Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ENCORE WIRE CORP | |
Entity Central Index Key | 0000850460 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 20,894,148 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 177,974 | $ 178,405 | |
Accounts receivable, net of allowance of $2,031 and $2,030 | 231,470 | 235,353 | |
Inventories, net | 101,592 | 102,367 | |
Income tax receivable | 0 | 1,389 | |
Prepaid expenses and other | 1,019 | 1,723 | |
Total current assets | 512,055 | 519,237 | |
Property, plant and equipment - at cost: | |||
Land and land improvements | 51,169 | 51,169 | |
Construction-in-progress | 27,409 | 24,623 | |
Buildings and improvements | 152,258 | 151,758 | |
Machinery and equipment | 320,153 | 314,175 | |
Furniture and fixtures | 9,920 | 9,687 | |
Total property, plant and equipment | 560,909 | 551,412 | |
Accumulated depreciation | (256,791) | (252,754) | |
Property, plant and equipment - net | 304,118 | 298,658 | |
Other assets | 790 | 165 | |
Total assets | 816,963 | 818,060 | |
Current liabilities: | |||
Trade accounts payable | 30,673 | 36,706 | |
Accrued liabilities | 24,512 | 36,866 | |
Income taxes payable | 2,558 | 0 | |
Total current liabilities | 57,743 | 73,572 | |
Deferred income taxes and other | 24,580 | 24,032 | |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Authorized shares – 2,000,000; none issued | 0 | 0 | |
Issued shares – 26,921,603 and 26,906,603 | 269 | 269 | |
Additional paid-in capital | 62,013 | 60,822 | |
Treasury stock, at cost – 6,027,455 and 6,027,455 shares | (91,056) | (91,056) | |
Retained earnings | 763,414 | 750,421 | |
Total stockholders’ equity | 734,640 | 720,456 | |
Total liabilities and stockholders’ equity | $ 816,963 | $ 818,060 | |
[1] | The balance sheet at December 31, 2018, as presented, is derived from the audited financial statements at that date. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 2,031 | $ 2,030 |
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) | 26,921,603 | 26,906,603 |
Treasury stock, shares (in shares) | 6,027,455 | 6,027,455 |
Statements of Income
Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 314,707 | $ 291,431 |
Cost of goods sold | 273,381 | 253,937 |
Gross profit | 41,326 | 37,494 |
Selling, general, and administrative expenses | 24,999 | 22,887 |
Operating income | 16,327 | 14,607 |
Net interest and other income | 1,079 | 343 |
Income before income taxes | 17,406 | 14,950 |
Provision for income taxes | 3,995 | 3,597 |
Net income | $ 13,411 | $ 11,353 |
Earnings per common and common equivalent share - basic (in usd per share) | $ 0.64 | $ 0.54 |
Earnings per common and common equivalent share - diluted (in usd per share) | $ 0.64 | $ 0.54 |
Weighted average common and common equivalent shares outstanding - basic (in shares) | 20,884 | 20,835 |
Weighted average common and common equivalent shares outstanding - diluted (in shares) | 20,983 | 20,911 |
Cash dividends declared per share (in usd per share) | $ 0.02 | $ 0.02 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | |
Beginning balance (in shares) at Dec. 31, 2017 | 26,859,000 | 6,027,000 | ||||
Beginning balance at Dec. 31, 2017 | $ 641,345 | $ 269 | $ 58,192 | $ (91,056) | $ 673,940 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 11,353 | 11,353 | ||||
Exercise of stock options (in shares) | 13,000 | |||||
Exercise of stock options | 306 | 306 | ||||
Stock-based compensation | 649 | 649 | ||||
Dividends declared | (417) | (417) | ||||
Beginning balance (in shares) at Mar. 31, 2018 | 26,872,000 | 6,027,000 | ||||
Beginning balance at Mar. 31, 2018 | 653,236 | $ 269 | 59,147 | $ (91,056) | 684,876 | |
Beginning balance (in shares) at Dec. 31, 2018 | 26,907,000 | 6,027,000 | ||||
Beginning balance at Dec. 31, 2018 | 720,456 | [1] | $ 269 | 60,822 | $ (91,056) | 750,421 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 13,411 | 13,411 | ||||
Exercise of stock options (in shares) | 15,000 | |||||
Exercise of stock options | 431 | 431 | ||||
Stock-based compensation | 760 | 760 | ||||
Dividends declared | (418) | (418) | ||||
Beginning balance (in shares) at Mar. 31, 2019 | 26,922,000 | 6,027,000 | ||||
Beginning balance at Mar. 31, 2019 | $ 734,640 | $ 269 | $ 62,013 | $ (91,056) | $ 763,414 | |
[1] | The balance sheet at December 31, 2018, as presented, is derived from the audited financial statements at that date. |
Statement of Stockholders' Eq_2
Statement of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared per share (in usd per share) | $ 0.02 | $ 0.02 |
Statements of Cash Flow
Statements of Cash Flow - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities: | ||
Net income | $ 13,411 | $ 11,353 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 4,344 | 4,109 |
Deferred income taxes | 48 | (311) |
Stock-based compensation attributable to equity awards | 760 | 649 |
Other | (49) | (7) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,883 | (19,581) |
Inventories | 775 | (2,133) |
Other assets | 724 | 609 |
Trade accounts payable and accrued liabilities | (16,437) | (6,558) |
Current income taxes receivable / payable | 3,947 | 3,909 |
Net cash provided by (used in) operating activities | 11,406 | (7,961) |
Investing Activities: | ||
Purchases of property, plant and equipment | (11,872) | (7,463) |
Proceeds from sale of assets | 22 | |
Net cash used in investing activities | (11,850) | (7,463) |
Financing Activities: | ||
Proceeds from issuance of common stock, net | 431 | 306 |
Dividends paid | (418) | (417) |
Net cash provided by (used in) financing activities | 13 | (111) |
Net decrease in cash and cash equivalents | (431) | (15,535) |
Cash and cash equivalents at beginning of period | 178,405 | 123,362 |
Cash and cash equivalents at end of period | $ 177,974 | $ 107,827 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited 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 financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . 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. 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. The Company has a minimal number of leases, all of which are classified as operating. As a result of the adoption of ASU No. 2016-02, “Leases (Topic 842),” on January 1, 2019, the Company recorded $0.7 million of right of use assets which are included in other non-current assets in the accompanying balance sheet, $0.2 million of current lease liabilities which are included in accounts payable and $0.5 million of long-term lease liabilities included in other non-current liabilities. We will evaluate any future lease commitments in conformance with ASU No. 2016-02. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 December 31, 2018 Raw materials $ 22,937 $ 28,455 Work-in-process 27,937 30,529 Finished goods 99,825 88,708 Total Inventory at FIFO cost 150,699 147,692 Adjust to LIFO cost (49,107 ) (45,325 ) Lower of cost or market adjustment — — Inventory, net $ 101,592 $ 102,367 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 first quarter of 2019 , LIFO adjustments were recorded, increasing cost of sales by $3.8 million , versus LIFO adjustments increasing cost of sales by $2.0 million in the first quarter of 2018 . |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities consist of the following: In Thousands March 31, 2019 December 31, 2018 Sales rebates payable $ 11,965 $ 18,565 Property taxes payable 998 3,962 Accrued salaries 4,953 8,790 Other accrued liabilities 6,596 5,549 Total accrued liabilities $ 24,512 $ 36,866 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income taxes were accrued at an effective rate of 23.0% in the first quarter of 2019 versus 24.1% in the first quarter of 2018 , consistent with the Company’s estimated liabilities. In 2019 , 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. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
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: Three Months Ended March 31, In Thousands 2019 2018 Numerator: Net income $ 13,411 $ 11,353 Denominator: Denominator for basic earnings per share – weighted average shares 20,884 20,835 Effect of dilutive securities: Employee stock options 79 76 Restricted stock grants 20 — Denominator for diluted earnings per share – weighted average shares 20,983 20,911 The weighted average of employee stock options excluded from the determination of diluted earnings per common and common equivalent share for the first quarter was 117,500 in 2019 and 146,000 in 2018 . Such options were anti-dilutive for their respective periods. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 , 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 March 31, 2019 . |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 , 1,132,946 shares remained authorized for repurchase through March 31, 2020 . The Company did not repurchase any shares of its stock in the three months ended March 31, 2019 or 2018 . |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
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) | 3 Months Ended |
Mar. 31, 2019 | |
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. 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. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Summary of Inventory | Inventories consist of the following: In Thousands March 31, 2019 December 31, 2018 Raw materials $ 22,937 $ 28,455 Work-in-process 27,937 30,529 Finished goods 99,825 88,708 Total Inventory at FIFO cost 150,699 147,692 Adjust to LIFO cost (49,107 ) (45,325 ) Lower of cost or market adjustment — — Inventory, net $ 101,592 $ 102,367 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities consist of the following: In Thousands March 31, 2019 December 31, 2018 Sales rebates payable $ 11,965 $ 18,565 Property taxes payable 998 3,962 Accrued salaries 4,953 8,790 Other accrued liabilities 6,596 5,549 Total accrued liabilities $ 24,512 $ 36,866 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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: Three Months Ended March 31, In Thousands 2019 2018 Numerator: Net income $ 13,411 $ 11,353 Denominator: Denominator for basic earnings per share – weighted average shares 20,884 20,835 Effect of dilutive securities: Employee stock options 79 76 Restricted stock grants 20 — Denominator for diluted earnings per share – weighted average shares 20,983 20,911 |
Significant Accounting Polici_3
Significant Accounting Policies Significant Accounting Policies (Details) - Accounting Standards Update 2016-02 $ in Millions | Jan. 01, 2019USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Right-of-use asset | $ 0.7 |
Operating lease liability, current | 0.2 |
Operating lease liability, noncurrent | $ 0.5 |
Inventories - Schedule of Inve
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 22,937 | $ 28,455 | |
Work-in-process | 27,937 | 30,529 | |
Finished goods | 99,825 | 88,708 | |
Total Inventory at FIFO cost | 150,699 | 147,692 | |
Adjust to LIFO cost | (49,107) | (45,325) | |
Lower of cost or market adjustment | 0 | 0 | |
Inventory, net | $ 101,592 | $ 102,367 | [1] |
[1] | The balance sheet at December 31, 2018, as presented, is derived from the audited financial statements at that date. |
Inventories - Narrative (Detai
Inventories - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | ||
Increase (decrease) in cost of sales from LIFO adjustment | $ 3.8 | $ 2 |
Accrued Liabilities (Detail)
Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Accrued Liabilities, Current [Abstract] | |||
Sales rebates payable | $ 11,965 | $ 18,565 | |
Property taxes payable | 998 | 3,962 | |
Accrued salaries | 4,953 | 8,790 | |
Other accrued liabilities | 6,596 | 5,549 | |
Total accrued liabilities | $ 24,512 | $ 36,866 | [1] |
[1] | The balance sheet at December 31, 2018, as presented, is derived from the audited financial statements at that date. |
Income Taxes (Detail)
Income Taxes (Detail) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate (as a percent) | 23.00% | 24.10% |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | ||
Net income | $ 13,411 | $ 11,353 |
Denominator: | ||
Denominator for basic earnings per share – weighted average shares | 20,884 | 20,835 |
Effect of dilutive securities: | ||
Denominator for diluted earnings per share – weighted average shares | 20,983 | 20,911 |
Employee stock options | ||
Effect of dilutive securities: | ||
Employee stock options (in shares) | 79 | 76 |
Restricted stock grants | ||
Effect of dilutive securities: | ||
Employee stock options (in shares) | 20 | 0 |
Earnings Per Share - Additiona
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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) | 117,500 | 146,000 |
Debt (Detail)
Debt (Detail) | 3 Months Ended |
Mar. 31, 2019USD ($)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] | |
Commitment fee percentage | 0.15% |
Credit Agreement | Maximum | |
Line of Credit Facility [Line Items] | |
Commitment fee percentage | 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 | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Equity [Abstract] | ||
Repurchase of common stock authorized remaining (in shares) | 1,132,946 | |
Repurchase of common stock (in shares) | 0 | 0 |