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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]  
Estimated Useful Lives of Property Plant and Equipment

Generally, we assign the following estimated useful lives to these categories:

 

Category

 

Estimated

Useful Life

Transportation equipment

 

5 years

Buildings

 

39 years

Office equipment

 

5 years

Computer equipment

 

3 years

Machinery and equipment

 

7 years

 

Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements

The carrying amounts and fair values of our other financial instruments subject to fair value disclosures as of December 31, 2017 and 2016 are presented in the table below (amounts in thousands) and have been calculated based upon market quotes and present value calculations based on market rates.

 

 

 

December 31, 2017

 

 

 

Carrying

Amount

 

 

Fair

Value

 

Manufacturer flooring plans payable with interest computed

   at 4.50% (Level 3)

 

$

22,002

 

 

$

18,737

 

Senior unsecured notes due 2025 with interest computed

at 5.625% (Level 3)

 

 

944,088

 

 

 

619,019

 

Capital leases payable with interest computed at 5.929%

   to 9.55% (Level 3)

 

 

1,486

 

 

 

1,114

 

Letter of credit (Level 3)

 

 

 

 

 

116

 

 

 

 

December 31, 2016

 

 

 

Carrying

Amount

 

 

Fair

Value

 

Manufacturer flooring plans payable with interest computed

   at 5.25% (Level 3)

 

$

30,780

 

 

$

26,780

 

Senior unsecured notes due 2022 with interest

computed at 7.0% (Level 1)

 

 

627,711

 

 

 

663,075

 

Capital leases payable with interest computed at 5.929%

   to 9.55% (Level 3)

 

 

1,704

 

 

 

1,164

 

Letter of credit (Level 3)

 

 

 

 

 

155

 

 

Summary of Computation of Basic and Diluted Net Income Per Common Share

The following table sets forth the computation of basic and diluted net income per common share for the years ended December 31, (amounts in thousands, except per share amounts):

 

 

 

2017

 

 

2016

 

 

2015

 

Basic net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

109,658

 

 

$

37,172

 

 

$

44,305

 

Weighted average number of common shares outstanding

 

 

35,516

 

 

 

35,393

 

 

 

35,272

 

Net income per common share — basic

 

$

3.09

 

 

$

1.05

 

 

$

1.26

 

Diluted net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

109,658

 

 

$

37,172

 

 

$

44,305

 

Weighted average number of common shares outstanding

 

 

35,516

 

 

 

35,393

 

 

 

35,272

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive stock options

 

 

 

 

 

 

 

 

14

 

Effect of dilutive non-vested stock

 

 

183

 

 

 

87

 

 

 

57

 

Weighted average number of common shares outstanding —

   diluted

 

 

35,699

 

 

 

35,480

 

 

 

35,343

 

Net income per common share — diluted

 

$

3.07

 

 

$

1.05

 

 

$

1.25

 

Common shares excluded from the denominator as

   anti-dilutive:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

 

 

 

4

 

 

 

14

 

Non-vested stock

 

 

 

 

 

3

 

 

 

8

 

 

Schedule of Non-Vested Stock Activity

The following table summarizes our non-vested stock activity for the years ended December 31, 2017 and 2016:

 

 

 

Number of

Shares

 

 

Weighted

Average Grant

Date Fair Value

 

Non-vested stock at January 1, 2016

 

 

322,355

 

 

$

19.90

 

Granted

 

 

227,532

 

 

$

17.39

 

Vested

 

 

(136,765

)

 

$

18.88

 

Forfeited

 

 

(12,321

)

 

$

18.83

 

Non-vested stock at December 31, 2016

 

 

400,801

 

 

$

18.86

 

Granted

 

 

190,134

 

 

$

22.94

 

Vested

 

 

(131,807

)

 

$

21.85

 

Forfeited

 

 

(13,164

)

 

$

19.50

 

Non-vested stock at December 31, 2017

 

 

445,964

 

 

$

19.70

 

 

Schedule of Share Based Compensation Stock Options Activity

The following table represents stock option activity for the years ended December 31, 2017 and 2016:

 

 

 

Number of

Shares

 

 

Weighted Average

Exercise Price(1)

 

 

Weighted Average

Contractual Life

In Years

 

Outstanding options at January 1, 2016

 

 

51,000

 

 

$

17.80

 

 

1.5

 

Granted

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

Canceled, forfeited or expired

 

 

(46,500

)

 

 

17.65

 

 

 

 

 

Outstanding options at December 31, 2016

 

 

4,500

 

 

$

19.27

 

 

 

0.5

 

Granted

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

Canceled, forfeited or expired

 

 

(4,500

)

 

$

19.27

 

 

 

 

 

Outstanding options at December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

Options exercisable at December 31, 2017