CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Statement of Cash Flows [Abstract] |
|
|
| Net Income (Loss) Available to Common Stockholders, Basic |
$ 15,454
|
$ 15,419
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
11,498
|
10,124
|
| Provision for losses on accounts receivable |
1,522
|
1,332
|
| Stock-based compensation expense |
2,645
|
3,448
|
| Deferred income tax (benefit) expense |
3,618
|
2,065
|
| Amortization of deferred financing costs |
622
|
688
|
| Accretion of discount on convertible subordinated notes |
2,862
|
2,554
|
| Loss on early extinguishment of debt |
567
|
0
|
| Net (gain) loss on sale and disposal of other assets |
186
|
(49)
|
| Impairment of intangible assets |
145
|
0
|
| Changes in operating assets and liabilities that provided (required) cash: |
|
|
| Accounts and preneed receivables |
(3,945)
|
(779)
|
| Inventories and other current assets |
682
|
3,277
|
| Intangible and other non-current assets |
386
|
114
|
| Preneed funeral and cemetery trust investments |
(4,828)
|
21,234
|
| Accounts payable |
(2,149)
|
368
|
| Accrued and other liabilities |
(268)
|
4,408
|
| Deferred preneed funeral and cemetery revenue |
742
|
432
|
| Deferred preneed funeral and cemetery receipts held in trust |
4,541
|
(21,647)
|
| Net cash provided by operating activities |
34,280
|
42,988
|
| Cash flows from investing activities: |
|
|
| Acquisitions and land for new construction |
(15,056)
|
(4,250)
|
| Purchase of land and buildings previously leased |
(6,258)
|
(6,080)
|
| Net proceeds from the sale of other assets |
955
|
65
|
| Capital expenditures |
(12,039)
|
(22,823)
|
| Net cash used in investing activities |
(32,398)
|
(33,088)
|
| Cash flows from financing activities: |
|
|
| Borrowings from the revolving credit facility |
45,500
|
56,200
|
| Payments against the revolving credit facility |
(74,800)
|
(33,700)
|
| Payments against the revolving credit facility |
39,063
|
0
|
| Payments against the term loan |
(8,438)
|
(7,032)
|
| Payments on other long-term debt and obligations under capital leases |
(987)
|
(679)
|
| Proceeds from the exercise of stock options and employee stock purchase plan contributions |
686
|
575
|
| Dividends on common stock |
(1,662)
|
(1,385)
|
| Payment of loan origination costs related to the credit facility |
(717)
|
(13)
|
| Purchase of treasury stock |
0
|
(23,940)
|
| Excess tax benefit (deficiency) of equity compensation |
(207)
|
57
|
| Net cash used in financing activities |
(1,562)
|
(9,917)
|
| Net increase (decrease) in cash and cash equivalents |
320
|
(17)
|
| Cash and cash equivalents at beginning of period |
535
|
413
|
| Cash and cash equivalents at end of period |
$ 855
|
$ 396
|