Accounting Changes To Financial Statements |
The impact of this change in accounting principle to our current and prior years’ financial statements is presented in the following tables (in condensed format):
Consolidated Statements of Operations
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2017
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2016
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2015
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(Dollars in thousands)
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With breakage revenue
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Without breakage revenue
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Effect of change
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With breakage revenue
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Without breakage revenue
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Effect of change
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As restated
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As previously reported
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Effect of change
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Revenues
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$
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279,734
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$
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279,126
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$
|
608
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$
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270,473
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$
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269,855
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$
|
618
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$
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257,865
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$
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257,323
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$
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542
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Costs and expenses
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(259,173)
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(259,173)
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--
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(250,162)
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(250,162)
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--
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(234,169)
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(234,169)
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--
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Operating income
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20,561
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19,953
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608
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20,311
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19,693
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618
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23,696
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23,154
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542
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Interest expense (net), casualty loss and others
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12,971
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12,971
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--
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(7,873)
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(7,873)
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--
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3,279
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3,279
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--
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Income before income taxes and equity earnings of unconsolidated joint ventures
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33,532
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32,924
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608
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12,438
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11,820
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618
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26,975
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26,433
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542
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Equity earnings of unconsolidated joint ventures
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815
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815
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--
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999
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999
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--
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1,204
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1,204
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--
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Income before income taxes
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34,347
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33,739
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608
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13,437
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12,819
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618
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28,179
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27,637
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542
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Income tax expense
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(3,337)
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(3,098)
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(239)
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(4,020)
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(3,787)
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(233)
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(5,148)
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(4,943)
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(205)
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Net income
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$
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31,010
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$
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30,641
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$
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369
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$
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9,417
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$
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9,032
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$
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385
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$
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23,031
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$
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22,694
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$
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337
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Basic EPS
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$
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1.35
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$
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1.33
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$
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0.02
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$
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0.40
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$
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0.39
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$
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0.01
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$
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0.99
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$
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0.98
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$
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0.01
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Diluted EPS
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$
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1.33
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$
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1.32
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$
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0.02
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$
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0.40
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$
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0.38
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$
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0.02
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$
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0.98
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$
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0.97
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$
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0.01
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Consolidated Balance Sheets
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2017
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2016
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(Dollars in thousands)
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With breakage revenue
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Without breakage revenue
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Effect of change
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With breakage revenue
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Without breakage revenue
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Effect of change
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Assets
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Current assets
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$
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33,475
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$
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33,475
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$
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-
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$
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72,641
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$
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72,641
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$
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--
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Non-current assets
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Deferred tax asset, net
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24,908
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25,147
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(239)
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28,667
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28,900
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(233)
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Other non-current assets
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364,643
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364,643
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-
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304,458
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304,458
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--
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Total Assets
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423,026
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423,265
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(239)
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405,766
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405,999
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(233)
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Liabilities and Stockholders' Equity
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Current liabilities
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Deferred current revenue
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9,850
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10,458
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(608)
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10,758
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11,376
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(618)
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Other current liabilities
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70,596
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70,596
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-
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55,228
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55,228
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--
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Non-current liabilities
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161,339
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161,339
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-
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193,165
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193,165
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--
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Total Liabilities
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241,785
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242,393
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(608)
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259,151
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259,769
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(618)
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Stockholders' Equity
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Retained earnings (accumulated deficit)
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32,679
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32,310
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369
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1,680
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1,295
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|
385
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Other equity components
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148,562
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148,562
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-
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144,935
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144,935
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--
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Total Stockholders' Equity
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181,241
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180,872
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369
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146,615
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146,230
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|
385
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Total Liabilities and Stockholders' Equity
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$
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423,026
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$
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423,265
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$
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(239)
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$
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405,766
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$
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405,999
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$
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(233)
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Consolidated Statements of Cash Flows
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|
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2017
|
|
2016
|
|
2015
|
(Dollars in thousands)
|
|
With breakage revenue
|
|
Without breakage revenue
|
|
Effect of change
|
|
With breakage revenue
|
|
Without breakage revenue
|
|
Effect of change
|
|
As restated
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As previously reported
|
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Effect of change
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Operating Activities
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Net income
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$
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31,010
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$
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30,641
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$
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369
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$
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9,417
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$
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9,032
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$
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385
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$
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23,031
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$
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22,694
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$
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337
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Adjustments to reconcile net income to net cash provided by operating activities
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Change in net deferred tax assets
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4,073
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3,834
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239
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(5,060)
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(5,293)
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233
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(4,067)
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(4,272)
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|
205
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Other reconciling adjustments
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|
191
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191
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19,128
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19,128
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5,786
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5,786
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Net changes in operating assets and liabilities
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Deferred revenue and other liabilities
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(7,011)
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(6,403)
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(608)
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3,626
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|
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4,244
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(618)
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|
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(745)
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(203)
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(542)
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Other operating assets and liabilities
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(4,412)
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(4,412)
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-
|
|
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3,077
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|
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3,077
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-
|
|
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4,569
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|
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4,569
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|
|
-
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Net cash provided by operating activities
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23,851
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|
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23,851
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|
|
-
|
|
|
|
30,188
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|
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30,188
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|
|
-
|
|
|
28,574
|
|
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28,574
|
|
|
-
|
Investing Activities
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Net cash used in investing activities
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(6,786)
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|
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(6,786)
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|
-
|
|
|
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(42,861)
|
|
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(42,861)
|
|
|
-
|
|
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(29,710)
|
|
|
(29,710)
|
|
|
-
|
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net cash provided by/(used in) financing activities
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(22,055)
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|
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(22,055)
|
|
|
-
|
|
|
|
11,246
|
|
|
11,246
|
|
|
-
|
|
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(27,961)
|
|
|
(27,961)
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|
-
|
Effect of exchange rate on cash
|
|
(359)
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|
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(359)
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|
-
|
|
|
|
742
|
|
|
742
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|
|
-
|
|
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(1,449)
|
|
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(1,449)
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|
|
-
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Net increase (decrease) in cash and cash equivalents
|
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(5,349)
|
|
|
(5,349)
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|
|
-
|
|
|
|
(685)
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|
|
(685)
|
|
|
-
|
|
|
(30,546)
|
|
|
(30,546)
|
|
|
-
|
Cash and cash equivalents at the beginning of the year
|
|
19,017
|
|
|
19,017
|
|
|
-
|
|
|
|
19,702
|
|
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19,702
|
|
|
-
|
|
|
50,248
|
|
|
50,248
|
|
|
-
|
Cash and cash equivalents at the end of the year
|
$
|
13,668
|
|
$
|
13,668
|
|
$
|
-
|
|
|
$
|
19,017
|
|
$
|
19,017
|
|
$
|
-
|
|
$
|
19,702
|
|
$
|
19,702
|
|
$
|
-
|
|