West Marine (WMAR) 10-Q 2 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 02, 2016	Jul. 25, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	WEST MARINE INC
Entity Central Index Key	912,833
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jul. 2, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		24,939,759

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 02, 2016	Jan. 02, 2016	Jul. 04, 2015
Current assets:
Cash and cash equivalents	$ 89,551	$ 48,159	$ 44,159
Trade receivables, net	10,649	7,141	10,690
Merchandise inventories, net	253,635	222,853	258,130
Deferred income taxes	0	0	5,252
Other current assets	19,686	23,571	22,388
Total current assets	373,521	301,724	340,619
Property and equipment, net	80,508	81,561	81,365
Long-term deferred income taxes	4,017	4,321	3,439
Other assets	4,501	4,209	3,861
TOTAL ASSETS	462,547	391,815	429,284
Current liabilities:
Accounts payable	77,186	26,275	53,157
Accrued payroll	16,879	21,506	17,768
Accrued expenses and other	37,243	27,245	33,890
Total current liabilities	131,308	75,026	104,815
Deferred rent and other	18,193	17,330	20,605
Total liabilities	149,501	92,356	125,420
Commitments and contingencies - see Note 5
Stockholders' equity:
Preferred stock, $.001 par value: 1,000,000 shares authorized; no shares outstanding	0	0	0
Common stock, $.001 par value: 50,000,000 shares authorized; 25,628,645 shares issued and 24,939,756 shares outstanding at July 2, 2016; 25,421,685 shares issued and 24,732,796 shares outstanding at January 2, 2016; and 25,375,312 shares issued and 24,686,423 shares outstanding at July 4, 2015	26	25	25
Treasury stock	(9,411)	(9,285)	(9,241)
Additional paid-in capital	213,137	211,663	210,097
Accumulated other comprehensive loss	(552)	(319)	(558)
Retained earnings	109,846	97,375	103,541
Total stockholders' equity	313,046	299,459	303,864
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 462,547	$ 391,815	$ 429,284

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 02, 2016	Jan. 02, 2016	Jul. 04, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000	1,000,000
Preferred stock, shares outstanding	0	0	0
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000	50,000,000
Common stock, shares issued	25,628,645	25,421,685	25,375,312
Common stock, shares outstanding	24,939,756	24,732,796	24,686,423

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jul. 04, 2015	Jul. 02, 2016	Jul. 04, 2015
Income Statement [Abstract]
Net revenues	$ 251,599	$ 253,177	$ 382,004	$ 380,244
Cost of goods sold	162,369	162,417	259,869	262,502
Gross profit	89,230	90,760	122,135	117,742
Selling, general and administrative expense	52,718	53,492	100,761	98,467
Income from operations	36,512	37,268	21,374	19,275
Interest expense	116	120	221	232
Income before income taxes	36,396	37,148	21,153	19,043
Provision for income taxes	14,812	16,203	8,682	8,357
Net income	$ 21,584	$ 20,945	$ 12,471	$ 10,686
Net income per common and common equivalent share:
Basic	$ 0.87	$ 0.85	$ 0.50	$ 0.44
Diluted	$ 0.86	$ 0.85	$ 0.50	$ 0.43
Weighted average common and common equivalent shares outstanding:
Basic	24,884	24,617	24,825	24,551
Diluted	24,958	24,684	24,910	24,705

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jul. 04, 2015	Jul. 02, 2016	Jul. 04, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 21,584	$ 20,945	$ 12,471	$ 10,686
Other comprehensive income, net of tax
Foreign currency translation adjustment	(3)	(113)	(234)	5
Total comprehensive income	$ 21,581	$ 20,832	$ 12,237	$ 10,691

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2016	Jul. 04, 2015
OPERATING ACTIVITIES:
Net income	$ 12,471	$ 10,686
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,987	10,159
Share-based compensation	1,449	1,491
Excess tax benefit from share-based compensation	0	0
Deferred income taxes	973	1,295
Provision for doubtful accounts	100	7
Lower of cost or market inventory adjustments	1,119	1,291
Loss on asset disposals	166	716
Changes in assets and liabilities:
Trade receivables	(3,607)	(3,854)
Merchandise inventories	(31,901)	(45,123)
Other current assets	3,656	3,403
Other assets	(392)	(123)
Accounts payable	51,999	20,508
Accrued expenses and other	5,110	10,043
Deferred items and other non-current liabilities	193	(130)
Net cash provided by operating activities	52,323	10,369
INVESTING ACTIVITIES:
Proceeds from sale of property and equipment	23	24
Purchases of property and equipment	(11,111)	(13,321)
Net cash used in investing activities	(11,088)	(13,297)
FINANCING ACTIVITIES:
Borrowings on line of credit	820	455
Repayments on line of credit	(820)	(455)
Proceeds from exercise of stock options	0	1,141
Proceeds from sale of common stock pursuant to Associates Stock Buying Plan	287	296
Treasury shares acquired	(125)	(70)
Net cash provided by financing activities	162	1,367
Effect of exchange rate changes on cash	(5)	45
NET INCREASE (DECREASE) IN CASH	41,392	(1,516)
CASH AT BEGINNING OF PERIOD	48,159	45,675
CASH AT END OF PERIOD	89,551	44,159
Other cash flow information:
Cash paid for interest	156	145
Cash (refunded) paid for income taxes, net of refunds of $2,947 and $80	(2,753)	36
Non-cash investing activities
Property and equipment additions in accounts payable	$ 570	$ 1,320

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows Condensed Consolidated Statements of Cash Flows Parentheticals - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2016	Jul. 04, 2015
Supplemental Cash Flow Elements [Abstract]
Net refunds from income taxes	$ 2,947	$ 80

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jul. 02, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared from the records of West Marine, Inc. and its subsidiaries (collectively, the “Company”) in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting only of normal recurring items) necessary to fairly state the financial position, results of operations and cash flows for the interim periods presented, have been included. The condensed consolidated balance sheet at January 2, 2016 presented herein has been derived from the audited consolidated financial statements of the Company that were included in the Company's Annual Report on Form 10-K for the year ended January 2, 2016 (the “2015 Form 10-K”). These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, for the fiscal year ended January 2, 2016 that were included in the 2015 Form 10-K. Accounting policies followed by the Company are described in Note 1 in the audited consolidated financial statements for the year ended January 2, 2016 . Certain information and disclosures normally included in the notes to annual financial statements prepared in accordance with GAAP have been omitted for purposes of the condensed consolidated interim financial statements presented herein. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the 13-week and 26-week periods ended July 2, 2016 are not necessarily indicative of the results to be expected for any other interim period or for the fiscal year ending December 31, 2016 . Historically, the Company's revenues and net income are higher in the second and third quarters and are lower in the first and fourth quarters of the fiscal year. The increase in revenues and earnings, principally during the period from April through August, is representative of the peak months for boat buying, usage and maintenance in most of the Company's retail markets. The Company's fiscal year consists of 52 or 53 weeks, ending on the Saturday closest to December 31. The 2016 fiscal year and 2015 fiscal year consist of 52 weeks ending on December 31, 2016 and January 2, 2016 , respectively. All quarters of both fiscal years 2016 and 2015 consist of 13 weeks. All references to years relate to fiscal years rather than calendar years. Cash and Cash Equivalents The Company's cash and cash equivalents consist of cash on hand, bank deposits and amounts in transit from banks for customer credit card and debit card transactions. As of July 2, 2016 , January 2, 2016 and July 4, 2015 , cash balances were $89.6 million , $48.2 million and $44.2 million , respectively. Reportable Segment West Marine is an omni-channel retail organization operating one reporting segment in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 280, Segment Reporting . The metrics used by our Chief Executive Officer (as the Company's chief operating decision maker) to assess the performance of the Company and the process he uses to allocate resources focus on viewing the business as a single integrated business. The Company has integrated systems and has commingled sales channel payroll expense, inventories, merchandise procurement and distribution networks to concentrate its strategy as an omni-channel retailer. Revenues from customers are derived from merchandise sales and the Company does not rely on any individual major customer. The Company considers its merchandise expansion strategy to be important to the future success of the Company and is providing the following product category information. Net revenues from the Company's merchandise mix for the periods ended July 2, 2016 and July 4, 2015 , respectively, is reflected in the table below: 13 Weeks Ended 26 Weeks Ended Net Revenues from: July 2, 2016 July 4, 2015 July 2, 2016 July 4, 2015 Core boating products 77.2 % 78.0 % 77.9 % 78.7 % Merchandise expansion products 22.8 % 22.0 % 22.1 % 21.3 % Total 100.0 % 100.0 % 100.0 % 100.0 % The Company considers core boating products to be maintenance-related products, electronics, sailboat hardware, anchors/docking/moorings, engine systems, safety, electrical, plumbing, boats, outboards, ventilation, deck hardware/fasteners, navigation, trailering, seating/boat covers and barbecues/appliances. The Company considers its merchandise expansion products to be apparel, footwear, clothing accessories, fishing, watersports, paddlesports, coolers, bikes and cabin/galley. Recently Issued Accounting Pronouncements In May 2014, FASB issued an accounting standards update ("ASU") 2014-09, Revenue from Contracts with Customers . ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) , which deferred the effective date of ASU 2014-09 to December 15, 2017 for annual reporting periods beginning after that date. FASB also approved permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company will not be early adopting the standard; therefore, the new standard will be effective starting the Company's fiscal year 2018. The standard permits the use of either the full retrospective or modified retrospective approach. The Company is considering adopting the new standard using the modified retrospective approach and is still determining the effect of the standard on its ongoing financial reporting. Additionally, the Company expects to provide an initial assessment and to report on progress made later this year. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing . The amendments in ASU 2016-10 clarify the following two aspects of Topic 606: identifying performance obligations; and the licensing implementation guidance. The Company is currently assessing and evaluating the new standard. The Company has not yet concluded whether the adoption of ASU 2016-10 will have a material impact on the Company's consolidated financial statements. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients. The update focuses on clarifying the guidance on assessing collectability, presentation of sales taxes, non-cash consideration, and completed contracts and contract modification at transition. The Company has not yet concluded whether the adoption of ASU 2016-12 will have a material impact on its consolidated financial statements. In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) , regarding the accounting for leases. The objective of the update is to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet for leases with a lease term of more than 12 months. In addition, the update will require additional disclosures regarding key information about leasing arrangements. Under existing guidance, operating leases are not recorded as lease assets and lease liabilities on the balance sheet. The update will be effective for the Company beginning in the first quarter of fiscal year 2019, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this accounting guidance on its consolidated financial statements; however, the Company expects the adoption of this accounting guidance to result in an increase in lease assets and a corresponding increase in lease liabilities on its Consolidated Balance Sheets. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which is intended to simplify several aspects of the accounting for share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The update is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the effect the guidance will have on its consolidated financial statements.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 02, 2016
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company calculates its interim income tax provision by estimating the annual effective tax rate and applying that rate to its year-to-date ordinary earnings. The Company's effective tax rate for the 13-week period ended July 2, 2016 was 40.7% , which resulted in a provision of $14.8 million , while the effective tax rate for the 13-week period ended July 4, 2015 was 43.6% , which resulted in a provision of $16.2 million . The Company's effective tax rate for the 26-week period ended July 2, 2016 was 41.0% , which resulted in a provision of $8.7 million , while the effective tax rate for the 26-week period ended July 4, 2015 was 43.9% , which resulted in a provision of $8.4 million . The decrease in the effective tax rate largely was due to an increase in the valuation allowance for West Marine Canada during the second quarter of 2015. The Company maintains valuation allowances against its California Enterprise Zone credits in the amount of $3.9 million , against its South Carolina state tax credits in the amount of $0.9 million , and against its Canadian net deferred tax assets in the amount of $1.5 million . The Company continues to monitor and adjust these valuation allowances based on current evaluations of its ability to realize these deferred tax assets. During the 13-week period ended July 2, 2016 , the Company recognized less than $0.1 million of expense related to uncertain tax positions, including accrued interest and penalties. During the 26-week period ended July 2, 2016 , the Company recognized $0.2 million of expense related to uncertain tax positions, including accrued interest and penalties. The Company files income tax returns in the U.S. federal jurisdiction, various states and cities, Puerto Rico and Canada. The Company has substantially settled all federal income tax matters through 2011, as well as all state and foreign jurisdictions through 2010 and 2008, respectively. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes , which amends the existing guidance to require presentation of deferred tax assets and liabilities as noncurrent within a classified statement of financial position. This guidance was adopted on a prospective basis on January 2, 2016. No prior reporting periods were retrospectively adjusted.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jul. 02, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION The Company recognized share-based compensation expense of $0.8 million for the 13-week period ended July 2, 2016 and $0.8 million for the 13-week period ended July 4, 2015 , the majority of which was recorded as selling, general and administrative ("SG&A") expense. The Company recognized share-based compensation expense of $1.4 million for the 26-week period ended July 2, 2016 and $1.5 million for the 26-week period ended July 4, 2015 , the majority of which was recorded as SG&A expense. For both the 13-week and 26-week periods ended July 2, 2016 and July 4, 2015 , the Company received no excess tax benefit associated with share-based compensation expense.

Comprehensive Income

Comprehensive Income	6 Months Ended
	Jul. 02, 2016
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income	COMPREHENSIVE INCOME Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes income, expenses, gains and losses that bypass the income statement and are reported directly as a separate component of equity. The Company’s comprehensive income consists of net income and foreign currency translation adjustments for all periods presented.

Contingencies

Contingencies	6 Months Ended
	Jul. 02, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES The Company is involved in various legal and administrative proceedings, claims and litigation, and regulatory compliance audits arising in the ordinary course of business. Accordingly, material adverse developments, settlements or resolutions may occur and negatively impact our results in the quarter and/or fiscal year in which such developments, settlements or resolutions are reached. Based on the facts currently available, the Company does not believe that the disposition of any claims, regulatory compliance audits, legal or administrative proceedings that are pending or asserted, individually or in the aggregate, will have a material adverse effect on the Company's financial position. However, an adverse judgment by a court, administrative or regulatory agency, arbitrator or a settlement could adversely impact the Company's results of operations in any given period. For any claims, regulatory compliance audits, legal or administrative proceedings where the Company has determined that a loss is probable, there is no material difference between the amount accrued and the reasonably possible amount of loss. For any such matters where a loss is reasonably possible, the range of estimated loss is not material individually or in aggregate.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jul. 02, 2016
Earnings Per Share [Abstract]
Net Income Per Share	NET INCOME PER SHARE Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if unvested restricted shares and outstanding options to purchase common stock were exercised. Options to purchase approximately 0.6 million shares of common stock that were outstanding for each of the quarters ended July 2, 2016 and July 4, 2015 , have been excluded from the calculation of diluted income per share because inclusion of such shares would be anti-dilutive. Options to purchase approximately 0.6 million shares and 0.2 million shares of common stock that were outstanding for the first 26-weeks ended July 2, 2016 and July 4, 2015 , respectively, have been excluded from the calculation of diluted income per share because inclusion of such shares would be anti-dilutive. The following is a reconciliation of the Company’s basic and diluted net income per share computations (shares in thousands): 13 Weeks Ended July 2, 2016 July 4, 2015 Shares Net Income Per Share Shares Net Income Per Share Basic 24,884 $ 0.87 24,617 $ 0.85 Effect of dilutive stock options 74 (0.01 ) 67 0.00 Diluted 24,958 $ 0.86 24,684 $ 0.85 26 Weeks Ended July 2, 2016 July 4, 2015 Shares Net Income Per Share Shares Net Income Per Share Basic 24,825 $ 0.50 24,551 $ 0.44 Effect of dilutive stock options 85 0.00 154 (0.01 ) Diluted 24,910 $ 0.50 24,705 $ 0.43

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jul. 02, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Merchandise Product Categories [Table Text Block]	Net revenues from the Company's merchandise mix for the periods ended July 2, 2016 and July 4, 2015 , respectively, is reflected in the table below: 13 Weeks Ended 26 Weeks Ended Net Revenues from: July 2, 2016 July 4, 2015 July 2, 2016 July 4, 2015 Core boating products 77.2 % 78.0 % 77.9 % 78.7 % Merchandise expansion products 22.8 % 22.0 % 22.1 % 21.3 % Total 100.0 % 100.0 % 100.0 % 100.0 %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jul. 02, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following is a reconciliation of the Company’s basic and diluted net income per share computations (shares in thousands): 13 Weeks Ended July 2, 2016 July 4, 2015 Shares Net Income Per Share Shares Net Income Per Share Basic 24,884 $ 0.87 24,617 $ 0.85 Effect of dilutive stock options 74 (0.01 ) 67 0.00 Diluted 24,958 $ 0.86 24,684 $ 0.85 26 Weeks Ended July 2, 2016 July 4, 2015 Shares Net Income Per Share Shares Net Income Per Share Basic 24,825 $ 0.50 24,551 $ 0.44 Effect of dilutive stock options 85 0.00 154 (0.01 ) Diluted 24,910 $ 0.50 24,705 $ 0.43

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jul. 04, 2015	Jul. 02, 2016	Jul. 04, 2015	Jan. 02, 2016	Jan. 03, 2015
Schedule of Merchandise Product Categories [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 89,551	$ 44,159	$ 89,551	$ 44,159	$ 48,159	$ 45,675
Merchandise product categories	100.00%	100.00%	100.00%	100.00%
Core Boating Products [Member]
Schedule of Merchandise Product Categories [Line Items]
Merchandise product categories	77.20%	78.00%	77.90%	78.70%
Merchandise Expansion Products [Member]
Schedule of Merchandise Product Categories [Line Items]
Merchandise product categories	22.80%	22.00%	22.10%	21.30%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jul. 04, 2015	Jul. 02, 2016	Jul. 04, 2015
Valuation Allowance [Line Items]
Effective Income Tax Rate, Continuing Operations	40.70%	43.60%	41.00%	43.90%
Provision for income taxes	$ 14,812	$ 16,203	$ 8,682	$ 8,357
CALIFORNIA
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance	3,900		3,900
SOUTH CAROLINA
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance	900		900
CANADA
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance	1,500		1,500
Maximum [Member]
Valuation Allowance [Line Items]
Unrecognized Tax Benefits, Period Increase (Decrease)	$ 100		$ 200

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jul. 04, 2015	Jul. 02, 2016	Jul. 04, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 770	$ 807	$ 1,449	$ 1,491
Excess Tax Benefit from Share-based Compensation, Operating Activities	$ 0	$ 0	$ 0	$ 0

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jul. 04, 2015	Jul. 02, 2016	Jul. 04, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	551,605	630,019	561,728	247,698
Weighted Average Number of Shares Outstanding, Basic	24,884,000	24,617,000	24,825,000	24,551,000
Earnings Per Share, Basic	$ 0.87	$ 0.85	$ 0.50	$ 0.44
Weighted Average Number Diluted Shares Outstanding Adjustment	74,000	67,000	85,000	154,000
Dilutive Securities, Effect on Basic Earnings Per Share, Including Options and Restrictive Stock Units	$ (0.01)	$ 0	$ 0	$ (0.01)
Weighted Average Number of Shares Outstanding, Diluted	24,958,000	24,684,000	24,910,000	24,705,000
Earnings Per Share, Diluted	$ 0.86	$ 0.85	$ 0.50	$ 0.43