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Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Net income for purposes of determining basic and diluted EPS
Net income for purposes of determining basic EPS was as follows:

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
Net income attributed to Vector Group Ltd.
$
25,774

 
$
39,307

 
$
22,543

 
$
54,260

Income attributed to participating securities
(707
)
 
(2,027
)
 
(1,268
)
 
(4,029
)
Net income applicable to common shares attributed to Vector Group Ltd.
$
25,067

 
$
37,280

 
$
21,275

 
$
50,231



Net income for purposes of determining diluted EPS was as follows:

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
Net income attributed to Vector Group Ltd.
$
25,774

 
$
39,307

 
$
22,543

 
$
54,260

Income attributable to 5.5% Variable Interest Senior Convertible Notes
(375
)
 
—

 
—

 
—

Income attributable to 7.5% Variable Interest Senior Convertible Notes
—

 
—

 
—

 
(1,246
)
Income attributed to participating securities
(707
)
 
(2,027
)
 
(1,268
)
 
(4,029
)
Net income applicable to common shares attributed to Vector Group Ltd.
$
24,692

 
$
37,280

 
$
21,275

 
$
48,985
Basic and diluted EPS calculation shares
Basic and diluted EPS were calculated using the following common shares:

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
Weighted-average shares for basic EPS
149,379,306

 
146,509,025

 
148,189,710

 
146,490,322

Plus incremental shares related to convertible debt
1,379,454

 
—

 
—

 
1,449,753

Plus incremental shares related to stock options and non-vested restricted stock
88,100

 
12,082

 
85,701

 
14,242

Weighted-average shares for diluted EPS
150,846,860

 
146,521,107

 
148,275,411

 
147,954,317
Outstanding shares not included in the computation of diluted EPS
The following non-vested restricted stock and shares issuable upon the conversion of convertible debt were outstanding during the three and six months ended June 30, 2020 and 2019, but were not included in the computation of diluted EPS because the impact of the per share expense associated with the restricted stock were greater than the average market price of the common shares during the respective periods and the common shares issuable under the convertible debt were anti-dilutive to EPS.

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
  Weighted-average shares of non-vested restricted stock
625,122

 
1,407,820

 
625,122

 
1,407,820

  Weighted-average expense per share
$
19.54

 
$
17.92

 
$
19.54

 
$
17.92

  Weighted-average number of shares issuable upon conversion of debt
—

 
11,447,061

 
4,874,072

 
11,447,061

  Weighted-average conversion price
$
—

 
$
20.27

 
$
20.27

 
$
20.27
Summary of restructuring charges
The following table summarizes amounts expensed for the three and six months ended June 30, 2020:
 
Three Months Ended June 30, 2020
 
Six Months Ended June 30, 2020
Cash Charges:
 
 
 
Employee severance and benefits
$
1,599

 
$
1,599

Other restructuring expenses
218

 
218

 
1,817

 
1,817

Non-Cash:
 
 
 
Loss on fixed assets associated with consolidation of sales offices
1,144

 
1,144

 
1,144

 
1,144

 
 
 
 
  Total restructuring charges
$
2,961

 
$
2,961

 
 
 
 

The following table presents the activity under the Real Estate segment restructuring plan for the six months ended June 30, 2020:
 
 
Employee Severance and Benefits
 
Other
 
Non-Cash Loss on Fixed Assets
 
Total
Accrual balance as of January 1, 2020
 
$
—

 
$
—

 
$
—

 
$
—

Restructuring charges
 
1,599

 
218

 
1,144

 
2,961

Utilized
 
(1,239
)
 
—

 
(1,144
)
 
(2,383
)
Accrual balance as of June 30, 2020
 
$
360

 
$
218

 
$
—

 
$
578
Schedule of other income (loss), net
Other, net consisted of:
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
Interest and dividend income
$
968

 
$
3,139

 
$
3,648

 
$
6,347

Net gains (losses) recognized on investment securities
4,781

 
2,315

 
(7,459
)
 
7,088

Net periodic benefit cost other than the service costs
(454
)
 
(575
)
 
(909
)
 
(1,116
)
Other income (expense)
2,340

 
(98
)
 
1,700

 
(98
)
Other, net
$
7,635

 
$
4,781

 
$
(3,020
)
 
$
12,221
Schedule of other assets
Other assets consisted of:
 
June 30,
2020
 
December 31, 2019
Restricted assets
$
4,004

 
$
5,241

Prepaid pension costs
32,207

 
31,686

Equity-method investments
14,817

 
15,942

Contract assets, net
25,957

 
18,443

Other assets
44,601

 
48,778

Total other assets
$
121,586

 
$
120,090
Schedule of other current liabilities
Other current liabilities consisted of:
 
June 30,
2020
 
December 31, 2019
Accounts payable
$
12,232

 
$
10,222

Accrued promotional expenses
44,254

 
35,900

Accrued excise and payroll taxes payable, net
149,758

 
18,653

Accrued interest
31,623

 
35,756

Commissions payable
22,225

 
18,378

Accrued salary and benefits
15,407

 
29,464

Contract liabilities
7,830

 
9,358

Allowance for sales returns
8,191

 
7,785

Other current liabilities
40,514

 
23,801

Total other current liabilities
$
332,034

 
$
189,317
Schedule of components of cash, cash equivalents and restricted cash
The components of “Cash, cash equivalents and restricted cash” in the condensed consolidated statements of cash flows were as follows:
 
June 30,
2020
 
December 31,
2019
Cash and cash equivalents
$
540,363

 
$
371,341

Restricted cash and cash equivalents included in other current assets
6,310

 
4,423

Restricted cash and cash equivalents included in other assets
2,461

 
3,712

Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows
$
549,134

 
$
379,476