Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 04, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | STANLEY FURNITURE CO INC. | |
Entity Central Index Key | 797,465 | |
Trading Symbol | stly | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 15,083,331 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash | $ 1,236 | $ 4,212 |
Restricted cash | 631 | 663 |
Accounts receivable, less allowances of $199 and $272, on each respective date | 3,865 | 3,492 |
Finished goods inventory, net | 25,381 | 22,951 |
Prepaid expenses and other current assets | 806 | 729 |
Total current assets | 31,919 | 32,047 |
Property, plant and equipment, net | 1,479 | 1,606 |
Other assets | 2,665 | 2,868 |
Total assets | 36,063 | 36,521 |
LIABILITIES | ||
Accounts payable | 6,609 | 5,674 |
Accrued salaries, wages and benefits | 1,102 | 1,371 |
Deferred revenue | 623 | 759 |
Other accrued expenses | 678 | 593 |
Total current liabilities | 9,012 | 8,397 |
Deferred compensation | 3,928 | 4,219 |
Supplemental retirement plan | 1,655 | 1,724 |
Other long-term liabilities | 2,001 | 2,199 |
Total liabilities | 16,596 | 16,539 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.02 par value, 25,000,000 shares authorized, 15,083,331 and 14,730,805 shares issued and outstanding on each respective date | 275 | 275 |
Capital in excess of par value | 16,817 | 16,840 |
Retained earnings | 4,556 | 5,129 |
Accumulated other comprehensive loss | (2,181) | (2,262) |
Total stockholders’ equity | 19,467 | 19,982 |
Total liabilities and stockholders’ equity | $ 36,063 | $ 36,521 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Account receivable, allowances | $ 199 | $ 272 |
Common stock, par value (in dollars per share) | $ 0.02 | $ 0.02 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 15,083,331 | 14,730,805 |
Common stock, shares outstanding (in shares) | 15,083,331 | 14,730,805 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Net sales | $ 10,427,000 | $ 11,036,000 | $ 33,231,000 | $ 34,772,000 |
Cost of sales | 8,094,000 | 9,201,000 | 25,929,000 | 28,334,000 |
Gross profit | 2,333,000 | 1,835,000 | 7,302,000 | 6,438,000 |
Selling, general, and administrative expenses | 2,673,000 | 3,807,000 | 8,069,000 | 10,626,000 |
Operating loss | (340,000) | (1,972,000) | (767,000) | (4,188,000) |
Other income, net | 3,000 | 5,000 | 25,000 | 16,000 |
Interest (income) expense, net | (6,000) | 103,000 | ||
Loss from operations before taxes | (337,000) | (1,961,000) | (742,000) | (4,275,000) |
Income tax (benefit) expense | (32,000) | 119,000 | (35,000) | 682,000 |
Net loss | $ (305,000) | $ (2,080,000) | $ (707,000) | $ (4,957,000) |
Net loss per share: | ||||
Basic (in dollars per share) | $ (0.02) | $ (0.15) | $ (0.05) | $ (0.35) |
Diluted (in dollars per share) | $ (0.02) | $ (0.15) | $ (0.05) | $ (0.35) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 14,220 | 14,094 | 14,203 | 14,143 |
Diluted (in shares) | 14,220 | 14,094 | 14,203 | 14,143 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Net loss | $ (305,000) | $ (2,080,000) | $ (707,000) | $ (4,957,000) |
Other comprehensive loss: | ||||
Amortization of actuarial loss | 30,000 | 24,000 | 81,000 | 71,000 |
Adjustments to net periodic benefit cost | 30,000 | 24,000 | 81,000 | 71,000 |
Comprehensive loss | $ (275,000) | $ (2,056,000) | $ (626,000) | $ (4,886,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Cash flows from operating activities: | ||
Cash received from customers | $ 32,711,000 | $ 36,818,000 |
Cash paid to suppliers and employees | (35,659,000) | (39,389,000) |
Interest paid, net | (193,000) | |
Income taxes paid | (26,000) | (415,000) |
Net cash used by operating activities | (2,974,000) | (3,179,000) |
Cash flows from investing activities: | ||
Proceeds from surrender of corporate-owned life insurance policies | 28,139,000 | |
Purchase of other assets | (14,000) | |
Decrease in restricted cash | 32,000 | |
Proceeds from sale of property, plant and equipment | 25,000 | |
Purchase of property, plant and equipment | (10,000) | |
Net cash provided by investing activities | 47,000 | 28,125,000 |
Cash flows from financing activities: | ||
Payment of dividends | (49,000) | (17,618,000) |
Payments on insurance policy loans | (5,495,000) | |
Repurchase and retirement of common stock | (1,012,000) | |
Stock purchase and retirement for tax withholdings on vesting of restricted awards | (14,000) | |
Net cash used by financing activities | (49,000) | (24,139,000) |
Cash flows from discontinued operations: | ||
Cash used by operating activities | (11,000) | |
Net cash used by discontinued operations | (11,000) | |
Net (decrease) increase in cash | (2,976,000) | 796,000 |
Cash at beginning of period | 4,212,000 | 6,497,000 |
Cash at end of period | 1,236,000 | 7,293,000 |
Reconciliation of net loss to net cash used by operating activities: | ||
Net loss | (707,000) | (4,957,000) |
Depreciation and amortization | 346,000 | 350,000 |
Stock-based compensation | (23,000) | 218,000 |
Gain on sale of property, plant and equipment | (16,000) | |
Changes in assets and liabilities: | ||
Accounts receivable | (373,000) | 1,783,000 |
Inventories | (2,430,000) | (415,000) |
Prepaid expenses and other assets | (92,000) | 50,000 |
Accounts payable | 935,000 | (564,000) |
Accrued salaries, wages and benefits | (176,000) | 157,000 |
Other accrued expenses | 132,000 | 68,000 |
Other long-term liabilities | (570,000) | 131,000 |
Net cash used by operating activities | $ (2,974,000) | $ (3,179,000) |
Note 1 - Preparation of Interim
Note 1 - Preparation of Interim Unaudited Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Preparation of Interim Unaudited Consolidated Financial Statements The consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, these statements include all adjustments necessary for a fair presentation of the results of all interim periods reported herein. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures prepared in accordance with generally accepted accounting principles in the United States have been either condensed or omitted pursuant to SEC rules and regulations. However, we believe that the disclosures made are adequate for a fair presentation of results of operations and financial position. Operating results for the interim periods reported herein may not 10 Recent Accounting Pronouncements In March 2017, 2017 07, Compensation – Retirement Benefits (Topic 715 not December 15, 2017. not not no $330,000 In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13” 2016 13 2016 13 December 15, 2019, December 15, 2018. not 2016 13 In February 2016, Leases 842 2016 02” 840, 840 840 September 30, 2017, first December 31, 2019. Early adoption is permitted. We are evaluating the effect that ASU 2016 02 In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting 2016 09” 2016 09 first no In August 2016, 2016 15, Statement of Cash Flows 230 first December 31, 2018. November 2016, 2016 18, Statement of Cash Flows (Topic 230 : Restricted Cash not 2016 15 2016 18 In July 2015, 2015 11, Inventory (Topic 330 2015 11” 2015 11 first not first first first no In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 first December 31, 2018. not five five 1 two 2 3 4 5 Under this approach, the new standard would apply to all new contracts initiated on or after January 1, 2018. January 1, 2018, ’ s current revenue recognition practices would be recognized using a cumulative effect adjustment to the opening balance of retained earnings. Any potential effect of adoption of the new standard has not ’s initial review of contracts to date, the adoption of the new standard is not 606 fourth 2017. Liquidity As of September 30, 2017, nine September 30, 2017, $1.2 $707,000 $3.0 lly high shipments over the last few months from overseas suppliers, which improved stock availability for customers, but which followed prolonged periods of production delays that led to depressed order rates. As a result, subsequent to the quarter ended September 30, 2017, November 4, 2017 $700,000. November 2017, October 2018. September 30, 2017, $3.4 $4.0 |
Note 2 - Property, Plant and Eq
Note 2 - Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2. Property, Plant and Equipment (in thousands) Sept. 30 , December 31, 201 7 201 6 Machinery and equipment $ 2,620 $ 2,675 Leasehold improvements 1,842 1,833 Property, plant and equipment, at cost 4,462 4,508 Less accumulated depreciation 2,983 2,902 Property, plant and equipment, net $ 1,479 $ 1,606 |
Note 3 - Debt
Note 3 - Debt | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. We have a secured $6.0 $2.0 $4.0 October 2018 three 3.5%. The credit facility contains covenants that, among other things, limit our ability to incur certain types of debt or liens, pay dividends, enter into mergers and consolidations or use proceeds of borrowing for other than permitted uses. The credit facility also includes a covenant requiring us to maintain a minimum fixed charge ratio of not 1.1 1.0 twelve December 31, 2017. November 9, 2017 December 31, 2017 , not $250,000 December 31, 2017. . At September 30, 2017, December 31, 2016, no |
Note 4 - Income Taxes
Note 4 - Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4. During the first nine 2017, $141,000 $12.7 September 30, 2017. $21.8 September 30, 2017. nine $19.7 first $24.0 three nine first We maintain a valuation allowance against deferred tax assets that currently exceed our deferred tax liabilities. The primary assets covered by this valuation allowance are net operating loss carry-forwards. The valuation allowance was calculated in accordance with the provisions of ASC 740, Income Taxes three three 740, Income Taxes no not Our effective tax rate s for the current three nine 9.5% 4.7% three nine 6.1% 16.0%, |
Note 5 - Employee Benefit Plans
Note 5 - Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 5. Components of other postretirement benefit cost (in thousands): Three Months Nine Months Ended Ended Sept. 30 , Oct. 1 , Sept. 30 , Oct. 1 , 201 7 201 6 201 7 201 6 Interest cost $ 59 $ 64 $ 176 $ 191 Amortization of actuarial loss 30 24 81 71 Net p eriodic postretirement benefit cost $ 89 $ 88 $ 257 $ 262 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6 . Stockholders’ Equity Basic earnings per common share are based upon the weighted average shares outstanding. Outstanding stock options and restricted stock are treated as potential common stock for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data (in thousands): Three Months Nine Months Ended Ended Sept. 30 , Oct. 1 , Sept. 30 , Oct. 1 , 201 7 201 6 201 7 201 6 Weighted average shares outstanding for basic calculation 14,220 14,094 14,203 14,143 Add: Effect of dilutive stock awards - - - - Weighted average shares outstanding, adjusted for diluted calculation 14,220 14,094 14,203 14,143 In the three nine September 30, 2017 three nine October 1, 2016, not 944,000 three nine 2017 not 864,000 not 2017 three nine October 1, 2016, 1.2 638,000 A reconciliation of the activity in stockholders’ equity accounts for the first nine September 30, 2017 Accumulated Capital in Other Common Excess of Retained Comprehensive Stock Par Value Earnings Loss Balance at December 31, 2016 $ 275 $ 16,840 $ 5,129 $ (2,262 ) Net loss - - (707 ) - Dividend payable adjustment due to restricted share forfeitures - - 134 - Stock-based compensation - (23 ) - - Adjustment to net periodic benefit cost - - - 81 Balance at September 30, 2017 $ 275 $ 16,817 $ 4,556 $ (2,181 ) |
Note 2 - Property, Plant and 13
Note 2 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) Sept. 30 , December 31, 201 7 201 6 Machinery and equipment $ 2,620 $ 2,675 Leasehold improvements 1,842 1,833 Property, plant and equipment, at cost 4,462 4,508 Less accumulated depreciation 2,983 2,902 Property, plant and equipment, net $ 1,479 $ 1,606 |
Note 5 - Employee Benefit Pla14
Note 5 - Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Nine Months Ended Ended Sept. 30 , Oct. 1 , Sept. 30 , Oct. 1 , 201 7 201 6 201 7 201 6 Interest cost $ 59 $ 64 $ 176 $ 191 Amortization of actuarial loss 30 24 81 71 Net p eriodic postretirement benefit cost $ 89 $ 88 $ 257 $ 262 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Nine Months Ended Ended Sept. 30 , Oct. 1 , Sept. 30 , Oct. 1 , 201 7 201 6 201 7 201 6 Weighted average shares outstanding for basic calculation 14,220 14,094 14,203 14,143 Add: Effect of dilutive stock awards - - - - Weighted average shares outstanding, adjusted for diluted calculation 14,220 14,094 14,203 14,143 |
Schedule of Stockholders Equity [Table Text Block] | Accumulated Capital in Other Common Excess of Retained Comprehensive Stock Par Value Earnings Loss Balance at December 31, 2016 $ 275 $ 16,840 $ 5,129 $ (2,262 ) Net loss - - (707 ) - Dividend payable adjustment due to restricted share forfeitures - - 134 - Stock-based compensation - (23 ) - - Adjustment to net periodic benefit cost - - - 81 Balance at September 30, 2017 $ 275 $ 16,817 $ 4,556 $ (2,181 ) |
Note 1 - Preparation of Inter16
Note 1 - Preparation of Interim Unaudited Consolidated Financial Statements (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Nov. 04, 2017 | Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Service Cost | $ 0 | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 89,000 | $ 88,000 | 257,000 | $ 262,000 | |||
Cash | 1,236,000 | 7,293,000 | 1,236,000 | 7,293,000 | $ 4,212,000 | $ 6,497,000 | |
Net Income (Loss) Attributable to Parent | (305,000) | $ (2,080,000) | (707,000) | (4,957,000) | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (2,974,000) | $ (3,179,000) | |||||
Revolving Credit Facility [Member] | Wells Fargo [Member] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 3,400,000 | 3,400,000 | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 4,000,000 | 4,000,000 | |||||
Subsequent Event [Member] | |||||||
Net Cash Provided by (Used in) Operating Activities | $ (700,000) | ||||||
Accounting Standards Update 2017-07 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 330,000 |
Note 2 - Property, Plant and 17
Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property, plant and equipment, gross | $ 4,462 | $ 4,508 |
Less accumulated depreciation | 2,983 | 2,902 |
Property, plant and equipment, net | 1,479 | 1,606 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 2,620 | 2,675 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | $ 1,842 | $ 1,833 |
Note 3 - Debt (Details Textual)
Note 3 - Debt (Details Textual) - Revolving Credit Facility [Member] - Wells Fargo [Member] | 9 Months Ended | ||
Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000,000 | ||
Line of Credit Facility, Excess Availability Requirement | 2,000,000 | ||
Line of Credit Facility, Current Borrowing Capacity | $ 4,000,000 | ||
Line of Credit Facility, Covenant, Minimum Fixed Charge Ratio | 1.1 | ||
Line of Credit Facility, Covenant Term | 1 year | ||
Long-term Line of Credit | $ 0 | $ 0 | |
Scenario, Forecast [Member] | |||
Line of Credit Facility, Covenant Compliance, Maximum Outstanding Amount | $ 250,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Oct. 01, 2016 | Apr. 02, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2016 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 141,000 | |||||
Deferred Tax Assets, Valuation Allowance | $ 12,700,000 | 12,700,000 | ||||
Operating Loss Carryforwards | $ 21,800,000 | $ 21,800,000 | $ 19,700,000 | |||
Taxable Income from Surrender of Policies | $ 24,000,000 | |||||
Effective Income Tax Rate Reconciliation, Percent | 9.50% | (6.10%) | 4.70% | (16.00%) |
Note 5 - Employee Benefit Pla20
Note 5 - Employee Benefit Plans - Components of Other Post-retirement Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Interest cost | $ 59 | $ 64 | $ 176 | $ 191 |
Amortization of actuarial loss | 30 | 24 | 81 | 71 |
Net periodic postretirement benefit cost | $ 89 | $ 88 | $ 257 | $ 262 |
Note 6 - Stockholders' Equity21
Note 6 - Stockholders' Equity (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 944,000 | 1,200,000 | 944,000 | |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 864,000 | 638,000 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Basic and Diluted Earnings Per Share Calculation (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Weighted average shares outstanding for basic calculation (in shares) | 14,220 | 14,094 | 14,203 | 14,143 |
Add: Effect of dilutive stock awards (in shares) | ||||
Weighted average shares outstanding, adjusted for diluted calculation (in shares) | 14,220 | 14,094 | 14,203 | 14,143 |
Note 6 - Stockholders' Equity23
Note 6 - Stockholders' Equity - Reconciliation of Activity in Stockholders' Equity Accounts (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Balance | $ 19,982,000 | |||
Net loss | $ (305,000) | $ (2,080,000) | (707,000) | $ (4,957,000) |
Adjustment to net periodic benefit cost | 30,000 | $ 24,000 | 81,000 | $ 71,000 |
Balance | 19,467,000 | 19,467,000 | ||
Common Stock [Member] | ||||
Balance | 275,000 | |||
Net loss | ||||
Dividend payable adjustment due to restricted share forfeitures | ||||
Stock-based compensation | ||||
Adjustment to net periodic benefit cost | ||||
Balance | 275,000 | 275,000 | ||
Additional Paid-in Capital [Member] | ||||
Balance | 16,840,000 | |||
Net loss | ||||
Dividend payable adjustment due to restricted share forfeitures | ||||
Stock-based compensation | (23,000) | |||
Adjustment to net periodic benefit cost | ||||
Balance | 16,817,000 | 16,817,000 | ||
Retained Earnings [Member] | ||||
Balance | 5,129,000 | |||
Net loss | (707,000) | |||
Dividend payable adjustment due to restricted share forfeitures | 134,000 | |||
Stock-based compensation | ||||
Adjustment to net periodic benefit cost | ||||
Balance | 4,556,000 | 4,556,000 | ||
AOCI Attributable to Parent [Member] | ||||
Balance | (2,262,000) | |||
Net loss | ||||
Dividend payable adjustment due to restricted share forfeitures | ||||
Stock-based compensation | ||||
Adjustment to net periodic benefit cost | 81,000 | |||
Balance | $ (2,181,000) | $ (2,181,000) |