Medifast (MED) 10-Q 7 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]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Entity Registrant Name	MEDIFAST INC
Entity Central Index Key	910,329
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		11,964,966

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]
Revenue	$ 139,239	$ 77,205	$ 355,159	$ 223,556
Cost of sales	32,038	19,022	84,351	54,870
Gross profit	107,201	58,183	270,808	168,686
Selling, general, and administrative	89,734	47,956	221,548	138,540
Income from operations	17,467	10,227	49,260	30,146
Other income (expense)
Interest income, net	361	148	940	352
Other income (expense)		(4)	178	32
Nonoperating income (expense)	361	144	1,118	384
Income from operations before income taxes	17,828	10,371	50,378	30,530
Provision for income taxes	4,047	3,685	10,242	10,115
Net income	$ 13,781	$ 6,686	$ 40,136	$ 20,415
Basic earnings per share
Earnings per share, basic	$ 1.15	$ 0.56	$ 3.34	$ 1.71
Diluted earnings per share
Earnings per share, diluted	$ 1.14	$ 0.55	$ 3.31	$ 1.69
Weighted average shares outstanding -
Basic	11,954	11,930	12,006	11,920
Diluted	12,097	12,095	12,112	12,063
Cash dividends declared per share	$ 0.48	$ 0.32	$ 1.44	$ 0.96

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement Of Other Comprehensive Income [Abstract]
Net income	$ 13,781	$ 6,686	$ 40,136	$ 20,415
Other comprehensive income (loss), net of tax
Foreign currency translation	(2)	7	(2)	13
Change in fair value of marketable securities	(45)	26	(104)	189
Adjustment for net losses realized and included in net income				10
Total change in unrealized gains (losses) on marketable securities	(45)	26	(104)	199
Other comprehensive income (loss)	(47)	33	(106)	212
Comprehensive income	$ 13,734	$ 6,719	$ 40,030	$ 20,627

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 82,307	$ 75,077
Accounts receivable-net of allowance for doubtful accounts of $405 at September 30, 2018 and allowance for sales returns and doubtful accounts of $597 at December 31, 2017	1,017	576
Inventory	43,845	19,328
Investment securities	20,912	23,757
Income taxes, prepaid		2,272
Prepaid expenses and other current assets	3,851	4,188
Total current assets	151,932	125,198
Property, plant and equipment - net	18,760	18,611
Other assets	1,400	2,120
Deferred tax assets	2,355
TOTAL ASSETS	174,447	145,929
Current liabilities:
Accounts payable and accrued expenses	62,806	37,140
Total current liabilities	62,806	37,140
Other liabilities:
Deferred tax liabilities		208
Total liabilities	62,806	37,348
Stockholders' Equity:
Common stock; par value $.001 per share; 20,000 shares authorized; 12,145 and 12,103 issued and 11,956 and 11,971 outstanding at September 30, 2018 and December 31, 2017, respectively	12	12
Additional paid-in capital	8,040	4,967
Accumulated other comprehensive loss	(266)	(160)
Retained earnings	124,601	103,762
Less: Treasury stock at cost, 128 shares at September 30, 2018	(20,746)
Total stockholders' equity	111,641	108,581
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 174,447	$ 145,929

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 405
Accounts receivable, allowance for sales returns and doubtful accounts		$ 597
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000	20,000,000
Common stock, issued	12,145,000	12,103,000
Common stock, outstanding	11,956,000	11,971,000
Treasury stock, common, shares	128,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating Activities:
Net income	$ 40,136	$ 20,415
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	3,519	3,204
Share-based compensation	2,352	3,418
Loss on sale of disposal of property, plant and equipment	50	93
Realized (gain) loss on investment securities, net	70	73
Amortization of premium on investment securities	434	547
Deferred income taxes	(2,028)	(991)
Changes in operating assets and liabilities:
Accounts receivable	116	683
Inventory	(23,615)	2,287
Income taxes, prepaid	2,272	807
Prepaid expenses and other current assets	453	1,098
Other assets	64	(137)
Accounts payable and accrued expenses	21,655	1,757
Net cash flow provided by operating activities	45,478	33,254
Investing Activities:
Sale of investment securities	2,245	3,039
Purchase of investment securities		(4,093)
Sale of property and equipment	184	59
Purchase of property and equipment	(3,246)	(2,379)
Net cash flow used in investing activities	(817)	(3,374)
Financing Activities:
Options exercised by executives and directors	220	568
Net shares repurchased for employee taxes	(249)	(833)
Cash dividends paid to stockholders	(17,404)	(11,511)
Stock repurchases	(19,996)
Net cash used in financing activities	(37,429)	(11,776)
Foreign currency impact	(2)	13
Increase in cash and cash equivalents	7,230	18,117
Cash and cash equivalents - beginning of the period	75,077	52,436
Cash and cash equivalents - end of period	82,307	70,553
Supplemental disclosure of cash flow information:
Income taxes paid	9,540	10,083
Dividends declared included in accounts payable	$ 5,981	$ 4,114

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2018 - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid- In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance (Scenario, Previously Reported [Member]) at Dec. 31, 2017	$ 12	$ 4,967	$ (160)	$ 101,744		$ 106,563
Balance (Restatement Adjustment [Member])				(2,018)		(2,018)
Balance at Dec. 31, 2017	$ 12	4,967	(160)	103,762		108,581
Balance (in shares) (Scenario, Previously Reported [Member]) at Dec. 31, 2017	12,103
Balance (in shares) at Dec. 31, 2017	12,103
Net income				40,136		40,136
Share-based compensation		2,352				2,352
Share-based compensation (in shares)	16
Options exercised by executives and directors		220				220
Options exercised by executives and directors (in shares)	20
Net shares repurchased for employee taxes		(249)				(249)
Net shares repurchased for eimployee taxes, (in shares)	(3)
Treasury stock from cashless options	$ 9	750			$ (750)
Treasury stock from stock repurchases					(19,996)	(19,996)
Other comprehensive income (loss)			(106)			(106)
Cash dividends declared to stockholders				(17,279)		(17,279)
Balance at Sep. 30, 2018	$ 12	$ 8,040	$ (266)	$ 124,601	$ (20,746)	$ 111,641
Balance (in shares) at Sep. 30, 2018	12,145

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation - The accompanying unaudited condensed consolidated financial statements of Medifast, Inc. and its wholly-owned subsidiaries (the “Company,” “we,” “us,” or “our”) included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), for interim reporting and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnotes that are normally required by GAAP have been condensed or omitted. However, in the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair presentation of the financial position and results of operations have been included and management believes the disclosures that are made are adequate to make the information presented not misleading. The condensed consolidated balance sheet at December 31, 2017 has been derived from the audited consolidated financial statements at that date. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of results that may be expected for the fiscal year ending December 31, 2018. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the 2017 audited consolidated financial statements and notes thereto, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (“2017 Form 10-K”).  Presentation of Financial Statements - The unaudited condensed consolidated financial statements included herein include the accounts of the Medifast, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Accounting Pronouncements Adopted in 2018 – In May 2014, the FASB issued ASU 2014-09 , Revenue from Contracts with Customers (Topic 606) . The new revenue recognition standard requires the Company to recognize revenue for the transfer of goods or services to customers for the amount the Company expects to be entitled to receive in exchange for those goods or services. The Company is required to identify the contract, identify the relevant performance obligations, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize the revenue when the entity satisfies a performance obligation. Companies have the option of using either a full retrospective or a modified retrospective approach to adopt the guidance. On January 1, 2018, the Company adopted the new revenue standard on a modified retrospective basis and recorded an after-tax transition adjustment to reduce retained earnings as of January 1, 2018 by $2.0 million. This is comprised of $5.6 million of revenue offset by $3.6 million of inventory costs, deferred shipping expense, credit card fees and income taxes. The results of ASC 606 primarily impact the Company’s timing of revenue recognition for product shipments, as product revenue is recognized upon customer receipt instead of at the time of shipment. The new standard requires more extensive revenue-related disclosures. As required by ASC 606, the impact of the adoption of the new revenue standard on our Condensed Consolidated Statements of Income and Condensed Consolidated Balance Sheets was as follows (in thousands):    Three months ended September 30, 2018 Nine months ended September 30, 2018  As Reported Balances without adoption of ASC 606 Effect of Change As Reported Balances without adoption of ASC 606 Effect of Change   Revenue $ 139,239 $ 139,582 $ (343) $ 355,159 $ 356,442 $ (1,283)  Cost of sales 32,038 32,071 33 84,351 84,544 193  Gross profit 107,201 107,511 (310) 270,808 271,898 (1,090)   Selling, general, and administrative 89,734 89,831 97 221,548 221,908 360   Income from operations 17,467 17,680 (213) 49,260 49,990 (730)   Other income (expense)  Interest income, net 361 361 - 940 940 -  Other income (expense) - - - 178 178 -  361 361 - 1,118 1,118 -   Income from operations before income taxes 17,828 18,041 (213) 50,378 51,108 (730)   Provision for income taxes 4,047 4,092 45 10,242 10,396 154   Net income $ 13,781 $ 13,949 $ (168) $ 40,136 $ 40,712 $ (576)   Earnings per share - basic $ 1.15 $ 1.17 $ (0.02) $ 3.34 $ 3.39 $ (0.05)   Earnings per share - diluted $ 1.14 $ 1.15 $ (0.01) $ 3.31 $ 3.36 $ (0.05)   Weighted average shares outstanding -  Basic 11,954 11,954 12,006 12,006  Diluted 12,097 12,097 12,112 12,112     September 30, 2018  As Reported Balances without adoption of ASC 606 Effect of Change   ASSETS  Accounts receivable, net $ 1,017 $ 118 $ 899  Inventory 43,845 42,793 1,052  Prepaid expenses and other current assets 3,851 3,711 140  Deferred tax assets 2,355 1,656 699   LIABILITIES  Accounts payable and accrued expenses 62,806 57,422 5,384   STOCKHOLDERS' EQUITY  Retained earnings 124,601 127,195 (2,594)  The cumulative effect of the changes made to our January 1, 2018 Condensed Consolidated Balance Sheet from the modified retrospective adoption of ASC 606 was as follows (in thousands):    Balance at December 31, 2017 Adjustments due to ASC 606 Balance at January 1, 2018   ASSETS  Accounts receivable, net $ 576 $ 557 $ 1,133  Inventory 19,328 902 20,230  Prepaid expenses and other current assets 4,188 116 4,304  Deferred tax assets - 336 336   LIABILITIES  Accounts payable and accrued expenses 37,140 4,137 41,277  Deferred tax liabilities 208 (208) -   STOCKHOLDERS' EQUITY  Retained earnings 103,762 (2,018) 101,744   Recent Accounting Pronouncements – We have considered all new accounting pronouncements and have concluded that there are no new pronouncements that may have a material impact on our results of operations, financial condition, or cash flows, based on current information, except for: ASU 2016-02, Leases (Topic 842) requires the rights and obligations of all leased assets with a term greater than 12 months to be presented on the balance sheet. The new guidance also changes the definition of a lease and requires expanded quantitative and qualitative disclosures for both lessees and lessors. The pronouncement is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We plan to adopt ASU 2016-02 on January 1, 2019. The Company currently expects that upon adoption of ASU 2016-02 right-to-use assets and lease liabilities will be recognized in the Company’s Consolidated Balance Sheet in amounts that will be material. Management is currently evaluating the effect that the provisions of ASU 2016-02 will have on the Company’s financial statements. ASU 2018-02, Income Statement Reporting - Comprehensive Income (Topic 220) allows the reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from tax effects resulting from the Tax Cuts and Jobs Act (TCJA) and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of the TCJA, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The amendments in this pronouncement are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We plan to adopt ASU 2018-02 on January 1, 2019. Management is currently evaluating the effect that the provisions of ASU 2018-02 will have on the Company’s financial statements.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2018
Revenue [Abstract]
Revenue	2. REVENUE Revenue recognition Our revenue is derived primarily from point of sale transactions executed over an e-commerce platform for weight loss, weight management, and other consumable health and nutritional products. Revenue is recognized upon receipt by customer and net of discounts, rebates, promotional adjustments, price adjustments, allocated consideration to loyalty programs and estimated returns. Revenue is recognized when control of the promised products are transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those products. When determining whether the customer has obtained control of the products, we consider any future performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Our contracts have performance obligations to fulfill and deliver products from the point of sale transaction along with the related customer reward programs. Our performance obligations are satisfied at a point in time. Revenue from products transferred to customers at a point in time accounted for substantially all of our revenue for the three and nine month periods ended September 30, 2018 and 2017, respectively. Revenue on these contracts is recognized when obligations under the terms of the contract with our customers are satisfied. Generally, this occurs with the transfer of control upon receipt of products by our customers. Any consideration received prior to the fulfillment of the Company performance obligation is deferred and recognized as a liability. Sales returns Our return policy allows for customer returns within 30 days of purchase and upon our authorization. We adjust revenues based on our estimated expected returns and a liability is recognized for expected refunds to customers. We estimate expected returns based on historical levels and project this experience into the future. Customer reward programs and sales incentives Our sales contracts may give customers the option to purchase additional products priced at a discount. Options to purchase additional products at a discount come in a variety of forms, such as customer reward programs and incentive offerings including pricing arrangements and promotions. We reduce the transaction price for certain customer reward programs and incentive offerings including pricing arrangements, promotions, incentives that represent variable consideration and separate performance obligations. The Company accounts for sales rewards as a separate performance obligation of the transactions, and therefore allocates consideration between the initial sale of products and the customer reward program and incentive offering. Shipping and handling costs Amounts billed to customers for shipping and handling activities are treated as a promised service performance obligation and recorded in revenue in the accompanying Condensed Consolidated Statements of Income upon fulfillment of the performance obligation. Shipping and handling costs incurred by the Company for the delivery of products to customers are considered a cost to fulfill the contract and are included in cost of sales in the accompanying Condensed Consolidated Statements of Income. Contract costs We expense sales commissions and credit card fees during the period in which the corresponding revenue is earned. These costs are deferred along with the revenues for goods that are in transit and not received by customers by period end. These costs are recorded in selling, general and administrative expense in the Condensed Consolidated Statements of Income. Disaggregated revenue and entity-wide revenue disclosures The nature, amount, timing, and uncertainty of revenue and cash flows from our revenues amongst contracts, product offerings and customers do not differentiate and are recognized consistently based on the policies discussed above. In addition, e ffective January 1 , 2018, we changed how we internally and externally report our revenues to simplify and better align with changes in how we manage our business, review operating performance and allocate resources as a result of the shift in our primary focus to the OPTA VIA business and the significance this business represents to the overall results of the Company. We considered the following factors in making this decision: the nature of business activities overlapping amongst previous defined sales channels, the management structure directly accountable to our chief operating decision maker for operating and administrative activities, and information presented to the Board of Directors and investors. We previously disclosed entity-wide disclosures for sales by channel : OPTA VIA, Medifast Direct, Franchise Medifast Weight Control Centers and Medifast Wholesale. Due to the interchangeable nature of these customers amongst sale channels, sales migration to OPTA VIA, and realignment of internal operations as discussed, our disclosures as of January 1, 2018 will not include revenues by sales channel.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2018
Inventories [Abstract]
Inventories	3. INVENTORIES Inventories consist principally of packaged meal replacements held in the Company’s warehouses. Inventory is stated at the lower of cost or net realizable value, utilizing the first-in, first-out method. The cost of finished goods includes the cost of raw materials, packaging supplies, direct and indirect labor and other indirect manufacturing costs. On a quarterly basis, management reviews inventory for unsalable or obsolete inventory. Inventories consisted of the following (in thousands):    September 30, 2018 December 31, 2017   Raw materials $ 13,273 $ 4,348  Packaging 1,762 1,185  Non-food finished goods 2,028 920  Finished goods 27,480 13,407  Reserve for obsolete inventory (698) (532)  Total $ 43,845 $ 19,328  

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share	4. EARNING PER SHARE Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of shares of the Company’s common stock outstanding adjusted for the effect of dilutive common stock equivalents. The following table sets forth the computation of basic and diluted EPS (in thousands, except per share data):    Three months ended September 30, Nine months ended September 30,  2018 2017 2018 2017   Numerator:  Net income $ 13,781 $ 6,686 $ 40,136 $ 20,415   Denominator:  Weighted average shares of common stock outstanding 11,954 11,930 12,006 11,920  Effect of dilutive common stock equivalents 143 165 106 143  Weighted average shares of common stock outstanding 12,097 12,095 12,112 12,063   Earnings per share - basic $ 1.15 $ 0.56 $ 3.34 $ 1.71   Earnings per share - diluted $ 1.14 $ 0.55 $ 3.31 $ 1.69  The calculation of diluted EPS excluded 0 and 3,813 antidilutive options outstanding for the three months ended September 30, 2018 and 2017, respectively, and 214 and 6,780 antidilutive options outstanding for the nine months ended September 30, 2018 and 2017, respectively. The calculation for diluted EPS for the three and nine months ended, September 30, 2018 also excluded 43 and 297 antidilutive restricted stock awards, respectively. EPS is computed independently for each of the quarters presented; accordingly, the sum of the quarterly earnings per common share may not equal the year-to-date total computed.

Shared-based Compensation

Shared-based Compensation	9 Months Ended
	Sep. 30, 2018
Share-based Compensation [Abstract]
Shared-based Compensation	5. SHARE-BASED COMPENSATION Stock Options:  The Company has issued non-qualified and incentive stock options to employees and nonemployee directors. The fair value of these options are estimated on the date of grant using the Black-Scholes option pricing model, which requires estimates of the expected term of the option, the risk-free interest rate, the expected volatility of the price of the Company’s common stock, and dividend yield. Options outstanding as of September 30, 2018 generally vest over a period of three years and expire ten years from the date of grant. The exercise price of these options ranges from $26.52 to $157.30 . Due to the Company’s lack of option exercise history, the expected term is calculated using the simplified method defined as the midpoint between the vesting period and the contractual term of each option. The risk free interest rate is based on the U.S. Treasury yield curve in effect on the date of grant that most closely corresponds to the expected term of the option. The expected volatility is based on the historical volatility of the Company’s common stock over the period of time equivalent to the expected term for each award. The weighted average input assumptions used were as follows:     Nine months ended September 30,  2018 2017   Expected term (in years) 6.4 6.0  Risk-free interest rate 2.64% 2.05%  Expected volatility 33.30% 38.33%  Dividend yield 2.87% 2.40%  The following table is a summary of our stock option activity:     Nine months ended September 30,  2018 2017  Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price  (shares in thousands)  Outstanding at beginning of period 106 $ 31.18 129 $ 28.22  Granted 51 67.50 38 44.73  Exercised (23) 28.87 (21) 27.38  Forfeited (8) 31.09 (17) 37.09  Expired - - (1) 28.59  Outstanding at end of the period 126 $ 46.51 128 $ 32.00  Exercisable at end of the period 54 $ 30.21 62 $ 28.14  As of September 30, 2018, the weighted-average remaining contractual life was 8.07 years with an aggregate intrinsic value of $22.1 million for outstanding stock options and the weighted-average remaining contractual life was 6.91 years with an aggregate intrinsic value of $10.4 million for exercisable options. The weighted-average grant date fair value of options granted during the nine months ended September 30, 2018 and 2017 was $18.08 and $13.73 , respectively. The unrecognized compensation expense calculated under the fair value method for shares expected to vest as of September 30, 2018 was $0.9 million and is expected to be recognized over a weighted average period of 3.46 years. The Company received $220 thousand and $568 thousand in cash proceeds from the exercise of stock options during the nine months ended September 30, 2018 and 2017, respectively. Upon exercising of options, the Company withheld shares for employee taxes of 3 thousand and 19 thousand for the nine months ended September 30, 2018 and 2017, respectively. The total intrinsic value for stock options exercised during the nine months ended September 30, 2018 and 2017 was $1.4 million and $325 thousand, respectively.  Restricted Stock: The Company has issued restricted stock to employees and nonemployee directors generally with vesting terms up to five years after the date of grant. The fair value of the restricted stock is equal to the market price of the Company’s common stock on the date of grant. Expense for restricted stock is amortized ratably over the vesting period. The following table summarizes our restricted stock activity:     Nine months ended September 30,  2018 2017  Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value  (shares in thousands)  Outstanding at beginning of period 129 $ 32.15 215 $ 27.69  Granted 18 79.80 44 44.73  Vested (86) 31.61 (58) 26.09  Forfeited - - (8) 36.37  Outstanding at end of the period 61 $ 46.90 193 $ 31.65 The total fair value of restricted stock awards vested during the nine months ended September 30, 2018 and 2017 was $7.5 million and $2.5 million, respectively. The total share-based compensation charged against income was $717 thousand and $1.2 million during the three months ended September 30, 2018 and 2017, respectively, and $2.4 million and $3.4 million during the nine months ended September 30, 2018 and 2017, respectively. The total costs of the options and restricted stock awards charged against income was $488 thousand and $912 thousand during the three months ended September 30, 2018 and 2017, respectively, and $1.7 million and $2.6 million during the nine months ended September 30, 2018 and 2017, respectively. Also included for the three and nine months ended September 30, 2018 was $77 thousand and $229 thousand, respectively, for 63,300 performance-based deferred shares and for the three and nine months ended September 30, 2017 was $139 thousand and $357 thousand, respectively, for 113,395 performance-based deferred shares in expense for certain key executives. Included for the three and nine months ended September 30, 2018 and 2017 was $152 thousand and $455 thousand, respectively, in expense for 210,000 performance-based deferred shares granted to our CEO that will vest based on the achievement of certain Company performance targets. The total income tax benefit recognized in the condensed consolidated statements of income for restricted stock awards was $167 thousand and $451 thousand for the three months ended September 30, 2018 and 2017, respectively, and $1.6 million and $1.5 million for the nine months ended September 30, 2018 and 2017, respectively. There was $2.1 million of total unrecognized compensation cost related to restricted stock awards as of September 30, 2018, which is expected to be recognized over a weighted-average period of 1.88 years. There was $1.1 million of unrecognized compensation cost related to the 273,300 performance based deferred shares discussed above as of September 30, 2018, which is expected to be recognized over a weighted-average period of 1.25 years.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2018
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	6. ACCUMULATED OTHER COMPREHENSIVE LOSS The following table sets forth the components of accumulated other comprehensive income (loss), net of tax where applicable (in thousands):     September 30, 2018 December 31, 2017   Foreign currency translation $ (2) $ -  Unrealized losses on marketable securities (264) (160)  Accumulated other comprehensive loss $ (266) $ (160)  

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2018
Financial Instruments [Abstract]
Financial Instruments	7. FINANCIAL INSTRUMENTS  Certain financial assets and liabilities are accounted for at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs used to measure fair value:  Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.  Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.  Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value from the perspective of a market participant. The following tables represent cash and the available-for-sale securities adjusted cost, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or investment securities (in thousands):    September 30, 2018  Cost Unrealized Losses Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities   Cash $ 22,841 $ - $ - $ 22,841 $ 22,841 $ -   Level 1:  Certificate of deposit 55,000 - - 55,000 55,000 -  Money market accounts 4,466 - - 4,466 4,466 -  Government & agency securities 4,135 (116) 24 4,043 - 4,043  63,601 (116) 24 63,509 59,466 4,043   Level 2:  Municipal bonds 16,932 (248) 185 16,869 - 16,869   Total $ 103,374 $ (364) $ 209 $ 103,219 $ 82,307 $ 20,912      December 31, 2017  Cost Unrealized Losses Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities   Cash $ 28,630 $ - $ - $ 28,630 $ 28,630 $ -   Level 1:  Certificate of deposit 45,000 - - 45,000 45,000 -  Money market accounts 1,447 - - 1,447 1,447 -  Government & agency securities 5,342 (67) 13 5,288 - 5,288  51,789 (67) 13 51,735 46,447 5,288   Level 2:  Municipal bonds 18,404 (201) 266 18,469 - 18,469   Total $ 98,823 $ (268) $ 279 $ 98,834 $ 75,077 $ 23,757   The Company had a realized loss of $91 and $16 thousand for the three months ended September 30, 2018 and 2017, respectively, and a realized loss of $70 and $73 thousand for the nine months ended September 30, 2018 and 2017, respectively. As of September 30, 2018 and 2017, gross unrealized losses related to individual securities that had been in a continuous loss position for 12 months or longer were not significant. The maturities of the Company’s investment securities generally range up to 5 years for municipal bonds and for government and agency securities.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
Income Taxes [Abstract]
Income Taxes	8. INCOME TAXES The Company reflected the effects of the TCJA in its 2017 financial statements, including the effects of the change in the U.S. Corporate tax rate from 35% to 21% on deferred tax assets and liabilities. The Company’s tax expense for the three and nine month periods ended September 30, 2018 was $4.0 million and $10.2 million, respectively. This includes the reduction in the U.S. federal tax rate from 35% to 21%, effective for the Company’s 2018 tax year. The Company recognized the income tax effects of the TCJA in the financial statements included in its 2017 Annual Report on Form 10-K in accordance with Staff Accounting Bulletin No. 118, which provides SEC staff guidance for the application of ASC 740, Income Taxes, in the reporting period in which the TCJA was signed into law. During the three months ended September 30, 2018, the Company finalized its accounting for the income tax effects of the TCJA. There were no material adjustments to the provisional amounts recorded in the Company’s financial statements included in its 2017 Annual Report on Form 10-K. 

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation - The accompanying unaudited condensed consolidated financial statements of Medifast, Inc. and its wholly-owned subsidiaries (the “Company,” “we,” “us,” or “our”) included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), for interim reporting and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnotes that are normally required by GAAP have been condensed or omitted. However, in the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair presentation of the financial position and results of operations have been included and management believes the disclosures that are made are adequate to make the information presented not misleading. The condensed consolidated balance sheet at December 31, 2017 has been derived from the audited consolidated financial statements at that date. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of results that may be expected for the fiscal year ending December 31, 2018. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the 2017 audited consolidated financial statements and notes thereto, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (“2017 Form 10-K”).
Presentation of Financial Statements	Presentation of Financial Statements - The unaudited condensed consolidated financial statements included herein include the accounts of the Medifast, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.
Recent Accounting Pronouncements	Accounting Pronouncements Adopted in 2018 – In May 2014, the FASB issued ASU 2014-09 , Revenue from Contracts with Customers (Topic 606) . The new revenue recognition standard requires the Company to recognize revenue for the transfer of goods or services to customers for the amount the Company expects to be entitled to receive in exchange for those goods or services. The Company is required to identify the contract, identify the relevant performance obligations, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize the revenue when the entity satisfies a performance obligation. Companies have the option of using either a full retrospective or a modified retrospective approach to adopt the guidance. On January 1, 2018, the Company adopted the new revenue standard on a modified retrospective basis and recorded an after-tax transition adjustment to reduce retained earnings as of January 1, 2018 by $2.0 million. This is comprised of $5.6 million of revenue offset by $3.6 million of inventory costs, deferred shipping expense, credit card fees and income taxes. The results of ASC 606 primarily impact the Company’s timing of revenue recognition for product shipments, as product revenue is recognized upon customer receipt instead of at the time of shipment. The new standard requires more extensive revenue-related disclosures. As required by ASC 606, the impact of the adoption of the new revenue standard on our Condensed Consolidated Statements of Income and Condensed Consolidated Balance Sheets was as follows (in thousands):    Three months ended September 30, 2018 Nine months ended September 30, 2018  As Reported Balances without adoption of ASC 606 Effect of Change As Reported Balances without adoption of ASC 606 Effect of Change   Revenue $ 139,239 $ 139,582 $ (343) $ 355,159 $ 356,442 $ (1,283)  Cost of sales 32,038 32,071 33 84,351 84,544 193  Gross profit 107,201 107,511 (310) 270,808 271,898 (1,090)   Selling, general, and administrative 89,734 89,831 97 221,548 221,908 360   Income from operations 17,467 17,680 (213) 49,260 49,990 (730)   Other income (expense)  Interest income, net 361 361 - 940 940 -  Other income (expense) - - - 178 178 -  361 361 - 1,118 1,118 -   Income from operations before income taxes 17,828 18,041 (213) 50,378 51,108 (730)   Provision for income taxes 4,047 4,092 45 10,242 10,396 154   Net income $ 13,781 $ 13,949 $ (168) $ 40,136 $ 40,712 $ (576)   Earnings per share - basic $ 1.15 $ 1.17 $ (0.02) $ 3.34 $ 3.39 $ (0.05)   Earnings per share - diluted $ 1.14 $ 1.15 $ (0.01) $ 3.31 $ 3.36 $ (0.05)   Weighted average shares outstanding -  Basic 11,954 11,954 12,006 12,006  Diluted 12,097 12,097 12,112 12,112     September 30, 2018  As Reported Balances without adoption of ASC 606 Effect of Change   ASSETS  Accounts receivable, net $ 1,017 $ 118 $ 899  Inventory 43,845 42,793 1,052  Prepaid expenses and other current assets 3,851 3,711 140  Deferred tax assets 2,355 1,656 699   LIABILITIES  Accounts payable and accrued expenses 62,806 57,422 5,384   STOCKHOLDERS' EQUITY  Retained earnings 124,601 127,195 (2,594)  The cumulative effect of the changes made to our January 1, 2018 Condensed Consolidated Balance Sheet from the modified retrospective adoption of ASC 606 was as follows (in thousands):    Balance at December 31, 2017 Adjustments due to ASC 606 Balance at January 1, 2018   ASSETS  Accounts receivable, net $ 576 $ 557 $ 1,133  Inventory 19,328 902 20,230  Prepaid expenses and other current assets 4,188 116 4,304  Deferred tax assets - 336 336   LIABILITIES  Accounts payable and accrued expenses 37,140 4,137 41,277  Deferred tax liabilities 208 (208) -   STOCKHOLDERS' EQUITY  Retained earnings 103,762 (2,018) 101,744   Recent Accounting Pronouncements – We have considered all new accounting pronouncements and have concluded that there are no new pronouncements that may have a material impact on our results of operations, financial condition, or cash flows, based on current information, except for: ASU 2016-02, Leases (Topic 842) requires the rights and obligations of all leased assets with a term greater than 12 months to be presented on the balance sheet. The new guidance also changes the definition of a lease and requires expanded quantitative and qualitative disclosures for both lessees and lessors. The pronouncement is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We plan to adopt ASU 2016-02 on January 1, 2019. The Company currently expects that upon adoption of ASU 2016-02 right-to-use assets and lease liabilities will be recognized in the Company’s Consolidated Balance Sheet in amounts that will be material. Management is currently evaluating the effect that the provisions of ASU 2016-02 will have on the Company’s financial statements. ASU 2018-02, Income Statement Reporting - Comprehensive Income (Topic 220) allows the reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from tax effects resulting from the Tax Cuts and Jobs Act (TCJA) and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of the TCJA, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The amendments in this pronouncement are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We plan to adopt ASU 2018-02 on January 1, 2019. Management is currently evaluating the effect that the provisions of ASU 2018-02 will have on the Company’s financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Summary of Significant Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	As required by ASC 606, the impact of the adoption of the new revenue standard on our Condensed Consolidated Statements of Income and Condensed Consolidated Balance Sheets was as follows (in thousands):    Three months ended September 30, 2018 Nine months ended September 30, 2018  As Reported Balances without adoption of ASC 606 Effect of Change As Reported Balances without adoption of ASC 606 Effect of Change   Revenue $ 139,239 $ 139,582 $ (343) $ 355,159 $ 356,442 $ (1,283)  Cost of sales 32,038 32,071 33 84,351 84,544 193  Gross profit 107,201 107,511 (310) 270,808 271,898 (1,090)   Selling, general, and administrative 89,734 89,831 97 221,548 221,908 360   Income from operations 17,467 17,680 (213) 49,260 49,990 (730)   Other income (expense)  Interest income, net 361 361 - 940 940 -  Other income (expense) - - - 178 178 -  361 361 - 1,118 1,118 -   Income from operations before income taxes 17,828 18,041 (213) 50,378 51,108 (730)   Provision for income taxes 4,047 4,092 45 10,242 10,396 154   Net income $ 13,781 $ 13,949 $ (168) $ 40,136 $ 40,712 $ (576)   Earnings per share - basic $ 1.15 $ 1.17 $ (0.02) $ 3.34 $ 3.39 $ (0.05)   Earnings per share - diluted $ 1.14 $ 1.15 $ (0.01) $ 3.31 $ 3.36 $ (0.05)   Weighted average shares outstanding -  Basic 11,954 11,954 12,006 12,006  Diluted 12,097 12,097 12,112 12,112     September 30, 2018  As Reported Balances without adoption of ASC 606 Effect of Change   ASSETS  Accounts receivable, net $ 1,017 $ 118 $ 899  Inventory 43,845 42,793 1,052  Prepaid expenses and other current assets 3,851 3,711 140  Deferred tax assets 2,355 1,656 699   LIABILITIES  Accounts payable and accrued expenses 62,806 57,422 5,384   STOCKHOLDERS' EQUITY  Retained earnings 124,601 127,195 (2,594)  The cumulative effect of the changes made to our January 1, 2018 Condensed Consolidated Balance Sheet from the modified retrospective adoption of ASC 606 was as follows (in thousands):    Balance at December 31, 2017 Adjustments due to ASC 606 Balance at January 1, 2018   ASSETS  Accounts receivable, net $ 576 $ 557 $ 1,133  Inventory 19,328 902 20,230  Prepaid expenses and other current assets 4,188 116 4,304  Deferred tax assets - 336 336   LIABILITIES  Accounts payable and accrued expenses 37,140 4,137 41,277  Deferred tax liabilities 208 (208) -   STOCKHOLDERS' EQUITY  Retained earnings 103,762 (2,018) 101,744 

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2018
Inventories [Abstract]
Inventories	Inventories consisted of the following (in thousands):    September 30, 2018 December 31, 2017   Raw materials $ 13,273 $ 4,348  Packaging 1,762 1,185  Non-food finished goods 2,028 920  Finished goods 27,480 13,407  Reserve for obsolete inventory (698) (532)  Total $ 43,845 $ 19,328 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted EPS (in thousands, except per share data):    Three months ended September 30, Nine months ended September 30,  2018 2017 2018 2017   Numerator:  Net income $ 13,781 $ 6,686 $ 40,136 $ 20,415   Denominator:  Weighted average shares of common stock outstanding 11,954 11,930 12,006 11,920  Effect of dilutive common stock equivalents 143 165 106 143  Weighted average shares of common stock outstanding 12,097 12,095 12,112 12,063   Earnings per share - basic $ 1.15 $ 0.56 $ 3.34 $ 1.71   Earnings per share - diluted $ 1.14 $ 0.55 $ 3.31 $ 1.69 

Shared-based Compensation (Tabl

Shared-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2018
Share-based Compensation [Abstract]
Schedule of Assumptions Used	The weighted average input assumptions used were as follows:     Nine months ended September 30,  2018 2017   Expected term (in years) 6.4 6.0  Risk-free interest rate 2.64% 2.05%  Expected volatility 33.30% 38.33%  Dividend yield 2.87% 2.40% 
Schedule of Share-based Compensation, Stock Options, Activity	The following table is a summary of our stock option activity:     Nine months ended September 30,  2018 2017  Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price  (shares in thousands)  Outstanding at beginning of period 106 $ 31.18 129 $ 28.22  Granted 51 67.50 38 44.73  Exercised (23) 28.87 (21) 27.38  Forfeited (8) 31.09 (17) 37.09  Expired - - (1) 28.59  Outstanding at end of the period 126 $ 46.51 128 $ 32.00  Exercisable at end of the period 54 $ 30.21 62 $ 28.14 
Restricted Stock Activity	The following table summarizes our restricted stock activity:     Nine months ended September 30,  2018 2017  Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value  (shares in thousands)  Outstanding at beginning of period 129 $ 32.15 215 $ 27.69  Granted 18 79.80 44 44.73  Vested (86) 31.61 (58) 26.09  Forfeited - - (8) 36.37  Outstanding at end of the period 61 $ 46.90 193 $ 31.65 

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2018
Accumulated Other Comprehensive Loss [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table sets forth the components of accumulated other comprehensive income (loss), net of tax where applicable (in thousands):     September 30, 2018 December 31, 2017   Foreign currency translation $ (2) $ -  Unrealized losses on marketable securities (264) (160)  Accumulated other comprehensive loss $ (266) $ (160) 

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2018
Financial Instruments [Abstract]
Cash and Available for Sale Securities Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value by Significant Investment Category	The following tables represent cash and the available-for-sale securities adjusted cost, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or investment securities (in thousands):    September 30, 2018  Cost Unrealized Losses Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities   Cash $ 22,841 $ - $ - $ 22,841 $ 22,841 $ -   Level 1:  Certificate of deposit 55,000 - - 55,000 55,000 -  Money market accounts 4,466 - - 4,466 4,466 -  Government & agency securities 4,135 (116) 24 4,043 - 4,043  63,601 (116) 24 63,509 59,466 4,043   Level 2:  Municipal bonds 16,932 (248) 185 16,869 - 16,869   Total $ 103,374 $ (364) $ 209 $ 103,219 $ 82,307 $ 20,912      December 31, 2017  Cost Unrealized Losses Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities   Cash $ 28,630 $ - $ - $ 28,630 $ 28,630 $ -   Level 1:  Certificate of deposit 45,000 - - 45,000 45,000 -  Money market accounts 1,447 - - 1,447 1,447 -  Government & agency securities 5,342 (67) 13 5,288 - 5,288  51,789 (67) 13 51,735 46,447 5,288   Level 2:  Municipal bonds 18,404 (201) 266 18,469 - 18,469   Total $ 98,823 $ (268) $ 279 $ 98,834 $ 75,077 $ 23,757  

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)
Summary of Significant Accounting Policies [Abstract]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 2
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results	5.6
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Expenses	$ 3.6

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Impact of New Accounting Principles, Income) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue	$ 139,239	$ 77,205	$ 355,159	$ 223,556
Cost of sales	32,038	19,022	84,351	54,870
Gross profit	107,201	58,183	270,808	168,686
Selling, general, and administrative	89,734	47,956	221,548	138,540
Income from operations	17,467	10,227	49,260	30,146
Other income (expense)
Interest income, net	361	148	940	352
Other income (expense)		(4)	178	32
Nonoperating income (expense)	361	144	1,118	384
Income from operations before income taxes	17,828	10,371	50,378	30,530
Provision for income taxes	4,047	3,685	10,242	10,115
Net income	$ 13,781	$ 6,686	$ 40,136	$ 20,415
Basic earnings per share
Earnings per share, basic	$ 1.15	$ 0.56	$ 3.34	$ 1.71
Diluted earnings per share
Earnings per share, diluted	$ 1.14	$ 0.55	$ 3.31	$ 1.69
Weighted average shares outstanding -
Basic	11,954	11,930	12,006	11,920
Diluted	12,097	12,095	12,112	12,063
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue	$ 139,582		$ 356,442
Cost of sales	32,071		84,544
Gross profit	107,511		271,898
Selling, general, and administrative	89,831		221,908
Income from operations	17,680		49,990
Other income (expense)
Interest income, net	361		940
Other income (expense)			178
Nonoperating income (expense)	361		1,118
Income from operations before income taxes	18,041		51,108
Provision for income taxes	4,092		10,396
Net income	$ 13,949		$ 40,712
Basic earnings per share
Earnings per share, basic	$ 1.17		$ 3.39
Diluted earnings per share
Earnings per share, diluted	$ 1.15		$ 3.36
Weighted average shares outstanding -
Basic	11,954		12,006
Diluted	12,097		12,112
Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue	$ (343)		$ (1,283)
Cost of sales	(33)		(193)
Gross profit	(310)		(1,090)
Selling, general, and administrative	(97)		(360)
Income from operations	(213)		(730)
Other income (expense)
Income from operations before income taxes	(213)		(730)
Provision for income taxes	(45)		(154)
Net income	$ (168)		$ (576)
Basic earnings per share
Earnings per share, basic	$ (0.02)		$ (0.05)
Diluted earnings per share
Earnings per share, diluted	$ (0.01)		$ (0.05)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Impact of New Accounting Principles, Balance Sheets) (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Current Assets
Accounts receivable, net	$ 1,017	$ 1,133	$ 576
Inventory	43,845	20,230	19,328
Prepaid expenses and other current assets	3,851	4,304	4,188
Deferred tax assets	2,355	336
Current liabilities:
Accounts payable and accrued expenses	62,806	41,277	37,140
Other liabilities:
Deferred tax liabilities			208
Stockholders' Equity:
Retained earnings	124,601	$ 101,744	103,762
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Current Assets
Accounts receivable, net	118		576
Inventory	42,793		19,328
Prepaid expenses and other current assets	3,711		4,188
Deferred tax assets	1,656
Current liabilities:
Accounts payable and accrued expenses	57,422		37,140
Other liabilities:
Deferred tax liabilities			208
Stockholders' Equity:
Retained earnings	127,195		103,762
Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Current Assets
Accounts receivable, net	899		557
Inventory	1,052		902
Prepaid expenses and other current assets	140		116
Deferred tax assets	699		336
Current liabilities:
Accounts payable and accrued expenses	5,384		4,137
Other liabilities:
Deferred tax liabilities			(208)
Stockholders' Equity:
Retained earnings	$ (2,594)		$ (2,018)

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Inventories [Abstract]
Raw materials	$ 13,273		$ 4,348
Packaging	1,762		1,185
Non-food finished goods	2,028		920
Finished goods	27,480		13,407
Reserve for obsolete inventory	(698)		(532)
Inventory	$ 43,845	$ 20,230	$ 19,328

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Anti-dilutive options		3,813
Stock Options [Member]
Anti-dilutive options	0	3,813	214	6,780
Restricted Stock [Member]
Anti-dilutive options	43		297

Earnings Per Share (Earnings Pe

Earnings Per Share (Earnings Per Share) (Detail) - USD ($) $ / shares in Units, 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	$ 13,781	$ 6,686	$ 40,136	$ 20,415
Denominator:
Weighted average shares of common stock outstanding	11,954	11,930	12,006	11,920
Effect of dilutive common stock equivalents	143	165	106	143
Weighted average shares of common stock outstanding	12,097	12,095	12,112	12,063
Basic earnings per share
Earnings per share	$ 1.15	$ 0.56	$ 3.34	$ 1.71
Diluted earnings per share
Earnings per share	$ 1.14	$ 0.55	$ 3.31	$ 1.69

Shared-based Compensation (Narr

Shared-based Compensation (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 717	$ 1,200	$ 2,352	$ 3,418
Weighted-average remaining contractual life of options oustanding			8 years 26 days
Aggregate intrinsic value of options outstanding	22,100		$ 22,100
Weighted-average remaining contractual life of options exercisable			6 years 10 months 28 days
Aggregate intrinsic value of options exercisable	10,400		$ 10,400
Proceeds from stock options exercised			220	568
Intrinsic value of options exercised			1,400	325
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total income tax benefit recognized related to restricted stock awards	167	451	1,600	1,500
Employee service share based compensation nonvested awards total compensation cost not yet recognized	2,100		$ 2,100
Compensation cost recognition weighted average period			1 year 10 months 17 days
Award vesting period			5 years
Share-based compensation arrangement, fair value of awards vested			$ 7,500	$ 2,500
Shares vested in period			86,000	58,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share based compensation nonvested awards total compensation cost not yet recognized	900		$ 900
Compensation cost recognition weighted average period			3 years 5 months 16 days
Award vesting period			3 years
Share-based compensation, shares authorized under stock option plans, exercise price range, lower range limit			$ 26.52
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value			18.08	$ 13.73
Share-based compensation, shares authorized under stock option plans, exercise price range, upper range limit			$ 157.30
Proceeds from stock options exercised			$ 220	$ 568
Share based compensation arrangement by share based payment award options expiration term			10 years
Shares withheld for employee taxes			3,000	19,000
Options and Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	488	912	$ 1,700	$ 2,600
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share based compensation nonvested awards total compensation cost not yet recognized	1,100		$ 1,100
Compensation cost recognition weighted average period			1 year 3 months
Share based compensation expense	$ 77	139	$ 229	$ 357
Share-based compensation arrangement shares to be issued	273,300		273,300
Shares vested in period			63,300	113,395
Performance Shares [Member] | Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 152	$ 455	$ 152	$ 455
Share-based compensation arrangement shares to be issued	210,000	210,000	210,000	210,000

Shared-based Compensation (Sche

Shared-based Compensation (Schedule of Assumptions Used) (Detail)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation [Abstract]
Expected term (in years)	6 years 4 months 24 days	6 years
Risk-free interest rate	2.64%	2.05%
Expected volatility	33.30%	38.33%
Dividend yield	2.87%	2.40%

Shared-based Compensation (Sc_2

Shared-based Compensation (Schedule of Share Based Compensation Stock Options Activity) (Detail) - Stock Options [Member] - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares, Outstanding Beginning Balance	106	129
Shares, Granted	51	38
Shares, Exercised	(23)	(21)
Shares, Forfeited	(8)	(17)
Shares, Expired		(1)
Shares, Outstanding Ending Balance	126	128
Shares, Exerciseable	54	62
Weighted-Average Exercise Price, Outstanding Beginning Balance	$ 31.18	$ 28.22
Weighted-Average Exercise Price, Granted	67.50	44.73
Weighted-Average Exercise Price, Exercised	28.87	27.38
Weighted-Average Exercise Price, Forfeited	31.09	37.09
Weighted-Average Exercise Price, Expired		28.59
Weighted-Average Exercise Price, Oustanding Ending Balance	46.51	32
Weighted-Average Exercise Price, Exerciseable	$ 30.21	$ 28.14

Shared-based Compensation (Summ

Shared-based Compensation (Summary of Restricted Stock Activity) (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Shares
Outstanding at beginning of period	129	215
Granted	18	44
Vested	(86)	(58)
Forfeited		(8)
Outstanding at end of period	61	193
Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	$ 32.15	$ 27.69
Granted	79.80	44.73
Vested	31.61	26.09
Forfeited		36.37
Outstanding at end of period	$ 46.90	$ 31.65

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Loss [Abstract]
Foreign currency translation	$ (2)
Unrealized losses on marketable securities	(264)	$ (160)
Accumulated other comprehensive loss	$ (266)	$ (160)

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Financial Instruments [Line Items]
Realized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments	$ (91)	$ (16)	$ (70)	$ (73)
US Treasury and Government Short-term Debt Securities [Member]
Financial Instruments [Line Items]
Available for Sale Securities Maturity Period			5 years

Financial Instruments (Cash and

Financial Instruments (Cash and Available for Sale Securities Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value by Significant Investment Category) (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Cash and Cash Equivalents and Marketable Securities [Line Items]
Cost	$ 103,374	$ 98,823
Unrealized Losses	(364)	(268)
Accrued Interest	209	279
Estimated Fair Value	103,219	98,834
Cash & Cash Equivalents	82,307	75,077	$ 70,553	$ 52,436
Investment Securities	20,912	23,757
Cash [Member]
Cash and Cash Equivalents and Marketable Securities [Line Items]
Cost	22,841	28,630
Estimated Fair Value	22,841	28,630
Cash & Cash Equivalents	22,841	28,630
Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents and Marketable Securities [Line Items]
Cost	63,601	51,789
Unrealized Losses	(116)	(67)
Accrued Interest	24	13
Estimated Fair Value	63,509	51,735
Cash & Cash Equivalents	59,466	46,447
Investment Securities	4,043	5,288
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member]
Cash and Cash Equivalents and Marketable Securities [Line Items]
Cost	55,000	45,000
Estimated Fair Value	55,000	45,000
Cash & Cash Equivalents	55,000	45,000
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Cash and Cash Equivalents and Marketable Securities [Line Items]
Cost	4,466	1,447
Estimated Fair Value	4,466	1,447
Cash & Cash Equivalents	4,466	1,447
Fair Value, Inputs, Level 1 [Member] | Government and Agency Securities [Member]
Cash and Cash Equivalents and Marketable Securities [Line Items]
Cost	4,135	5,342
Unrealized Losses	(116)	(67)
Accrued Interest	24	13
Estimated Fair Value	4,043	5,288
Investment Securities	4,043	5,288
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member]
Cash and Cash Equivalents and Marketable Securities [Line Items]
Cost	16,932	18,404
Unrealized Losses	(248)	(201)
Accrued Interest	185	266
Estimated Fair Value	16,869	18,469
Investment Securities	$ 16,869	$ 18,469

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 21, 2017
Income Taxes [Abstract]
Effective tax rate, Statutory federal tax			21.00%		35.00%
Income tax expense	$ 4,047	$ 3,685	$ 10,242	$ 10,115