stock [Member]
Earnings per share:
Basic earnings per share (in dollars per share)	0.98	0.31	1.80	0.79
Diluted earnings per share (in dollars per share)	0.97	0.31	1.77	0.77
Cash dividends per share (in dollars per share)	$ 0.20	$ 0.20	$ 0.55	$ 0.56

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other comprehensive income
Adjustments related to retirement plans, tax expense	$ 10	$ 3	$ 30	$ 9

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities:
Net income	$ 33,720	$ 15,765
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,959	15,412
Share-based compensation expense	3,362	2,690
Gain from sale of land, property and equipment	(34,202)	(12)
Other	1,259	(1,249)
Changes in operating assets and liabilities:
Inventories	13,873	5,882
Customer deposits	58,287	10,387
Operating lease assets and liabilities, net	1,156	3,296
Other assets and liabilities	(4,997)	(2,761)
Accounts payable and accrued liabilities	13,404	8,957
Net cash provided by operating activities	99,821	58,367
Cash Flows from Investing Activities:
Capital expenditures	(7,205)	(12,446)
Proceeds from sale of land, property and equipment	74,399	2,268
Net cash provided by (used in) investing activities	67,194	(10,178)
Cash Flows from Financing Activities:
Proceeds from borrowings under revolving credit facility	43,800	0
Payments of borrowings under revolving credit facility	(43,800)	0
Net change in borrowings under revolving credit facility	0	0
Dividends paid	(10,271)	(11,194)
Common stock repurchased	(19,708)	(19,316)
Other	(876)	(1,328)
Net cash used in financing activities	(30,855)	(31,838)
Increase in cash, cash equivalents and restricted cash equivalents during the period	136,160	16,351
Cash, cash equivalents and restricted cash equivalents at beginning of period	82,402	79,809
Cash, cash equivalents and restricted cash equivalents at end of period	$ 218,562	$ 96,160

Business and Basis of Presentat

Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Business and Basis of Presentation [Abstract]
Business and Basis of Presentation	NOTE A – Business and Basis of Presentation 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 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 should 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.

COVID-19

COVID-19	9 Months Ended
	Sep. 30, 2020
COVID-19 [Abstract]
COVID-19	Note B – COVID-19 In December 2019, a novel strain of coronavirus, subsequently named COVID-19, emerged from China and spread worldwide. The World Health Organization declared COVID-19 a pandemic and a national health emergency was declared by the United States beginning on March 1, 2020. In response, many states and local governments began a series of restrictions on public gatherings, stay at home orders and advisories and quarantining of people who may have been exposed to the virus. In an effort to mitigate the spread of COVID-19 and protect our team members, customers, and communities, Havertys closed all of its stores on March 19 and halted deliveries on March 21, with the expectation at that time of reopening stores on April 2. Our stores remained closed during April and we reopened 103 locations on May 1 and the remaining 17 stores were reopened by June 20. We restarted our delivery operations on May 5. The pandemic has resulted in significant economic disruption. Although our stores and other businesses are open others remain closed or are operating on a reduced scale. There continues to be sporadic resurgences in COVID-19 cases in several of our markets. We cannot reasonably estimate the impact on Havertys should the pandemic persist or worsen. Accordingly, the estimates and assumptions management made as of September 30, 2020 could change in subsequent interim reports and upon final determination at year-end, and it is reasonably possible that such changes could be significant (although the potential effects cannot be estimated at this time). The Company has evaluated subsequent events through the date the condensed consolidated financial statements covered by this quarterly report were issued . CARES Act On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was signed into law. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary suspension of certain payment requirements for the employer-paid portion of social security taxes, the creation of certain refundable employee retention credits, and technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property. Havertys elected to defer the employer-paid portion of social security taxes beginning with pay dates on and after April 1, 2020. We recorded an estimate for refundable employee retention credits for eligible wages paid to employees during March 2020 affected by the cessation of our operations. Havertys recorded additional employee retention credits during the second quarter of 2020 for additional wages paid, primarily for health care benefits paid for employees furloughed in April 2020. We have also estimated a benefit from the technical correction for qualified leasehold improvements eligible for 100% tax bonus depreciation and adjusted our balances for deferred income taxes and income taxes receivable.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
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, 2020: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Total Balances at June 30, 2020 $ 29,538 $ 2,054 $ 94,581 $ 304,900 $ (2,027 ) $ (164,668 ) $ 264,378 Net income 18,261 18,261 Dividends declared: Common Stock, $0.20 per share (3,423 ) (3,423 ) Class A Common Stock, $0.19 per share (290 ) (290 ) Class A conversion 17 (17 ) — Acquisition of treasury stock (12,899 ) (12,899 ) Amortization of restricted stock 1,325 1,325 Directors’ Compensation Plan (5 ) (5 ) Other comprehensive income 30 30 Balances at September 30, 2020 $ 29,555 $ 2,037 $ 95,901 $ 319,448 $ (1,997 ) $ (177,567 ) $ 267,377 For the nine months ended September 30, 2020: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Total Balances at December 31, 2019 $ 29,431 $ 2,054 $ 93,208 $ 295,999 $ (2,087 ) $ (158,102 ) $ 260,503 Net income 33,720 33,720 Dividends declared: Common Stock, $0.55 per share (9,475 ) (9,475 ) Class A Common Stock, $0.52 per share (796 ) (796 ) Acquisition of treasury stock (19,708 ) (19,708 ) Restricted stock issuances 107 (983 ) (876 ) C 17 (17 ) — Amortization of restricted stock 3,362 3,362 Directors’ Compensation Plan 314 243 557 Other comprehensive income 90 90 Balances at September 30, 2020 $ 29,555 $ 2,037 $ 95,901 $ 319,448 $ (1,997 ) $ (177,567 ) $ 267,377 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 Loss 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 Directors’ Compensation Plan 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 Loss 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, $0.53per 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 Directors’ 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

Interim LIFO Calculations

Interim LIFO Calculations	9 Months Ended
	Sep. 30, 2020
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, 2020
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 $7.7 million at September 30, 2020 and $7.5 million at December 31, 2019 and are included in other assets. The related liabilities of the same amounts are included in other liabilities.

Credit Agreement

Credit Agreement	9 Months Ended
	Sep. 30, 2020
Credit Agreement [Abstract]
Credit Agreement	NOTE F – Credit Agreement On May 15, 2020 we entered into the Third Amendment to Amended and Restated Credit Agreement (as amended, the “Credit Agreement”) with a bank to permit certain sale-leaseback transactions as more fully described in Note L. Our first borrowings under the facility, since its origination in 2008, were in March 2020. The Credit Agreement is a $60.0 million revolving credit facility secured by our inventory, accounts receivable, cash, and certain other personal property, and matures on September 27, 2024. 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. We borrowed $43.8 million under the Credit Agreement in March 2020 and repaid the borrowings in June 2020. The interest rates on the outstanding balance were based on the three-month Euro dollar LIBOR rate plus 1.25% and on a weighted average basis was approximately 2.37%. Total interest paid under the Credit Agreement was $0.4 million for the nine months ended September 30, 2020. The borrowing base was $14.6 million at September 30, 2020, there were no outstanding letters of credit, and the net availability was $14.6 million.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2020
Revenues [Abstract]
Revenues	Note G – Revenues We recognize revenue at delivery. Havertys does not have a loyalty program or sell gift certificates or gift cards. We also do not offer coupons for redemption for future purchases, such as those other retailers might issue for general marketing purposes or 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, 2020 2019 2020 2019 (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 $ 29,725 13.7 % $ 33,564 16.0 % $ 76,638 15.1 % $ 95,501 16.2 % Dining Room Furniture 22,994 10.6 22,836 10.9 54,067 10.7 62,698 10.7 Occasional 19,220 8.8 16,125 7.7 46,665 9.2 47,070 8.0 71,939 33.1 72,525 34.6 177,371 35.0 205,269 34.9 Upholstery 95,554 43.9 83,619 39.9 213,656 42.1 233,797 39.7 Mattresses 21,431 9.9 25,721 12.4 50,625 10.0 68,956 11.7 Accessories and Other (1) 28,590 13.1 27,455 13.1 65,261 12.9 80,433 13.7 $ 217,513 100.0 % $ 209,320 100.0 % $ 506,913 100.0 % $ 588,455 100.0 % (1)

Leases

Leases	9 Months Ended
	Sep. 30, 2020
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 15 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. Our leases do not have any residual value guarantees or any restrictions or covenants imposed by lessors. We have lease agreements for real estate with lease and non-lease components, which are accounted for separately. 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 in the period incurred. As of September 30, 2020, we had entered into one lease for an additional retail location which had not yet commenced and was under construction. Lease expense is charged to selling, general and administrative expenses. Components of lease expense were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Operating lease cost $ 11,596 $ 10,478 $ 33,111 $ 31,171 Short-term lease cost — 30 — 70 Variable lease cost 1,627 1,572 3,825 4,384 Total lease expense $ 13,223 $ 12,080 $ 36,936 $ 35,625 Supplemental cash flow information related to leases is as follows (in thousands): Nine Months Ended September 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 25,099 $ 30,130 Right-of-use assets obtained in exchange for lease obligations: New operating leases $ 83,550 $ 25,664 In April 2020, the Financial Accounting Standards Board issued guidance allowing entities to make a policy election to account for lease concessions related to the COVID-19 pandemic as though enforceable rights and obligations for those concessions existed. The election applies to any lessor-provided lease concession related to the impact of the COVID-19 pandemic, provided the concession does not result in a substantial increase in the rights of the lessor or in the obligations of the lessee. During the three months ended June 30, 2020, we received concessions from certain landlords in the form of rent deferrals and abatements. We have elected to account for these rent concessions as though enforceable rights and obligations for those concessions existed in the original lease agreements and have recorded a non-interest bearing payable for the deferred rent payments. The recognition of rent concessions did not have a material impact on our condensed consolidated financial statements as of September 30, 2020.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Taxes [Abstract]
Income Taxes	NOTE I – Income Taxes Our effective tax rate for the nine months ended September 30, 2020 and 2019 was 25.8% and 25.4%, respectively. The primary difference in the effective rate and the statutory rate was 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, 2020
Stock Based Compensation Plan [Abstract]
Stock Based Compensation Plan	NOTE J – Stock Based Compensation Plan As more fully discussed in Note 14 of the notes to the consolidated financial statements in our 2019 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, 2020: 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, 2019 234,810 20.93 214,809 21.38 7,500 18.14 Granted/Issued 145,375 20.42 120,727 20.42 — Awards vested or rights exercised (1) (122,114 ) 20.62 (44,875 ) 22.12 (7,500 ) 18.14 Forfeited (7,670 ) 20.40 (76,766 ) 20.29 — — Outstanding at September 30, 2020 250,401 20.80 213,895 21.08 — — Restricted Units expected to vest 250,401 20.80 288,303 20.90 — — (1) Includes shares repurchased from employees for employee’s tax liability. The aggregate intrinsic value of outstanding service-based restricted stock awards was $5.2 million at September 30, 2020. The restrictions on the service-based awards generally lapse or vest annually, primarily over four-year and three-year periods. The total fair value of performance-based restricted stock awards that vested during the nine months ended September 30, 2020 was $1.0 million. The aggregate intrinsic value of outstanding performance awards at September 30, 2020 expected to vest was $6.0 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 Black Scholes pricing model. The total intrinsic value of stock-settled appreciation rights exercised during the nine months ended September 30, 2020 was $18,000. The compensation for all awards is charged to selling, general and administrative expense over the respective grants’ vesting periods, primarily on a straight-line basis. The amount charged was approximately $3.4 million and $2.7 million for the nine months ended September 30, 2020 and 2019, respectively. Forfeitures are recognized as they occur. As of September 30, 2020, the total compensation cost related to unvested equity awards was approximately $7.2 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, 2020
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, 2020 2019 2020 2019 Numerator: Common: Distributed earnings $ 3,423 $ 3,617 $ 9,475 $ 10,342 Undistributed earnings 13,408 2,025 21,624 4,216 Basic 16,831 5,642 31,099 14,558 Class A Common earnings 1,430 455 2,621 1,207 Diluted $ 18,261 $ 6,097 $ 33,720 $ 15,765 Class A Common: Distributed earnings $ 290 $ 292 $ 796 $ 852 Undistributed earnings 1,140 163 1,825 355 $ 1,430 $ 455 $ 2,621 $ 1,207 Denominator: Common: Weighted average shares outstanding - basic 17,098 18,116 17,267 18,514 Assumed conversion of Class A Common Stock 1,526 1,536 1,530 1,637 Dilutive options, awards and common stock equivalents 240 241 241 293 Total weighted-average diluted Common Stock 18,864 19,893 19,038 20,444 Class A Common: Weighted average shares outstanding 1,526 1,536 1,530 1,637 Basic earnings per share: Common Stock $ 0.98 $ 0.31 $ 1.80 $ 0.79 Class A Common Stock $ 0.94 $ 0.30 $ 1.71 $ 0.74 Diluted earnings per share: Common Stock $ 0.97 $ 0.31 $ 1.77 $ 0.77 Class A Common Stock $ 0.93 $ 0.30 $ 1.70 $ 0.73

Sale and Leaseback Transaction

Sale and Leaseback Transaction	9 Months Ended
	Sep. 30, 2020
Sale and Leaseback Transaction [Abstract]
Sale and Leaseback Transaction	NOTE L – Sale and Leaseback Transaction On May 18, 2020, Havertys completed a sale and leaseback transaction of three properties. The Coppell, Texas location has approximately 394,000 distribution square feet used to serve our western stores, 44,000 retail square feet, and 20,000 square feet of office space for call center and general management purposes. The Lakeland, Florida facility has approximately 335,000 distribution square feet, and the Colonial Heights, Virginia facility has approximately 129,000 distribution square feet. The total purchase price for the three properties, excluding costs and taxes, was $70.0 million and the net book value was $37.9 million. We recorded a gain of $31.6 million in May 2020 which is included in other income. The three properties were leased back to Havertys under 15-year operating lease agreements with renewal options.

Business and Basis of Present_2

Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Business and Basis of Presentation [Abstract]
Basis of Presentation	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 should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our latest Annual Report on Form 10-K.
Use of Estimates	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.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity [Abstract]
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, 2020: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Total Balances at June 30, 2020 $ 29,538 $ 2,054 $ 94,581 $ 304,900 $ (2,027 ) $ (164,668 ) $ 264,378 Net income 18,261 18,261 Dividends declared: Common Stock, $0.20 per share (3,423 ) (3,423 ) Class A Common Stock, $0.19 per share (290 ) (290 ) Class A conversion 17 (17 ) — Acquisition of treasury stock (12,899 ) (12,899 ) Amortization of restricted stock 1,325 1,325 Directors’ Compensation Plan (5 ) (5 ) Other comprehensive income 30 30 Balances at September 30, 2020 $ 29,555 $ 2,037 $ 95,901 $ 319,448 $ (1,997 ) $ (177,567 ) $ 267,377 For the nine months ended September 30, 2020: (in thousands) Common Stock Class A Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Total Balances at December 31, 2019 $ 29,431 $ 2,054 $ 93,208 $ 295,999 $ (2,087 ) $ (158,102 ) $ 260,503 Net income 33,720 33,720 Dividends declared: Common Stock, $0.55 per share (9,475 ) (9,475 ) Class A Common Stock, $0.52 per share (796 ) (796 ) Acquisition of treasury stock (19,708 ) (19,708 ) Restricted stock issuances 107 (983 ) (876 ) C 17 (17 ) — Amortization of restricted stock 3,362 3,362 Directors’ Compensation Plan 314 243 557 Other comprehensive income 90 90 Balances at September 30, 2020 $ 29,555 $ 2,037 $ 95,901 $ 319,448 $ (1,997 ) $ (177,567 ) $ 267,377 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 Loss 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 Directors’ Compensation Plan 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 Loss 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, $0.53per 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 Directors’ 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

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2020
Revenues [Abstract]
Disaggregation of Revenue by 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, 2020 2019 2020 2019 (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 $ 29,725 13.7 % $ 33,564 16.0 % $ 76,638 15.1 % $ 95,501 16.2 % Dining Room Furniture 22,994 10.6 22,836 10.9 54,067 10.7 62,698 10.7 Occasional 19,220 8.8 16,125 7.7 46,665 9.2 47,070 8.0 71,939 33.1 72,525 34.6 177,371 35.0 205,269 34.9 Upholstery 95,554 43.9 83,619 39.9 213,656 42.1 233,797 39.7 Mattresses 21,431 9.9 25,721 12.4 50,625 10.0 68,956 11.7 Accessories and Other (1) 28,590 13.1 27,455 13.1 65,261 12.9 80,433 13.7 $ 217,513 100.0 % $ 209,320 100.0 % $ 506,913 100.0 % $ 588,455 100.0 % (1)

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Components of Lease Expense	Lease expense is charged to selling, general and administrative expenses. Components of lease expense were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Operating lease cost $ 11,596 $ 10,478 $ 33,111 $ 31,171 Short-term lease cost — 30 — 70 Variable lease cost 1,627 1,572 3,825 4,384 Total lease expense $ 13,223 $ 12,080 $ 36,936 $ 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, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 25,099 $ 30,130 Right-of-use assets obtained in exchange for lease obligations: New operating leases $ 83,550 $ 25,664

Stock Based Compensation Plan (

Stock Based Compensation Plan (Tables)	9 Months Ended
	Sep. 30, 2020
Stock Based Compensation Plan [Abstract]
Award Activity	The following table summarizes our award activity during the nine months ended September 30, 2020: 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, 2019 234,810 20.93 214,809 21.38 7,500 18.14 Granted/Issued 145,375 20.42 120,727 20.42 — Awards vested or rights exercised (1) (122,114 ) 20.62 (44,875 ) 22.12 (7,500 ) 18.14 Forfeited (7,670 ) 20.40 (76,766 ) 20.29 — — Outstanding at September 30, 2020 250,401 20.80 213,895 21.08 — — Restricted Units expected to vest 250,401 20.80 288,303 20.90 — — (1) Includes shares repurchased from employees for employee’s tax liability.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator: Common: Distributed earnings $ 3,423 $ 3,617 $ 9,475 $ 10,342 Undistributed earnings 13,408 2,025 21,624 4,216 Basic 16,831 5,642 31,099 14,558 Class A Common earnings 1,430 455 2,621 1,207 Diluted $ 18,261 $ 6,097 $ 33,720 $ 15,765 Class A Common: Distributed earnings $ 290 $ 292 $ 796 $ 852 Undistributed earnings 1,140 163 1,825 355 $ 1,430 $ 455 $ 2,621 $ 1,207 Denominator: Common: Weighted average shares outstanding - basic 17,098 18,116 17,267 18,514 Assumed conversion of Class A Common Stock 1,526 1,536 1,530 1,637 Dilutive options, awards and common stock equivalents 240 241 241 293 Total weighted-average diluted Common Stock 18,864 19,893 19,038 20,444 Class A Common: Weighted average shares outstanding 1,526 1,536 1,530 1,637 Basic earnings per share: Common Stock $ 0.98 $ 0.31 $ 1.80 $ 0.79 Class A Common Stock $ 0.94 $ 0.30 $ 1.71 $ 0.74 Diluted earnings per share: Common Stock $ 0.97 $ 0.31 $ 1.77 $ 0.77 Class A Common Stock $ 0.93 $ 0.30 $ 1.70 $ 0.73

Business and Basis of Present_3

Business and Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2020Segment
Business and Basis of Presentation [Abstract]
Number of reportable segments	1

COVID-19 (Details)

COVID-19 (Details) - Store	May 01, 2020	Jun. 20, 2020
COVID-19 [Member]
COVID-19 [Abstract]
Number of stores reopened	103	17

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 264,378	$ 267,260	$ 260,503	$ 274,629
Net income	18,261	6,097	33,720	15,765
Dividends declared	(3,423)	(3,617)	(9,475)	(10,342)
Class A conversion	0		0	0
Restricted stock issuances			(876)	(1,328)
Acquisition of treasury stock	(12,899)	(1,473)	(19,708)	(19,316)
Amortization of restricted stock	1,325	739	3,362	2,690
Director's compensation plan	(5)		557	627
Other comprehensive income	30	8	90	25
Ending balance	267,377	268,722	267,377	268,722
Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(290)	$ (292)	(796)	(852)
Class A conversion	$ (17)		$ (17)	$ (222)
Cash dividends, common stock (in dollars per share)	$ 0.19	$ 0.19	$ 0.52	$ 0.53
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 29,538	$ 29,418	$ 29,431	$ 29,079
Class A conversion	17		17	222
Restricted stock issuances			107	117
Ending balance	$ 29,555	$ 29,418	$ 29,555	$ 29,418
Cash dividends, common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.55	$ 0.56
Common Stock [Member] | Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 2,054	$ 2,058	$ 2,054	$ 2,280
Ending balance	2,037	2,058	2,037	2,058
Additional Paid-In Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	94,581	91,847	93,208	91,394
Restricted stock issuances			(983)	(1,445)
Amortization of restricted stock	1,325	739	3,362	2,690
Director's compensation plan	(5)		314	(53)
Ending balance	95,901	92,586	95,901	92,586
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	304,900	291,573	295,999	282,366
Net income	18,261	6,097	33,720	15,765
Dividends declared	(3,423)	(3,617)	(9,475)	(10,342)
Ending balance	319,448	293,761	319,448	293,761
Retained Earnings [Member] | Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(290)	(292)	(796)	(852)
Accumulated Other Comprehensive Loss [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2,027)	(1,448)	(2,087)	(1,465)
Other comprehensive income	30	8	90	25
Ending balance	(1,997)	(1,440)	(1,997)	(1,440)
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(164,668)	(146,188)	(158,102)	(129,025)
Acquisition of treasury stock	(12,899)	(1,473)	(19,708)	(19,316)
Director's compensation plan			243	680
Ending balance	$ (177,567)	$ (147,661)	$ (177,567)	(147,661)
Cumulative Effect, Period of Adoption, Adjustment [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				6,824
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				$ 6,824

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Level 1 [Member]
Fair Values of Financial Instruments [Abstract]
Deferred compensation plans	$ 7.7	$ 7.5

Credit Agreement (Details)

Credit Agreement (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019
Credit Agreement [Abstract]
Proceeds from borrowings			$ 43,800	$ 0
Repayment of borrowings			43,800	$ 0
Credit Agreement [Member]
Credit Agreement [Abstract]
Maximum borrowing capacity			$ 60,000
Maturity date			Sep. 27, 2024
Covenant limit for unused availability to pay dividends			$ 12,500
Proceeds from borrowings		$ 43,800
Repayment of borrowings	$ 43,800
Weighted average interest rate			2.37%
Interest paid			$ 400
Current borrowing base			14,600
Outstanding letters of credit			0
Net availability			$ 14,600
Credit Agreement [Member] | Euro Dollar LIBOR Rate [Member]
Credit Agreement [Abstract]
Term of variable interest rate			3 months
Basis spread on variable rate			1.25%

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Abstract]
Net sales		$ 217,513	$ 209,320	$ 506,913	$ 588,455
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		$ 71,939	$ 72,525	$ 177,371	$ 205,269
Case Goods [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		33.10%	34.60%	35.00%	34.90%
Bedroom Furniture [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 29,725	$ 33,564	$ 76,638	$ 95,501
Bedroom Furniture [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		13.70%	16.00%	15.10%	16.20%
Dining Room Furniture [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 22,994	$ 22,836	$ 54,067	$ 62,698
Dining Room Furniture [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		10.60%	10.90%	10.70%	10.70%
Occasional [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 19,220	$ 16,125	$ 46,665	$ 47,070
Occasional [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		8.80%	7.70%	9.20%	8.00%
Upholstery [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 95,554	$ 83,619	$ 213,656	$ 233,797
Upholstery [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		43.90%	39.90%	42.10%	39.70%
Mattresses [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 21,431	$ 25,721	$ 50,625	$ 68,956
Mattresses [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		9.90%	12.40%	10.00%	11.70%
Accessories and Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	[1]	$ 28,590	$ 27,455	$ 65,261	$ 80,433
Accessories and Other [Member] | Net Sales [Member]
Disaggregation of Revenue [Abstract]
Percentage of net sales		13.10%	13.10%	12.90%	13.70%
[1]	Includes delivery charges and product protection.

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)Lease	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Lease	Sep. 30, 2019USD ($)
Operating Leases [Abstract]
Number of leases for additional retail locations not yet commenced | Lease	1		1
Lease Expense [Abstract]
Operating lease cost	$ 11,596	$ 10,478	$ 33,111	$ 31,171
Short-term lease cost	0	30	0	70
Variable lease cost	1,627	1,572	3,825	4,384
Total lease expense	$ 13,223	$ 12,080	36,936	35,625
Cash Paid for Amounts Included in the Measurement of Lease Liabilities [Abstract]
Operating cash flows from operating leases			25,099	30,130
Right-of-use Assets Obtained in Exchange for Lease Obligations [Abstract]
New operating leases			$ 83,550	$ 25,664
Minimum [Member]
Operating Leases [Abstract]
Remaining lease term	1 year		1 year
Maximum [Member]
Operating Leases [Abstract]
Remaining lease term	15 years		15 years
Lease term extension option	20 years		20 years

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Taxes [Abstract]
Effective tax rate	25.80%	25.40%

Stock Based Compensation Plan_2

Stock Based Compensation Plan (Details) - USD ($)		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019
Additional Disclosures [Abstract]
Total compensation cost related to unvested equity awards		$ 7,200,000
Weighted-average period of recognition of cost		2 years 2 months 12 days
Selling, General and Administrative Expense [Member]
Additional Disclosures [Abstract]
Stock based compensation expense		$ 3,400,000	$ 2,700,000
Service-Based Restricted Stock Awards [Member]
Shares or Units and Rights [Roll Forward]
Outstanding, beginning balance (in shares)		234,810
Granted/Issued (in shares)		145,375
Awards vested or rights exercised (in shares)	[1]	(122,114)
Forfeited (in shares)		(7,670)
Outstanding, ending balance (in shares)		250,401
Restricted Units expected to vest (in shares)		250,401
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)		$ 20.93
Granted/Issued (in dollars per share)		20.42
Awards vested or rights exercised (in dollars per share)	[1]	20.62
Forfeited (in dollars per share)		20.40
Outstanding, ending balance (in dollars per share)		20.80
Restricted Units expected to vest (in dollars per share)		$ 20.80
Additional Disclosures [Abstract]
Aggregate intrinsic value of outstanding awards		$ 5,200,000
Service-Based Restricted Stock Awards [Member] | Maximum [Member]
Additional Disclosures [Abstract]
Vesting period of awards		4 years
Service-Based Restricted Stock Awards [Member] | Minimum [Member]
Additional Disclosures [Abstract]
Vesting period of awards		3 years
Performance-Based Restricted Stock Awards [Member]
Shares or Units and Rights [Roll Forward]
Outstanding, beginning balance (in shares)		214,809
Granted/Issued (in shares)		120,727
Awards vested or rights exercised (in shares)	[1]	(44,875)
Forfeited (in shares)		(76,766)
Outstanding, ending balance (in shares)		213,895
Restricted Units expected to vest (in shares)		288,303
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)		$ 21.38
Granted/Issued (in dollars per share)		20.42
Awards vested or rights exercised (in dollars per share)	[1]	22.12
Forfeited (in dollars per share)		20.29
Outstanding, ending balance (in dollars per share)		21.08
Restricted Units expected to vest (in dollars per share)		$ 20.90
Additional Disclosures [Abstract]
Aggregate intrinsic value of outstanding awards		$ 6,000,000
Fair value of vested shares		$ 1,000,000
Performance period		1 year
Vesting period of awards		3 years
Stock-Settled Appreciation Rights [Member]
Shares or Units and Rights [Roll Forward]
Outstanding, beginning balance (in shares)		7,500
Granted/Issued (in shares)		0
Awards vested or rights exercised (in shares)	[1]	(7,500)
Forfeited (in shares)		0
Outstanding, ending balance (in shares)		0
Restricted Units expected to vest (in shares)		0
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)		$ 18.14
Awards vested or rights exercised (in dollars per share)	[1]	18.14
Forfeited (in dollars per share)		0
Outstanding, ending balance (in dollars per share)		0
Restricted Units expected to vest (in dollars per share)		$ 0
Additional Disclosures [Abstract]
Intrinsic value of awards exercised		$ 18,000
[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, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2020USD ($)Vote$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares
Earnings Per Share [Abstract]
Percentage of earnings assumed to be distributed as dividends in earnings per share calculation			100.00%
Preferential dividend rate			105.00%
Class A Common Stock [Member]
Earnings Per Share [Abstract]
Number of votes per share | Vote			10
Numerator [Abstract]
Distributed earnings	$ 290	$ 292	$ 796	$ 852
Undistributed earnings	1,140	163	1,825	355
Basic	$ 1,430	$ 455	$ 2,621	$ 1,207
Denominator [Abstract]
Weighted average shares outstanding (in shares) | shares	1,526	1,536	1,530	1,637
Earnings Per Share [Abstract]
Basic earnings per share (in dollars per share) | $ / shares	$ 0.94	$ 0.30	$ 1.71	$ 0.74
Diluted earnings per share (in dollars per share) | $ / shares	$ 0.93	$ 0.30	$ 1.70	$ 0.73
Common Stock [Member]
Earnings Per Share [Abstract]
Number of votes per share | Vote			1
Numerator [Abstract]
Distributed earnings	$ 3,423	$ 3,617	$ 9,475	$ 10,342
Undistributed earnings	13,408	2,025	21,624	4,216
Basic	16,831	5,642	31,099	14,558
Diluted	$ 18,261	$ 6,097	$ 33,720	$ 15,765
Denominator [Abstract]
Weighted average shares outstanding - basic (in shares) | shares	17,098	18,116	17,267	18,514
Assumed conversion of Class A Common Stock (in shares) | shares	1,526	1,536	1,530	1,637
Dilutive options, awards and common stock equivalents (in shares) | shares	240	241	241	293
Total weighted-average diluted Common Stock (in shares) | shares	18,864	19,893	19,038	20,444
Earnings Per Share [Abstract]
Basic earnings per share (in dollars per share) | $ / shares	$ 0.98	$ 0.31	$ 1.80	$ 0.79
Diluted earnings per share (in dollars per share) | $ / shares	$ 0.97	$ 0.31	$ 1.77	$ 0.77

Sale and Leaseback Transaction

Sale and Leaseback Transaction (Details) $ in Millions	1 Months Ended
	May 31, 2020USD ($)	Sep. 30, 2020ft²	May 18, 2020USD ($)Property
Sale and Leaseback Transaction [Abstract]
Number of properties included in sale and leaseback transaction | Property			3
Purchase price | $			$ 70
Net book value of three properties | $			$ 37.9
Term of operating lease		15 years
Other Income [Member]
Sale and Leaseback Transaction [Abstract]
Gain on sale and leaseback transaction | $	$ 31.6
Coppell, Texas [Member] | Distribution Space [Member]
Sale and Leaseback Transaction [Abstract]
Area of property		394,000
Coppell, Texas [Member] | Retail Space [Member]
Sale and Leaseback Transaction [Abstract]
Area of property		44,000
Coppell, Texas [Member] | Office Space [Member]
Sale and Leaseback Transaction [Abstract]
Area of property		20,000
Lakeland, Florida [Member] | Distribution Space [Member]
Sale and Leaseback Transaction [Abstract]
Area of property		335,000
Colonial Heights, Virginia [Member] | Distribution Space [Member]
Sale and Leaseback Transaction [Abstract]
Area of property		129,000