Haverty Furniture Companies (HVT) 10-Q 2 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 28, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	1-14445
Entity Registrant Name	HAVERTY FURNITURE COMPANIES, INC
Entity Central Index Key	0000216085
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		16,532,392
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		1,287,142

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 225,674	$ 200,058
Restricted cash and cash equivalents	6,716	6,713
Inventories	118,961	89,908
Prepaid expenses	13,729	9,580
Other current assets	13,441	9,985
Total current assets	378,521	316,244
Property and equipment, net	124,795	108,366
Right-of-use lease assets	229,975	228,749
Deferred income taxes	18,120	15,814
Other assets	12,349	11,199
Total assets	763,760	680,372
Current liabilities
Accounts payable	34,663	31,429
Customer deposits	120,149	86,183
Accrued liabilities	56,880	52,963
Current lease liabilities	34,108	33,466
Total current liabilities	245,800	204,041
Noncurrent lease liabilities	203,935	200,200
Other liabilities	22,484	23,164
Total liabilities	472,219	427,405
Capital Stock, par value $1 per share
Preferred Stock, Authorized - 1,000 shares; Issued: None
Additional paid-in capital	100,816	96,850
Retained earnings	358,113	304,626
Accumulated other comprehensive loss	(2,412)	(2,560)
Less treasury stock at cost - Common Stock (2021 - 13,374; and 2020 - 12,862 shares) and Convertible Class A Common Stock (2021 and 2020 - 522 shares)	(196,692)	(177,545)
Total stockholders' equity	291,541	252,967
Total liabilities and stockholders' equity	763,760	680,372
Common Stock [Member]
Capital Stock, par value $1 per share
Common Stock	29,906	29,600
Convertible Class A Common Stock [Member]
Capital Stock, par value $1 per share
Common Stock	$ 1,810	$ 1,996

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2021	Dec. 31, 2020
Stockholders' equity
Capital 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 [Member]
Stockholders' equity
Common Stock, shares authorized (in shares)	50,000	50,000
Common Stock, shares issued (in shares)	29,906	29,600
Treasury Stock, shares (in shares)	13,374	12,862
Convertible Class A Common Stock [Member]
Stockholders' equity
Common Stock, shares authorized (in shares)	15,000	15,000
Common Stock, shares issued (in shares)	1,810	1,996
Treasury Stock, shares (in shares)	522	522

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net sales	$ 260,378	$ 217,513	$ 746,858	$ 506,913
Cost of goods sold	112,375	95,336	322,320	225,537
Gross profit	148,003	122,177	424,538	281,376
Expenses:
Selling, general and administrative	116,156	100,097	338,315	270,281
Other expense (income), net	2	(2,401)	(40)	(34,298)
Total expenses	116,158	97,696	338,275	235,983
Income before interest and income taxes	31,845	24,481	86,263	45,393
Interest income, net	58	51	173	64
Income before income taxes	31,903	24,532	86,436	45,457
Income tax expense	7,670	6,271	19,939	11,737
Net income	24,233	18,261	66,497	33,720
Other comprehensive income
Adjustments related to retirement plans; net of tax expense of $16 and $48 in 2021 and $10 and $30 in 2020	50	30	148	90
Comprehensive income	$ 24,283	$ 18,291	$ 66,645	$ 33,810
Common Stock [Member]
Other comprehensive income
Basic earnings per share (in dollars per share)	$ 1.35	$ 0.98	$ 3.67	$ 1.80
Diluted earnings per share (in dollars per share)	1.31	0.97	3.55	1.77
Cash dividends per share (in dollars per share)	0.25	0.20	0.72	0.55
Class A Common Stock [Member]
Other comprehensive income
Basic earnings per share (in dollars per share)	1.28	0.94	3.45	1.71
Diluted earnings per share (in dollars per share)	1.25	0.93	3.38	1.70
Cash dividends per share (in dollars per share)	$ 0.23	$ 0.19	$ 0.65	$ 0.52

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other comprehensive income
Adjustments related to retirement plans, tax expense	$ 16	$ 10	$ 48	$ 30

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities
Net income	$ 66,497	$ 33,720
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,099	13,959
Share-based compensation expense	6,456	3,362
Gain from sale of land, property and equipment	(74)	(34,202)
Other	(1,484)	1,259
Changes in operating assets and liabilities:
Inventories	(29,053)	13,873
Customer deposits	33,966	58,287
Operating lease assets and liabilities, net	3,151	1,156
Other assets and liabilities	(9,239)	(4,997)
Accounts payable and accrued liabilities	6,679	13,404
Net cash provided by operating activities	88,998	99,821
Cash Flows from Investing Activities
Capital expenditures	(28,060)	(7,205)
Proceeds from sale of land, property and equipment	78	74,399
Net cash (used in) provided by investing activities	(27,982)	67,194
Cash Flows from Financing Activities
Proceeds from borrowings under revolving credit facility	0	43,800
Payments of borrowings under revolving credit facility	0	(43,800)
Net change in borrowings under revolving credit facility	0	0
Dividends paid	(13,010)	(10,271)
Common stock repurchased	(19,493)	(19,708)
Other	(2,894)	(876)
Net cash used in financing activities	(35,397)	(30,855)
Increase in cash, cash equivalents and restricted cash equivalents during the period	25,619	136,160
Cash, cash equivalents and restricted cash equivalents at beginning of period	206,771	82,402
Cash, cash equivalents and restricted cash equivalents at end of period	$ 232,390	$ 218,562

Business and Basis of Presentat

Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2021
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 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, 2021
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, retail store closures, 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 and halted deliveries in mid-March 2020, with the expectation at that time of reopening stores on April 2, 2020. Our stores remained closed during April and we reopened 103 locations on May 1, 2020 and the remaining 17 stores were reopened by June 20, 2020. We restarted our delivery operations on May 5, 2020. The pandemic continues to disrupt several segments of the economy. Although we and many other businesses are open, some businesses and industries have only recently reopened or are operating on a reduced scale. Our business has been very strong since reopening. Consumers not negatively impacted financially are spending more money on furniture and accessories as they spend more time at home. However, many manufacturers are struggling to meet the increased consumer demand, resulting in product shortages and delays in a number of merchandise categories. In addition to experiencing supply chain disruptions and delays we have encountered difficulties in increasing our distribution and delivery capacity due to staffing shortages. The COVID-19 pandemic is complex and continues to evolve with sporadic resurgences, new shutdowns and disruptions of vendor operations, new virus variants, and the vaccine rollout. At this point, we cannot reasonably estimate the duration and extent of the pandemic’s influence on consumers, the “nesting” economy, and our business. Accordingly, our estimates and assumptions could change in subsequent interim reports, and it is reasonably possible that such changes could be significant (although the potential effects cannot be estimated at this time).

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
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, 2021: (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, 2021 $ 29,903 $ 1,813 $ 99,016 $ 338,341 $ (2,462 ) $ (177,199 ) $ 289,412 Net income 24,233 24,233 Dividends declared: Common Stock, $0.25 per share (4,164 ) (4,164 ) Class A Common Stock, $0.23 per share (297 ) (297 ) Class A conversion 3 (3 ) — Acquisition of treasury stock (19,493 ) (19,493 ) Amortization of restricted stock 1,800 1,800 Other comprehensive income 50 50 Balances at September 30, 2021 $ 29,906 $ 1,810 $ 100,816 $ 358,113 $ (2,412 ) $ (196,692 ) $ 291,541 For the nine months ended September 30, 2021: (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, 2020 $ 29,600 $ 1,996 $ 96,850 $ 304,626 $ (2,560 ) $ (177,545 ) $ 252,967 Net income 66,497 66,497 Dividends declared: Common Stock, $0.72 per share (12,142 ) (12,142 ) Class A Common Stock, $0.65 per share (868 ) (868 ) Class A conversion 186 (186 ) — Acquisition of treasury stock (19,493 ) (19,493 ) Restricted stock issuances 120 (3,014 ) (2,894 ) Amortization of restricted stock 6,456 6,456 Directors’ Compensation Plan 524 346 870 Other comprehensive income 148 148 Balances at September 30, 2021 $ 29,906 $ 1,810 $ 100,816 $ 358,113 $ (2,412 ) $ (196,692 ) $ 291,541 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 ) Class A conversion 17 (17 ) — Acquisition of treasury stock (19,708 ) (19,708 ) Restricted stock issuances 107 (983 ) (876 ) 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

Interim LIFO Calculations

Interim LIFO Calculations	9 Months Ended
	Sep. 30, 2021
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, 2021
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 $ 9.2 million at September 30, 2021 and $ million at December 31, 2020 and are included in other assets. September 30 .

Credit Agreement

Credit Agreement	9 Months Ended
	Sep. 30, 2021
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 described in Note H. 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 rate on the outstanding balance was 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 $15.7 million at September 30, 2021, there were no outstanding letters of credit, and the net availability was $15.7 million.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2021
Revenues [Abstract]
Revenues	Note G – Revenues We recognize revenue from merchandise sales and related service fees, net of expected returns and sales tax, at the time the merchandise is delivered to the customer. We record customer deposits when payments are received in advance of the delivery of merchandise, which totaled $120.1 million and $86.2 million at September 30, 2021 and December 31, 2020, respectively. Of the customer deposit liabilities at December 31, 2020, approximately $0.5 million has not been recognized through net sales in the nine months ended September 30, 2021. 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, 2021 2020 2021 2020 (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 $ 41,438 15.9 % $ 29,725 13.7 % $ 121,848 16.3 % $ 76,638 15.1 % Dining Room Furniture 29,047 11.2 22,994 10.6 84,965 11.4 54,067 10.7 Occasional 21,955 8.4 19,220 8.8 66,128 8.8 46,665 9.2 92,440 35.5 71,939 33.1 272,941 36.5 177,371 35.0 Upholstery 109,375 42.0 95,554 43.9 305,842 41.0 213,656 42.1 Mattresses 23,616 9.1 21,431 9.9 68,257 9.1 50,625 10.0 Accessories and Other (1) 34,948 13.4 28,590 13.1 99,818 13.4 65,261 12.9 $ 260,378 100.0 % $ 217,513 100.0 % $ 746,858 100.0 % $ 506,913 100.0 % (1)

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	NOTE H – Leases We have operating leases for retail stores, 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. 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, 2021, 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, 2021 2020 2021 2020 Operating lease cost $ 11,440 $ 11,596 $ 35,140 $ 33,111 Variable lease cost 1,739 1,627 4,856 3,825 Total lease expense $ 13,179 $ 13,223 $ 39,996 $ 36,936 In June 2021, we renewed the lease covering ten retail locations. This increased our right-of-use assets approximately $17.6 million and lease liability $20.6 million, and we recorded $3.0 million in tenant incentives. In August 2021, we purchased a distribution center which was part of the sale and leaseback transaction which occurred in May 2020 and which is described below. We also purchased a retail location at the end of its lease term. These purchases decreased our right of use assets and lease liabilities approximately $5.3 million . Supplemental cash flow information related to leases is as follows (in thousands): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,428 $ 25,099 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 24,213 $ 83,550 S ale and Leaseback Transaction On May 18, 2020, we completed a sale and leaseback transaction of three of our distribution facilities. 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 us under 15-year operating lease agreements with renewal options.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Taxes [Abstract]
Income Taxes	NOTE I – Income Taxes Our effective tax rate for the nine months ended September 30, 2021 and 2020 was 23.1% and 25.8%, respectively. The primary difference in the effective rate and the statutory rate was due to state income taxes and the tax impact from vested stock awards.

Stock Based Compensation Plan

Stock Based Compensation Plan	9 Months Ended
	Sep. 30, 2021
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 2020 Annual Report on Form 10-K, we have awards outstanding for Common Stock under stock-based employee compensation plans. Our shareholders approved a new stock-based compensation plan, the 2021 Long-Term Incentive Plan (the “2021 LTIP Plan”) and the 1,500,000 shares reserved for issuance under the 2021 LTIP Plan were registered with the SEC in August 2021. The 2021 LTIP Plan is substantially the same as our 2014 Long-Term Incentive Plan (the “2014 LTIP Plan”). No new grants may be awarded under the 2014 LTIP Plan. The following table summarizes our award activity during the nine months ended September 30, 2021: Service-Based Restricted Stock Awards Performance-Based Restricted Stock Awards Shares or Units (#) Weighted-Average Award Price ($) Shares or Units (#) Weighted-Average Award Price ($) Outstanding at December 31, 2020 239,281 20.77 213,895 21.08 Granted/Issued 119,921 33.29 93,685 32.83 Awards vested or rights exercised (1) (130,323 ) 21.28 (56,578 ) 22.95 Forfeited (5,621 ) 24.74 — — Additional units earned due to performance — — 77,265 20.42 Outstanding at September 30, 2021 223,258 27.10 328,267 23.96 Restricted units expected to vest 223,258 27.10 387,512 25.36 (1) Includes shares repurchased from employees for employee’s tax liability. The total fair value of service-based restricted stock awards that vested during the nine months ended September 30, 2021 was $ 6.1 million. The aggregate intrinsic value of outstanding service-based restricted stock awards was $7.5 million at September 30, 2021. 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, 2021 was $2.0 million. The aggregate intrinsic value of outstanding performance awards at September 30, 2021 expected to vest was $13.1 million. The performance awards are based on one-year performance periods but cliff vest in approximately three years from grant date. 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 $6.5 million for the nine months ended September 30, 2021 and $3.4 million for the same period in 2020. Forfeitures are recognized as they occur. As of September 30, 2021, the total compensation cost related to unvested equity awards was approximately $8.6 million and is expected to be recognized over a weighted-average period of two years.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 Numerator: Common: Distributed earnings $ 4,164 $ 3,423 $ 12,142 $ 9,475 Undistributed earnings 18,424 13,408 49,713 21,624 Basic 22,588 16,831 61,855 31,099 Class A Common earnings 1,645 1,430 4,642 2,621 Diluted $ 24,233 $ 18,261 $ 66,497 $ 33,720 Class A Common: Distributed earnings $ 297 $ 290 $ 868 $ 796 Undistributed earnings 1,348 1,140 3,774 1,825 $ 1,645 $ 1,430 $ 4,642 $ 2,621 Denominator: Common: Weighted average shares outstanding - basic 16,794 17,098 16,862 17,267 Assumed conversion of Class A Common Stock 1,290 1,526 1,344 1,530 Dilutive options, awards and common stock equivalents 478 240 506 241 Total weighted-average diluted Common Stock 18,562 18,864 18,712 19,038 Class A Common: Weighted average shares outstanding 1,290 1,526 1,344 1,530 Basic earnings per share: Common Stock $ 1.35 $ 0.98 $ 3.67 $ 1.80 Class A Common Stock $ 1.28 $ 0.94 $ 3.45 $ 1.71 Diluted earnings per share: Common Stock $ 1.31 $ 0.97 $ 3.55 $ 1.77 Class A Common Stock $ 1.25 $ 0.93 $ 3.38 $ 1.70

Business and Basis of Present_2

Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
Business and Basis of Presentation [Abstract]
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
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, 2021
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, 2021: (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, 2021 $ 29,903 $ 1,813 $ 99,016 $ 338,341 $ (2,462 ) $ (177,199 ) $ 289,412 Net income 24,233 24,233 Dividends declared: Common Stock, $0.25 per share (4,164 ) (4,164 ) Class A Common Stock, $0.23 per share (297 ) (297 ) Class A conversion 3 (3 ) — Acquisition of treasury stock (19,493 ) (19,493 ) Amortization of restricted stock 1,800 1,800 Other comprehensive income 50 50 Balances at September 30, 2021 $ 29,906 $ 1,810 $ 100,816 $ 358,113 $ (2,412 ) $ (196,692 ) $ 291,541 For the nine months ended September 30, 2021: (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, 2020 $ 29,600 $ 1,996 $ 96,850 $ 304,626 $ (2,560 ) $ (177,545 ) $ 252,967 Net income 66,497 66,497 Dividends declared: Common Stock, $0.72 per share (12,142 ) (12,142 ) Class A Common Stock, $0.65 per share (868 ) (868 ) Class A conversion 186 (186 ) — Acquisition of treasury stock (19,493 ) (19,493 ) Restricted stock issuances 120 (3,014 ) (2,894 ) Amortization of restricted stock 6,456 6,456 Directors’ Compensation Plan 524 346 870 Other comprehensive income 148 148 Balances at September 30, 2021 $ 29,906 $ 1,810 $ 100,816 $ 358,113 $ (2,412 ) $ (196,692 ) $ 291,541 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 ) Class A conversion 17 (17 ) — Acquisition of treasury stock (19,708 ) (19,708 ) Restricted stock issuances 107 (983 ) (876 ) 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

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2021
Revenues [Abstract]
Revenues Disaggregated 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, 2021 2020 2021 2020 (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 $ 41,438 15.9 % $ 29,725 13.7 % $ 121,848 16.3 % $ 76,638 15.1 % Dining Room Furniture 29,047 11.2 22,994 10.6 84,965 11.4 54,067 10.7 Occasional 21,955 8.4 19,220 8.8 66,128 8.8 46,665 9.2 92,440 35.5 71,939 33.1 272,941 36.5 177,371 35.0 Upholstery 109,375 42.0 95,554 43.9 305,842 41.0 213,656 42.1 Mattresses 23,616 9.1 21,431 9.9 68,257 9.1 50,625 10.0 Accessories and Other (1) 34,948 13.4 28,590 13.1 99,818 13.4 65,261 12.9 $ 260,378 100.0 % $ 217,513 100.0 % $ 746,858 100.0 % $ 506,913 100.0 % (1)

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 Operating lease cost $ 11,440 $ 11,596 $ 35,140 $ 33,111 Variable lease cost 1,739 1,627 4,856 3,825 Total lease expense $ 13,179 $ 13,223 $ 39,996 $ 36,936
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows (in thousands): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,428 $ 25,099 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 24,213 $ 83,550

Stock Based Compensation Plan (

Stock Based Compensation Plan (Tables)	9 Months Ended
	Sep. 30, 2021
Stock Based Compensation Plan [Abstract]
Award Activity	The following table summarizes our award activity during the nine months ended September 30, 2021: Service-Based Restricted Stock Awards Performance-Based Restricted Stock Awards Shares or Units (#) Weighted-Average Award Price ($) Shares or Units (#) Weighted-Average Award Price ($) Outstanding at December 31, 2020 239,281 20.77 213,895 21.08 Granted/Issued 119,921 33.29 93,685 32.83 Awards vested or rights exercised (1) (130,323 ) 21.28 (56,578 ) 22.95 Forfeited (5,621 ) 24.74 — — Additional units earned due to performance — — 77,265 20.42 Outstanding at September 30, 2021 223,258 27.10 328,267 23.96 Restricted units expected to vest 223,258 27.10 387,512 25.36 (1) Includes shares repurchased from employees for employee’s tax liability.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Common: Distributed earnings $ 4,164 $ 3,423 $ 12,142 $ 9,475 Undistributed earnings 18,424 13,408 49,713 21,624 Basic 22,588 16,831 61,855 31,099 Class A Common earnings 1,645 1,430 4,642 2,621 Diluted $ 24,233 $ 18,261 $ 66,497 $ 33,720 Class A Common: Distributed earnings $ 297 $ 290 $ 868 $ 796 Undistributed earnings 1,348 1,140 3,774 1,825 $ 1,645 $ 1,430 $ 4,642 $ 2,621 Denominator: Common: Weighted average shares outstanding - basic 16,794 17,098 16,862 17,267 Assumed conversion of Class A Common Stock 1,290 1,526 1,344 1,530 Dilutive options, awards and common stock equivalents 478 240 506 241 Total weighted-average diluted Common Stock 18,562 18,864 18,712 19,038 Class A Common: Weighted average shares outstanding 1,290 1,526 1,344 1,530 Basic earnings per share: Common Stock $ 1.35 $ 0.98 $ 3.67 $ 1.80 Class A Common Stock $ 1.28 $ 0.94 $ 3.45 $ 1.71 Diluted earnings per share: Common Stock $ 1.31 $ 0.97 $ 3.55 $ 1.77 Class A Common Stock $ 1.25 $ 0.93 $ 3.38 $ 1.70

Business and Basis of Present_3

Business and Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2021Segment
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 289,412	$ 264,378	$ 252,967	$ 260,503
Net income	24,233	18,261	66,497	33,720
Class A conversion	0	0	0	0
Acquisition of treasury stock	(19,493)	(12,899)	(19,493)	(19,708)
Restricted stock issuances			(2,894)	(876)
Amortization of restricted stock	1,800	1,325	6,456	3,362
Director's compensation plan			870	557
Director's compensation plan		(5)
Other comprehensive income	50	30	148	90
Ending balance	291,541	267,377	291,541	267,377
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	$ (4,164)	$ (3,423)	$ (12,142)	$ (9,475)
Dividends declared (in dollars per share)	$ 0.25	$ 0.20	$ 0.72	$ 0.55
Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	$ (297)	$ (290)	$ (868)	$ (796)
Dividends declared (in dollars per share)	$ 0.23	$ 0.19	$ 0.65	$ 0.52
Common Stock [Member] | Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 29,903	$ 29,538	$ 29,600	$ 29,431
Class A conversion	3	17	186	17
Restricted stock issuances			120	107
Ending balance	29,906	29,555	29,906	29,555
Common Stock [Member] | Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,813	2,054	1,996	2,054
Class A conversion	(3)	(17)	(186)	(17)
Ending balance	1,810	2,037	1,810	2,037
Additional Paid-In Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	99,016	94,581	96,850	93,208
Restricted stock issuances			(3,014)	(983)
Amortization of restricted stock	1,800	1,325	6,456	3,362
Director's compensation plan			524	314
Director's compensation plan		(5)
Ending balance	100,816	95,901	100,816	95,901
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	338,341	304,900	304,626	295,999
Net income	24,233	18,261	66,497	33,720
Ending balance	358,113	319,448	358,113	319,448
Retained Earnings [Member] | Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(4,164)	(3,423)	(12,142)	(9,475)
Retained Earnings [Member] | Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(297)	(290)	(868)	(796)
Accumulated Other Comprehensive Loss [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2,462)	(2,027)	(2,560)	(2,087)
Other comprehensive income	50	30	148	90
Ending balance	(2,412)	(1,997)	(2,412)	(1,997)
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(177,199)	(164,668)	(177,545)	(158,102)
Acquisition of treasury stock	(19,493)	(12,899)	(19,493)	(19,708)
Director's compensation plan			346	243
Ending balance	$ (196,692)	$ (177,567)	$ (196,692)	$ (177,567)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - Level 1 [Member] - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Other Assets [Member]
Fair Values of Financial Instruments [Abstract]
Deferred compensation plans	$ 9.2	$ 7.9
Other Liabilities [Member]
Fair Values of Financial Instruments [Abstract]
Deferred compensation plans	$ 9.2	$ 8.1

Credit Agreement (Details)

Credit Agreement (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Credit Agreement [Abstract]
Proceeds from borrowings				$ 0	$ 43,800
Repayment of borrowings				0	43,800
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%	2.37%
Interest paid					$ 400
Borrowing base				15,700
Outstanding letters of credit				0
Net availability				$ 15,700
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenues [Abstract]
Customer deposits		$ 120,149		$ 120,149		$ 86,183
Customer deposits not recognized through net sales				500
Disaggregation of Revenue [Abstract]
Net sales		$ 260,378	$ 217,513	$ 746,858	$ 506,913
Percentage of net sales		100.00%	100.00%	100.00%	100.00%
Case Goods [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 92,440	$ 71,939	$ 272,941	$ 177,371
Percentage of net sales		35.50%	33.10%	36.50%	35.00%
Bedroom Furniture [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 41,438	$ 29,725	$ 121,848	$ 76,638
Percentage of net sales		15.90%	13.70%	16.30%	15.10%
Dining Room Furniture [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 29,047	$ 22,994	$ 84,965	$ 54,067
Percentage of net sales		11.20%	10.60%	11.40%	10.70%
Occasional [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 21,955	$ 19,220	$ 66,128	$ 46,665
Percentage of net sales		8.40%	8.80%	8.80%	9.20%
Upholstery [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 109,375	$ 95,554	$ 305,842	$ 213,656
Percentage of net sales		42.00%	43.90%	41.00%	42.10%
Mattresses [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 23,616	$ 21,431	$ 68,257	$ 50,625
Percentage of net sales		9.10%	9.90%	9.10%	10.00%
Accessories and Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	[1]	$ 34,948	$ 28,590	$ 99,818	$ 65,261
Percentage of net sales		13.40%	13.10%	13.40%	12.90%
[1]	Includes delivery charges and product protection.

Leases (Details)

Leases (Details) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Aug. 31, 2021USD ($)	Jun. 30, 2021USD ($)Location	May 31, 2020USD ($)	Sep. 30, 2021USD ($)Lease	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Lease	Sep. 30, 2020USD ($)	May 18, 2020USD ($)Property
Operating Leases [Abstract]
Number of leases for additional retail locations not yet commenced | Lease				1		1
Lease Expense [Abstract]
Operating lease cost				$ 11,440	$ 11,596	$ 35,140	$ 33,111
Variable lease cost				1,739	1,627	4,856	3,825
Total lease expense				$ 13,179	$ 13,223	39,996	36,936
Number of leases covering retail locations renewed | Location		10
Increase (decrease) in right-of-use assets	$ (5,300)	$ 17,600
Increase (decrease) in lease liability	$ (5,300)	20,600
Tenant incentives		$ 3,000
Cash Paid for Amounts Included in the Measurement of Lease Liabilities [Abstract]
Operating cash flows from operating leases						35,428	25,099
Right-of-use Assets Obtained in Exchange for Lease Obligations [Abstract]
Operating leases						$ 24,213	$ 83,550
Sale and Leaseback Transaction [Abstract]
Number of properties included in sale and leaseback transaction | Property								3
Purchase price								$ 70,000
Net book value of three properties								$ 37,900
Term of operating lease				15 years		15 years
Minimum [Member]
Operating Leases [Abstract]
Remaining lease term				1 year		1 year
Maximum [Member]
Operating Leases [Abstract]
Remaining lease term				14 years		14 years
Term of lease extension				20 years		20 years
Other Income [Member]
Sale and Leaseback Transaction [Abstract]
Gain on sale and leaseback transaction			$ 31,600

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Income Taxes [Abstract]
Effective tax rate	23.10%	25.80%

Stock Based Compensation Plan_2

Stock Based Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Aug. 31, 2021
Stock Based Compensation Plan [Abstract]
Compensation cost related to unvested equity awards		$ 8.6
Weighted-average period for recognition of cost		2 years
Selling, General and Administrative Expense [Member]
Stock Based Compensation Plan [Abstract]
Stock-based compensation expense		$ 6.5	$ 3.4
Service-Based Restricted Stock Awards [Member]
Award Activity [Roll Forward]
Outstanding, beginning balance (in shares)		239,281
Granted/Issued (in shares)		119,921
Awards vested or rights exercised (in shares)	[1]	(130,323)
Forfeited (in shares)		(5,621)
Outstanding, ending balance (in shares)		223,258
Expected to vest (in shares)		223,258
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)		$ 20.77
Granted/Issued (in dollars per share)		33.29
Awards vested or rights exercised (in dollars per share)	[1]	21.28
Forfeited (in dollars per share)		24.74
Outstanding, ending balance (in dollars per share)		27.10
Expected to vest (in dollars per share)		$ 27.10
Stock Based Compensation Plan [Abstract]
Fair value of vested shares		$ 6.1
Aggregate intrinsic value of outstanding awards		$ 7.5
Service-Based Restricted Stock Awards [Member] | Minimum [Member]
Stock Based Compensation Plan [Abstract]
Vesting period of awards		3 years
Service-Based Restricted Stock Awards [Member] | Maximum [Member]
Stock Based Compensation Plan [Abstract]
Vesting period of awards		4 years
Performance-Based Restricted Stock Awards [Member]
Award Activity [Roll Forward]
Outstanding, beginning balance (in shares)		213,895
Granted/Issued (in shares)		93,685
Awards vested or rights exercised (in shares)	[1]	(56,578)
Forfeited (in shares)		0
Additional units earned due to performance (in shares)		77,265
Outstanding, ending balance (in shares)		328,267
Expected to vest (in shares)		387,512
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)		$ 21.08
Granted/Issued (in dollars per share)		32.83
Awards vested or rights exercised (in dollars per share)	[1]	22.95
Forfeited (in dollars per share)		0
Additional units earned due to performance (in dollars per share)		20.42
Outstanding, ending balance (in dollars per share)		23.96
Expected to vest (in dollars per share)		$ 25.36
Stock Based Compensation Plan [Abstract]
Fair value of vested shares		$ 2
Aggregate intrinsic value of outstanding awards		$ 13.1
Performance period		1 year
Cliff vesting period		3 years
2021 LTIP Plan [Member]
Stock Based Compensation Plan [Abstract]
Shares registered under the plan (in shares)				1,500,000
[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, 2021USD ($)$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2021USD ($)Vote$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares
Common Stock [Member]
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%
Number of votes per share | Vote			1
Numerator [Abstract]
Distributed earnings	$ 4,164	$ 3,423	$ 12,142	$ 9,475
Undistributed earnings	18,424	13,408	49,713	21,624
Basic	22,588	16,831	61,855	31,099
Diluted	$ 24,233	$ 18,261	$ 66,497	$ 33,720
Denominator [Abstract]
Weighted average shares outstanding - basic (in shares) | shares	16,794	17,098	16,862	17,267
Assumed conversion of Class A Common Stock (in shares) | shares	1,290	1,526	1,344	1,530
Dilutive options, awards and common stock equivalents (in shares) | shares	478	240	506	241
Total weighted-average diluted Common Stock (in shares) | shares	18,562	18,864	18,712	19,038
Earnings Per Share [Abstract]
Basic earnings per share (in dollars per share) | $ / shares	$ 1.35	$ 0.98	$ 3.67	$ 1.80
Diluted earnings per share (in dollars per share) | $ / shares	$ 1.31	$ 0.97	$ 3.55	$ 1.77
Class A Common Stock [Member]
Earnings Per Share [Abstract]
Number of votes per share | Vote			10
Numerator [Abstract]
Distributed earnings	$ 297	$ 290	$ 868	$ 796
Undistributed earnings	1,348	1,140	3,774	1,825
Basic	$ 1,645	$ 1,430	$ 4,642	$ 2,621
Denominator [Abstract]
Weighted average shares outstanding (in shares) | shares	1,290	1,526	1,344	1,530
Earnings Per Share [Abstract]
Basic earnings per share (in dollars per share) | $ / shares	$ 1.28	$ 0.94	$ 3.45	$ 1.71
Diluted earnings per share (in dollars per share) | $ / shares	$ 1.25	$ 0.93	$ 3.38	$ 1.70