Medifast (MED) 10-Q 3 Nov 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 26, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report 1	true
Title of 12(b) Security	Common Stock, par value $0.001 per share
Document Period End Date	Sep. 30, 2020
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
Trading Symbol	MED
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		11,769,830
Entity Central Index Key	0000910329
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Revenue	$ 271,470	$ 190,061	$ 669,930	$ 543,040
Cost of sales	67,434	47,128	171,354	134,250
Gross profit	204,036	142,933	498,576	408,790
Selling, general, and administrative	159,477	122,671	402,385	336,458
Income from operations	44,559	20,262	96,191	72,332
Other income (expense)
Interest income, net	44	324	212	1,061
Other expense	30	(3)	12	(11)
Other income (expense)	74	321	224	1,050
Income from operations before income taxes	44,633	20,583	96,415	73,382
Provision for income taxes	10,180	4,681	21,550	15,347
Net income	$ 34,453	$ 15,902	$ 74,865	$ 58,035
Basic earnings per share
Earnings per share - basic	$ 2.93	$ 1.36	$ 6.36	$ 4.91
Diluted earnings per share
Earnings per share - diluted	$ 2.91	$ 1.32	$ 6.32	$ 4.77
Weighted average shares outstanding -
Basic	11,766	11,731	11,772	11,823
Diluted	11,857	12,065	11,840	12,174
Cash dividends declared per share	$ 1.13	$ 0.75	$ 3.39	$ 2.25

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 34,453	$ 15,902	$ 74,865	$ 58,035
Other comprehensive income, net of tax:
Foreign currency translation	(1)	(2)	(3)	(1)
Unrealized gains on investment securities	(1)	18	75	246
Other comprehensive income	(2)	16	72	245
Comprehensive income	$ 34,451	$ 15,918	$ 74,937	$ 58,280

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 156,486	$ 76,974
Accounts receivable-net of doubtful accounts of $82 and $235 at September 30, 2020 and December 31, 2019, respectively	647	1,437
Inventories	41,736	48,771
Investment securities	13,433	15,704
Income taxes, prepaid		5,169
Prepaid expenses and other current assets	5,158	6,096
Total current assets	217,460	154,151
Property, plant and equipment - net of accumulated depreciation	26,828	26,039
Right-of-use assets	11,458	12,803
Other assets	3,002	353
Deferred tax assets	2,042	1,307
TOTAL ASSETS	260,790	194,653
Current Liabilities
Accounts payable and accrued expenses	108,678	76,220
Current lease obligations	3,307	3,168
Total current liabilities	111,985	79,388
Lease obligations, less current lease obligations	8,791	10,433
Total liabilities	120,776	89,821
Stockholders' Equity:
Common stock, par value $.001 per share: 20,000 shares authorized; 11,817 and 12,272 issued and 11,768 and 11,764 outstanding at September 30, 2020 and December 31, 2019, respectively	12	12
Additional paid-in capital	5,135
Accumulated other comprehensive income	97	25
Retained earnings	139,770	168,788
Less: Treasury stock at cost, 46 and 489 shares at September 30, 2020 and December 31, 2019, respectively	(5,000)	(63,993)
Total stockholders' equity	140,014	104,832
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 260,790	$ 194,653

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 82	$ 235
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	20,000	20,000
Common stock, issued	11,817	12,272
Common stock, outstanding	11,768	11,764
Treasury stock, common, shares	46	489

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Activities
Net income	$ 74,865	$ 58,035
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization	5,259	5,097
Share-based compensation	4,243	3,415
Loss on sale of disposal of property, plant and equipment	28	17
Bad debt expense	508	3,209
Amortization of premium on investment securities	263	355
Deferred income taxes	(735)	1,093
Change in operating assets and liabilities:
Accounts receivable	282	(3,649)
Inventories	7,035	(13,037)
Income taxes, prepaid	5,169	(3,200)
Prepaid expenses and other current assets	938	(232)
Other assets	(2,566)	188
Accounts payable and accrued expenses	30,078	13,818
Net cash flow provided by operating activities	125,367	65,109
Investing Activities
Sale and maturities of investment securities	2,000	3,730
Purchase of property and equipment	(3,852)	(9,224)
Net cash flow provided by (used in) investing activities	(1,852)	(5,494)
Financing Activities
Options exercised by executives and directors	1,424	279
Net shares repurchased for employee taxes	(532)	(289)
Cash dividends paid to stockholders	(39,892)	(26,658)
Stock repurchases	(5,000)	(33,114)
Net cash flow used in financing activities	(44,000)	(59,782)
Foreign currency impact	(3)	(1)
Increase in cash and cash equivalents	79,512	(168)
Cash and cash equivalents - beginning of the period	76,974	81,364
Cash and cash equivalents - end of the period	156,486	81,196
Supplemental disclosure of cash flow information:
Income taxes paid (received)	14,135	17,333
Dividends declared included in accounts payable	$ 13,715	$ 8,955

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid- In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
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			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)						0
Other comprehensive income						$ 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			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			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
Balance at Dec. 31, 2019	$ 12		25	168,788	(63,993)	104,832
Balance (in shares) at Dec. 31, 2019	12,272
Net income				18,477		18,477
Share-based compensation		981				981
Share-based compensation (in shares)	7
Net shares repurchased for employee taxes		(487)				(487)
Net shares repurchased for employee taxes, (in shares)	(5)
Other comprehensive income			45			45
Treasury stock retired from stock repurchases				(63,993)	63,993
Treasury stock retired from stock repurchases, (in shares)	(489)
Cash dividends declared to stockholders				(13,099)		(13,099)
Balance at Mar. 31, 2020	$ 12	494	70	110,173		110,749
Balance (in shares) at Mar. 31, 2020	11,785
Balance at Dec. 31, 2019	$ 12		25	168,788	(63,993)	104,832
Balance (in shares) at Dec. 31, 2019	12,272
Net income						$ 74,865
Net shares repurchased for employee taxes, (in shares)						0
Other comprehensive income						$ 72
Balance at Sep. 30, 2020	$ 12	5,135	97	139,770	(5,000)	140,014
Balance (in shares) at Sep. 30, 2020	11,817
Balance at Mar. 31, 2020	$ 12	494	70	110,173		110,749
Balance (in shares) at Mar. 31, 2020	11,785
Net income				21,935		21,935
Share-based compensation		1,136				1,136
Options exercised by executives and directors		1,250				1,250
Options exercised by executives and directors (in shares)	21
Net shares repurchased for employee taxes		(9)				(9)
Other comprehensive income			29			29
Treasury stock from stock repurchases					(5,000)	(5,000)
Cash dividends declared to stockholders				(13,354)		(13,354)
Balance at Jun. 30, 2020	$ 12	2,871	99	118,754	(5,000)	116,736
Balance (in shares) at Jun. 30, 2020	11,806
Net income				34,453		34,453
Share-based compensation		2,126				2,126
Share-based compensation (in shares)	9
Options exercised by executives and directors		174				174
Options exercised by executives and directors (in shares)	2
Net shares repurchased for employee taxes		(36)				(36)
Other comprehensive income			(2)			(2)
Cash dividends declared to stockholders				(13,437)		(13,437)
Balance at Sep. 30, 2020	$ 12	$ 5,135	$ 97	$ 139,770	$ (5,000)	$ 140,014
Balance (in shares) at Sep. 30, 2020	11,817

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
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, 2020 are not necessarily indicative of results that may be expected for the fiscal year ending December 31, 2020. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the 2019 audited consolidated financial statements and notes thereto, which are included in the 2019 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 condensed consolidated financial statements had a material impact on the presentation. Use of Estimates Accounting Pronouncements Adopted in 2020 In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), which addresses the accounting for implementation costs associated with a hosted service. The standard provides amendments to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). On January 1, 2020, the Company adopted ASU 2018-15. The Company capitalized $ 2.9 million in total for the nine months ended September 30, 2020, principally related to the configuration and development of the Company’s new hosted enterprise resource planning tool (“ERP”). The amortization expense associated with the capitalized costs was $0.1 million for the nine months ended September 30, 2020. In June 2016, the FASB issued ASU 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ​ Recently Issued Accounting Pronouncements –Pending Adoption In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,

Inventories

Inventories	9 Months Ended
	Sep. 30, 2020
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, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ Raw materials ​ $ 13,702 ​ $ 10,880 Packaging ​ ​ 2,761 ​ ​ 4,109 Non-food finished goods ​ ​ 6,031 ​ ​ 4,421 Finished goods ​ ​ 20,650 ​ ​ 31,314 Reserve for obsolete inventory ​ ​ (1,408) ​ ​ (1,953) Total ​ $ 41,736 ​ $ 48,771 ​

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2020
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, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 34,453 ​ $ 15,902 ​ $ 74,865 ​ $ 58,035 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of common stock outstanding ​ ​ 11,766 ​ ​ 11,731 ​ ​ 11,772 ​ ​ 11,823 ​ Effect of dilutive common stock equivalents ​ ​ 91 ​ ​ 334 ​ ​ 68 ​ ​ 351 ​ Weighted average shares of common stock outstanding ​ ​ 11,857 ​ ​ 12,065 ​ ​ 11,840 ​ ​ 12,174 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share - basic ​ $ 2.93 ​ $ 1.36 ​ $ 6.36 ​ $ 4.91 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share - diluted ​ $ 2.91 ​ $ 1.32 ​ $ 6.32 ​ $ 4.77 ​ ​ The calculation of diluted EPS excluded 88 and 1,100 antidilutive options outstanding for the three months ended September 30, 2020 and 2019, respectively, and 545 and 876 antidilutive options outstanding for the nine months ended September 30, 2020 and 2019, respectively. The calculation of diluted EPS also excluded 0 and 1,374 antidilutive restricted stock awards for the three months ended September 30, 2020 and 2019, respectively, and 3,620 and 709 antidilutive restricted stock awards for the nine months ended September 30, 2020 and 2019, 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, 2020
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, 2020, 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, 2020 and 2019, the Company did not grant stock options. The following table is a summary of our stock option activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ 2020 ​ 2019 ​ Awards ​ Weighted-Average Exercise Price ​ Awards ​ Weighted-Average Exercise Price (awards in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of period 97 ​ $ 52.53 ​ 107 ​ $ 49.26 Exercised (24) ​ ​ 58.80 ​ (10) ​ ​ 28.21 Forfeited (6) ​ ​ 68.84 ​ - ​ ​ - Outstanding at end of the period 67 ​ $ 48.71 ​ 97 ​ $ 52.53 Exercisable at end of the period 48 ​ $ 40.83 ​ 52 ​ $ 40.96 ​ As of September 30, 2020, the weighted-average remaining contractual life for outstanding stock options was 6.0 years with an aggregate intrinsic value of $7.8 million and the weighted-average remaining contractual life for exercisable stock options was 5.5 years with an aggregate intrinsic value of $5.9 million. The unrecognized compensation expense calculated under the fair value method for stock options expected to vest as of September 30, 2020 was $0.2 million and is expected to be recognized over a weighted average period of 2.2 years. For the nine months ended September 30, 2020, the Company received $1.4 million in cash proceeds from the exercise of stock options. The total intrinsic value for stock options exercised during the nine months ended September 30, 2020 was $1.1 million. For the nine months ended September 30, 2019, the Company received $0.3 million in cash proceeds from the exercise of stock options. The total intrinsic value for stock options exercised during the nine months ended September 30, 2019 was $1.0 million. 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, ​ 2020 ​ 2019 ​ Shares ​ Weighted-Average Grant Date Fair Value ​ Shares ​ Weighted-Average Grant Date Fair Value (shares in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of period 46 ​ $ 98.28 ​ 57 ​ $ 50.55 Granted 43 ​ ​ 113.68 ​ 28 ​ ​ 130.89 Vested (30) ​ ​ 86.79 ​ (32) ​ ​ 47.14 Forfeited (7) ​ ​ 108.81 ​ (2) ​ ​ 167.48 Outstanding at end of the period 52 ​ $ 116.29 ​ 51 ​ $ 91.98 ​ The Company withheld 0.0 million shares of the Company’s common stock to cover minimum tax liability withholding obligations upon the vesting of shares of restricted stock for the nine months ended September 30, 2020 and 2019. The total fair value of restricted stock awards vested during the nine months ended September 30, 2020 and 2019 was $3.4 million and $4.1 million, respectively. The total share-based compensation charged against income was $2.1 million and $1.2 million during the three months ended September 30, 2020 and 2019, respectively, and $4.2 million and $3.4 million during the nine months ended September 30, 2020 and 2019, respectively. The total costs of the options and restricted stock awards charged against income was $1.0 million and $0.7 million during the three months ended September 30, 2020 and 2019, respectively, and $2.5 million and $2.2 million during the nine months ended September 30, 2020 and 2019. Included for the three and nine months ended September 30, 2020 was $0.5 million and $0.8 million, respectively, for 16,637 performance-based contingent shares and for the three and nine months ended September 30, 2019 was $0.2 million and $0.5 million, respectively, for 17,780 performance-based contingent shares for certain key executives granted in 2019. Also included for the three and nine months ended September 30, 2020 was $0.6 million and $0.9 million for 27,525 performance-based contingent shares for certain key executives granted in 2020. Additionally, included for the three and nine months ended September 30, 2019 was $0.1 million and $0.2 million, respectively, for 63,300 performance-based deferred shares for certain key executives, and $0.2 million and $0.5 million, respectively, for 210,000 performance-based contingent shares granted to our Chief Executive Officer. These 273,300 performance-based shares were fully vested on December 31, 2019. ​ The total income tax benefit recognized in the Condensed Consolidated Statements of Income for restricted stock awards was $0.3 million and $0.2 million for the three months ended September 30, 2020 and 2019, respectively, and was $0.9 million and $1.5 million for the nine months ended September 30, 2020 and 2019, respectively. ​ There was $4.6 million of total unrecognized compensation cost related to restricted stock awards as of September 30, 2020, which is expected to be recognized over a weighted-average period of 1.8 years. There was $4.8 million of unrecognized compensation cost related to the 44,162 performance-based shares discussed above as of September 30, 2020, which is expected to be recognized over 2.0 years.

Leases and Contingencies

Leases and Contingencies	9 Months Ended
	Sep. 30, 2020
Leases and Contingencies [Abstract]
Leases and Contingencies	5. LEASES AND CONTINGENCIES Operating 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, 2020 and 2019, respectively, or for the nine-month periods then ended, respectively. Our leases relating to office and warehouse space have terms of 19 60 , 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 variable 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. The operating lease expense was $0.9 million and $0.7 million for the three months ended September 30, 2020 and 2019, respectively, and was $2.6 million and $2.1 million for the nine months ended September 30, 2020 and 2019, respectively. Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurements of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flow used in operating leases ​ $ 2,778 ​ $ 2,121 ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ ​ ​ Operating leases ​ $ 887 ​ $ 1,490 ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2020, the weighted average remaining lease term was 3.9 years and the weighted average discount rate was 3.5%. The following table presents the maturity of the Company’s operating lease liabilities as of September 30, 2020 (in thousands): ​ ​ ​ ​ ​ 2020 (excluding the nine months ended September 30, 2020) ​ $ 1,052 2021 ​ ​ 3,991 2022 ​ ​ 3,397 2023 ​ ​ 1,851 2024 ​ ​ 1,234 Thereafter ​ ​ 1,452 Total lease payments ​ $ 12,977 Less: imputed interest ​ ​ (879) Total ​ $ 12,098 ​

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2020
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	6. ACCUMULATED OTHER COMPREHENSIVE INCOME The following table sets forth the components of accumulated other comprehensive income, net of tax where applicable (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ Foreign currency translation ​ $ (4) ​ $ (1) Unrealized gains on investment securities ​ ​ 101 ​ ​ 26 Accumulated other comprehensive income ​ $ 97 ​ $ 25 ​

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2020
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, 2020 ​ ​ ​ Cost ​ ​ Unrealized Gains ​ ​ Accrued Interest ​ ​ Estimated Fair Value ​ ​ Cash & Cash Equivalents ​ ​ Investment Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 155,210 ​ $ - ​ $ - ​ $ 155,210 ​ $ 155,210 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market accounts ​ ​ 1,276 ​ ​ - ​ ​ - ​ ​ 1,276 ​ ​ 1,276 ​ ​ - Government & agency securities ​ ​ 2,829 ​ ​ 55 ​ ​ 12 ​ ​ 2,896 ​ ​ - ​ ​ 2,896 ​ ​ ​ 4,105 ​ ​ 55 ​ ​ 12 ​ ​ 4,172 ​ ​ 1,276 ​ ​ 2,896 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 2: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Municipal bonds ​ ​ 10,350 ​ ​ 56 ​ ​ 131 ​ ​ 10,537 ​ ​ - ​ ​ 10,537 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 169,665 ​ $ 111 ​ $ 143 ​ $ 169,919 ​ $ 156,486 ​ $ 13,433 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ Cost ​ ​ Unrealized Gains ​ ​ Accrued Interest ​ ​ Estimated Fair Value ​ ​ Cash & Cash Equivalents ​ ​ Investment Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 36,593 ​ $ - ​ $ - ​ $ 36,593 ​ $ 36,593 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificate of deposit ​ ​ 35,000 ​ ​ - ​ ​ - ​ ​ 35,000 ​ ​ 35,000 ​ ​ - Money market accounts ​ ​ 5,381 ​ ​ - ​ ​ - ​ ​ 5,381 ​ ​ 5,381 ​ ​ - Government & agency securities ​ ​ 2,832 ​ ​ 2 ​ ​ - ​ ​ 2,834 ​ ​ - ​ ​ 2,834 ​ ​ ​ 43,213 ​ ​ 2 ​ ​ - ​ ​ 43,215 ​ ​ 40,381 ​ ​ 2,834 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 2: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Municipal bonds ​ ​ 12,610 ​ ​ 34 ​ ​ 226 ​ ​ 12,870 ​ ​ - ​ ​ 12,870 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 92,416 ​ $ 36 ​ $ 226 ​ $ 92,678 ​ $ 76,974 ​ $ 15,704 ​ The Company had no realized losses or gains for the three and nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020 and 2019, gross unrealized losses and gains 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 3 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, 2020
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, 2020 are not necessarily indicative of results that may be expected for the fiscal year ending December 31, 2020. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the 2019 audited consolidated financial statements and notes thereto, which are included in the 2019 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 condensed consolidated financial statements had a material impact on the presentation.
Use of Estimates	Use of Estimates
Recent Accounting Pronouncements	Accounting Pronouncements Adopted in 2020 In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), which addresses the accounting for implementation costs associated with a hosted service. The standard provides amendments to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). On January 1, 2020, the Company adopted ASU 2018-15. The Company capitalized $ 2.9 million in total for the nine months ended September 30, 2020, principally related to the configuration and development of the Company’s new hosted enterprise resource planning tool (“ERP”). The amortization expense associated with the capitalized costs was $0.1 million for the nine months ended September 30, 2020. In June 2016, the FASB issued ASU 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ​ Recently Issued Accounting Pronouncements –Pending Adoption In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2020
Inventories [Abstract]
Inventories	Inventories consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ Raw materials ​ $ 13,702 ​ $ 10,880 Packaging ​ ​ 2,761 ​ ​ 4,109 Non-food finished goods ​ ​ 6,031 ​ ​ 4,421 Finished goods ​ ​ 20,650 ​ ​ 31,314 Reserve for obsolete inventory ​ ​ (1,408) ​ ​ (1,953) Total ​ $ 41,736 ​ $ 48,771

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
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, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 34,453 ​ $ 15,902 ​ $ 74,865 ​ $ 58,035 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of common stock outstanding ​ ​ 11,766 ​ ​ 11,731 ​ ​ 11,772 ​ ​ 11,823 ​ Effect of dilutive common stock equivalents ​ ​ 91 ​ ​ 334 ​ ​ 68 ​ ​ 351 ​ Weighted average shares of common stock outstanding ​ ​ 11,857 ​ ​ 12,065 ​ ​ 11,840 ​ ​ 12,174 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share - basic ​ $ 2.93 ​ $ 1.36 ​ $ 6.36 ​ $ 4.91 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share - diluted ​ $ 2.91 ​ $ 1.32 ​ $ 6.32 ​ $ 4.77 ​

Share-based Compensation (Table

Share-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Compensation [Abstract]
Stock Option Activity	The following table is a summary of our stock option activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ 2020 ​ 2019 ​ Awards ​ Weighted-Average Exercise Price ​ Awards ​ Weighted-Average Exercise Price (awards in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of period 97 ​ $ 52.53 ​ 107 ​ $ 49.26 Exercised (24) ​ ​ 58.80 ​ (10) ​ ​ 28.21 Forfeited (6) ​ ​ 68.84 ​ - ​ ​ - Outstanding at end of the period 67 ​ $ 48.71 ​ 97 ​ $ 52.53 Exercisable at end of the period 48 ​ $ 40.83 ​ 52 ​ $ 40.96
Restricted Stock Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ 2020 ​ 2019 ​ Shares ​ Weighted-Average Grant Date Fair Value ​ Shares ​ Weighted-Average Grant Date Fair Value (shares in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of period 46 ​ $ 98.28 ​ 57 ​ $ 50.55 Granted 43 ​ ​ 113.68 ​ 28 ​ ​ 130.89 Vested (30) ​ ​ 86.79 ​ (32) ​ ​ 47.14 Forfeited (7) ​ ​ 108.81 ​ (2) ​ ​ 167.48 Outstanding at end of the period 52 ​ $ 116.29 ​ 51 ​ $ 91.98

Leases and Contingencies (Table

Leases and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Leases and Contingencies [Abstract]
Summary of supplemental cash flow information	Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurements of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flow used in operating leases ​ $ 2,778 ​ $ 2,121 ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ ​ ​ Operating leases ​ $ 887 ​ $ 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, 2020 (in thousands): ​ ​ ​ ​ ​ 2020 (excluding the nine months ended September 30, 2020) ​ $ 1,052 2021 ​ ​ 3,991 2022 ​ ​ 3,397 2023 ​ ​ 1,851 2024 ​ ​ 1,234 Thereafter ​ ​ 1,452 Total lease payments ​ $ 12,977 Less: imputed interest ​ ​ (879) Total ​ $ 12,098

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2020
Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table sets forth the components of accumulated other comprehensive income, net of tax where applicable (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ Foreign currency translation ​ $ (4) ​ $ (1) Unrealized gains on investment securities ​ ​ 101 ​ ​ 26 Accumulated other comprehensive income ​ $ 97 ​ $ 25

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 ​ ​ ​ Cost ​ ​ Unrealized Gains ​ ​ Accrued Interest ​ ​ Estimated Fair Value ​ ​ Cash & Cash Equivalents ​ ​ Investment Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 155,210 ​ $ - ​ $ - ​ $ 155,210 ​ $ 155,210 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market accounts ​ ​ 1,276 ​ ​ - ​ ​ - ​ ​ 1,276 ​ ​ 1,276 ​ ​ - Government & agency securities ​ ​ 2,829 ​ ​ 55 ​ ​ 12 ​ ​ 2,896 ​ ​ - ​ ​ 2,896 ​ ​ ​ 4,105 ​ ​ 55 ​ ​ 12 ​ ​ 4,172 ​ ​ 1,276 ​ ​ 2,896 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 2: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Municipal bonds ​ ​ 10,350 ​ ​ 56 ​ ​ 131 ​ ​ 10,537 ​ ​ - ​ ​ 10,537 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 169,665 ​ $ 111 ​ $ 143 ​ $ 169,919 ​ $ 156,486 ​ $ 13,433 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ Cost ​ ​ Unrealized Gains ​ ​ Accrued Interest ​ ​ Estimated Fair Value ​ ​ Cash & Cash Equivalents ​ ​ Investment Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 36,593 ​ $ - ​ $ - ​ $ 36,593 ​ $ 36,593 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Certificate of deposit ​ ​ 35,000 ​ ​ - ​ ​ - ​ ​ 35,000 ​ ​ 35,000 ​ ​ - Money market accounts ​ ​ 5,381 ​ ​ - ​ ​ - ​ ​ 5,381 ​ ​ 5,381 ​ ​ - Government & agency securities ​ ​ 2,832 ​ ​ 2 ​ ​ - ​ ​ 2,834 ​ ​ - ​ ​ 2,834 ​ ​ ​ 43,213 ​ ​ 2 ​ ​ - ​ ​ 43,215 ​ ​ 40,381 ​ ​ 2,834 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 2: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Municipal bonds ​ ​ 12,610 ​ ​ 34 ​ ​ 226 ​ ​ 12,870 ​ ​ - ​ ​ 12,870 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 92,416 ​ $ 36 ​ $ 226 ​ $ 92,678 ​ $ 76,974 ​ $ 15,704

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Narrative) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Capitalized computer software	$ 2,900
Amortization expense	100
Cumulative effect adjustments from changes in accounting standards	$ 140,014	$ 116,736	$ 110,749	$ 104,832	$ 111,200	$ 126,023	$ 122,068	$ 109,106

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventories [Abstract]
Raw materials	$ 13,702	$ 10,880
Packaging	2,761	4,109
Non-food finished goods	6,031	4,421
Finished goods	20,650	31,314
Reserve for obsolete inventory	(1,408)	(1,953)
Inventory	$ 41,736	$ 48,771

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Stock Options [Member]
Anti-dilutive awards	88	1,100	545	876
Restricted Stock [Member]
Anti-dilutive awards	0	1,374	3,620	709

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, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income	$ 34,453	$ 21,935	$ 18,477	$ 15,902	$ 21,383	$ 20,750	$ 74,865	$ 58,035
Denominator:
Weighted average shares of common stock outstanding	11,766			11,731			11,772	11,823
Effect of dilutive common stock equivalents	91			334			68	351
Weighted average shares of common stock outstanding	11,857			12,065			11,840	12,174
Basic earnings per share
Earnings per share - basic	$ 2.93			$ 1.36			$ 6.36	$ 4.91
Diluted earnings per share
Earnings per share - diluted	$ 2.91			$ 1.32			$ 6.32	$ 4.77

Share-based Compensation (Narra

Share-based Compensation (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 2,100		$ 1,200		$ 4,243	$ 3,415
Proceeds from stock options exercised					$ 1,424	$ 279
Shares withheld for employee taxes					0	0
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares withheld for employee taxes		5,000		1,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	1,000		700		$ 2,500	$ 2,200
Total income tax benefit recognized related to restricted stock awards	300		200		$ 900	1,500
Compensation cost recognition weighted average period					1 year 9 months 18 days
Share-based compensation arrangement, fair value of awards vested					$ 3,400	$ 4,100
Shares granted in period					43,000	28,000
Shares vested in period					30,000	32,000
Unrecognized compensation costs	4,600				$ 4,600
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	200				$ 200
Compensation cost recognition weighted average period					2 years 2 months 12 days
Weighted-average remaining contractual life of options outstanding					6 years
Aggregate intrinsic value of options outstanding	7,800				$ 7,800
Weighted-average remaining contractual life of options exercisable					5 years 6 months
Aggregate intrinsic value of options exercisable	$ 5,900				$ 5,900
Intrinsic value of options exercised					$ 1,100	$ 1,000
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognition weighted average period					2 years
Share-based compensation arrangement shares to be issued	44,162				44,162
Shares vested in period							273,300
Unrecognized compensation costs	$ 4,800				$ 4,800
Performance Shares [Member] | Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			200			$ 500
Shares granted 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						$ 200
Performance Shares [Member] | Key Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			100
Shares granted in period						63,300
Granted in 2019 [Member] | Performance Shares [Member] | Certain Key Executive [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	500		$ 200		$ 800	$ 500
Shares granted in period					16,637	17,780
Granted in 2020 [Member] | Performance Shares [Member] | Certain Key Executive [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation					$ 900
Shares granted in period					27,525
Granted in 2020 [Member] | Performance Shares [Member] | Key Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 600
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, shares authorized under stock option plans, exercise price range, lower range limit					$ 26.52
Minimum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, shares authorized under stock option plans, exercise price range, upper range limit					$ 171.68
Maximum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					5 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 (Summa

Share-based Compensation (Summary of Stock Options Activity) (Details) - Stock Options [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2020$ / sharesshares	Sep. 30, 2019$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares, Outstanding at beginning of period | shares	97	107
Shares, Exercised | shares	(24)	(10)
Shares, Forfeited | shares	(6)
Shares, Outstanding at end of the period | shares	67	97
Shares, Exercisable at end of the period | shares	48	52
Weighted-Average Exercise Price, Outstanding at beginning of period | $ / shares	$ 52.53	$ 49.26
Weighted-Average Exercise Price, Exercised | $ / shares	58.80	28.21
Weighted-Average Exercise Price, Forfeited | $ / shares	68.84
Weighted-Average Exercise Price, Outstanding at end of the period | $ / shares	48.71	52.53
Weighted-Average Exercise Price, Exercisable at end of the period | $ / shares	$ 40.83	$ 40.96

Share-based Compensation (Sum_2

Share-based Compensation (Summary of Restricted Stock Activity) (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Shares
Outstanding at beginning of period	46	57	57
Granted	43	28
Vested	(30)	(32)
Forfeited	(7)	(2)
Outstanding at end of period	52	51	46
Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	$ 98.28	$ 50.55	$ 50.55
Granted	113.68	130.89
Vested	86.79	47.14
Forfeited	108.81	167.48
Outstanding at end of period	$ 116.29	$ 91.98	$ 98.28

Leases and Contingencies (Narra

Leases and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Lessee, Lease, Description [Line Items]
Finance leases	$ 0	$ 0	$ 0	$ 0
Operating lease expense	$ 900	$ 700	$ 2,600	$ 2,100
Minimum [Member] | Operating Lease Arrangement for Real Estate [Member]
Lessee, Lease, Description [Line Items]
Lease term	19 months		19 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 and Contingencies (Sched

Leases and Contingencies (Schedule of Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases and Contingencies [Abstract]
Cash paid for amounts included in the measurements of lease: Operating cash flow from operating leases liabilities	$ 2,778	$ 2,121
Right-of-use assets obtained in exchange for lease obligations - Operating leases	$ 887	$ 1,490
Weighted average remaining lease term	3 years 10 months 24 days
Weighted average discount rate	3.50%

Leases and Contingencies (Sch_2

Leases and Contingencies (Schedule of Future Minimum Lease Commitments ) (Details) $ in Thousands	Sep. 30, 2020USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020 (excluding the nine months ended September 30, 2020)	$ 1,052
2021	3,991
2022	3,397
2023	1,851
2024	1,234
Thereafter	1,452
Total lease payments	12,977
Less: imputed interest	(879)
Total	$ 12,098

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income [Abstract]
Foreign currency translation	$ (4)	$ (1)
Unrealized gains on investment securities	101	26
Accumulated other comprehensive income	$ 97	$ 25

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
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			3 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	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost	$ 169,665	$ 92,416
Unrealized Gains	111	36
Accrued Interest	143	226
Estimated Fair Value	169,919	92,678
Cash & Cash Equivalents	156,486	76,974
Investment Securities	13,433	15,704
Cash [Member]
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost	155,210	36,593
Estimated Fair Value	155,210	36,593
Cash & Cash Equivalents	155,210	36,593
Fair Value, Inputs, Level 1 [Member]
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost	4,105	43,213
Unrealized Gains	55	2
Accrued Interest	12
Estimated Fair Value	4,172	43,215
Cash & Cash Equivalents	1,276	40,381
Investment Securities	2,896	2,834
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member]
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost		35,000
Estimated Fair Value		35,000
Cash & Cash Equivalents		35,000
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost	1,276	5,381
Estimated Fair Value	1,276	5,381
Cash & Cash Equivalents	1,276	5,381
Fair Value, Inputs, Level 1 [Member] | Government and Agency Securities [Member]
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost	2,829	2,832
Unrealized Gains	55	2
Accrued Interest	12
Estimated Fair Value	2,896	2,834
Investment Securities	2,896	2,834
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member]
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost	10,350	12,610
Unrealized Gains	56	34
Accrued Interest	131	226
Estimated Fair Value	10,537	12,870
Investment Securities	$ 10,537	$ 12,870