Encore Wire (WIRE) 10-Q 2 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 31, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	ENCORE WIRE CORP
Entity Central Index Key	850,460
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		20,879,148

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	[1]
Current assets:
Cash and cash equivalents	$ 134,497	$ 123,362
Accounts receivable, net of allowance of $2,029 and $2,028	270,591	228,885
Inventories	96,006	92,365
Prepaid expenses and other	2,242	2,372
Total current assets	503,336	446,984
Property, plant and equipment - at cost:
Land and land improvements	51,169	51,024
Construction-in-progress	28,370	13,782
Buildings and improvements	151,092	150,603
Machinery and equipment	304,191	300,250
Furniture and fixtures	9,687	9,602
Total property, plant and equipment	544,509	525,261
Accumulated depreciation	(248,967)	(238,463)
Property, plant and equipment - net	295,542	286,798
Other assets	165	193
Total assets	799,043	733,975
Current liabilities:
Trade accounts payable	46,674	36,330
Accrued liabilities	34,015	35,005
Income taxes payable	938	296
Total current liabilities	81,627	71,631
Deferred income taxes	22,515	20,999
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $.01 par value: Authorized shares – 2,000,000; none issued	0	0
Common stock, $.01 par value: Authorized shares - 40,000,000; Issued shares - 26,871,603 and 26,859,203	269	269
Additional paid-in capital	59,880	58,192
Treasury stock, at cost – 6,027,455 and 6,027,455 shares	(91,056)	(91,056)
Retained earnings	725,808	673,940
Total stockholders’ equity	694,901	641,345
Total liabilities and stockholders’ equity	$ 799,043	$ 733,975
[1]	The consolidated balance sheet at December 31, 2017, as presented, is derived from the audited consolidated financial statements at that date.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 2,029	$ 2,028
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	26,882,603	26,859,203
Treasury stock, shares (in shares)	6,027,455	6,027,455

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Net sales	$ 340,732	$ 292,030	$ 968,956	$ 862,956
Cost of goods sold	286,227	252,943	832,460	748,792
Gross profit	54,505	39,087	136,496	114,164
Selling, general, and administrative expenses	24,214	19,142	68,599	57,198
Operating income	30,291	19,945	67,897	56,966
Net interest and other income	596	148	1,332	184
Income before income taxes	30,887	20,093	69,229	57,150
Provision for income taxes	7,209	6,129	16,109	18,621
Net income	$ 23,678	$ 13,964	$ 53,120	$ 38,529
Earnings per common and common equivalent share - basic (in usd per share)	$ 1.14	$ 0.67	$ 2.55	$ 1.86
Earnings per common and common equivalent share - diluted (in usd per share)	$ 1.13	$ 0.67	$ 2.54	$ 1.85
Weighted average common and common equivalent shares outstanding - basic (in shares)	20,853	20,758	20,839	20,749
Weighted average common and common equivalent shares outstanding - diluted (in shares)	20,919	20,837	20,910	20,835
Cash dividends declared per share (in usd per share)	$ 0.02	$ 0.02	$ 0.06	$ 0.06

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018		Sep. 30, 2017
Operating Activities:
Net income	$ 53,120		$ 38,529
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,321		11,613
Deferred income taxes	1,516		(210)
Stock-based compensation attributable to equity awards	1,257		837
Other	(145)		(401)
Changes in operating assets and liabilities:
Accounts receivable	(41,706)		(37,844)
Inventories	(3,641)		(2,145)
Other assets	120		(464)
Trade accounts payable and accrued liabilities	9,647		15,077
Current income taxes receivable / payable	642		(4,043)
Net cash provided by operating activities	33,131		20,949
Investing Activities:
Purchases of property, plant and equipment	(21,242)		(16,195)
Proceeds from sale of assets	66		923
Net cash used in investing activities	(21,176)		(15,272)
Financing Activities:
Deferred financing fees	0		(1)
Proceeds from issuance of common stock, net	431		1,184
Dividends paid	(1,251)		(1,246)
Net cash used in financing activities	(820)		(63)
Net increase in cash and cash equivalents	11,135		5,614
Cash and cash equivalents at beginning of period	123,362	[1]	95,753
Cash and cash equivalents at end of period	$ 134,497		$ 101,367
[1]	The consolidated balance sheet at December 31, 2017, as presented, is derived from the audited consolidated financial statements at that date.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Accounting Policies	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited consolidated financial statements of Encore Wire Corporation (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Results of operations for interim periods presented do not necessarily indicate the results that may be expected for the entire year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . Revenue Recognition The majority of our revenue is derived by fulfilling customer orders for the purchase of our products, which include electrical building wire and cable. We recognize revenue at the point in time that control of the ordered products is transferred to the customer, which is typically upon shipment to the customer from our manufacturing facilities and based on agreed upon shipping terms on the related purchase order. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis through standard payment terms. Revenue is measured as the amount of consideration we expect to receive in exchange for fulfilling product orders. The amount of consideration we expect to receive and revenue we recognize includes estimates for trade payment discounts and customer rebates which are estimated using historical experience and other relevant factors and is recorded within the same period that the revenue is recognized. We review and update these estimates regularly and the impact of any adjustments are recognized in the period the adjustments are identified. The adjustments resulting from updated estimates of trade payment discounts and customer rebates were not material. Recent Accounting Pronouncements The Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) is the sole source of authoritative U.S. GAAP other than Securities and Exchange Commission ("SEC") issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standard Update (“ASU”) to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. The following are those ASUs that are relevant to the Company. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (ASC 606),” which replaces numerous requirements in U.S. GAAP, including industry-specific requirements, and provides companies with a single revenue recognition model for recognizing revenue from contracts with customers. On January 1, 2018, we adopted the requirements of ASC 606 and all the related amendments to all of our contracts using the modified retrospective method. Upon completing our implementation assessment of ASC 606, we concluded that no adjustment was required to the opening balance of retained earnings at the date of initial application. The comparative information has also not been restated and continues to be reported under the accounting standards in effect for those periods. Additional disclosures required by ASC 606 are presented under Revenue Recognition above. In February 2016, the FASB issued ASU No. 2016-02, “Leases (ASC 842).” Under the new guidance, a lessee will be required to recognize a right to use asset and a lease liability for all leases with terms of twelve months or longer. Lessor accounting remains largely consistent with existing U.S. generally accepted accounting principles. The new standard will be effective for us beginning January 1, 2019. Early adoption is permitted. In July 2018, the FASB issued an ASU which provided a transition option that allows companies to continue applying the guidance under the current lease standard in the comparative periods presented in the financial statements. Companies that elect this option would record a cumulative-effect adjustment to the opening balance of retained earnings on the date of adoption. The Company has elected to apply this transition option upon adoption. The Company continues to evaluate the effect that ASC 842 will have on its consolidated financial statements and related disclosures.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2018
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories are stated at the lower of cost, determined by the last-in, first-out (LIFO) method, or market. Inventories consist of the following: In Thousands September 30, 2018 December 31, 2017 Raw materials $ 37,470 $ 32,928 Work-in-process 28,607 22,753 Finished goods 76,342 88,497 Total Inventory at FIFO cost 142,419 144,178 Adjust to LIFO cost (46,413 ) (51,813 ) Inventory, net $ 96,006 $ 92,365 LIFO pools are established at the end of each fiscal year. During the first three quarters of every year, LIFO calculations are based on the inventory levels and costs at that time. Accordingly, interim LIFO balances will fluctuate depending on those inventory levels and costs. In the third quarter of 2018 , LIFO adjustments were recorded, decreasing cost of sales by $9.1 million , versus LIFO adjustments increasing cost of sales by $11.0 million in the third quarter of 2017 . In the first nine months of 2018 , LIFO adjustments were recorded, decreasing cost of sales by $5.4 million , versus LIFO adjustments increasing cost of sales by $15.0 million in the first nine months of 2017 .

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2018
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES Accrued liabilities consist of the following: In Thousands September 30, 2018 December 31, 2017 Sales rebates payable $ 17,713 $ 17,386 Property taxes payable 3,025 3,802 Accrued salaries 6,811 8,318 Other accrued liabilities 6,466 5,499 Total accrued liabilities $ 34,015 $ 35,005

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income taxes were accrued at an effective rate of 23.3% in the third quarter of 2018 versus 30.5% in the third quarter of 2017 , consistent with the Company’s estimated liabilities. For the nine months ended September 30 , the Company’s tax rate was approximately 23.3% in 2018 and 32.6% in 2017 . The difference between 2017 and 2018 is due primarily to the reduction in the federal corporate tax rate from 35% to 21% and the elimination of the Domestic Production Activities Deduction. In 2018, the differences between the provisions for income taxes and the income taxes computed using the federal income tax statutory rate are due primarily to the incremental taxes accrued for state and local taxes. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 was signed into law. The law significantly reformed the Internal Revenue Code of 1986, as amended. The reduction in the corporate tax rate required a one-time revaluation of certain tax related assets and liabilities to reflect their value at the lower corporate tax rate of 21%. Due to the complexities involved in the accounting for the enactment of the new law, the SEC Staff Accounting Bulletin (“SAB”) 118 allowed a provisional estimate for the year ended December 31, 2017, which we made. As of September 30, 2018 , we have not made any material adjustments to our provisional estimate at December 31, 2017. We have made a reasonable estimate of the effect on our deferred tax balances. We will continue to analyze the impact of the new law and additional impacts will be recorded as they are identified during the measurement period provided for in SAB 118.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Earnings per common and common equivalent share are computed using the weighted average number of shares of common stock and common stock equivalents outstanding during each period. If dilutive, the effect of stock options, treated as common stock equivalents, is calculated using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share: Quarter Ended September 30, Nine Months Ended September 30, In Thousands 2018 2017 2018 2017 Numerator: Net income $ 23,678 $ 13,964 $ 53,120 $ 38,529 Denominator: Denominator for basic earnings per share – weighted average shares 20,853 20,758 20,839 20,749 Effect of dilutive securities: Employee stock options 66 79 71 86 Denominator for diluted earnings per share – weighted average shares 20,919 20,837 20,910 20,835 The weighted average of employee stock options excluded from the determination of diluted earnings per common and common equivalent share for the third quarter was 166,500 in 2018 and 129,000 in 2017 . The weighted average of employee stock options excluded from the determination of diluted earnings per common and common equivalent share for the nine months ended September 30 was 159,537 in 2018 and 123,963 in 2017 . Such options were anti-dilutive for their respective periods.

Debt

Debt	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Debt	DEBT The Company is party to a Credit Agreement (the “Credit Agreement”) with two banks, Bank of America, N.A., as administrative agent and letter of credit issuer, and Wells Fargo Bank, National Association, as syndication agent. The Credit Agreement, as amended, extends through October 1, 2021 and provides for maximum borrowings of $150.0 million . At our request, and subject to certain conditions, the commitments under the Credit Agreement may be increased by a maximum of up to $100.0 million as long as existing or new lenders agree to provide such additional commitments. Borrowings under the line of credit bear interest, at the Company’s option, at either (1) LIBOR plus a margin that varies from 0.875% to 1.75% depending upon the Leverage Ratio (as defined in the Credit Agreement), or (2) the base rate (which is the highest of the federal funds rate plus 0.5% , the prime rate, or LIBOR plus 1.0% ) plus 0% to 0.25% (depending upon the Leverage Ratio). A commitment fee ranging from 0.15% to 0.30% (depending upon the Leverage Ratio) is payable on the unused line of credit. At September 30, 2018 , there were no borrowings outstanding under the Credit Agreement, and letters of credit outstanding in the amount of $1.3 million left $148.7 million of credit available under the Credit Agreement. Obligations under the Credit Agreement are the only contractual borrowing obligations or commercial borrowing commitments of the Company. Obligations under the Credit Agreement are unsecured and contain customary covenants and events of default. The Company was in compliance with the covenants as of September 30, 2018 .

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY On November 10, 2006, the Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to an authorized number of shares of its common stock on the open market or through privately negotiated transactions at prices determined by the President of the Company during the term of the program. The Company’s Board of Directors has authorized several increases and annual extensions of this stock repurchase program, and, as of September 30, 2018 , 1,132,946 shares remained authorized for repurchase through March 31, 2019 . The Company did not repurchase any shares of its stock in the nine months ended September 30, 2018 or 2017 . There were no changes to stockholders’ equity for the nine months ended September 30, 2018 and 2017 other than net income, the declaration of dividends, stock compensation, and the issuance of immaterial amounts of shares of common stock.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES There are no material pending proceedings to which the Company is a party or to which any of its property is subject. However, the Company is from time to time involved in litigation, certain other claims and arbitration matters arising in the ordinary course of its business. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Significant judgment is required in both the determination of the probability of a loss and the determination as to whether a loss is reasonably estimable. Any such accruals are reviewed at least quarterly and adjusted to reflect the effects of negotiations, settlements, rulings, advice of legal counsel and technical experts and other information and events pertaining to a particular matter. To the extent there is a reasonable possibility (within the meaning of ASC 450 (Contingencies)) that probable losses could exceed amounts already accrued, if any, and the additional loss or range of loss is able to be estimated, management discloses the additional loss or range of loss. For matters where the Company has evaluated that a loss is not probable, but is reasonably possible, the Company will disclose an estimate of the possible loss or range of loss or make a statement that such an estimate cannot be made. In some instances, for reasonably possible losses, the Company cannot estimate the possible loss or range of loss. The nature and progression of litigation can make it difficult to predict the impact a particular lawsuit will have on the Company. There are many reasons that the Company cannot make these assessments, including, among others, one or more of the following: the early stages of a proceeding; damages sought that are unspecified, unsupportable, unexplained or uncertain; discovery is incomplete; the complexity of the facts that are in dispute; the difficulty of assessing novel claims; the parties not having engaged in any meaningful settlement discussions; the possibility that other parties may share in any ultimate liability; and/or the often slow pace of litigation.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue Recognition	Revenue Recognition The majority of our revenue is derived by fulfilling customer orders for the purchase of our products, which include electrical building wire and cable. We recognize revenue at the point in time that control of the ordered products is transferred to the customer, which is typically upon shipment to the customer from our manufacturing facilities and based on agreed upon shipping terms on the related purchase order. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis through standard payment terms. Revenue is measured as the amount of consideration we expect to receive in exchange for fulfilling product orders. The amount of consideration we expect to receive and revenue we recognize includes estimates for trade payment discounts and customer rebates which are estimated using historical experience and other relevant factors and is recorded within the same period that the revenue is recognized. We review and update these estimates regularly and the impact of any adjustments are recognized in the period the adjustments are identified.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) is the sole source of authoritative U.S. GAAP other than Securities and Exchange Commission ("SEC") issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standard Update (“ASU”) to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. The following are those ASUs that are relevant to the Company. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (ASC 606),” which replaces numerous requirements in U.S. GAAP, including industry-specific requirements, and provides companies with a single revenue recognition model for recognizing revenue from contracts with customers. On January 1, 2018, we adopted the requirements of ASC 606 and all the related amendments to all of our contracts using the modified retrospective method. Upon completing our implementation assessment of ASC 606, we concluded that no adjustment was required to the opening balance of retained earnings at the date of initial application. The comparative information has also not been restated and continues to be reported under the accounting standards in effect for those periods. Additional disclosures required by ASC 606 are presented under Revenue Recognition above. In February 2016, the FASB issued ASU No. 2016-02, “Leases (ASC 842).” Under the new guidance, a lessee will be required to recognize a right to use asset and a lease liability for all leases with terms of twelve months or longer. Lessor accounting remains largely consistent with existing U.S. generally accepted accounting principles. The new standard will be effective for us beginning January 1, 2019. Early adoption is permitted. In July 2018, the FASB issued an ASU which provided a transition option that allows companies to continue applying the guidance under the current lease standard in the comparative periods presented in the financial statements. Companies that elect this option would record a cumulative-effect adjustment to the opening balance of retained earnings on the date of adoption. The Company has elected to apply this transition option upon adoption. The Company continues to evaluate the effect that ASC 842 will have on its consolidated financial statements and related disclosures.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2018
Inventory Disclosure [Abstract]
Summary of Inventory	Inventories consist of the following: In Thousands September 30, 2018 December 31, 2017 Raw materials $ 37,470 $ 32,928 Work-in-process 28,607 22,753 Finished goods 76,342 88,497 Total Inventory at FIFO cost 142,419 144,178 Adjust to LIFO cost (46,413 ) (51,813 ) Inventory, net $ 96,006 $ 92,365

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2018
Accrued Liabilities, Current [Abstract]
Summary of Accrued Liabilities	Accrued liabilities consist of the following: In Thousands September 30, 2018 December 31, 2017 Sales rebates payable $ 17,713 $ 17,386 Property taxes payable 3,025 3,802 Accrued salaries 6,811 8,318 Other accrued liabilities 6,466 5,499 Total accrued liabilities $ 34,015 $ 35,005

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted earnings per share: Quarter Ended September 30, Nine Months Ended September 30, In Thousands 2018 2017 2018 2017 Numerator: Net income $ 23,678 $ 13,964 $ 53,120 $ 38,529 Denominator: Denominator for basic earnings per share – weighted average shares 20,853 20,758 20,839 20,749 Effect of dilutive securities: Employee stock options 66 79 71 86 Denominator for diluted earnings per share – weighted average shares 20,919 20,837 20,910 20,835

Inventories - Schedule of Inve

Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 37,470	$ 32,928
Work-in-process	28,607	22,753
Finished goods	76,342	88,497
Total Inventory at FIFO cost	142,419	144,178
Adjust to LIFO cost	(46,413)	(51,813)
Inventory, net	$ 96,006	$ 92,365	[1]
[1]	The consolidated balance sheet at December 31, 2017, as presented, is derived from the audited consolidated financial statements at that date.

Inventories - Narrative (Detai

Inventories - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Inventory Disclosure [Abstract]
Cost of sales LIFO adjustment	$ 9.1	$ (11)	$ 5.4	$ (15)

Accrued Liabilities (Detail)

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accrued Liabilities, Current [Abstract]
Sales rebates payable	$ 17,713	$ 17,386
Property taxes payable	3,025	3,802
Accrued salaries	6,811	8,318
Other accrued liabilities	6,466	5,499
Total accrued liabilities	$ 34,015	$ 35,005	[1]
[1]	The consolidated balance sheet at December 31, 2017, as presented, is derived from the audited consolidated financial statements at that date.

Income Taxes (Detail)

Income Taxes (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	23.30%	30.50%	23.30%	32.60%

Earnings Per Share - Computati

Earnings Per Share - Computation of Basic and Diluted Net Earnings (Loss) Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator:
Net income	$ 23,678	$ 13,964	$ 53,120	$ 38,529
Denominator:
Denominator for basic earnings per share – weighted average shares	20,853	20,758	20,839	20,749
Effect of dilutive securities:
Employee stock options (in shares)	66	79	71	86
Denominator for diluted earnings per share – weighted average shares	20,919	20,837	20,910	20,835

Earnings Per Share - Additiona

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Weighted average employee stock options excluded from the determination of diluted net income per common and common equivalent share (in shares)	166,500	129,000	159,537	123,963

Debt (Detail)

Debt (Detail)	9 Months Ended
	Sep. 30, 2018USD ($)bank
Line of Credit Facility [Line Items]
Number of banks to which Company is party to a Credit Agreement | bank	2
Calculated maximum borrowings	$ 150,000,000
Available increase in borrowings under Credit Agreement	100,000,000
Outstanding borrowings	0
Letters of credit outstanding	1,300,000
Calculated maximum borrowing amount available in current year	$ 148,700,000
Credit Agreement | Minimum
Line of Credit Facility [Line Items]
Percentage of commitment fee	0.15%
Credit Agreement | Maximum
Line of Credit Facility [Line Items]
Percentage of commitment fee	0.30%
Credit Agreement | Credit Agreement Interest Rate Option One | Minimum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	0.875%
Credit Agreement | Credit Agreement Interest Rate Option One | Maximum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	1.75%
Credit Agreement | Credit Agreement Interest Rate Option Two | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	1.00%
Credit Agreement | Credit Agreement Interest Rate Option Two | Minimum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	0.00%
Credit Agreement | Credit Agreement Interest Rate Option Two | Maximum | Federal Funds Rate
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	0.50%
Credit Agreement | Credit Agreement Interest Rate Option Two | Maximum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	0.25%

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Equity [Abstract]
Repurchase of common stock authorized remaining (in shares)	1,132,946
Repurchase of common stock (in shares)	0	0