Haverty Furniture Companies (HVT) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Entity Listings [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Stock [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	HVT
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		15,419,859
Common Class A [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Class A Common Stock
Trading Symbol	HVTA
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		1,283,260

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 162,340	$ 166,146
Restricted cash and cash equivalents	6,715	6,716
Inventories	119,857	112,031
Prepaid expenses	10,633	12,418
Other current assets	13,585	11,746
Total current assets	313,130	309,057
Property and equipment, net	128,721	126,099
Right-of-use lease assets	221,083	222,356
Deferred income taxes	18,252	16,375
Other assets	12,699	12,403
Total assets	693,885	686,290
Current liabilities
Accounts payable	32,415	31,235
Customer deposits	98,528	98,897
Accrued liabilities	48,876	46,664
Current lease liabilities	33,923	33,581
Total current liabilities	213,742	210,377
Noncurrent lease liabilities	197,265	196,771
Other liabilities	22,478	23,172
Total liabilities	433,485	430,320
Capital Stock, par value $1 per share
Preferred Stock, Authorized - 1,000 shares; Issued: None
Additional paid-in capital	104,345	102,572
Retained earnings	358,084	342,983
Accumulated other comprehensive loss	(2,253)	(2,293)
Less treasury stock at cost - Common Stock (2022 - 14,507 and 2021 - 14,069 shares) and Convertible Class A Common Stock (2022 and 2021 - 522 shares)	(231,509)	(219,008)
Total stockholders' equity	260,400	255,970
Total liabilities and stockholders' equity	693,885	686,290
Common Stock [Member]
Capital Stock, par value $1 per share
Common Stock	29,924	29,907
Convertible Class A Common Stock [Member]
Capital Stock, par value $1 per share
Common Stock	$ 1,809	$ 1,809

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2022	Dec. 31, 2021
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)	29,924	29,907
Treasury Stock, shares (in shares)	14,507	14,069
Convertible Class A Common Stock [Member]
Stockholders' equity
Common Stock, shares authorized (in shares)	15,000	15,000
Common Stock, shares issued (in shares)	1,809	1,809
Treasury Stock, shares (in shares)	522	522

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net sales	$ 238,946	$ 236,491
Cost of goods sold	97,985	101,457
Gross profit	140,961	135,034
Expenses:
Selling, general and administrative	115,154	109,762
Other expense (income), net	161	(36)
Total expenses	115,315	109,726
Income before interest and income taxes	25,646	25,308
Interest income, net	74	56
Income before income taxes	25,720	25,364
Income tax expense	6,359	5,958
Net income	19,361	19,406
Other comprehensive income
Adjustments related to retirement plans; net of tax expense of $14 in 2022 and $16 in 2021	40	49
Comprehensive income	$ 19,401	$ 19,455
Common Stock [Member]
Other comprehensive income
Basic earnings per share (in dollars per share)	$ 1.14	$ 1.07
Diluted earnings per share (in dollars per share)	1.11	1.04
Cash dividends per share (in dollars per share)	0.25	0.22
Class A Common Stock [Member]
Other comprehensive income
Basic earnings per share (in dollars per share)	1.08	1
Diluted earnings per share (in dollars per share)	1.05	0.98
Cash dividends per share (in dollars per share)	$ 0.23	$ 0.20

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other comprehensive income
Adjustments related to retirement plans, tax expense	$ 14	$ 16

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities
Net income	$ 19,361	$ 19,406
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,272	3,992
Share-based compensation expense	2,307	2,679
Other	(1,877)	(915)
Changes in operating assets and liabilities:
Inventories	(7,826)	(13,661)
Customer deposits	(369)	18,545
Other assets and liabilities	1,120	(2,777)
Accounts payable and accrued liabilities	3,590	(7,668)
Net cash provided by operating activities	20,578	19,601
Cash Flows from Investing Activities
Capital expenditures	(7,107)	(4,745)
Net cash used in investing activities	(7,107)	(4,745)
Cash Flows from Financing Activities
Proceeds from borrowings under revolving credit facility	0	0
Payments of borrowings under revolving credit facility	0	0
Net change in borrowings under revolving credit facilities	0	0
Dividends paid	(4,260)	(3,987)
Common stock repurchased	(12,501)	0
Other	(517)	(801)
Net cash used in financing activities	(17,278)	(4,788)
(Decrease) increase in cash, cash equivalents and restricted cash equivalents during the period	(3,807)	10,068
Cash, cash equivalents and restricted cash equivalents at beginning of period	172,862	206,771
Cash, cash equivalents and restricted cash equivalents at end of period	$ 169,055	$ 216,839

Business and Basis of Presentat

Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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, including with respect to product liability and personal injury claims, that arise in the ordinary course of its business activities. We currently have no pending claims or legal proceedings that we believe would be reasonably likely to have a material adverse effect on our financial condition, results of operations or cash flows. However, there can be no assurance that either future litigation or an unfavorable outcome in existing claims will not have a material impact on our business, reputation, financial position, cash flows or results of operations.

COVID-19

COVID-19	3 Months Ended
	Mar. 31, 2022
COVID-19 [Abstract]
COVID-19	Note B – COVID-19 The novel coronavirus disease (“COVID-19”) pandemic and its contributory effects on the economy continue to impact our business and results of operations. During the three months ended March 31, 2022, we experienced, among other things, rising product prices, volatile transportation costs, and supply chain disruptions. Furthermore, discretionary consumer spending has been adversely impacted by rising inflation, including fuel costs, and interest rates. All of these factors, impacted our business in the first quarter of 2022. The extent and duration of any future impact resulting from the COVID-19 pandemic is not fully known, and we may experience additional significant COVID-19 related disruptions in the future as a result .

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022: (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, 2021 $ 29,907 $ 1,809 $ 102,572 $ 342,983 $ (2,293 ) $ (219,008 ) $ 255,970 Net income 19,361 19,361 Dividends declared: Common Stock, $0.25 per share (3,964 ) (3,964 ) Class A Common Stock, $0.23 per share (296 ) (296 ) Acquisition of treasury stock (12,501 ) (12,501 ) Restricted stock issuances 17 (534 ) (517 ) Amortization of restricted stock 2,307 2,307 Other comprehensive income 40 40 Balances at March 31, 2022 $ 29,924 $ 1,809 $ 104,345 $ 358,084 $ (2,253 ) $ (231,509 ) $ 260,400 For the three months ended March 31, 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 19,406 19,406 Dividends declared: Common Stock, $0.22 per share (3,717 ) (3,717 ) Class A Common Stock, $0.20 per share (270 ) (270 ) Class A conversion 154 (154 ) — Restricted stock issuances 35 (835 ) (800 ) Amortization of restricted stock 2,679 2,679 Other comprehensive income 49 49 Balances at March 31, 2021 $ 29,789 $ 1,842 $ 98,694 $ 320,045 $ (2,511 ) $ (177,545 ) $ 270,314

Interim LIFO Calculations

Interim LIFO Calculations	3 Months Ended
	Mar. 31, 2022
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	3 Months Ended
	Mar. 31, 2022
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.

Credit Agreement

Credit Agreement	3 Months Ended
	Mar. 31, 2022
Credit Agreement [Abstract]
Credit Agreement	NOTE F – Credit Agreement We have a $60.0 million revolving credit facility (the “Credit Agreement”) which matures on September 27, 2024 and is secured primarily by our inventory. Availability fluctuates based on a borrowing base calculation reduced by outstanding letters of credit. At March 31, 2022 and December 31, 2021, there were no outstanding borrowi ngs under the Credit Agreement. The borrowing base and net availability was $34.7 million at

Revenues

Revenues	3 Months Ended
	Mar. 31, 2022
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 $98.5 million and $98.9 million at March 31, 2022 and December 31, 2021, respectively. Of the customer deposit liabilities at December 31, 2021, approximately $17.0 million has not been recognized through net sales in the three months ended March 31, 2022 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 March 31, 2022 2021 (In thousands) Net Sales % of Net Sales Net Sales % of Net Sales Merchandise: Case Goods Bedroom Furniture $ 31,348 13.1 % $ 39,178 16.6 % Dining Room Furniture 26,022 10.9 27,599 11.7 Occasional 16,818 7.0 22,064 9.3 74,188 31.0 88,841 37.6 Upholstery 111,186 46.5 95,626 40.4 Mattresses 19,733 8.3 20,481 8.7 Accessories and Other (1) 33,839 14.2 31,543 13.3 $ 238,946 100.0 % $ 236,491 100.0 % (1)

Leases

Leases	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, we had entered into one lease for an additional retail location which had not yet commenced. Lease expense is charged to selling, general and administrative expenses. Components of lease expense were as follows (in thousands): Three Months Ended March 31, 2022 2021 Operating lease cost $ 11,739 $ 11,806 Variable lease cost 1,695 1,508 Total lease expense $ 13,434 $ 13,314 Supplemental cash flow information related to leases is as follows (in thousands): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,629 $ 13,093 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 8,382 $ 4,125

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Taxes [Abstract]
Income Taxes	NOTE I – Income Taxes Our effective tax rate for the three months ended March 31, 2022 and 2021 was 24.7% and 23.5%, respectively. The primary difference in the effective rate and the statutory rate was due to state income taxes and the impact from vested stock awards.

Stock Based Compensation Plans

Stock Based Compensation Plans	3 Months Ended
	Mar. 31, 2022
Stock-Based Compensation Plans [Abstract]
Stock-Based Compensation Plans	NOTE J – Stock Based Compensation Plans As more fully discussed in Note 12 of the notes to the consolidated financial statements in our 2021 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 three months ended March 31, 2022: 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, 2021 219,082 $ 27.10 328,267 $ 23.96 Granted/Issued 153,681 28.86 103,104 28.86 Awards vested or rights exercised (1) — — (34,940 ) 20.28 Forfeited (2,050 ) 33.01 — — Additional units earned due to performance — — 59,249 31.39 Outstanding at March 31, 2022 370,713 $ 27.80 455,680 $ 26.54 Restricted units expected to vest 455,680 $ 26.54 (1) Includes shares repurchased from employees for employee’s tax liability. The aggregate intrinsic value of outstanding service-based restricted stock awards was approximately $10.2 million at March 31, 2022. The restrictions on the service-based awards generally lapse or vest annually, primarily over one-year and three-year periods. The total fair value of performance-based restricted stock awards that vested during the three months ended March 31, 2022 March 31, 2022 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 $2.3 million and $2.7 million for the three months ended March 31, 2022 and 2021, respectively. Forfeitures are recognized as they occur. As of March 31, 2022, the total compensation cost related to unvested equity awards was approximately $11.8 million and is expected to be recognized over a weighted-average period of 2.0 years.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
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 the contractual rights of the classes. 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 March 31, 2022 2021 Numerator: Common: Distributed earnings $ 3,964 $ 3,717 Undistributed earnings 14,008 14,262 Basic 17,972 17,979 Class A Common earnings 1,389 1,427 Diluted $ 19,361 $ 19,406 Class A Common: Distributed earnings $ 296 $ 270 Undistributed earnings 1,093 1,157 $ 1,389 $ 1,427 Denominator: Common: Weighted average shares outstanding - basic 15,706 16,793 Assumed conversion of Class A Common Stock 1,287 1,431 Dilutive options, awards and common stock equivalents 520 507 Total weighted-average diluted Common Stock 17,513 18,731 Class A Common: Weighted average shares outstanding 1,287 1,431 Basic earnings per share: Common Stock $ 1.14 $ 1.07 Class A Common Stock $ 1.08 $ 1.00 Diluted earnings per share: Common Stock $ 1.11 $ 1.04 Class A Common Stock $ 1.05 $ 0.98

Business and Basis of Present_2

Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
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)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity [Abstract]
Stockholders' Equity	For the three months ended March 31, 2022: (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, 2021 $ 29,907 $ 1,809 $ 102,572 $ 342,983 $ (2,293 ) $ (219,008 ) $ 255,970 Net income 19,361 19,361 Dividends declared: Common Stock, $0.25 per share (3,964 ) (3,964 ) Class A Common Stock, $0.23 per share (296 ) (296 ) Acquisition of treasury stock (12,501 ) (12,501 ) Restricted stock issuances 17 (534 ) (517 ) Amortization of restricted stock 2,307 2,307 Other comprehensive income 40 40 Balances at March 31, 2022 $ 29,924 $ 1,809 $ 104,345 $ 358,084 $ (2,253 ) $ (231,509 ) $ 260,400 For the three months ended March 31, 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 19,406 19,406 Dividends declared: Common Stock, $0.22 per share (3,717 ) (3,717 ) Class A Common Stock, $0.20 per share (270 ) (270 ) Class A conversion 154 (154 ) — Restricted stock issuances 35 (835 ) (800 ) Amortization of restricted stock 2,679 2,679 Other comprehensive income 49 49 Balances at March 31, 2021 $ 29,789 $ 1,842 $ 98,694 $ 320,045 $ (2,511 ) $ (177,545 ) $ 270,314

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 (In thousands) Net Sales % of Net Sales Net Sales % of Net Sales Merchandise: Case Goods Bedroom Furniture $ 31,348 13.1 % $ 39,178 16.6 % Dining Room Furniture 26,022 10.9 27,599 11.7 Occasional 16,818 7.0 22,064 9.3 74,188 31.0 88,841 37.6 Upholstery 111,186 46.5 95,626 40.4 Mattresses 19,733 8.3 20,481 8.7 Accessories and Other (1) 33,839 14.2 31,543 13.3 $ 238,946 100.0 % $ 236,491 100.0 % (1)

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Components of Lease Expense	Components of lease expense were as follows (in thousands): Three Months Ended March 31, 2022 2021 Operating lease cost $ 11,739 $ 11,806 Variable lease cost 1,695 1,508 Total lease expense $ 13,434 $ 13,314
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows (in thousands): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,629 $ 13,093 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 8,382 $ 4,125

Stock Based Compensation Plans

Stock Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Stock-Based Compensation Plans [Abstract]
Equity Award Activity	The following table summarizes our award activity during the three months ended March 31, 2022: 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, 2021 219,082 $ 27.10 328,267 $ 23.96 Granted/Issued 153,681 28.86 103,104 28.86 Awards vested or rights exercised (1) — — (34,940 ) 20.28 Forfeited (2,050 ) 33.01 — — Additional units earned due to performance — — 59,249 31.39 Outstanding at March 31, 2022 370,713 $ 27.80 455,680 $ 26.54 Restricted units expected to vest 455,680 $ 26.54 (1) Includes shares repurchased from employees for employee’s tax liability.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	The Common Stock of the Company has a preferential dividend rate of at least 105% of the dividend paid on the Class A Common Stock. The Class A Common Stock, which has ten votes per share as opposed to one vote per share for the Common Stock (on all matters other than the election of directors), may be converted at any time on a one-for-one basis into Common Stock at the option of the holder of the Class A Common Stock. Three Months Ended March 31, 2022 2021 Numerator: Common: Distributed earnings $ 3,964 $ 3,717 Undistributed earnings 14,008 14,262 Basic 17,972 17,979 Class A Common earnings 1,389 1,427 Diluted $ 19,361 $ 19,406 Class A Common: Distributed earnings $ 296 $ 270 Undistributed earnings 1,093 1,157 $ 1,389 $ 1,427 Denominator: Common: Weighted average shares outstanding - basic 15,706 16,793 Assumed conversion of Class A Common Stock 1,287 1,431 Dilutive options, awards and common stock equivalents 520 507 Total weighted-average diluted Common Stock 17,513 18,731 Class A Common: Weighted average shares outstanding 1,287 1,431 Basic earnings per share: Common Stock $ 1.14 $ 1.07 Class A Common Stock $ 1.08 $ 1.00 Diluted earnings per share: Common Stock $ 1.11 $ 1.04 Class A Common Stock $ 1.05 $ 0.98

Business and Basis of Present_3

Business and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2022Segment
Business and Basis of Presentation [Abstract]
Number of reportable segments	1

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 255,970	$ 252,967
Net income	19,361	19,406
Class A conversion		0
Acquisition of treasury stock	(12,501)
Restricted stock issuances	(517)	(800)
Amortization of restricted stock	2,307	2,679
Other comprehensive income	40	49
Ending balance	260,400	270,314
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	$ (3,964)	$ (3,717)
Dividends declared (in dollars per share)	$ 0.25	$ 0.22
Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	$ (296)	$ (270)
Dividends declared (in dollars per share)	$ 0.23	$ 0.20
Common Stock [Member] | Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 29,907	$ 29,600
Class A conversion		154
Restricted stock issuances	17	35
Ending balance	29,924	29,789
Common Stock [Member] | Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,809	1,996
Class A conversion		(154)
Ending balance	1,809	1,842
Additional Paid-In Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	102,572	96,850
Restricted stock issuances	(534)	(835)
Amortization of restricted stock	2,307	2,679
Ending balance	104,345	98,694
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	342,983	304,626
Net income	19,361	19,406
Ending balance	358,084	320,045
Retained Earnings [Member] | Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(3,964)	(3,717)
Retained Earnings [Member] | Class A Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(296)	(270)
Accumulated Other Comprehensive Loss [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2,293)	(2,560)
Other comprehensive income	40	49
Ending balance	(2,253)	(2,511)
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(219,008)	(177,545)
Acquisition of treasury stock	(12,501)
Ending balance	$ (231,509)	$ (177,545)

Credit Agreement (Details)

Credit Agreement (Details) - Credit Agreement [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Credit Agreement [Abstract]
Maximum borrowing capacity	$ 60
Maturity date	Sep. 27, 2024
Borrowing base	$ 34.7
Outstanding letters of credit	0	$ 0
Net availability	$ 34.7

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenues [Abstract]
Customer deposits		$ 98,528		$ 98,897
Customer deposits not recognized through net sales		17,000
Disaggregation of Revenue [Abstract]
Net sales		$ 238,946	$ 236,491
Percentage of net sales		100.00%	100.00%
Case Goods [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 74,188	$ 88,841
Percentage of net sales		31.00%	37.60%
Bedroom Furniture [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 31,348	$ 39,178
Percentage of net sales		13.10%	16.60%
Dining Room Furniture [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 26,022	$ 27,599
Percentage of net sales		10.90%	11.70%
Occasional [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 16,818	$ 22,064
Percentage of net sales		7.00%	9.30%
Upholstery [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 111,186	$ 95,626
Percentage of net sales		46.50%	40.40%
Mattresses [Member]
Disaggregation of Revenue [Abstract]
Net sales		$ 19,733	$ 20,481
Percentage of net sales		8.30%	8.70%
Accessories and Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	[1]	$ 33,839	$ 31,543
Percentage of net sales		14.20%	13.30%
[1]	Includes delivery charges and product protection.

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Lease	Mar. 31, 2021USD ($)
Operating Leases [Abstract]
Number of leases for additional retail locations not yet commenced | Lease	1
Lease Expense [Abstract]
Operating lease cost	$ 11,739	$ 11,806
Variable lease cost	1,695	1,508
Total lease expense	13,434	13,314
Cash Paid for Amounts Included in the Measurement of Lease Liabilities [Abstract]
Operating cash flows from operating leases	9,629	13,093
Right-of-use Assets Obtained in Exchange for Lease Obligations [Abstract]
Operating leases	$ 8,382	$ 4,125
Minimum [Member]
Operating Leases [Abstract]
Remaining lease term	1 year
Maximum [Member]
Operating Leases [Abstract]
Remaining lease term	14 years
Term of lease extension	20 years

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Taxes [Abstract]
Effective tax rate	24.70%	23.50%

Stock Based Compensation Plan_2

Stock Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Stock Based Compensation Plan [Abstract]
Compensation cost related to unvested equity awards		$ 11.8
Weighted-average period for recognition of cost		2 years
Selling, General and Administrative Expense [Member]
Stock Based Compensation Plan [Abstract]
Stock-based compensation expense		$ 2.3	$ 2.7
Service-Based Restricted Stock Awards [Member]
Award Activity [Roll Forward]
Outstanding, beginning balance (in shares)		219,082
Granted/Issued (in shares)		153,681
Awards vested or rights exercised (in shares)	[1]	0
Forfeited (in shares)		(2,050)
Outstanding, ending balance (in shares)		370,713
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)		$ 27.10
Granted/Issued (in dollars per share)		28.86
Awards vested or rights exercised (in dollars per share)	[1]	0
Forfeited (in dollars per share)		33.01
Outstanding, ending balance (in dollars per share)		$ 27.80
Stock Based Compensation Plan [Abstract]
Aggregate intrinsic value of outstanding awards		$ 10.2
Service-Based Restricted Stock Awards [Member] | Minimum [Member]
Stock Based Compensation Plan [Abstract]
Vesting period of awards		1 year
Service-Based Restricted Stock Awards [Member] | Maximum [Member]
Stock Based Compensation Plan [Abstract]
Vesting period of awards		3 years
Performance-Based Restricted Stock Awards [Member]
Award Activity [Roll Forward]
Outstanding, beginning balance (in shares)		328,267
Granted/Issued (in shares)		103,104
Awards vested or rights exercised (in shares)	[1]	(34,940)
Forfeited (in shares)		0
Additional units earned due to performance (in shares)		59,249
Outstanding, ending balance (in shares)		455,680
Expected to vest (in shares)		455,680
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)		$ 23.96
Granted/Issued (in dollars per share)		28.86
Awards vested or rights exercised (in dollars per share)	[1]	20.28
Forfeited (in dollars per share)		0
Additional units earned due to performance (in dollars per share)		31.39
Outstanding, ending balance (in dollars per share)		26.54
Expected to vest (in dollars per share)		$ 26.54
Stock Based Compensation Plan [Abstract]
Fair value of vested shares		$ 1
Aggregate intrinsic value of outstanding awards		$ 12.5
Performance period		1 year
Cliff vesting period		3 years
[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
	Mar. 31, 2022USD ($)Vote$ / sharesshares	Mar. 31, 2021USD ($)$ / 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	$ 3,964	$ 3,717
Undistributed earnings	14,008	14,262
Basic	17,972	17,979
Diluted	$ 19,361	$ 19,406
Denominator [Abstract]
Weighted average shares outstanding - basic (in shares) | shares	15,706	16,793
Assumed conversion of Class A Common Stock (in shares) | shares	1,287	1,431
Dilutive options, awards and common stock equivalents (in shares) | shares	520	507
Total weighted-average diluted Common Stock (in shares) | shares	17,513	18,731
Earnings Per Share [Abstract]
Basic earnings per share (in dollars per share) | $ / shares	$ 1.14	$ 1.07
Diluted earnings per share (in dollars per share) | $ / shares	$ 1.11	$ 1.04
Class A Common Stock [Member]
Earnings Per Share [Abstract]
Number of votes per share | Vote	10
Numerator [Abstract]
Distributed earnings	$ 296	$ 270
Undistributed earnings	1,093	1,157
Basic	$ 1,389	$ 1,427
Denominator [Abstract]
Weighted average shares outstanding (in shares) | shares	1,287	1,431
Earnings Per Share [Abstract]
Basic earnings per share (in dollars per share) | $ / shares	$ 1.08	$ 1
Diluted earnings per share (in dollars per share) | $ / shares	$ 1.05	$ 0.98