Cover Page
Cover Page - shares | 3 Months Ended | |
Jun. 30, 2022 | Aug. 01, 2022 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 1-14445 | |
Entity Registrant Name | HAVERTY FURNITURE COMPANIES, INC | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 58-0281900 | |
Entity Address, Address Line One | 780 Johnson Ferry Road, | |
Entity Address, Address Line Two | 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 | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000216085 | |
Common Stock | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | HVT | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 15,051,761 | |
Common Class A | ||
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 143,454 | $ 166,146 |
Restricted cash and cash equivalents | 6,722 | 6,716 |
Inventories | 134,053 | 112,031 |
Prepaid expenses | 10,523 | 12,418 |
Other current assets | 14,653 | 11,746 |
Total current assets | 309,405 | 309,057 |
Property and equipment, net | 131,230 | 126,099 |
Right-of-use lease assets | 222,702 | 222,356 |
Deferred income taxes | 18,769 | 16,375 |
Other assets | 12,190 | 12,403 |
Total assets | 694,296 | 686,290 |
Current liabilities | ||
Accounts payable | 35,093 | 31,235 |
Customer deposits | 90,762 | 98,897 |
Accrued liabilities | 48,122 | 46,664 |
Current lease liabilities | 34,539 | 33,581 |
Total current liabilities | 208,516 | 210,377 |
Noncurrent lease liabilities | 198,338 | 196,771 |
Other liabilities | 20,716 | 23,172 |
Total liabilities | 427,570 | 430,320 |
Capital Stock, par value $1 per share | ||
Preferred Stock, Authorized – 1,000 shares; Issued: None | ||
Additional paid-in capital | 105,674 | 102,572 |
Retained earnings | 375,234 | 342,983 |
Accumulated other comprehensive loss | (2,212) | (2,293) |
Less treasury stock at cost – Common Stock (2022 – 14,954 and 2021 – 14,069 shares) and Convertible Class A Common Stock (2022 and 2021 – 522 shares) | (243,782) | (219,008) |
Total stockholders’ equity | 266,726 | 255,970 |
Total liabilities and stockholders’ equity | 694,296 | 686,290 |
Common Stock | ||
Capital Stock, par value $1 per share | ||
Common stock/Class A common stock, value, issued | 30,006 | 29,907 |
Class A Common Stock | ||
Capital Stock, par value $1 per share | ||
Common stock/Class A common stock, value, issued | $ 1,806 | $ 1,809 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Stockholders’ equity | ||
Capital Stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Stock | ||
Stockholders’ equity | ||
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 30,006,000 | 29,907,000 |
Treasury stock, shares (in shares) | 14,954,000 | 14,069,000 |
Class A Common Stock | ||
Stockholders’ equity | ||
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 1,806,000 | 1,809,000 |
Treasury stock, shares (in shares) | 522,000 | 522,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net sales | $ 253,216 | $ 249,989 | $ 492,162 | $ 486,480 |
Cost of goods sold | 106,608 | 108,488 | 204,593 | 209,945 |
Gross profit | 146,608 | 141,501 | 287,569 | 276,535 |
Expenses: | ||||
Selling, general and administrative | 118,129 | 112,397 | 233,283 | 222,159 |
Other expense (income), net | (45) | (6) | 115 | (43) |
Total expenses | 118,084 | 112,391 | 233,398 | 222,116 |
Income before interest and income taxes | 28,524 | 29,110 | 54,171 | 54,419 |
Interest income, net | 144 | 59 | 218 | 114 |
Income before income taxes | 28,668 | 29,169 | 54,389 | 54,533 |
Income tax expense | 6,960 | 6,311 | 13,319 | 12,269 |
Net income | 21,708 | 22,858 | 41,070 | 42,264 |
Other comprehensive income | ||||
Adjustments related to retirement plans; net of tax expense of $13 and $27 in 2022 and $16 and $32 in 2021 | 41 | 49 | 81 | 98 |
Comprehensive income | $ 21,749 | $ 22,907 | $ 41,151 | $ 42,362 |
Common Stock | ||||
Other comprehensive income | ||||
Basic earnings per share (in dollars per share) | $ 1.31 | $ 1.25 | $ 2.45 | $ 2.32 |
Diluted earnings per share (in dollars per share) | 1.27 | 1.21 | 2.37 | 2.25 |
Cash dividends per share (in dollars per share) | 0.25 | 0.47 | ||
Class A Common Stock | ||||
Other comprehensive income | ||||
Basic earnings per share (in dollars per share) | 1.25 | 1.18 | 2.33 | 2.18 |
Diluted earnings per share (in dollars per share) | $ 1.22 | 1.16 | $ 2.27 | 2.13 |
Cash dividends per share (in dollars per share) | $ 0.23 | $ 0.43 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Adjustments related to retirement plans, tax expense | $ 13 | $ 16 | $ 27 | $ 32 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net income | $ 41,070 | $ 42,264 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 8,664 | 7,932 |
Share-based compensation expense | 4,196 | 4,656 |
Other | (1,444) | 157 |
Changes in operating assets and liabilities: | ||
Inventories | (22,022) | (25,148) |
Customer deposits | (8,135) | 29,896 |
Other assets and liabilities | (966) | (1,841) |
Accounts payable and accrued liabilities | 4,942 | (277) |
Net cash provided by operating activities | 26,305 | 57,639 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (13,548) | (10,939) |
Proceeds from sale of land, property and equipment | 52 | 33 |
Net cash used in investing activities | (13,496) | (10,906) |
Cash Flows from Financing Activities: | ||
Dividends paid | (8,819) | (8,550) |
Common stock repurchased | (25,001) | 0 |
Other | (1,675) | (2,894) |
Net cash used in financing activities | (35,495) | (11,444) |
(Decrease) increase in cash, cash equivalents and restricted cash equivalents during the period | (22,686) | 35,289 |
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 | $ 150,176 | $ 242,060 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | 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 reportable segment. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes required by United States of America generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The Company believes that the disclosures made are adequate to make the information not misleading. The financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. We believe all adjustments, normal and recurring in nature, considered necessary for a fair presentation have been included. We suggest that these condensed consolidated financial statements 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, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Unusual or Infrequent Items, or Both [Abstract] | |
COVID-19 | COVID-19The novel coronavirus disease (“COVID-19”) pandemic and its contributory effects on the economy continue to impact our business and results of operations. During the six months ended June 30, 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. Many of these factors impacted our business in the second 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 | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The following outlines the changes in each caption of stockholders’ equity for the current and comparative periods and the dividends per share for each class of shares. For the three months ended June 30, 2022: (in thousands) Common Stock Class A Additional Retained Accumulated Other Treasury Total Balances at March 31, 2022 $ 29,924 $ 1,809 $ 104,345 $ 358,084 $ (2,253) $ (231,509) $ 260,400 Net income 21,708 21,708 Dividends declared: Common Stock, $0.28 per share (4,225) (4,225) Class A Common Stock, $0.26 per share (333) (333) Class A conversion 3 (3) — Acquisition of treasury stock (12,500) (12,500) Restricted stock issuances 79 (1,244) (1,165) Amortization of restricted stock 1,889 1,889 Directors' Compensation Plan 684 227 911 Other comprehensive income 41 41 Balances at June 30, 2022 $ 30,006 $ 1,806 $ 105,674 $ 375,234 $ (2,212) $ (243,782) $ 266,726 For the six months ended June 30, 2022: (in thousands) Common Stock Class A Additional Retained Accumulated Other Treasury Total Balances at December 31, 2021 $ 29,907 $ 1,809 $ 102,572 $ 342,983 $ (2,293) $ (219,008) $ 255,970 Net income 41,070 41,070 Dividends declared: Common Stock, $0.53 per share (8,189) (8,189) Class A Common Stock, $0.49 per share (630) (630) Class A conversion 3 (3) — Acquisition of treasury stock (25,001) (25,001) Restricted stock issuances 96 (1,778) (1,682) Amortization of restricted stock 4,196 4,196 Directors' Compensation Plan 684 227 911 Other comprehensive income 81 81 Balances at June 30, 2022 $ 30,006 $ 1,806 $ 105,674 $ 375,234 $ (2,212) $ (243,782) $ 266,726 For the three months ended June 30, 2021: (in thousands) Common Stock Class A Additional Retained Accumulated Other Treasury Total Balances at March 31, 2021 $ 29,789 $ 1,842 $ 98,694 $ 320,045 $ (2,511) $ (177,545) $ 270,314 Net income 22,858 22,858 Dividends declared: Common Stock, $0.25 per share (4,261) (4,261) Class A Common Stock, $0.23 per share (301) (301) Class A conversion 29 (29) — Acquisition of treasury stock — Restricted stock issuances 85 (2,179) (2,094) Amortization of restricted stock 1,977 1,977 Directors' Compensation Plan 524 346 870 Other comprehensive income 49 49 Balances at June 30, 2021 $ 29,903 $ 1,813 $ 99,016 $ 338,341 $ (2,462) $ (177,199) $ 289,412 For the six months ended June 30, 2021: (in thousands) Common Stock Class A Additional Retained Accumulated Other Treasury Total Balances at December 31, 2020 $ 29,600 $ 1,996 $ 96,850 $ 304,626 $ (2,560) $ (177,545) $ 252,967 Net income 42,264 42,264 Dividends declared: Common Stock, $0.47 per share (7,978) (7,978) Class A Common Stock, $0.43 per share (571) (571) Class A conversion 183 (183) — Restricted stock issuances 120 (3,014) (2,894) Amortization of restricted stock 4,656 4,656 Directors' Compensation Plan 524 346 870 Other comprehensive income 98 98 Balances at June 30, 2021 $ 29,903 $ 1,813 $ 99,016 $ 338,341 $ (2,462) $ (177,199) $ 289,412 |
Interim LIFO Calculations
Interim LIFO Calculations | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Interim LIFO Calculations | Interim LIFO CalculationsInventories are measured using the last-in, first-out (LIFO) method of valuation using an annual LIFO index. Accordingly, interim LIFO calculations must necessarily be based on management’s estimates of inventory levels and inflation rates. Since these estimates may be affected by factors beyond management’s control, interim results are subject to change based upon the final year-end LIFO inventory valuations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsThe fair values of our cash and cash equivalents, restricted cash and cash equivalents, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Credit Agreement | 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 June 30, 2022 and December 31, 2021, there were no outstanding borrowings under the Credit Agreement. The borrowing base and net availability was $47.1 million at June 30, 2022. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 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. Such deposits totaled $90.8 million and $98.9 million at June 30, 2022 and December 31, 2021, respectively. Of the customer deposit liabilities at December 31, 2021, approximately $4.0 million have not been recognized through net sales in the six months ended June 30, 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): (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net Sales % of Net Sales % of Net Sales % of Net Sales % of Merchandise: Case Goods Bedroom Furniture $ 41,535 16.4 % $ 41,232 16.5 % $ 72,885 14.8 % $ 80,410 16.5 % Dining Room Furniture 25,156 9.9 28,320 11.3 51,178 10.4 55,919 11.5 Occasional 20,188 8.0 22,110 8.8 37,007 7.5 44,174 9.1 86,879 34.3 91,662 36.7 161,070 32.7 180,503 37.1 Upholstery 109,641 43.3 100,841 40.3 220,825 44.9 196,467 40.4 Mattresses 22,010 8.7 24,159 9.7 41,743 8.5 44,640 9.2 Accessories and Other (1) 34,686 13.7 33,327 13.3 68,525 13.9 64,870 13.3 $ 253,216 100.0 % $ 249,989 100.0 % $ 492,162 100.0 % $ 486,480 100.0 % (1) Includes delivery charges and product protection. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Lessee Disclosure [Abstract] | |
Leases | LeasesWe have operating leases for retail stores, offices, warehouses, and certain equipment. Our leases have remaining lease terms of 1 year to 13 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 June 30, 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating lease cost $ 11,973 $ 11,873 $ 23,712 $ 23,700 Variable lease cost 1,783 1,609 3,478 3,117 Total lease expense $ 13,756 $ 13,482 $ 27,190 $ 26,817 Supplemental cash flow information related to leases is as follows (in thousands): Six Months Ended June 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,533 $ 22,876 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 15,763 $ 25,063 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesOur effective tax rate for the six months ended June 30, 2022 and 2021 was 24.5% and 22.5%, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation Plans | 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 six months ended June 30, 2022: Service-Based Performance-Based Shares or Units (#) Weighted-Average Shares or Units (#) Weighted-Average 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) (121,518) 27.12 (34,940) 20.28 Forfeited (3,900) 31.86 — — Additional units earned due to performance — — 59,249 31.39 Outstanding at June 30, 2022 247,345 $ 28.11 455,680 $ 26.54 Restricted units expected to vest 247,345 $ 28.11 455,680 $ 26.54 (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 six months ended June 30, 2022 was approximately $3.3 million. The aggregate intrinsic value of outstanding service-based restricted stock awards was approximately $5.7 million at June 30, 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 six months ended June 30, 2022 was approximately $1.0 million. The aggregate intrinsic value of outstanding performance awards at June 30, 2022 expected to vest was approximately $10.6 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 $4.2 million and $4.7 million for the six months ended June 30, 2022 and 2021, respectively. Forfeitures are recognized as they occur. As of June 30, 2022, the total compensation cost related to unvested equity awards was approximately $9.9 million and is expected to be recognized over a weighted-average period of two years. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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 Six Months Ended 2022 2021 2022 2021 Numerator: Common: Distributed earnings $ 4,225 $ 4,261 $ 8,189 $ 7,978 Undistributed earnings 15,884 17,042 29,893 31,295 Basic 20,109 21,303 38,082 39,273 Class A Common earnings 1,599 1,555 2,988 2,991 Diluted $ 21,708 $ 22,858 $ 41,070 $ 42,264 Class A Common: Distributed earnings $ 333 $ 301 $ 630 $ 571 Undistributed earnings 1,266 1,254 2,358 2,420 $ 1,599 $ 1,555 $ 2,988 $ 2,991 Denominator: Common: Weighted average shares outstanding - basic 15,327 16,997 15,516 16,895 Assumed conversion of Class A Common Stock 1,283 1,313 1,285 1,372 Dilutive options, awards and common stock equivalents 482 532 501 520 Total weighted-average diluted Common Stock 17,092 18,842 17,302 18,787 Class A Common: Weighted average shares outstanding 1,283 1,313 1,285 1,372 Basic earnings per share: Common Stock $ 1.31 $ 1.25 $ 2.45 $ 2.32 Class A Common Stock $ 1.25 $ 1.18 $ 2.33 $ 2.18 Diluted earnings per share: Common Stock $ 1.27 $ 1.21 $ 2.37 $ 2.25 Class A Common Stock $ 1.22 $ 1.16 $ 2.27 $ 2.13 |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy | Haverty Furniture Companies, Inc. (“Havertys,” “the Company,” “we,” “our,” or “us”) is a retailer of a broad line of residential furniture in the middle to upper-middle price ranges. We operate all of our stores using the Havertys brand and do not franchise our concept. We operate within a single reportable segment. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes required by United States of America generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The Company believes that the disclosures made are adequate to make the information not misleading. The financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. We believe all adjustments, normal and recurring in nature, considered necessary for a fair presentation have been included. We suggest that these condensed consolidated financial statements 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, Policy | 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) | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | For the three months ended June 30, 2022: (in thousands) Common Stock Class A Additional Retained Accumulated Other Treasury Total Balances at March 31, 2022 $ 29,924 $ 1,809 $ 104,345 $ 358,084 $ (2,253) $ (231,509) $ 260,400 Net income 21,708 21,708 Dividends declared: Common Stock, $0.28 per share (4,225) (4,225) Class A Common Stock, $0.26 per share (333) (333) Class A conversion 3 (3) — Acquisition of treasury stock (12,500) (12,500) Restricted stock issuances 79 (1,244) (1,165) Amortization of restricted stock 1,889 1,889 Directors' Compensation Plan 684 227 911 Other comprehensive income 41 41 Balances at June 30, 2022 $ 30,006 $ 1,806 $ 105,674 $ 375,234 $ (2,212) $ (243,782) $ 266,726 For the six months ended June 30, 2022: (in thousands) Common Stock Class A Additional Retained Accumulated Other Treasury Total Balances at December 31, 2021 $ 29,907 $ 1,809 $ 102,572 $ 342,983 $ (2,293) $ (219,008) $ 255,970 Net income 41,070 41,070 Dividends declared: Common Stock, $0.53 per share (8,189) (8,189) Class A Common Stock, $0.49 per share (630) (630) Class A conversion 3 (3) — Acquisition of treasury stock (25,001) (25,001) Restricted stock issuances 96 (1,778) (1,682) Amortization of restricted stock 4,196 4,196 Directors' Compensation Plan 684 227 911 Other comprehensive income 81 81 Balances at June 30, 2022 $ 30,006 $ 1,806 $ 105,674 $ 375,234 $ (2,212) $ (243,782) $ 266,726 For the three months ended June 30, 2021: (in thousands) Common Stock Class A Additional Retained Accumulated Other Treasury Total Balances at March 31, 2021 $ 29,789 $ 1,842 $ 98,694 $ 320,045 $ (2,511) $ (177,545) $ 270,314 Net income 22,858 22,858 Dividends declared: Common Stock, $0.25 per share (4,261) (4,261) Class A Common Stock, $0.23 per share (301) (301) Class A conversion 29 (29) — Acquisition of treasury stock — Restricted stock issuances 85 (2,179) (2,094) Amortization of restricted stock 1,977 1,977 Directors' Compensation Plan 524 346 870 Other comprehensive income 49 49 Balances at June 30, 2021 $ 29,903 $ 1,813 $ 99,016 $ 338,341 $ (2,462) $ (177,199) $ 289,412 For the six months ended June 30, 2021: (in thousands) Common Stock Class A Additional Retained Accumulated Other Treasury Total Balances at December 31, 2020 $ 29,600 $ 1,996 $ 96,850 $ 304,626 $ (2,560) $ (177,545) $ 252,967 Net income 42,264 42,264 Dividends declared: Common Stock, $0.47 per share (7,978) (7,978) Class A Common Stock, $0.43 per share (571) (571) Class A conversion 183 (183) — Restricted stock issuances 120 (3,014) (2,894) Amortization of restricted stock 4,656 4,656 Directors' Compensation Plan 524 346 870 Other comprehensive income 98 98 Balances at June 30, 2021 $ 29,903 $ 1,813 $ 99,016 $ 338,341 $ (2,462) $ (177,199) $ 289,412 |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [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): (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net Sales % of Net Sales % of Net Sales % of Net Sales % of Merchandise: Case Goods Bedroom Furniture $ 41,535 16.4 % $ 41,232 16.5 % $ 72,885 14.8 % $ 80,410 16.5 % Dining Room Furniture 25,156 9.9 28,320 11.3 51,178 10.4 55,919 11.5 Occasional 20,188 8.0 22,110 8.8 37,007 7.5 44,174 9.1 86,879 34.3 91,662 36.7 161,070 32.7 180,503 37.1 Upholstery 109,641 43.3 100,841 40.3 220,825 44.9 196,467 40.4 Mattresses 22,010 8.7 24,159 9.7 41,743 8.5 44,640 9.2 Accessories and Other (1) 34,686 13.7 33,327 13.3 68,525 13.9 64,870 13.3 $ 253,216 100.0 % $ 249,989 100.0 % $ 492,162 100.0 % $ 486,480 100.0 % (1) Includes delivery charges and product protection. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Lessee Disclosure [Abstract] | |
Lease Expense | Components of lease expense were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating lease cost $ 11,973 $ 11,873 $ 23,712 $ 23,700 Variable lease cost 1,783 1,609 3,478 3,117 Total lease expense $ 13,756 $ 13,482 $ 27,190 $ 26,817 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases is as follows (in thousands): Six Months Ended June 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,533 $ 22,876 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 15,763 $ 25,063 |
Stock Based Compensation Plans
Stock Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Activity | The following table summarizes our award activity during the six months ended June 30, 2022: Service-Based Performance-Based Shares or Units (#) Weighted-Average Shares or Units (#) Weighted-Average 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) (121,518) 27.12 (34,940) 20.28 Forfeited (3,900) 31.86 — — Additional units earned due to performance — — 59,249 31.39 Outstanding at June 30, 2022 247,345 $ 28.11 455,680 $ 26.54 Restricted units expected to vest 247,345 $ 28.11 455,680 $ 26.54 (1) Includes shares repurchased from employees for employee’s tax liability. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended 2022 2021 2022 2021 Numerator: Common: Distributed earnings $ 4,225 $ 4,261 $ 8,189 $ 7,978 Undistributed earnings 15,884 17,042 29,893 31,295 Basic 20,109 21,303 38,082 39,273 Class A Common earnings 1,599 1,555 2,988 2,991 Diluted $ 21,708 $ 22,858 $ 41,070 $ 42,264 Class A Common: Distributed earnings $ 333 $ 301 $ 630 $ 571 Undistributed earnings 1,266 1,254 2,358 2,420 $ 1,599 $ 1,555 $ 2,988 $ 2,991 Denominator: Common: Weighted average shares outstanding - basic 15,327 16,997 15,516 16,895 Assumed conversion of Class A Common Stock 1,283 1,313 1,285 1,372 Dilutive options, awards and common stock equivalents 482 532 501 520 Total weighted-average diluted Common Stock 17,092 18,842 17,302 18,787 Class A Common: Weighted average shares outstanding 1,283 1,313 1,285 1,372 Basic earnings per share: Common Stock $ 1.31 $ 1.25 $ 2.45 $ 2.32 Class A Common Stock $ 1.25 $ 1.18 $ 2.33 $ 2.18 Diluted earnings per share: Common Stock $ 1.27 $ 1.21 $ 2.37 $ 2.25 Class A Common Stock $ 1.22 $ 1.16 $ 2.27 $ 2.13 |
Business and Basis of Present_3
Business and Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2022 Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 260,400 | $ 270,314 | $ 255,970 | $ 252,967 |
Net income | 21,708 | 22,858 | 41,070 | 42,264 |
Class A conversion | 0 | 0 | 0 | 0 |
Acquisition of treasury stock | (12,500) | 0 | (25,001) | |
Restricted stock issuances | (1,165) | (2,094) | (1,682) | (2,894) |
Amortization of restricted stock | 1,889 | 1,977 | 4,196 | 4,656 |
Directors' Compensation Plan | 911 | 870 | 911 | 870 |
Other comprehensive income | 41 | 49 | 81 | 98 |
Ending balance | 266,726 | 289,412 | 266,726 | 289,412 |
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common Stock/Class A Common Stock, Dividends declared | $ (4,225) | (4,261) | $ (8,189) | (7,978) |
Dividends declared (in dollars per share) | $ 0.28 | $ 0.53 | ||
Class A Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common Stock/Class A Common Stock, Dividends declared | $ (333) | (301) | $ (630) | (571) |
Dividends declared (in dollars per share) | $ 0.26 | $ 0.49 | ||
Common Stock | Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 29,924 | 29,789 | $ 29,907 | 29,600 |
Class A conversion | 3 | 29 | 3 | 183 |
Restricted stock issuances | 79 | 85 | 96 | 120 |
Ending balance | 30,006 | 29,903 | 30,006 | 29,903 |
Common Stock | Class A Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 1,809 | 1,842 | 1,809 | 1,996 |
Class A conversion | (3) | (29) | (3) | (183) |
Ending balance | 1,806 | 1,813 | 1,806 | 1,813 |
Additional Paid-In Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 104,345 | 98,694 | 102,572 | 96,850 |
Restricted stock issuances | (1,244) | (2,179) | (1,778) | (3,014) |
Amortization of restricted stock | 1,889 | 1,977 | 4,196 | 4,656 |
Directors' Compensation Plan | 684 | 524 | 684 | 524 |
Ending balance | 105,674 | 99,016 | 105,674 | 99,016 |
Retained Earnings | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 358,084 | 320,045 | 342,983 | 304,626 |
Net income | 21,708 | 22,858 | 41,070 | 42,264 |
Ending balance | 375,234 | 338,341 | 375,234 | 338,341 |
Retained Earnings | Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common Stock/Class A Common Stock, Dividends declared | (4,225) | (4,261) | (8,189) | (7,978) |
Retained Earnings | Class A Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common Stock/Class A Common Stock, Dividends declared | (333) | (301) | (630) | (571) |
Accumulated Other Comprehensive Loss | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (2,253) | (2,511) | (2,293) | (2,560) |
Other comprehensive income | 41 | 49 | 81 | 98 |
Ending balance | (2,212) | (2,462) | (2,212) | (2,462) |
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (231,509) | (177,545) | (219,008) | (177,545) |
Acquisition of treasury stock | (12,500) | (25,001) | ||
Directors' Compensation Plan | 227 | 346 | 227 | 346 |
Ending balance | $ (243,782) | $ (177,199) | $ (243,782) | $ (177,199) |
Credit Agreement (Details)
Credit Agreement (Details) - Credit Agreement - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Credit Agreement [Abstract] | ||
Maximum borrowing capacity | $ 60,000,000 | |
Debt instrument, maturity date | Sep. 27, 2024 | |
Outstanding letters of credit | $ 0 | $ 0 |
Borrowing base | 47,100,000 | |
Net availability | $ 47,100,000 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||||
Customer deposits | $ 90,762 | $ 90,762 | $ 98,897 | ||
Customer deposits not recognized through net sales | 4,000 | ||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 253,216 | $ 249,989 | $ 492,162 | $ 486,480 | |
% of Net Sales | 100% | 100% | 100% | 100% | |
Case Goods | |||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 86,879 | $ 91,662 | $ 161,070 | $ 180,503 | |
% of Net Sales | 34.30% | 36.70% | 32.70% | 37.10% | |
Bedroom Furniture | |||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 41,535 | $ 41,232 | $ 72,885 | $ 80,410 | |
% of Net Sales | 16.40% | 16.50% | 14.80% | 16.50% | |
Dining Room Furniture | |||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 25,156 | $ 28,320 | $ 51,178 | $ 55,919 | |
% of Net Sales | 9.90% | 11.30% | 10.40% | 11.50% | |
Occasional | |||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 20,188 | $ 22,110 | $ 37,007 | $ 44,174 | |
% of Net Sales | 8% | 8.80% | 7.50% | 9.10% | |
Upholstery | |||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 109,641 | $ 100,841 | $ 220,825 | $ 196,467 | |
% of Net Sales | 43.30% | 40.30% | 44.90% | 40.40% | |
Mattresses | |||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 22,010 | $ 24,159 | $ 41,743 | $ 44,640 | |
% of Net Sales | 8.70% | 9.70% | 8.50% | 9.20% | |
Accessories and Other | |||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 34,686 | $ 33,327 | $ 68,525 | $ 64,870 | |
% of Net Sales | 13.70% | 13.30% | 13.90% | 13.30% |
Leases (Details)
Leases (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) Lease | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) Lease | Jun. 30, 2021 USD ($) | |
Lessee, Operating Lease, Description [Abstract] | ||||
Number of leases for additional retail locations not yet commenced | Lease | 1 | 1 | ||
Lease, Cost [Abstract] | ||||
Operating lease cost | $ 11,973 | $ 11,873 | $ 23,712 | $ 23,700 |
Variable lease cost | 1,783 | 1,609 | 3,478 | 3,117 |
Total lease expense | $ 13,756 | $ 13,482 | 27,190 | 26,817 |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | 21,533 | 22,876 | ||
Right-of-use assets obtained in exchange for lease obligations: | ||||
Operating leases | $ 15,763 | $ 25,063 | ||
Minimum | ||||
Lessee, Operating Lease, Description [Abstract] | ||||
Remaining lease term | 1 year | 1 year | ||
Maximum | ||||
Lessee, Operating Lease, Description [Abstract] | ||||
Remaining lease term | 13 years | 13 years | ||
Option to extend, term | 20 years | 20 years |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate, percent | 24.50% | 22.50% |
Stock Based Compensation Plan_2
Stock Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock Based Compensation Plan [Abstract] | |||
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $ 9.9 | $ 9.9 | |
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 2 years | ||
Selling, General and Administrative Expenses | |||
Stock Based Compensation Plan [Abstract] | |||
Share-based payment arrangement, expense | $ 4.2 | $ 4.7 | |
Service-Based Restricted Stock Awards | |||
Shares or Units [Roll Forward] | |||
Outstanding, beginning balance (in shares) | 219,082 | ||
Granted/Issued (in shares) | 153,681 | ||
Awards vested or rights exercised (in shares) | (121,518) | ||
Forfeited (in shares) | (3,900) | ||
Additional units earned due to performance (in shares) | 0 | ||
Outstanding, ending balance (in shares) | 247,345 | 247,345 | |
Expected to vest (in shares) | 247,345 | 247,345 | |
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) | 27.12 | ||
Forfeited (in dollars per share) | 31.86 | ||
Additional units earned due to performance (in dollars per share) | 0 | ||
Outstanding, ending balance (in dollars per share) | 28.11 | 28.11 | |
Expected to vest (in dollars per share) | $ 28.11 | $ 28.11 | |
Stock Based Compensation Plan [Abstract] | |||
Fair value of vested shares | $ 3.3 | ||
Aggregate intrinsic value of outstanding awards | $ 5.7 | $ 5.7 | |
Service-Based Restricted Stock Awards | Minimum | |||
Stock Based Compensation Plan [Abstract] | |||
Vesting period of awards | 1 year | ||
Service-Based Restricted Stock Awards | Maximum | |||
Stock Based Compensation Plan [Abstract] | |||
Vesting period of awards | 3 years | ||
Performance-Based Restricted Stock Awards | |||
Shares or Units [Roll Forward] | |||
Outstanding, beginning balance (in shares) | 328,267 | ||
Granted/Issued (in shares) | 103,104 | ||
Awards vested or rights exercised (in shares) | (34,940) | ||
Forfeited (in shares) | 0 | ||
Additional units earned due to performance (in shares) | 59,249 | ||
Outstanding, ending balance (in shares) | 455,680 | 455,680 | |
Expected to vest (in shares) | 455,680 | 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) | 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 | 26.54 | |
Expected to vest (in dollars per share) | $ 26.54 | $ 26.54 | |
Stock Based Compensation Plan [Abstract] | |||
Fair value of vested shares | $ 1 | ||
Aggregate intrinsic value of outstanding awards | $ 10.6 | $ 10.6 | |
Performance period | 1 year | ||
Cliff vesting period | 3 years |
Earnings Per Share (Details)
Earnings Per Share (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) Vote $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | |
Common Stock | ||||
Earnings Per Share [Abstract] | ||||
Percentage of earnings assumed to be distributed as dividends in earnings per share calculation | 100% | |||
Preferential dividend rate | 105% | |||
Number of votes per share | Vote | 1 | |||
Numerator: | ||||
Distributed earnings | $ 4,225,000 | $ 4,261 | $ 8,189,000 | $ 7,978 |
Undistributed earnings | 15,884,000 | 17,042 | 29,893,000 | 31,295 |
Basic | 20,109,000 | 21,303 | 38,082,000 | 39,273 |
Diluted | $ 21,708,000 | $ 22,858 | $ 41,070,000 | $ 42,264 |
Denominator: | ||||
Weighted average shares outstanding - basic (in shares) | shares | 15,327,000 | 16,997 | 15,516,000 | 16,895 |
Assumed conversion of Class A Common Stock (in shares) | shares | 1,283,000 | 1,313 | 1,285,000 | 1,372 |
Dilutive options, awards and common stock equivalents (in shares) | shares | 482,000 | 532 | 501,000 | 520 |
Total weighted-average diluted Common Stock (in shares) | shares | 17,092,000 | 18,842 | 17,302,000 | 18,787 |
Earnings Per Share [Abstract] | ||||
Basic earnings per share (in dollars per share) | $ / shares | $ 1.31 | $ 1.25 | $ 2.45 | $ 2.32 |
Diluted earnings per share (in dollars per share) | $ / shares | $ 1.27 | $ 1.21 | $ 2.37 | $ 2.25 |
Class A Common Stock | ||||
Earnings Per Share [Abstract] | ||||
Number of votes per share | Vote | 10 | |||
Numerator: | ||||
Distributed earnings | $ 333,000 | $ 301 | $ 630,000 | $ 571 |
Undistributed earnings | 1,266,000 | 1,254 | 2,358,000 | 2,420 |
Basic | $ 1,599,000 | $ 1,555 | $ 2,988,000 | $ 2,991 |
Denominator: | ||||
Weighted average shares outstanding (in shares) | shares | 1,283,000 | 1,313 | 1,285,000 | 1,372 |
Earnings Per Share [Abstract] | ||||
Basic earnings per share (in dollars per share) | $ / shares | $ 1.25 | $ 1.18 | $ 2.33 | $ 2.18 |
Diluted earnings per share (in dollars per share) | $ / shares | $ 1.22 | $ 1.16 | $ 2.27 | $ 2.13 |