Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report 1 | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report 1 | false | |
Entity File Number | 001-31573 | |
Entity Registrant Name | Medifast, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3714405 | |
Entity Address, Address Line One | 100 International Drive | |
Entity Address, City or Town | Baltimore | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 21202 | |
City Area Code | 410 | |
Local Phone Number | 581-8042 | |
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 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | MED | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 11,615,371 | |
Entity Central Index Key | 0000910329 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 190,061 | $ 139,239 | $ 543,040 | $ 355,159 |
Cost of sales | 47,128 | 32,038 | 134,250 | 84,351 |
Gross profit | 142,933 | 107,201 | 408,790 | 270,808 |
Selling, general, and administrative | 122,671 | 89,734 | 336,458 | 221,548 |
Income from operations | 20,262 | 17,467 | 72,332 | 49,260 |
Other income (expense) | ||||
Interest income, net | 324 | 361 | 1,061 | 940 |
Other income (expense) | (3) | (11) | 178 | |
Other income (expense) | 321 | 361 | 1,050 | 1,118 |
Income from operations before income taxes | 20,583 | 17,828 | 73,382 | 50,378 |
Provision for income taxes | 4,681 | 4,047 | 15,347 | 10,242 |
Net income | $ 15,902 | $ 13,781 | $ 58,035 | $ 40,136 |
Basic earnings per share | ||||
Earnings per share, basic | $ 1.36 | $ 1.15 | $ 4.91 | $ 3.34 |
Diluted earnings per share | ||||
Earnings per share, diluted | $ 1.32 | $ 1.14 | $ 4.77 | $ 3.31 |
Weighted average shares outstanding - | ||||
Basic | 11,731 | 11,954 | 11,823 | 12,006 |
Diluted | 12,065 | 12,097 | 12,174 | 12,112 |
Cash dividends declared per share | $ 0.75 | $ 0.48 | $ 2.25 | $ 1.44 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Other Comprehensive Income [Abstract] | ||||
Net income | $ 15,902 | $ 13,781 | $ 58,035 | $ 40,136 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | (2) | (2) | (1) | (2) |
Unrealized gains (losses) on marketable securities | 18 | (45) | 246 | (104) |
Other comprehensive income (loss) | 16 | (47) | 245 | (106) |
Comprehensive income | $ 15,918 | $ 13,734 | $ 58,280 | $ 40,030 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 81,196 | $ 81,364 |
Accounts receivable-net of doubtful accounts of $1,860 and $394 at September 30, 2019 and December 31, 2018, respectively | 1,451 | 1,011 |
Inventory | 51,925 | 38,888 |
Investment securities | 15,718 | 19,670 |
Income taxes, prepaid | 3,200 | |
Prepaid expenses and other current assets | 4,817 | 4,586 |
Total current assets | 158,307 | 145,519 |
Property, plant and equipment - net | 26,247 | 19,747 |
Right-of-use asset | 11,694 | |
Other assets | 453 | 1,183 |
Deferred tax assets | 1,887 | 2,980 |
TOTAL ASSETS | 198,588 | 169,429 |
Current liabilities | ||
Accounts payable and accrued expenses | 75,015 | 60,323 |
Current lease obligation | 2,507 | |
Total current liabilities | 77,522 | 60,323 |
Other liabilities: | ||
Lease obligation, less current lease obligation | 9,866 | |
Total liabilities | 87,388 | 60,323 |
Stockholders' Equity: | ||
Common stock, par value $.001 per share: 20,000 shares authorized; 12,126 and 12,117 issued and 11,612 and 11,868 outstanding at September 30, 2019 and December 31, 2018, respectively | 12 | 12 |
Additional paid-in capital | 12,207 | 8,802 |
Accumulated other comprehensive income (loss) | 72 | (173) |
Retained earnings | 162,902 | 131,344 |
Less: Treasury stock at cost, 489 and 193 shares at September 30, 2019 and December 31, 2018, respectively | (63,993) | (30,879) |
Total stockholders' equity | 111,200 | 109,106 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 198,588 | $ 169,429 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,860 | $ 394 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, issued | 12,126 | 12,117 |
Common stock, outstanding | 11,612 | 11,868 |
Treasury stock, common, shares | 489 | 193 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities | ||
Net income | $ 58,035 | $ 40,136 |
Adjustments to reconcile net income to cash provided by operating activities | ||
Depreciation and amortization | 3,363 | 3,519 |
Share-based compensation | 3,415 | 2,352 |
Loss on sale of disposal of property, plant and equipment | 17 | 50 |
Bad debt expense | 3,209 | 642 |
Amortization of premium on investment securities | 355 | 434 |
Deferred income taxes | 1,093 | (2,028) |
Change in operating assets and liabilities: | ||
Accounts receivable | (3,649) | (526) |
Inventory | (13,037) | (23,615) |
Income taxes, prepaid | (3,200) | 2,272 |
Prepaid expenses and other current assets | (232) | 453 |
Other assets | 188 | 134 |
Accounts payable and accrued expenses | 15,552 | 21,655 |
Net cash flow provided by operating activities | 65,109 | 45,478 |
Investing Activities | ||
Sale and maturities of investment securities | 3,730 | 2,245 |
Sale of property and equipment | 184 | |
Purchase of property and equipment | (9,224) | (3,246) |
Net cash flow used in investing activities | (5,494) | (817) |
Financing Activities | ||
Options exercised by executives and directors | 279 | 220 |
Net shares repurchased for employee taxes | (289) | (249) |
Cash dividends paid to stockholders | (26,658) | (17,404) |
Stock repurchases | (33,114) | (19,996) |
Net cash flow used in financing activities | (59,782) | (37,429) |
Foreign currency impact | (1) | (2) |
Increase in cash and cash equivalents | (168) | 7,230 |
Cash and cash equivalents - beginning of the period | 81,364 | 75,077 |
Cash and cash equivalents - end of period | 81,196 | 82,307 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | 17,333 | 9,540 |
Dividends declared included in accounts payable | $ 8,955 | $ 5,981 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Scenario, Previously Reported [Member]Common Stock [Member] | Scenario, Previously Reported [Member]Additional Paid- In Capital [Member] | Scenario, Previously Reported [Member]Accumulated Other Comprehensive Income (Loss) [Member] | Scenario, Previously Reported [Member]Retained Earnings [Member] | Scenario, Previously Reported [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member]Retained Earnings [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Common Stock [Member] | Additional Paid- In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Cumulative effect adjustments from changes in accounting standards | $ (2,018) | $ (2,018) | |||||||||||
Balance at Dec. 31, 2017 | $ 12 | $ 4,967 | $ (160) | $ 103,762 | $ 108,581 | $ 12 | $ 4,967 | $ (160) | $ 101,744 | $ 106,563 | |||
Balance (in shares) at Dec. 31, 2017 | 12,103 | 12,103 | |||||||||||
Net income | 12,222 | 12,222 | |||||||||||
Share-based compensation | 805 | 805 | |||||||||||
Share-based compensation (in shares) | 16 | ||||||||||||
Options exercised by executives and directors | 62 | 62 | |||||||||||
Options exercised by executives and directors (in shares) | 14 | ||||||||||||
Net shares repurchased for employee taxes | (215) | (215) | |||||||||||
Net shares repurchased for employee taxes, (in shares) | (3) | ||||||||||||
Treasury stock from cashless options | 750 | $ (750) | |||||||||||
Treasury stock from cashless options, (in shares) | 9 | ||||||||||||
Other comprehensive income (loss) | (84) | (84) | |||||||||||
Cash dividends declared to stockholders | (5,723) | (5,723) | |||||||||||
Balance at Mar. 31, 2018 | $ 12 | 6,369 | (244) | 108,243 | (750) | 113,630 | |||||||
Balance (in shares) at Mar. 31, 2018 | 12,139 | ||||||||||||
Balance at Dec. 31, 2017 | $ 12 | $ 4,967 | $ (160) | $ 103,762 | $ 108,581 | $ 12 | 4,967 | (160) | 101,744 | 106,563 | |||
Balance (in shares) at Dec. 31, 2017 | 12,103 | 12,103 | |||||||||||
Net income | 40,136 | ||||||||||||
Net shares repurchased for employee taxes, (in shares) | (3) | ||||||||||||
Other comprehensive income (loss) | (106) | ||||||||||||
Balance at Sep. 30, 2018 | $ 12 | 8,040 | (266) | 124,601 | (20,746) | 111,641 | |||||||
Balance (in shares) at Sep. 30, 2018 | 12,145 | ||||||||||||
Balance at Mar. 31, 2018 | $ 12 | 6,369 | (244) | 108,243 | (750) | 113,630 | |||||||
Balance (in shares) at Mar. 31, 2018 | 12,139 | ||||||||||||
Net income | 14,133 | 14,133 | |||||||||||
Share-based compensation | 830 | 830 | |||||||||||
Options exercised by executives and directors (in shares) | 2 | ||||||||||||
Other comprehensive income (loss) | 25 | 25 | |||||||||||
Treasury stock from stock repurchases | (19,996) | (19,996) | |||||||||||
Cash dividends declared to stockholders | (5,759) | (5,759) | |||||||||||
Balance at Jun. 30, 2018 | $ 12 | 7,199 | (219) | 116,617 | (20,746) | 102,863 | |||||||
Balance (in shares) at Jun. 30, 2018 | 12,141 | ||||||||||||
Net income | 13,781 | 13,781 | |||||||||||
Share-based compensation | 717 | 717 | |||||||||||
Options exercised by executives and directors | 158 | 158 | |||||||||||
Options exercised by executives and directors (in shares) | 4 | ||||||||||||
Net shares repurchased for employee taxes | (34) | (34) | |||||||||||
Other comprehensive income (loss) | (47) | (47) | |||||||||||
Cash dividends declared to stockholders | (5,797) | (5,797) | |||||||||||
Balance at Sep. 30, 2018 | $ 12 | 8,040 | (266) | 124,601 | (20,746) | 111,641 | |||||||
Balance (in shares) at Sep. 30, 2018 | 12,145 | ||||||||||||
Balance at Dec. 31, 2018 | $ 12 | 8,802 | (173) | 131,344 | (30,879) | 109,106 | |||||||
Balance (in shares) at Dec. 31, 2018 | 12,117 | ||||||||||||
Net income | 20,750 | 20,750 | |||||||||||
Share-based compensation | 990 | 990 | |||||||||||
Options exercised by executives and directors | 269 | 269 | |||||||||||
Options exercised by executives and directors (in shares) | 10 | ||||||||||||
Net shares repurchased for employee taxes | (256) | (256) | |||||||||||
Net shares repurchased for employee taxes, (in shares) | (1) | ||||||||||||
Other comprehensive income (loss) | 127 | 127 | |||||||||||
Cash dividends declared to stockholders | (8,918) | (8,918) | |||||||||||
Balance at Mar. 31, 2019 | $ 12 | 9,805 | (46) | 143,176 | (30,879) | 122,068 | |||||||
Balance (in shares) at Mar. 31, 2019 | 12,126 | ||||||||||||
Balance at Dec. 31, 2018 | $ 12 | 8,802 | (173) | 131,344 | (30,879) | 109,106 | |||||||
Balance (in shares) at Dec. 31, 2018 | 12,117 | ||||||||||||
Net income | 58,035 | ||||||||||||
Net shares repurchased for employee taxes, (in shares) | (1) | ||||||||||||
Other comprehensive income (loss) | 245 | ||||||||||||
Balance at Sep. 30, 2019 | $ 12 | 12,207 | 72 | 162,902 | (63,993) | 111,200 | |||||||
Balance (in shares) at Sep. 30, 2019 | 12,126 | ||||||||||||
Balance at Mar. 31, 2019 | $ 12 | 9,805 | (46) | 143,176 | (30,879) | 122,068 | |||||||
Balance (in shares) at Mar. 31, 2019 | 12,126 | ||||||||||||
Net income | 21,383 | 21,383 | |||||||||||
Share-based compensation | 1,255 | 1,255 | |||||||||||
Options exercised by executives and directors | 10 | 10 | |||||||||||
Other comprehensive income (loss) | 102 | 102 | |||||||||||
Treasury stock from stock repurchases | (9,998) | (9,998) | |||||||||||
Cash dividends declared to stockholders | (8,797) | (8,797) | |||||||||||
Balance at Jun. 30, 2019 | $ 12 | 11,070 | 56 | 155,762 | (40,877) | 126,023 | |||||||
Balance (in shares) at Jun. 30, 2019 | 12,126 | ||||||||||||
Net income | 15,902 | 15,902 | |||||||||||
Share-based compensation | 1,170 | 1,170 | |||||||||||
Net shares repurchased for employee taxes | (33) | (33) | |||||||||||
Other comprehensive income (loss) | 16 | 16 | |||||||||||
Treasury stock from stock repurchases | (23,116) | (23,116) | |||||||||||
Cash dividends declared to stockholders | (8,762) | (8,762) | |||||||||||
Balance at Sep. 30, 2019 | $ 12 | $ 12,207 | $ 72 | $ 162,902 | $ (63,993) | $ 111,200 | |||||||
Balance (in shares) at Sep. 30, 2019 | 12,126 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation - The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of results that may be expected for the fiscal year ending December 31, 2019. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the 2018 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, 2018 (“2018 Form 10-K”). Presentation of Financial Statements - Reclassification - Certain amounts reported for prior periods have been reclassified to be consistent with the current period presentation. No reclassification in the consolidated financial statements had a material impact on the presentation. Use of Estimates Accounting Pronouncements Adopted in 2019 – In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) to address a specific consequence of the Tax Cuts and Jobs Act (“TCJA”) by allowing a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the TCJA’s reduction of the U.S. federal corporate income tax rate. This ASU was effective for all entities for annual periods beginning after December 15, 2018, with early adoption permitted, and was to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA is recognized. The Company adopted this ASU in the first quarter of 2019. There was no material impact on the Company's condensed consolidated results of operations or cash flows. The Company's policy for releasing disproportionate income tax effects from accumulated other comprehensive income utilizes the portfolio approach. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires an entity to recognize a right-of-use (“ROU”) asset and a lease liability on the balance sheet for all leases, including operating leases, and also requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. Subsequent to the issuance of Topic 842, the FASB clarified the guidance through several ASUs; hereinafter the collection of lease guidance is referred to as “ASC 842.” On January 1, 2019, the Company adopted ASC 842 using the modified retrospective method for all lease arrangements at the beginning of the period of adoption. Results for reporting periods beginning January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historic accounting under ASC 840, Leases. The standard had a material impact on the Company’s Condensed Consolidated Balance Sheets, but did not have a significant impact on the Company’s consolidated net earnings and cash flows. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases. For leases that commenced before the effective date of ASC 842, the Company elected the permitted practical expedients that do not require the Company to reassess: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. The Company also elected to exclude leases with a term of 12 months or less in the recognized ROU assets and lease liabilities. As a result of the cumulative impact of adopting ASC 842, the Company recorded ROU assets of $11.9 million, net of $686 thousand of accrued rent, and lease liabilities of $12.6 million as of January 1, 2019, primarily related to office and warehouse space and certain equipment, based on the present value of the future lease payments on the date of adoption. The Company determines if an arrangement is a lease at inception. The ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments and lease incentives received. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense. See Note 5 “LEASES” for additional information about this adoption. Recently Issued Accounting Pronouncements – Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2019 | |
Inventories [Abstract] | |
Inventories | 2. 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, 2019 December 31, 2018 Raw materials $ 12,680 $ 11,156 Packaging 3,592 1,563 Non-food finished goods 5,102 2,391 Finished goods 33,766 25,509 Reserve for obsolete inventory (3,215) (1,731) Total $ 51,925 $ 38,888 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3. EARNINGS 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, 2019 2018 2019 2018 Numerator: Net income $ 15,902 $ 13,781 $ 58,035 $ 40,136 Denominator: Weighted average shares of common stock outstanding 11,731 11,954 11,823 12,006 Effect of dilutive common stock equivalents 334 143 351 106 Weighted average shares of common stock outstanding 12,065 12,097 12,174 12,112 Earnings per share - basic $ 1.36 $ 1.15 $ 4.91 $ 3.34 Earnings per share - diluted $ 1.32 $ 1.14 $ 4.77 $ 3.31 The calculation of diluted EPS excluded 1,100 and 0 antidilutive options outstanding for the three months ended September 30, 2019 and 2018, respectively, and 876 and 214 antidilutive options outstanding for the nine months ended September 30, 2019 and 2018, respectively. The calculation of diluted EPS also excluded 1,374 and 43 antidilutive restricted stock awards for the three months ended September 30, 2019 and 2018, respectively, and 709 and 297 antidilutive restricted stock awards for the nine months ended September 30, 2019 and 2018, respectively. EPS is computed independently for each of the periods presented above, and accordingly, the sum of the quarterly earnings per common share may not equal the year-to-date total computed. |
Share-based Compensation
Share-based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Compensation [Abstract] | |
Share-based Compensation | 4. 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, 2019 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 $171.68. 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. For the nine months ended September 30, 2019, the Company did not grant stock options. For the nine months ended September 30, 2018, the weighted average input assumptions used were as follows: 2018 Expected term (in years) 6.4 Risk-free interest rate 2.64% Expected volatility 33.30% Dividend yield 2.87% The following table is a summary of our stock option activity: Nine months ended September 30, 2019 2018 Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price (shares in thousands) Outstanding at beginning of period 107 $ 49.26 106 $ 31.18 Granted - - 51 67.50 Exercised (10) 28.21 (23) 28.87 Forfeited - - (8) 31.09 Outstanding at end of the period 97 $ 52.53 126 $ 46.51 Exercisable at end of the period 52 $ 40.96 54 $ 30.21 As of September 30, 2019, the weighted-average remaining contractual life for outstanding stock options was 7.36 years with an aggregate intrinsic value of $5.1 million and the weighted-average remaining contractual life for exercisable stock options was 6.59 years with an aggregate intrinsic value of $3.3 million. For the nine months ended September 30, 2019, the Company did not grant stock options. The weighted-average grant date fair value of options granted during the nine months ended September 30, 2018 was $18.08. The unrecognized compensation expense calculated under the fair value method for stock options expected to vest as of September 30, 2019 was $0.6 million and is expected to be recognized over a weighted average period of 2.76 years. The Company received $279 thousand and $220 thousand in cash proceeds from the exercise of stock options during the nine months ended September 30, 2019 and 2018, respectively. Upon exercising of stock options, the Company withheld shares of the Company’s common stock for employee taxes of 1 thousand and 3 thousand for the nine months ended September 30, 2019 and 2018, respectively. The total intrinsic value for stock options exercised during the nine months ended September 30, 2019 and 2018 was $1.0 million and $1.4 million, 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, 2019 2018 Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value (shares in thousands) Outstanding at beginning of period 57 $ 50.55 129 $ 32.15 Granted 28 130.89 18 79.80 Vested (32) 47.14 (86) 31.61 Forfeited (2) 167.48 - - Outstanding at end of the period 51 $ 91.98 61 $ 46.90 The total fair value of restricted stock awards vested during the nine months ended September 30, 2019 and 2018 was $4.1 million and $7.5 million, respectively. The total share-based compensation charged against income was $1.2 million and $717 thousand during the three months ended September 30, 2019 and 2018, respectively, and $3.4 million and $2.4 million during the nine months ended September 30, 2019 and 2018, respectively. The total costs of the options and restricted stock awards charged against income was $723 thousand and $488 thousand during the three months ended September 30, 2019 and 2018, respectively, and $2.2 million and $1.7 million during the nine months ended September 30, 2019 and 2018, respectively. Also included for the three months ended September 30, 2019 and 2018 was $77 thousand, respectively, and for the nine months ended September 30, 2019 and 2018 was $228 thousand and $229 thousand, respectively, for 63,300 performance-based deferred shares in expense for certain key executives. Included for the three and nine months ended September 30, 2019 and 2018, respectively, was $152 thousand and $455 performance-based contingent shares granted to our CEO that will vest based on the achievement of certain Company performance targets. Included for the three and nine months ended September 30, 2019 was $205 thousand and $497 The total income tax benefit recognized in the Condensed Consolidated Statements of Income for restricted stock awards was $249 thousand and $167 thousand for the three months ended September 30, 2019 and 2018, respectively, and was $1.5 million and $1.6 million for the nine months ended September 30, 2019 and 2018, respectively. There was $3.3 million of total unrecognized compensation cost related to restricted stock awards as of September 30, 2019, which is expected to be recognized over a weighted-average period of 2.01 years. There was $2.1 million of unrecognized compensation cost related to the 291,080 performance-based shares discussed above as of September 30, 2019, which is expected to be recognized over a weighted-average period of 2.15 years. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
LEASES | |
LEASES | 5. LEASES The Company has operating leases for office and warehouse space and certain equipment. In certain of the Company’s lease agreements, the rental payments are adjusted periodically based on defined terms within the lease. The Company did not have any finance leases as of September 30, 2019 and for the nine-month period then ended. Our leases relating to office and warehouse space have terms of 63 months to 122 months. Our leases relating to equipment have lease terms of 60 to 203 months, with some of them having clauses relating to automatic renewal. The Company’s warehouse agreement also contains non-lease components, in the form of payments towards logistics services and labor charges which the Company is obligated to pay based on the services consumed by it. Such amounts are not included in the measurement of the lease liability but will be recognized as expense when they are incurred. For the three and nine months ended September 30, 2019, the operating lease expense was $726 thousand and $2.1 million, respectively. Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2019 2019 Cash paid for amounts included in the measurements of lease liabilities Operating cash flow from operating leases $ 729 $ 2,121 Right-of-use assets obtained in exchange for lease obligations Operating leases $ - $ 1,490 As of September 30, 2019, the weighted average remaining lease term was 5.0 years and the weighted average discount rate was 3.9%. The following table presents the maturity of the Company’s operating lease liabilities as of September 30, 2019 (in thousands): 2019 (excluding the nine months ended September 30, 2019) $ 733 2020 2,951 2021 2,985 2022 2,641 2023 1,665 Thereafter 2,686 Total lease payments $ 13,661 Less: imputed interest (1,288) Total $ 12,373 As previously disclosed in our 2018 Form 10-K and under the previous lease accounting standard, future minimum lease commitments under non-cancelable operating leases with terms in excess of one year would have been as follows (in thousands): 2019 $ 1,496 2020 1,528 2021 1,562 2022 1,222 2023 1,155 Thereafter 2,582 Total minimum lease payments $ 9,545 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2019 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 6. 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, 2019 December 31, 2018 Foreign currency translation $ (3) $ (2) Unrealized gains (losses) on marketable securities 75 (171) Accumulated other comprehensive income (loss) $ 72 $ (173) |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 Cost Unrealized Gains (Losses) Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities Cash $ 75,930 $ - $ - $ 75,930 $ 75,930 $ - Level 1: Certificate of deposit - - - - - - Money market accounts 5,266 - - 5,266 5,266 - Government & agency securities 2,832 (1) 11 2,842 - 2,842 8,098 (1) 11 8,108 5,266 2,842 Level 2: Municipal bonds 12,709 11 156 12,876 - 12,876 Total $ 96,737 $ 10 $ 167 $ 96,914 $ 81,196 $ 15,718 December 31, 2018 Cost Unrealized Losses Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities Cash $ 35,436 $ - $ - $ 35,436 $ 35,436 $ - Level 1: Certificate of deposit 40,000 - - 40,000 40,000 - Money market accounts 5,928 - - 5,928 5,928 - Government & agency securities 2,835 (72) - 2,763 - 2,763 48,763 (72) - 48,691 45,928 2,763 Level 2: Municipal bonds 16,791 (164) 280 16,907 - 16,907 Total $ 100,990 $ (236) $ 280 $ 101,034 $ 81,364 $ 19,670 The Company had no realized loss or gains for the three and nine months ended September 30, 2019 and 2018, respectively. As of September 30, 2019 and 2018, 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation - The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of results that may be expected for the fiscal year ending December 31, 2019. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the 2018 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, 2018 (“2018 Form 10-K”). |
Presentation of Financial Statements | Presentation of Financial Statements - |
Reclassification | Reclassification - Certain amounts reported for prior periods have been reclassified to be consistent with the current period presentation. No reclassification in the consolidated financial statements had a material impact on the presentation. |
Use of Estimates | Use of Estimates |
Recent Accounting Pronouncements | Accounting Pronouncements Adopted in 2019 – In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) to address a specific consequence of the Tax Cuts and Jobs Act (“TCJA”) by allowing a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the TCJA’s reduction of the U.S. federal corporate income tax rate. This ASU was effective for all entities for annual periods beginning after December 15, 2018, with early adoption permitted, and was to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA is recognized. The Company adopted this ASU in the first quarter of 2019. There was no material impact on the Company's condensed consolidated results of operations or cash flows. The Company's policy for releasing disproportionate income tax effects from accumulated other comprehensive income utilizes the portfolio approach. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires an entity to recognize a right-of-use (“ROU”) asset and a lease liability on the balance sheet for all leases, including operating leases, and also requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. Subsequent to the issuance of Topic 842, the FASB clarified the guidance through several ASUs; hereinafter the collection of lease guidance is referred to as “ASC 842.” On January 1, 2019, the Company adopted ASC 842 using the modified retrospective method for all lease arrangements at the beginning of the period of adoption. Results for reporting periods beginning January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historic accounting under ASC 840, Leases. The standard had a material impact on the Company’s Condensed Consolidated Balance Sheets, but did not have a significant impact on the Company’s consolidated net earnings and cash flows. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases. For leases that commenced before the effective date of ASC 842, the Company elected the permitted practical expedients that do not require the Company to reassess: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. The Company also elected to exclude leases with a term of 12 months or less in the recognized ROU assets and lease liabilities. As a result of the cumulative impact of adopting ASC 842, the Company recorded ROU assets of $11.9 million, net of $686 thousand of accrued rent, and lease liabilities of $12.6 million as of January 1, 2019, primarily related to office and warehouse space and certain equipment, based on the present value of the future lease payments on the date of adoption. The Company determines if an arrangement is a lease at inception. The ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments and lease incentives received. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense. See Note 5 “LEASES” for additional information about this adoption. Recently Issued Accounting Pronouncements – Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventories [Abstract] | |
Inventories | Inventories consisted of the following (in thousands): September 30, 2019 December 31, 2018 Raw materials $ 12,680 $ 11,156 Packaging 3,592 1,563 Non-food finished goods 5,102 2,391 Finished goods 33,766 25,509 Reserve for obsolete inventory (3,215) (1,731) Total $ 51,925 $ 38,888 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 2018 2019 2018 Numerator: Net income $ 15,902 $ 13,781 $ 58,035 $ 40,136 Denominator: Weighted average shares of common stock outstanding 11,731 11,954 11,823 12,006 Effect of dilutive common stock equivalents 334 143 351 106 Weighted average shares of common stock outstanding 12,065 12,097 12,174 12,112 Earnings per share - basic $ 1.36 $ 1.15 $ 4.91 $ 3.34 Earnings per share - diluted $ 1.32 $ 1.14 $ 4.77 $ 3.31 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Compensation [Abstract] | |
Schedule of Assumptions Used | 2018 Expected term (in years) 6.4 Risk-free interest rate 2.64% Expected volatility 33.30% Dividend yield 2.87% |
Schedule of Share-based Compensation, Stock Options, Activity | The following table is a summary of our stock option activity: Nine months ended September 30, 2019 2018 Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price (shares in thousands) Outstanding at beginning of period 107 $ 49.26 106 $ 31.18 Granted - - 51 67.50 Exercised (10) 28.21 (23) 28.87 Forfeited - - (8) 31.09 Outstanding at end of the period 97 $ 52.53 126 $ 46.51 Exercisable at end of the period 52 $ 40.96 54 $ 30.21 |
Restricted Stock Activity | Nine months ended September 30, 2019 2018 Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value (shares in thousands) Outstanding at beginning of period 57 $ 50.55 129 $ 32.15 Granted 28 130.89 18 79.80 Vested (32) 47.14 (86) 31.61 Forfeited (2) 167.48 - - Outstanding at end of the period 51 $ 91.98 61 $ 46.90 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
LEASES | |
Summary of supplemental cash flow information | Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2019 2019 Cash paid for amounts included in the measurements of lease liabilities Operating cash flow from operating leases $ 729 $ 2,121 Right-of-use assets obtained in exchange for lease obligations Operating leases $ - $ 1,490 |
Summary of maturity of the Company's operating lease liabilities | The following table presents the maturity of the Company’s operating lease liabilities as of September 30, 2019 (in thousands): 2019 (excluding the nine months ended September 30, 2019) $ 733 2020 2,951 2021 2,985 2022 2,641 2023 1,665 Thereafter 2,686 Total lease payments $ 13,661 Less: imputed interest (1,288) Total $ 12,373 |
Summary of future minimum lease commitments under non-cancelable operating leases based on accounting standards applicable as of December 31, 2018 | As previously disclosed in our 2018 Form 10-K and under the previous lease accounting standard, future minimum lease commitments under non-cancelable operating leases with terms in excess of one year would have been as follows (in thousands): 2019 $ 1,496 2020 1,528 2021 1,562 2022 1,222 2023 1,155 Thereafter 2,582 Total minimum lease payments $ 9,545 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 December 31, 2018 Foreign currency translation $ (3) $ (2) Unrealized gains (losses) on marketable securities 75 (171) Accumulated other comprehensive income (loss) $ 72 $ (173) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 Cost Unrealized Gains (Losses) Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities Cash $ 75,930 $ - $ - $ 75,930 $ 75,930 $ - Level 1: Certificate of deposit - - - - - - Money market accounts 5,266 - - 5,266 5,266 - Government & agency securities 2,832 (1) 11 2,842 - 2,842 8,098 (1) 11 8,108 5,266 2,842 Level 2: Municipal bonds 12,709 11 156 12,876 - 12,876 Total $ 96,737 $ 10 $ 167 $ 96,914 $ 81,196 $ 15,718 December 31, 2018 Cost Unrealized Losses Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities Cash $ 35,436 $ - $ - $ 35,436 $ 35,436 $ - Level 1: Certificate of deposit 40,000 - - 40,000 40,000 - Money market accounts 5,928 - - 5,928 5,928 - Government & agency securities 2,835 (72) - 2,763 - 2,763 48,763 (72) - 48,691 45,928 2,763 Level 2: Municipal bonds 16,791 (164) 280 16,907 - 16,907 Total $ 100,990 $ (236) $ 280 $ 101,034 $ 81,364 $ 19,670 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Right-of-use asset | $ 11,694 | |
Lease liabilities | $ 12,373 | |
Adjustments for New Accounting Principle, Early Adoption [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Right-of-use asset | $ 11,900 | |
Accrued Rent | 686 | |
Lease liabilities | $ 12,600 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventories [Abstract] | ||
Raw materials | $ 12,680 | $ 11,156 |
Packaging | 3,592 | 1,563 |
Non-food finished goods | 5,102 | 2,391 |
Finished goods | 33,766 | 25,509 |
Reserve for obsolete inventory | (3,215) | (1,731) |
Inventory | $ 51,925 | $ 38,888 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Stock Options [Member] | ||||
Anti-dilutive awards | 1,100 | 0 | 876 | 214 |
Restricted Stock [Member] | ||||
Anti-dilutive awards | 1,374 | 43 | 709 | 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, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | ||||||||
Net income | $ 15,902 | $ 21,383 | $ 20,750 | $ 13,781 | $ 14,133 | $ 12,222 | $ 58,035 | $ 40,136 |
Denominator: | ||||||||
Weighted average shares of common stock outstanding | 11,731 | 11,954 | 11,823 | 12,006 | ||||
Effect of dilutive common stock equivalents | 334 | 143 | 351 | 106 | ||||
Weighted average shares of common stock outstanding | 12,065 | 12,097 | 12,174 | 12,112 | ||||
Basic earnings per share | ||||||||
Earnings per share | $ 1.36 | $ 1.15 | $ 4.91 | $ 3.34 | ||||
Diluted earnings per share | ||||||||
Earnings per share | $ 1.32 | $ 1.14 | $ 4.77 | $ 3.31 |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 21 Months Ended | ||||
Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | $ 1,200 | $ 717 | $ 3,415 | $ 2,352 | |||
Compensation cost recognition weighted average period | 2 years 1 month 24 days | ||||||
Share-based compensation, shares authorized under stock option plans, exercise price range, lower range limit | $ 26.52 | ||||||
Share-based compensation, shares authorized under stock option plans, exercise price range, upper range limit | $ 171.68 | ||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value | $ 18.08 | ||||||
Proceeds from stock options exercised | $ 279 | $ 220 | |||||
Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares withheld for employee taxes | 1,000 | 3,000 | 1,000 | 3,000 | |||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | 723 | 488 | $ 2,200 | $ 1,700 | |||
Total income tax benefit recognized related to restricted stock awards | 249 | 167 | $ 1,500 | 1,600 | |||
Compensation cost recognition weighted average period | 2 years 3 days | ||||||
Award vesting period | 5 years | ||||||
Share-based compensation arrangement, fair value of awards vested | $ 4,100 | $ 7,500 | |||||
Shares vested in period | 32,000 | 86,000 | |||||
Unrecognized compensation costs | 3,300 | $ 3,300 | $ 3,300 | ||||
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 | 600 | $ 600 | 600 | ||||
Compensation cost recognition weighted average period | 2 years 9 months 3 days | ||||||
Weighted-average remaining contractual life of options outstanding | 7 years 4 months 9 days | ||||||
Aggregate intrinsic value of options outstanding | 5,100 | $ 5,100 | 5,100 | ||||
Weighted-average remaining contractual life of options exercisable | 6 years 7 months 2 days | ||||||
Aggregate intrinsic value of options exercisable | $ 3,300 | $ 3,300 | $ 3,300 | ||||
Intrinsic value of options exercised | $ 1,000 | $ 1,400 | |||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation arrangement shares to be issued | 291,080 | 291,080 | 291,080 | ||||
Unrecognized compensation costs | $ 2,100 | $ 2,100 | $ 2,100 | ||||
Performance Shares [Member] | Chief Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | 152 | 152 | 455 | 455 | |||
Shares vested in period | 210,000 | ||||||
Performance Shares [Member] | Certain Key Executive [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | $ 205 | $ 497 | |||||
Shares vested in period | 17,780 | 17,780 | |||||
Performance Shares [Member] | Key Executives [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | $ 77 | $ 77 | $ 228 | $ 229 | |||
Shares vested in period | 63,300 | 63,300 | 63,300 | 63,300 | |||
Minimum [Member] | Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Maximum [Member] | Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award expiration period | 10 years |
Share-based Compensation (Sched
Share-based Compensation (Schedule of Assumptions Used) (Detail) | 9 Months Ended |
Sep. 30, 2018 | |
Share-based Compensation [Abstract] | |
Expected term (in years) | 6 years 4 months 24 days |
Risk-free interest rate | 2.64% |
Expected volatility | 33.30% |
Dividend yield | 2.87% |
Share-based Compensation (Sch_2
Share-based Compensation (Schedule of Share Based Compensation Stock Options Activity) (Detail) - Stock Options [Member] shares in Thousands | 9 Months Ended | |
Sep. 30, 2019$ / sharesshares | Sep. 30, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares, Outstanding Beginning Balance | shares | 107 | 106 |
Shares, Granted | shares | 51 | |
Shares, Exercised | shares | (10) | (23) |
Shares, Forfeited | shares | (8) | |
Shares, Outstanding Ending Balance | shares | 97 | 126 |
Shares, Exercisable | shares | 52 | 54 |
Weighted-Average Exercise Price, Outstanding Beginning Balance | $ / shares | $ 49.26 | $ 31.18 |
Weighted-Average Exercise Price, Granted | $ / shares | 67.50 | |
Weighted-Average Exercise Price, Exercised | $ / shares | 28.21 | 28.87 |
Weighted-Average Exercise Price, Forfeited | $ / shares | 31.09 | |
Weighted-Average Exercise Price, Outstanding Ending Balance | $ / shares | 52.53 | 46.51 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 40.96 | $ 30.21 |
Share-based Compensation (Summa
Share-based Compensation (Summary of Restricted Stock Activity) (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands | 9 Months Ended | 21 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | |
Shares | |||
Outstanding at beginning of period | 57 | 129 | 129 |
Granted | 28 | 18 | |
Vested | (32) | (86) | |
Forfeited | (2) | ||
Outstanding at end of period | 51 | 61 | 51 |
Weighted-Average Grant Date Fair Value | |||
Outstanding at beginning of period | $ 50.55 | $ 32.15 | $ 32.15 |
Granted | 130.89 | 79.80 | |
Vested | 47.14 | 31.61 | |
Forfeited | 167.48 | ||
Outstanding at end of period | $ 91.98 | $ 46.90 | $ 91.98 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Clauses relating to automatic renewal | true | |
Operating lease expense | $ 726 | $ 2,100 |
Minimum [Member] | Operating Lease Arrangement for Real Estate [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 63 months | 63 months |
Minimum [Member] | Operating Lease Arrangement for Equipment [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 60 months | 60 months |
Maximum [Member] | Operating Lease Arrangement for Real Estate [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 122 months | 122 months |
Maximum [Member] | Operating Lease Arrangement for Equipment [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 203 months | 203 months |
Leases (Schedule of Supplementa
Leases (Schedule of Supplemental Cash Flow Information) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
LEASES | ||
Cash paid for amounts included in the measurements of lease: Operating cash flow from operating leases liabilities | $ 729 | $ 2,121 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 1,490 | |
Weighted average remaining lease term | 5 years | 5 years |
Weighted average discount rate | 3.90% | 3.90% |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Lease Commitments ) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2019 (excluding the nine months ended September 30, 2019) | $ 733 |
2020 | 2,951 |
2021 | 2,985 |
2022 | 2,641 |
2023 | 1,665 |
Thereafter | 2,686 |
Total lease payments | 13,661 |
Less: imputed interest | (1,288) |
Total | $ 12,373 |
Leases (Schedule of Future Mi_2
Leases (Schedule of Future Minimum Lease Commitments under Previous Lease Accounting Standard) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | $ 1,496 |
2020 | 1,528 |
2021 | 1,562 |
2022 | 1,222 |
2023 | 1,155 |
Thereafter | 2,582 |
Total minimum lease payments | $ 9,545 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accumulated Other Comprehensive Loss [Abstract] | ||
Foreign currency translation | $ (3) | $ (2) |
Unrealized losses on marketable securities | 75 | (171) |
Accumulated other comprehensive loss | $ 72 | $ (173) |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financial Instruments [Line Items] | ||||
Realized loss or gains | $ 0 | $ 0 | $ 0 | $ 0 |
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, 2019 | Dec. 31, 2018 |
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | $ 96,737 | $ 100,990 |
Unrealized Losses | 10 | (236) |
Accrued Interest | 167 | 280 |
Estimated Fair Value | 96,914 | 101,034 |
Cash & Cash Equivalents | 81,196 | 81,364 |
Investment Securities | 15,718 | 19,670 |
Cash [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 75,930 | 35,436 |
Estimated Fair Value | 75,930 | 35,436 |
Cash & Cash Equivalents | 75,930 | 35,436 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 8,098 | 48,763 |
Unrealized Losses | (1) | (72) |
Accrued Interest | 11 | |
Estimated Fair Value | 8,108 | 48,691 |
Cash & Cash Equivalents | 5,266 | 45,928 |
Investment Securities | 2,842 | 2,763 |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 40,000 | |
Estimated Fair Value | 40,000 | |
Cash & Cash Equivalents | 40,000 | |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 5,266 | 5,928 |
Estimated Fair Value | 5,266 | 5,928 |
Cash & Cash Equivalents | 5,266 | 5,928 |
Fair Value, Inputs, Level 1 [Member] | Government and Agency Securities [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 2,832 | 2,835 |
Unrealized Losses | (1) | (72) |
Accrued Interest | 11 | |
Estimated Fair Value | 2,842 | 2,763 |
Investment Securities | 2,842 | 2,763 |
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 12,709 | 16,791 |
Unrealized Losses | 11 | (164) |
Accrued Interest | 156 | 280 |
Estimated Fair Value | 12,876 | 16,907 |
Investment Securities | $ 12,876 | $ 16,907 |