Encore Wire (WIRE) 10-Q 28 Apr 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	000-20278
Entity Registrant Name	ENCORE WIRE CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2274963
Entity Address, Address Line One	1329 Millwood Road
Entity Address, City or Town	McKinney
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75069
City Area Code	972
Local Phone Number	562-9473
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	WIRE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,727,671
Entity Central Index Key	0000850460
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 466,094	$ 438,990
Accounts receivable, net of allowance of $3,800 and $3,800	549,404	491,126
Inventories, net	116,331	100,816
Income tax receivable	0	951
Prepaid expenses and other	3,391	3,167
Total current assets	1,135,220	1,035,050
Property, plant and equipment, net	524,465	494,916
Other assets	539	570
Total assets	1,660,224	1,530,536
Current liabilities:
Trade accounts payable	73,189	75,353
Accrued liabilities	61,525	78,747
Income taxes payable	48,393	0
Total current liabilities	183,107	154,100
Deferred income taxes and other	33,180	37,347
Commitments and contingencies
Stockholders’ equity:
Preferred stock value	0	0
Common stock value	271	271
Additional paid-in capital	74,847	72,753
Treasury stock, at cost – 7,445,179 and 6,944,262 shares	(213,397)	(155,014)
Retained earnings	1,582,216	1,421,079
Total stockholders’ equity	1,443,937	1,339,089
Total liabilities and stockholders’ equity	$ 1,660,224	$ 1,530,536

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 3,800	$ 3,800
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)	27,127,850	27,083,100
Treasury stock, shares (in shares)	7,445,179	6,944,262

Statements of Income

Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 723,072	$ 444,140
Cost of goods sold	479,325	359,636
Gross profit	243,747	84,504
Selling, general, and administrative expenses	36,212	31,152
Operating income	207,535	53,352
Net interest and other income	115	25
Income before income taxes	207,650	53,377
Provision for income taxes	46,119	12,188
Net income	$ 161,531	$ 41,189
Earnings per common and common equivalent share - basic (in usd per share)	$ 8.08	$ 2
Earnings per common and common equivalent share - diluted (in usd per share)	$ 7.96	$ 1.99
Weighted average common and common equivalent shares outstanding - basic (in shares)	20,003	20,568
Weighted average common and common equivalent shares outstanding - diluted (in shares)	20,302	20,719
Cash dividends declared per share (in usd per share)	$ 0.02	$ 0.02

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2020		27,025,000		(6,468,000)
Beginning balance at Dec. 31, 2020	$ 837,729	$ 270	$ 67,885	$ (111,718)	$ 881,292
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	41,189				41,189
Exercise of stock options (in shares)		3,000
Exercise of stock options	155		155
Stock-based compensation (in shares)		13,000
Stock-based compensation	737		737
Dividends declared	$ (413)				(413)
Purchase of treasury stock (in shares)	0
Ending balance (in shares) at Mar. 31, 2021		27,041,000		(6,468,000)
Ending balance at Mar. 31, 2021	$ 879,397	$ 270	68,777	$ (111,718)	922,068
Beginning balance (in shares) at Dec. 31, 2021		27,083,000		(6,944,000)
Beginning balance at Dec. 31, 2021	1,339,089	$ 271	72,753	$ (155,014)	1,421,079
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	161,531				161,531
Exercise of stock options (in shares)		3,000
Exercise of stock options	155		155
Stock-based compensation (in shares)		42,000
Stock-based compensation	1,939		1,939
Dividends declared	$ (394)				(394)
Purchase of treasury stock (in shares)	(500,917)			(501,000)
Purchase of treasury stock	$ (58,383)			$ (58,383)
Ending balance (in shares) at Mar. 31, 2022		27,128,000		(7,445,000)
Ending balance at Mar. 31, 2022	$ 1,443,937	$ 271	$ 74,847	$ (213,397)	$ 1,582,216

Statement of Stockholders' Equi

Statement of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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, 2022	Mar. 31, 2021
Operating Activities:
Net income	$ 161,531	$ 41,189
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,210	5,300
Deferred income taxes	(3,224)	(2,276)
Stock-based compensation attributable to equity awards	1,939	737
Other	186	48
Changes in operating assets and liabilities:
Accounts receivable	(58,278)	(72,928)
Inventories	(15,515)	1,979
Other assets	(252)	907
Trade accounts payable and accrued liabilities	(24,234)	9,753
Current income taxes receivable / payable	49,344	14,446
Net cash provided by (used in) operating activities	117,707	(845)
Investing Activities:
Purchases of property, plant and equipment	(31,972)	(26,504)
Proceeds from sale of assets	0
Net cash used in investing activities	(31,972)	(26,504)
Financing Activities:
Deferred financing fees	0	(550)
Purchase of treasury stock	(58,383)	0
Proceeds from issuance of common stock, net	155	155
Dividends paid	(403)	(411)
Net cash used in financing activities	(58,631)	(806)
Net increase (decrease) in cash and cash equivalents	27,104	(28,155)
Cash and cash equivalents at beginning of period	438,990	183,123
Cash and cash equivalents at end of period	$ 466,094	$ 154,968

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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, 2021. In March 2020, the World Health Organization declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide. The Company is unable to predict the impact that COVID-19, or any ongoing variants, may have on our financial position and operating results in future periods. The duration or re-emergence of the outbreak and its long-term impact on our business remain uncertain. Revenue Recognition 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 (“FASB”) Accounting Standards Codification (“ASC”) is the sole source of authoritative U.S. GAAP, along with the Securities and Exchange Commission ("SEC") and Public Company Accounting Oversight Board (“PCAOB”) 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. No new standards have been adopted in 2022.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 Raw materials $ 43,063 $ 54,012 Work-in-process 46,150 40,422 Finished goods 156,977 123,401 Total Inventory at FIFO cost 246,190 217,835 Adjust to LIFO cost (129,859) (117,019) Inventory, net $ 116,331 $ 100,816 Inventories are stated at the lower of cost, using the last-in, first out (“LIFO”) method, or market. The Company maintains two inventory pools for LIFO purposes. As permitted by U.S. GAAP, the Company maintains its inventory costs and cost of goods sold on a first-in, first-out (“FIFO”) basis and makes a monthly adjustment to adjust total inventory and cost of goods sold from FIFO to LIFO. The Company applies the lower of cost or market (“LCM”) test by comparing the LIFO cost of its raw materials, work-in-process and finished goods inventories to estimated market values, which are based primarily upon the most recent quoted market price of copper and other material prices as of the end of each reporting period. The Company performs a lower of cost or market calculation quarterly. As of March 31, 2022, no LCM adjustment was required. However, decreases in copper and other material prices could necessitate establishing an LCM reserve in future periods. Additionally, future reductions in the quantity of inventory on hand could cause copper or other raw materials that are carried in inventory at costs different from the cost of copper and other raw materials in the period in which the reduction occurs to be included in costs of goods sold for that period at the different price.

Property, Plant, and Equipment

Property, Plant, and Equipment	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	PROPERTY, PLANT and EQUIPMENT Property, plant and equipment consists of the following: In Thousands March 31, 2022 December 31, 2021 Land and land improvements $ 72,897 $ 72,897 Construction-in-progress 120,090 92,414 Buildings and improvements 219,752 217,985 Machinery and equipment 368,463 362,996 Furniture and fixtures 14,056 13,805 Property, plant and equipment, gross 795,258 760,097 Accumulated depreciation (270,793) (265,181) Property, plant and equipment, net $ 524,465 $ 494,916 In the first quarter of 2022, depreciation expense was $6.2 million, compared to $5.3 million in the first quarter of 2021.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES Accrued liabilities consist of the following: In Thousands March 31, 2022 December 31, 2021 Sales rebates payable $ 29,883 $ 40,657 SAR Liability 14,571 22,095 Property taxes payable 1,263 5,018 Accrued salaries 7,401 4,778 Other accrued liabilities 8,407 6,199 Total accrued liabilities $ 61,525 $ 78,747

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income taxes were accrued at an effective rate of 22.2% in the first quarter of 2022 versus 22.8% in the first quarter of 2021, consistent with the Company’s estimated liabilities. In all periods, 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, 2022
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 awards, 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 March 31, In Thousands 2022 2021 Numerator: Net income $ 161,531 $ 41,189 Denominator: Denominator for basic earnings per share – weighted average shares 20,003 20,568 Effect of dilutive securities: Employee stock awards 299 151 Denominator for diluted earnings per share – weighted average shares 20,302 20,719 There were no anti-dilutive employee stock awards excluded from the determination of diluted earnings per common and common equivalent shares for the first quarter of 2022 or 2021.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	DEBT On February 9, 2021, the Company terminated its previous credit agreement and entered into a new Credit Agreement (the “2021 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 2021 Credit Agreement extends through February 9, 2026 and provides for maximum borrowings of $200.0 million. At our request, and subject to certain conditions, the commitments under the 2021 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 1.000% to 1.875% depending upon the Leverage Ratio (as defined in the 2021 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 0.375% (depending upon the Leverage Ratio). A commitment fee ranging from 0.200% to 0.325% (depending upon the Leverage Ratio) is payable on the unused line of credit. At March 31, 2022, there were no borrowings outstanding under the 2021 Credit Agreement, and letters of credit outstanding in the amount of $0.6 million left $199.4 million of credit available under the 2021 Credit Agreement. Obligations under the 2021 Credit Agreement are the only contractual borrowing obligations or commercial borrowing commitments of the Company. The 2021 Credit Agreement contains provisions to replace LIBOR with a replacement rate as described in the 2021 Credit Agreement. Obligations under the 2021 Credit Agreement are unsecured and contain customary covenants and events of default. The Company was in compliance with the covenants as of and for the period ended March 31, 2022.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
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 from time to time in open market or private transactions, at the Company's discretion. This authorization originally expired on December 31, 2007, and the Company’s Board of Directors has authorized several increases and annual extensions of this stock repurchase program, most recently on February 14, 2022, authorizing the repurchase of up to 2,000,000 shares of our common stock. As of March 31, 2022, 1,499,083 shares remained authorized for repurchase through March 31, 2023. The Company repurchased 500,917 shares of its stock in the three months ended March 31, 2022 compared to zero shares in the three months ended March 31, 2021.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIESThere 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.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2021.
Revenue Recognition	Revenue Recognition 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the sole source of authoritative U.S. GAAP, along with the Securities and Exchange Commission ("SEC") and Public Company Accounting Oversight Board (“PCAOB”) 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. No new standards have been adopted in 2022.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: In Thousands March 31, 2022 December 31, 2021 Raw materials $ 43,063 $ 54,012 Work-in-process 46,150 40,422 Finished goods 156,977 123,401 Total Inventory at FIFO cost 246,190 217,835 Adjust to LIFO cost (129,859) (117,019) Inventory, net $ 116,331 $ 100,816

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consists of the following: In Thousands March 31, 2022 December 31, 2021 Land and land improvements $ 72,897 $ 72,897 Construction-in-progress 120,090 92,414 Buildings and improvements 219,752 217,985 Machinery and equipment 368,463 362,996 Furniture and fixtures 14,056 13,805 Property, plant and equipment, gross 795,258 760,097 Accumulated depreciation (270,793) (265,181) Property, plant and equipment, net $ 524,465 $ 494,916

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: In Thousands March 31, 2022 December 31, 2021 Sales rebates payable $ 29,883 $ 40,657 SAR Liability 14,571 22,095 Property taxes payable 1,263 5,018 Accrued salaries 7,401 4,778 Other accrued liabilities 8,407 6,199 Total accrued liabilities $ 61,525 $ 78,747

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: Quarter Ended March 31, In Thousands 2022 2021 Numerator: Net income $ 161,531 $ 41,189 Denominator: Denominator for basic earnings per share – weighted average shares 20,003 20,568 Effect of dilutive securities: Employee stock awards 299 151 Denominator for diluted earnings per share – weighted average shares 20,302 20,719

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 43,063	$ 54,012
Work-in-process	46,150	40,422
Finished goods	156,977	123,401
Total Inventory at FIFO cost	246,190	217,835
Adjust to LIFO cost	(129,859)	(117,019)
Inventory, net	$ 116,331	$ 100,816

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Inventory Disclosure [Abstract]
Increase in cost of sales from LIFO adjustment	$ 12.8	$ 22

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 795,258	$ 760,097
Accumulated depreciation	(270,793)	(265,181)
Property, plant and equipment, net	524,465	494,916
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	72,897	72,897
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	120,090	92,414
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	219,752	217,985
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	368,463	362,996
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 14,056	$ 13,805

Property, Plant and Equipment -

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 6.2	$ 5.3

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Sales rebates payable	$ 29,883	$ 40,657
SAR Liability	14,571	22,095
Property taxes payable	1,263	5,018
Accrued salaries	7,401	4,778
Other accrued liabilities	8,407	6,199
Total accrued liabilities	$ 61,525	$ 78,747

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	22.20%	22.80%

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Net Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income	$ 161,531	$ 41,189
Denominator:
Denominator for basic earnings per share – weighted average shares (in shares)	20,003	20,568
Effect of dilutive securities:
Denominator for diluted earnings per share – weighted average shares (in shares)	20,302	20,719
Employee stock awards
Effect of dilutive securities:
Employee stock awards (in shares)	299	151

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Anti-dilutive employee stock options excluded from the determination of diluted net income per common and common equivalent share (in shares)	0	0

Debt (Details)

Debt (Details)	Feb. 09, 2021USD ($)bank	Mar. 31, 2022USD ($)
Line of Credit Facility [Line Items]
Number of banks to which company is party to a credit agreement | bank	2
Outstanding borrowings		$ 0
Letters of credit outstanding		600,000
Remaining borrowing capacity		$ 199,400,000
Credit Agreement
Line of Credit Facility [Line Items]
Calculated maximum borrowings	$ 200,000,000
Available increase in borrowings under Credit Agreement	$ 100,000,000
Credit Agreement | Minimum
Line of Credit Facility [Line Items]
Percentage of commitment fee	0.20%
Credit Agreement | Maximum
Line of Credit Facility [Line Items]
Percentage of commitment fee	0.325%
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)	1.00%
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)	1.875%
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)	0.375%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Feb. 14, 2022
Equity [Abstract]
Number of shares authorized to be repurchased (in shares)			2,000,000
Repurchase of common stock authorized remaining (in shares)	1,499,083
Purchase of treasury stock (in shares)	500,917	0