Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 01, 2023 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
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 | 14,987,128 | |
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 | 1,281,395 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 134,303 | $ 123,126 |
Restricted cash and cash equivalents | 7,049 | 6,804 |
Inventories | 102,334 | 118,333 |
Prepaid expenses | 12,782 | 9,707 |
Other current assets | 14,463 | 18,283 |
Total current assets | 270,931 | 276,253 |
Property and equipment, net | 170,263 | 137,475 |
Right-of-use lease assets | 205,257 | 207,390 |
Deferred income taxes | 17,886 | 15,501 |
Other assets | 12,344 | 12,430 |
Total assets | 676,681 | 649,049 |
Current liabilities | ||
Accounts payable | 21,121 | 23,345 |
Customer deposits | 46,308 | 47,969 |
Accrued liabilities | 45,596 | 48,676 |
Current lease liabilities | 38,381 | 34,442 |
Total current liabilities | 151,406 | 154,432 |
Noncurrent lease liabilities | 182,298 | 186,845 |
Other liabilities | 26,561 | 18,373 |
Total liabilities | 360,265 | 359,650 |
Capital Stock, par value $1 per share | ||
Preferred Stock, Authorized – 1,000 shares; Issued: None | ||
Additional paid-in capital | 111,491 | 108,706 |
Retained earnings | 425,410 | 398,393 |
Accumulated other comprehensive loss | (756) | (756) |
Less treasury stock at cost – Common Stock (2023 – 15,233 and 2022 – 15,140 shares) and Convertible Class A Common Stock (2023 and 2022 – 522 shares) | (251,753) | (248,756) |
Total stockholders’ equity | 316,416 | 289,399 |
Total liabilities and stockholders’ equity | 676,681 | 649,049 |
Common Stock | ||
Capital Stock, par value $1 per share | ||
Common stock/Class A common stock, value, issued | 30,220 | 30,006 |
Class A Common Stock | ||
Capital Stock, par value $1 per share | ||
Common stock/Class A common stock, value, issued | $ 1,804 | $ 1,806 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
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) | 30,220,000 | 30,006,000 |
Treasury stock, shares (in shares) | 15,233,000 | 15,140,000 |
Class A Common Stock | ||
Stockholders’ equity | ||
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 1,804,000 | 1,806,000 |
Treasury stock, shares (in shares) | 522,000 | 522,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net sales | $ 220,347 | $ 274,495 | $ 651,389 | $ 766,658 |
Cost of goods sold | 86,349 | 117,775 | 259,712 | 322,368 |
Gross profit | 133,998 | 156,720 | 391,677 | 444,290 |
Expenses: | ||||
Selling, general and administrative | 112,729 | 124,534 | 341,106 | 357,816 |
Other expense, net | 55 | 58 | 64 | 176 |
Total expenses | 112,784 | 124,592 | 341,170 | 357,992 |
Income before interest and income taxes | 21,214 | 32,128 | 50,507 | 86,298 |
Interest income, net | 1,719 | 481 | 3,701 | 699 |
Income before income taxes | 22,933 | 32,609 | 54,208 | 86,997 |
Income tax expense | 5,779 | 8,058 | 12,891 | 21,377 |
Net income | 17,154 | 24,551 | 41,317 | 65,620 |
Other comprehensive income | ||||
Adjustments related to retirement plans; net of tax expense of $14 and $41 in 2022 | 0 | 41 | 0 | 122 |
Comprehensive income | $ 17,154 | $ 24,592 | $ 41,317 | $ 65,742 |
Common Stock | ||||
Other comprehensive income | ||||
Basic earnings per share (in dollars per share) | $ 1.05 | $ 1.51 | $ 2.55 | $ 3.96 |
Diluted earnings per share (in dollars per share) | 1.02 | 1.46 | 2.46 | 3.83 |
Cash dividends per share (in dollars per share) | 0.30 | 0.28 | 0.88 | 0.81 |
Class A Common Stock | ||||
Other comprehensive income | ||||
Basic earnings per share (in dollars per share) | 1 | 1.43 | 2.41 | 3.75 |
Diluted earnings per share (in dollars per share) | 0.98 | 1.40 | 2.36 | 3.66 |
Cash dividends per share (in dollars per share) | $ 0.28 | $ 0.26 | $ 0.82 | $ 0.75 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||
Adjustments related to retirement plans, tax expense | $ 14 | $ 41 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows from Operating Activities: | ||
Net income | $ 41,317 | $ 65,620 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 13,827 | 12,744 |
Share-based compensation expense | 6,199 | 6,032 |
Other | (1,337) | (450) |
Changes in operating assets and liabilities: | ||
Inventories | 15,999 | (25,284) |
Customer deposits | (1,661) | (19,151) |
Other assets and liabilities | 10,546 | (7,318) |
Accounts payable and accrued liabilities | (5,516) | 6,007 |
Net cash provided by operating activities | 79,374 | 38,200 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (46,428) | (22,109) |
Proceeds from sale of land, property and equipment | 53 | 66 |
Net cash used in investing activities | (46,375) | (22,043) |
Cash Flows from Financing Activities: | ||
Dividends paid | (14,301) | (13,366) |
Common stock repurchased | (3,194) | (29,998) |
Taxes on vested restricted shares | (4,082) | (1,676) |
Net cash used in financing activities | (21,577) | (45,040) |
Increase (decrease) in cash, cash equivalents and restricted cash equivalents during the period | 11,422 | (28,883) |
Cash, cash equivalents and restricted cash equivalents at beginning of period | 129,930 | 172,862 |
Cash, cash equivalents and restricted cash equivalents at end of period | $ 141,352 | $ 143,979 |
Business and Basis of Presentat
Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
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. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023: (in thousands) Common Stock Class A Additional Retained Accumulated Other Treasury Total Balances at June 30, 2023 $ 30,218 $ 1,806 $ 109,731 $ 413,143 $ (756) $ (248,559) $ 305,583 Net income 17,154 17,154 Dividends declared: Common Stock, $0.30 per share (4,527) (4,527) Class A Common Stock, $0.28 per share (360) (360) Class A conversion 2 (2) — Acquisition of treasury stock (3,194) (3,194) Amortization of restricted stock 1,760 1,760 Balances at September 30, 2023 $ 30,220 $ 1,804 $ 111,491 $ 425,410 $ (756) $ (251,753) $ 316,416 For the nine months ended September 30, 2023: (in thousands) Common Stock Class A Additional Retained Accumulated Other Treasury Total Balances at December 31, 2022 $ 30,006 $ 1,806 $ 108,706 $ 398,393 $ (756) $ (248,756) $ 289,399 Net income 41,317 41,317 Dividends declared: Common Stock, $0.88 per share (13,249) (13,249) Class A Common Stock, $0.82 per share (1,051) (1,051) Class A conversion 2 (2) — Acquisition of treasury stock (3,194) (3,194) Restricted stock issuances 212 (4,294) (4,082) Amortization of restricted stock 6,199 6,199 Directors' Compensation Plan 880 197 1,077 Balances at September 30, 2023 $ 30,220 $ 1,804 $ 111,491 $ 425,410 $ (756) $ (251,753) $ 316,416 For the three months ended September 30, 2022: (in thousands) Common Stock Class A Additional Retained Accumulated Other Treasury Total Balances at June 30, 2022 $ 30,006 $ 1,806 $ 105,674 $ 375,234 $ (2,212) $ (243,782) $ 266,726 Net income 24,551 24,551 Dividends declared: Common Stock, $0.28 per share (4,214) (4,214) Class A Common Stock, $0.26 per share (334) (334) Acquisition of treasury stock (4,997) (4,997) Amortization of restricted stock 1,836 1,836 Other comprehensive income 41 41 Balances at September 30, 2022 $ 30,006 $ 1,806 $ 107,510 $ 395,237 $ (2,171) $ (248,779) $ 283,609 For the nine months ended September 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 65,620 65,620 Dividends declared: Common Stock, $0.81 per share (12,403) (12,403) Class A Common Stock, $0.75 per share (963) (963) Class A conversion 3 (3) — Acquisition of treasury stock (29,998) (29,998) Restricted stock issuances 96 (1,778) (1,682) Amortization of restricted stock 6,032 6,032 Directors' Compensation Plan 684 227 911 Other comprehensive income 122 122 Balances at September 30, 2022 $ 30,006 $ 1,806 $ 107,510 $ 395,237 $ (2,171) $ (248,779) $ 283,609 |
Interim LIFO Calculations
Interim LIFO Calculations | 9 Months Ended |
Sep. 30, 2023 | |
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 the components of the calculation including year-end inventory levels and the expected rate of inflation or deflation for the year. 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 valuation. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
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 | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Credit Agreement | Credit Agreement We have an $80.0 million revolving credit facility (the “Credit Agreement”) secured primarily by our inventory and maturing on October 24, 2027. Availability fluctuates based on a borrowing base calculation reduced by outstanding letters of credit. At September 30, 2023 and December 31, 2022, there were no outstanding borrowings under the Credit Agreement. The borrowing base was $150.6 million at September 30, 2023 and there were no outstanding letters of credit and, accordingly, net availability was $80.0 million. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2023 | |
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 $46.3 million and $48.0 million at September 30, 2023 and December 31, 2022, respectively. Of the customer deposit liabilities at December 31, 2022, approximately $0.5 million have not been recognized through net sales in the nine months ended September 30, 2023. The following table presents our revenues disaggregated by each major product category and service: (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net Sales % of Net Sales % of Net Sales % of Net Sales % of Merchandise: Case Goods Bedroom Furniture $ 33,702 15.3 % $ 46,068 16.8 % $ 102,184 15.7 % $ 118,953 15.5 % Dining Room Furniture 25,272 11.5 31,793 11.6 73,809 11.3 82,971 10.8 Occasional 17,227 7.8 23,874 8.7 52,736 8.1 60,881 7.9 76,201 34.6 101,735 37.1 228,729 35.1 262,805 34.3 Upholstery 93,559 42.5 112,682 41.1 275,978 42.4 333,507 43.5 Mattresses 20,407 9.3 22,646 8.3 57,805 8.9 64,389 8.4 Accessories and Other (1) 30,180 13.7 37,432 13.6 88,877 13.6 105,957 13.8 $ 220,347 100.0 % $ 274,495 100.0 % $ 651,389 100.0 % $ 766,658 100.0 % (1) Includes delivery charges and product protection. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
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 12 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 portions 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 portions 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. 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, 2023 2022 2023 2022 Operating lease cost $ 12,404 $ 11,517 $ 36,506 $ 35,230 Variable lease cost 1,443 1,706 4,562 5,183 Total lease expense $ 13,847 $ 13,223 $ 41,068 $ 40,413 In May 2023, we purchased our Florida distribution center for approximately $28.0 million and entered into an early termination agreement of a retail location lease in exchange for approximately $3.0 million. This purchase and lease modification decreased our right of use assets and lease liabilities by approximately $16.0 million. Supplemental cash flow information related to leases is as follows (in thousands): Nine Months Ended September 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 33,945 $ 29,601 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 43,934 $ 22,231 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesOur effective tax rate for the nine months ended September 30, 2023 and 2022 was 23.8% and 24.6%, 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 | 9 Months Ended |
Sep. 30, 2023 | |
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 2022 Annual Report on Form 10-K, we have awards outstanding for Common Stock under stock-based employee compensation plans. The following table summarizes our award activity during the nine months ended September 30, 2023: Service-Based Performance-Based Shares or Units (#) Weighted-Average Shares or Units (#) Weighted-Average Outstanding at December 31, 2022 237,302 $ 28.16 436,647 $ 26.56 Granted/Issued 175,498 33.06 106,557 33.08 Awards vested or rights exercised (1) (146,610) 27.07 (188,980) 20.42 Forfeited (16,535) 30.84 (3,069) 32.75 Additional units earned due to performance — — 3,752 28.86 Outstanding at September 30, 2023 249,655 $ 32.08 354,907 $ 31.76 Restricted units expected to vest 249,655 $ 32.08 330,826 $ 31.66 (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, 2023 was approximately $3.7 million. The aggregate intrinsic value of outstanding service-based restricted stock awards was approximately $7.2 million at September 30, 2023. 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 nine months ended September 30, 2023 was approximately $7.1 million. The aggregate intrinsic value of outstanding performance awards at September 30, 2023 expected to vest was approximately $9.5 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 expenses over the respective grants’ vesting periods, primarily on a straight-line basis. The amount charged was approximately $6.2 million and $6.0 million for the nine months ended September 30, 2023 and 2022, respectively. Forfeitures are recognized as they occur. As of September 30, 2023, the total compensation cost related to unvested equity awards was approximately $7.9 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, 2023 | |
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. Holders of the Class A Common Stock have greater voting rights which include voting as a separate class for the election of up to 75% of the total number of directors whereas holders of the Common Stock vote as a separate class for the election of at least 25% of the total number of directors. On all other matters subject to shareholder vote, holders of the Class A Common Stock have ten votes per share as opposed to holders of the Common Stock receiving one vote per share. Class A Common Stock 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 Nine Months Ended 2023 2022 2023 2022 Numerator: Common: Distributed earnings $ 4,527 $ 4,214 $ 13,249 $ 12,403 Undistributed earnings 11,349 18,498 24,982 48,398 Basic 15,876 22,712 38,231 60,801 Class A Common earnings 1,278 1,839 3,086 4,819 Diluted $ 17,154 $ 24,551 $ 41,317 $ 65,620 Class A Common: Distributed earnings $ 360 $ 334 $ 1,051 $ 963 Undistributed earnings 918 1,505 2,035 3,856 $ 1,278 $ 1,839 $ 3,086 $ 4,819 Denominator: Common: Weighted average shares outstanding - basic 15,071 15,015 15,008 15,347 Assumed conversion of Class A Common Stock 1,282 1,283 1,283 1,284 Dilutive options, awards and common stock equivalents 483 518 498 507 Total weighted-average diluted Common Stock 16,836 16,816 16,789 17,138 Class A Common: Weighted average shares outstanding 1,282 1,283 1,283 1,284 Basic earnings per share: Common Stock $ 1.05 $ 1.51 $ 2.55 $ 3.96 Class A Common Stock $ 1.00 $ 1.43 $ 2.41 $ 3.75 Diluted earnings per share: Common Stock $ 1.02 $ 1.46 $ 2.46 $ 3.83 Class A Common Stock $ 0.98 $ 1.40 $ 2.36 $ 3.66 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income | $ 17,154 | $ 24,551 | $ 41,317 | $ 65,620 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | 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 | 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, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders' Equity | For the three months ended September 30, 2023: (in thousands) Common Stock Class A Additional Retained Accumulated Other Treasury Total Balances at June 30, 2023 $ 30,218 $ 1,806 $ 109,731 $ 413,143 $ (756) $ (248,559) $ 305,583 Net income 17,154 17,154 Dividends declared: Common Stock, $0.30 per share (4,527) (4,527) Class A Common Stock, $0.28 per share (360) (360) Class A conversion 2 (2) — Acquisition of treasury stock (3,194) (3,194) Amortization of restricted stock 1,760 1,760 Balances at September 30, 2023 $ 30,220 $ 1,804 $ 111,491 $ 425,410 $ (756) $ (251,753) $ 316,416 For the nine months ended September 30, 2023: (in thousands) Common Stock Class A Additional Retained Accumulated Other Treasury Total Balances at December 31, 2022 $ 30,006 $ 1,806 $ 108,706 $ 398,393 $ (756) $ (248,756) $ 289,399 Net income 41,317 41,317 Dividends declared: Common Stock, $0.88 per share (13,249) (13,249) Class A Common Stock, $0.82 per share (1,051) (1,051) Class A conversion 2 (2) — Acquisition of treasury stock (3,194) (3,194) Restricted stock issuances 212 (4,294) (4,082) Amortization of restricted stock 6,199 6,199 Directors' Compensation Plan 880 197 1,077 Balances at September 30, 2023 $ 30,220 $ 1,804 $ 111,491 $ 425,410 $ (756) $ (251,753) $ 316,416 For the three months ended September 30, 2022: (in thousands) Common Stock Class A Additional Retained Accumulated Other Treasury Total Balances at June 30, 2022 $ 30,006 $ 1,806 $ 105,674 $ 375,234 $ (2,212) $ (243,782) $ 266,726 Net income 24,551 24,551 Dividends declared: Common Stock, $0.28 per share (4,214) (4,214) Class A Common Stock, $0.26 per share (334) (334) Acquisition of treasury stock (4,997) (4,997) Amortization of restricted stock 1,836 1,836 Other comprehensive income 41 41 Balances at September 30, 2022 $ 30,006 $ 1,806 $ 107,510 $ 395,237 $ (2,171) $ (248,779) $ 283,609 For the nine months ended September 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 65,620 65,620 Dividends declared: Common Stock, $0.81 per share (12,403) (12,403) Class A Common Stock, $0.75 per share (963) (963) Class A conversion 3 (3) — Acquisition of treasury stock (29,998) (29,998) Restricted stock issuances 96 (1,778) (1,682) Amortization of restricted stock 6,032 6,032 Directors' Compensation Plan 684 227 911 Other comprehensive income 122 122 Balances at September 30, 2022 $ 30,006 $ 1,806 $ 107,510 $ 395,237 $ (2,171) $ (248,779) $ 283,609 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenues Disaggregated by Major Product Category and Service | The following table presents our revenues disaggregated by each major product category and service: (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net Sales % of Net Sales % of Net Sales % of Net Sales % of Merchandise: Case Goods Bedroom Furniture $ 33,702 15.3 % $ 46,068 16.8 % $ 102,184 15.7 % $ 118,953 15.5 % Dining Room Furniture 25,272 11.5 31,793 11.6 73,809 11.3 82,971 10.8 Occasional 17,227 7.8 23,874 8.7 52,736 8.1 60,881 7.9 76,201 34.6 101,735 37.1 228,729 35.1 262,805 34.3 Upholstery 93,559 42.5 112,682 41.1 275,978 42.4 333,507 43.5 Mattresses 20,407 9.3 22,646 8.3 57,805 8.9 64,389 8.4 Accessories and Other (1) 30,180 13.7 37,432 13.6 88,877 13.6 105,957 13.8 $ 220,347 100.0 % $ 274,495 100.0 % $ 651,389 100.0 % $ 766,658 100.0 % (1) Includes delivery charges and product protection. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Lessee Disclosure [Abstract] | |
Schedule of Lease Expense | Components of lease expense were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease cost $ 12,404 $ 11,517 $ 36,506 $ 35,230 Variable lease cost 1,443 1,706 4,562 5,183 Total lease expense $ 13,847 $ 13,223 $ 41,068 $ 40,413 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases is as follows (in thousands): Nine Months Ended September 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 33,945 $ 29,601 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 43,934 $ 22,231 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-based Payment Arrangement, Activity | The following table summarizes our award activity during the nine months ended September 30, 2023: Service-Based Performance-Based Shares or Units (#) Weighted-Average Shares or Units (#) Weighted-Average Outstanding at December 31, 2022 237,302 $ 28.16 436,647 $ 26.56 Granted/Issued 175,498 33.06 106,557 33.08 Awards vested or rights exercised (1) (146,610) 27.07 (188,980) 20.42 Forfeited (16,535) 30.84 (3,069) 32.75 Additional units earned due to performance — — 3,752 28.86 Outstanding at September 30, 2023 249,655 $ 32.08 354,907 $ 31.76 Restricted units expected to vest 249,655 $ 32.08 330,826 $ 31.66 (1) Includes shares repurchased from employees for employee’s tax liability. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of 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. Holders of the Class A Common Stock have greater voting rights which include voting as a separate class for the election of up to 75% of the total number of directors whereas holders of the Common Stock vote as a separate class for the election of at least 25% of the total number of directors. On all other matters subject to shareholder vote, holders of the Class A Common Stock have ten votes per share as opposed to holders of the Common Stock receiving one vote per share. Class A Common Stock 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 Nine Months Ended 2023 2022 2023 2022 Numerator: Common: Distributed earnings $ 4,527 $ 4,214 $ 13,249 $ 12,403 Undistributed earnings 11,349 18,498 24,982 48,398 Basic 15,876 22,712 38,231 60,801 Class A Common earnings 1,278 1,839 3,086 4,819 Diluted $ 17,154 $ 24,551 $ 41,317 $ 65,620 Class A Common: Distributed earnings $ 360 $ 334 $ 1,051 $ 963 Undistributed earnings 918 1,505 2,035 3,856 $ 1,278 $ 1,839 $ 3,086 $ 4,819 Denominator: Common: Weighted average shares outstanding - basic 15,071 15,015 15,008 15,347 Assumed conversion of Class A Common Stock 1,282 1,283 1,283 1,284 Dilutive options, awards and common stock equivalents 483 518 498 507 Total weighted-average diluted Common Stock 16,836 16,816 16,789 17,138 Class A Common: Weighted average shares outstanding 1,282 1,283 1,283 1,284 Basic earnings per share: Common Stock $ 1.05 $ 1.51 $ 2.55 $ 3.96 Class A Common Stock $ 1.00 $ 1.43 $ 2.41 $ 3.75 Diluted earnings per share: Common Stock $ 1.02 $ 1.46 $ 2.46 $ 3.83 Class A Common Stock $ 0.98 $ 1.40 $ 2.36 $ 3.66 |
Business and Basis of Present_3
Business and Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2023 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 305,583 | $ 266,726 | $ 289,399 | $ 255,970 |
Net income | 17,154 | 24,551 | 41,317 | 65,620 |
Class A conversion | 0 | 0 | 0 | |
Acquisition of treasury stock | (3,194) | (4,997) | (3,194) | (29,998) |
Restricted stock issuances | (4,082) | (1,682) | ||
Amortization of restricted stock | 1,760 | 1,836 | 6,199 | 6,032 |
Directors' Compensation Plan | 1,077 | 911 | ||
Other comprehensive income | 41 | 122 | ||
Ending balance | 316,416 | 283,609 | 316,416 | 283,609 |
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common Stock/Class A Common Stock, Dividends declared | $ (4,527) | $ (4,214) | $ (13,249) | $ (12,403) |
Cash dividends per share (in dollars per share) | $ 0.30 | $ 0.28 | $ 0.88 | $ 0.81 |
Class A Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common Stock/Class A Common Stock, Dividends declared | $ (360) | $ (334) | $ (1,051) | $ (963) |
Cash dividends per share (in dollars per share) | $ 0.28 | $ 0.26 | $ 0.82 | $ 0.75 |
Common Stock | Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 30,218 | $ 30,006 | $ 30,006 | $ 29,907 |
Class A conversion | 2 | 2 | 3 | |
Restricted stock issuances | 212 | 96 | ||
Ending balance | 30,220 | 30,006 | 30,220 | 30,006 |
Common Stock | Class A Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 1,806 | 1,806 | 1,806 | 1,809 |
Class A conversion | (2) | (2) | (3) | |
Ending balance | 1,804 | 1,806 | 1,804 | 1,806 |
Additional Paid-In Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 109,731 | 105,674 | 108,706 | 102,572 |
Restricted stock issuances | (4,294) | (1,778) | ||
Amortization of restricted stock | 1,760 | 1,836 | 6,199 | 6,032 |
Directors' Compensation Plan | 880 | 684 | ||
Ending balance | 111,491 | 107,510 | 111,491 | 107,510 |
Retained Earnings | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 413,143 | 375,234 | 398,393 | 342,983 |
Net income | 17,154 | 24,551 | 41,317 | 65,620 |
Ending balance | 425,410 | 395,237 | 425,410 | 395,237 |
Retained Earnings | Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common Stock/Class A Common Stock, Dividends declared | (4,527) | (4,214) | (13,249) | (12,403) |
Retained Earnings | Class A Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common Stock/Class A Common Stock, Dividends declared | (360) | (334) | (1,051) | (963) |
Accumulated Other Comprehensive Loss | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (756) | (2,212) | (756) | (2,293) |
Other comprehensive income | 41 | 122 | ||
Ending balance | (756) | (2,171) | (756) | (2,171) |
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (248,559) | (243,782) | (248,756) | (219,008) |
Acquisition of treasury stock | (3,194) | (4,997) | (3,194) | (29,998) |
Directors' Compensation Plan | 197 | 227 | ||
Ending balance | $ (251,753) | $ (248,779) | $ (251,753) | $ (248,779) |
Credit Agreement (Details)
Credit Agreement (Details) - Credit Agreement - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Credit Agreement [Abstract] | ||
Maximum borrowing capacity | $ 80,000,000 | |
Debt instrument, maturity date | Oct. 24, 2027 | |
Outstanding letters of credit | $ 0 | $ 0 |
Borrowing base | 150,600,000 | |
Net availability | $ 80,000,000 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |||||
Customer deposits | $ 46,308 | $ 46,308 | $ 47,969 | ||
Customer deposits not recognized through net sales | 500 | ||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 220,347 | $ 274,495 | $ 651,389 | $ 766,658 | |
% of Net Sales | 100% | 100% | 100% | 100% | |
Case Goods | |||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 76,201 | $ 101,735 | $ 228,729 | $ 262,805 | |
% of Net Sales | 34.60% | 37.10% | 35.10% | 34.30% | |
Bedroom Furniture | |||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 33,702 | $ 46,068 | $ 102,184 | $ 118,953 | |
% of Net Sales | 15.30% | 16.80% | 15.70% | 15.50% | |
Dining Room Furniture | |||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 25,272 | $ 31,793 | $ 73,809 | $ 82,971 | |
% of Net Sales | 11.50% | 11.60% | 11.30% | 10.80% | |
Occasional | |||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 17,227 | $ 23,874 | $ 52,736 | $ 60,881 | |
% of Net Sales | 7.80% | 8.70% | 8.10% | 7.90% | |
Upholstery | |||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 93,559 | $ 112,682 | $ 275,978 | $ 333,507 | |
% of Net Sales | 42.50% | 41.10% | 42.40% | 43.50% | |
Mattresses | |||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 20,407 | $ 22,646 | $ 57,805 | $ 64,389 | |
% of Net Sales | 9.30% | 8.30% | 8.90% | 8.40% | |
Accessories and Other | |||||
Disaggregation of Revenue [Abstract] | |||||
Net sales | $ 30,180 | $ 37,432 | $ 88,877 | $ 105,957 | |
% of Net Sales | 13.70% | 13.60% | 13.60% | 13.80% |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
May 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | |||
Right-of-use lease assets | $ 205,257 | $ 207,390 | |
FLORIDA | |||
Lessee, Lease, Description [Line Items] | |||
Purchase of distribution center | $ 28,000 | ||
Termination of lease amount | 3,000 | ||
Right-of-use lease assets | 16,000 | ||
Operating lease, liability | $ 16,000 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term (in years) | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term (in years) | 12 years | ||
Option to extend, term (in years) | 20 years |
Leases - Lease Expenses and Sup
Leases - Lease Expenses and Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Lease, Cost [Abstract] | ||||
Operating lease cost | $ 12,404 | $ 11,517 | $ 36,506 | $ 35,230 |
Variable lease cost | 1,443 | 1,706 | 4,562 | 5,183 |
Total lease expense | $ 13,847 | $ 13,223 | 41,068 | 40,413 |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | 33,945 | 29,601 | ||
Right-of-use assets obtained in exchange for lease obligations: | ||||
Operating leases | $ 43,934 | $ 22,231 |
Income Taxes (Details)
Income Taxes (Details) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate, percent | 23.80% | 24.60% |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Stock Based Compensation Plan [Abstract] | ||
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $ 7.9 | |
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years) | 2 years | |
Selling, General and Administrative Expenses | ||
Stock Based Compensation Plan [Abstract] | ||
Share-based payment arrangement, expense | $ 6.2 | $ 6 |
Service-Based Restricted Stock Awards | ||
Shares or Units [Roll Forward] | ||
Outstanding, beginning balance (in shares) | 237,302 | |
Granted/Issued (in shares) | 175,498 | |
Awards vested or rights exercised (in shares) | (146,610) | |
Forfeited (in shares) | (16,535) | |
Additional units earned due to performance (in shares) | 0 | |
Outstanding, ending balance (in shares) | 249,655 | |
Restricted units expected to vest (in shares) | 249,655 | |
Weighted-Average Award Price [Roll Forward] | ||
Outstanding, beginning balance (in dollars per share) | $ 28.16 | |
Granted/Issued (in dollars per share) | 33.06 | |
Awards vested or rights exercised (in dollars per share) | 27.07 | |
Forfeited (in dollars per share) | 30.84 | |
Additional units earned due to performance (in dollars per share) | 0 | |
Outstanding, ending balance (in dollars per share) | 32.08 | |
Restricted units expected to vest (in dollars per share) | $ 32.08 | |
Stock Based Compensation Plan [Abstract] | ||
Fair value of vested shares | $ 3.7 | |
Aggregate intrinsic value of outstanding awards | $ 7.2 | |
Service-Based Restricted Stock Awards | Minimum | ||
Stock Based Compensation Plan [Abstract] | ||
Vesting period of awards (in years) | 1 year | |
Service-Based Restricted Stock Awards | Maximum | ||
Stock Based Compensation Plan [Abstract] | ||
Vesting period of awards (in years) | 3 years | |
Performance-Based Restricted Stock Awards | ||
Shares or Units [Roll Forward] | ||
Outstanding, beginning balance (in shares) | 436,647 | |
Granted/Issued (in shares) | 106,557 | |
Awards vested or rights exercised (in shares) | (188,980) | |
Forfeited (in shares) | (3,069) | |
Additional units earned due to performance (in shares) | 3,752 | |
Outstanding, ending balance (in shares) | 354,907 | |
Restricted units expected to vest (in shares) | 330,826 | |
Weighted-Average Award Price [Roll Forward] | ||
Outstanding, beginning balance (in dollars per share) | $ 26.56 | |
Granted/Issued (in dollars per share) | 33.08 | |
Awards vested or rights exercised (in dollars per share) | 20.42 | |
Forfeited (in dollars per share) | 32.75 | |
Additional units earned due to performance (in dollars per share) | 28.86 | |
Outstanding, ending balance (in dollars per share) | 31.76 | |
Restricted units expected to vest (in dollars per share) | $ 31.66 | |
Stock Based Compensation Plan [Abstract] | ||
Fair value of vested shares | $ 7.1 | |
Aggregate intrinsic value of outstanding awards | $ 9.5 | |
Performance period (in years) | 1 year | |
Cliff vesting period (in years) | 3 years |
Earnings Per Share (Details)
Earnings Per Share (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) Vote $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | |
Earnings Per Share [Abstract] | ||||
Voting rights conversion basis | Vote | 1 | |||
Maximum | ||||
Earnings Per Share [Abstract] | ||||
Percentage of total number of directors | 75% | |||
Minimum | ||||
Earnings Per Share [Abstract] | ||||
Percentage of total number of directors | 25% | |||
Common Stock | ||||
Earnings Per Share [Abstract] | ||||
Percentage of earnings assumed to be distributed as dividends in earnings per share calculation | 100% | |||
Preferential dividend rate (as percent) | 105% | |||
Number of votes per share | Vote | 1 | |||
Numerator: | ||||
Distributed earnings | $ 4,527 | $ 4,214 | $ 13,249 | $ 12,403 |
Undistributed earnings | 11,349 | 18,498 | 24,982 | 48,398 |
Basic | 15,876 | 22,712 | 38,231 | 60,801 |
Diluted | $ 17,154 | $ 24,551 | $ 41,317 | $ 65,620 |
Denominator: | ||||
Weighted average shares outstanding - basic (in shares) | shares | 15,071 | 15,015 | 15,008 | 15,347 |
Assumed conversion of Class A Common Stock (in shares) | shares | 1,282 | 1,283 | 1,283 | 1,284 |
Dilutive options, awards and common stock equivalents (in shares) | shares | 483 | 518 | 498 | 507 |
Total weighted-average diluted Common Stock (in shares) | shares | 16,836 | 16,816 | 16,789 | 17,138 |
Earnings Per Share [Abstract] | ||||
Basic earnings per share (in dollars per share) | $ / shares | $ 1.05 | $ 1.51 | $ 2.55 | $ 3.96 |
Diluted earnings per share (in dollars per share) | $ / shares | $ 1.02 | $ 1.46 | $ 2.46 | $ 3.83 |
Class A Common Stock | ||||
Earnings Per Share [Abstract] | ||||
Number of votes per share | Vote | 10 | |||
Numerator: | ||||
Distributed earnings | $ 360 | $ 334 | $ 1,051 | $ 963 |
Undistributed earnings | 918 | 1,505 | 2,035 | 3,856 |
Basic | $ 1,278 | $ 1,839 | $ 3,086 | $ 4,819 |
Denominator: | ||||
Weighted average shares outstanding (in shares) | shares | 1,282 | 1,283 | 1,283 | 1,284 |
Earnings Per Share [Abstract] | ||||
Basic earnings per share (in dollars per share) | $ / shares | $ 1 | $ 1.43 | $ 2.41 | $ 3.75 |
Diluted earnings per share (in dollars per share) | $ / shares | $ 0.98 | $ 1.40 | $ 2.36 | $ 3.66 |