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 |
|
|
— |
|
|
|
|
|
|
|
|
|
|