CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2017 |
Jun. 30, 2016 |
| Statement of Cash Flows [Abstract] |
|
|
| Net Income (Loss) Available to Common Stockholders, Basic |
$ 11,494
|
$ 9,771
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
7,872
|
7,691
|
| Provision for losses on accounts receivable |
1,112
|
1,052
|
| Stock-based compensation expense |
1,609
|
2,303
|
| Deferred income tax (benefit) expense |
406
|
1,116
|
| Amortization of deferred financing costs |
408
|
420
|
| Accretion of discount on convertible subordinated notes |
2,103
|
1,881
|
| Loss on early extinguishment of debt |
0
|
567
|
| Net (gain) loss on sale and disposal of other assets |
311
|
(67)
|
| Changes in operating assets and liabilities that provided (required) cash: |
|
|
| Accounts and preneed receivables |
(468)
|
(2,271)
|
| Inventories and other current assets |
2,804
|
1,303
|
| Intangible and other non-current assets |
211
|
300
|
| Preneed funeral and cemetery trust investments |
(1,252)
|
4,941
|
| Accounts payable |
(3,750)
|
(1,148)
|
| Accrued and other liabilities |
(5,102)
|
1,735
|
| Deferred preneed funeral and cemetery revenue |
2,020
|
(669)
|
| Deferred preneed funeral and cemetery receipts held in trust |
468
|
(3,939)
|
| Net cash provided by operating activities |
20,246
|
24,986
|
| Cash flows from investing activities: |
|
|
| Acquisitions and land for new construction |
(625)
|
(9,406)
|
| Purchase of land and buildings previously leased |
0
|
(6,258)
|
| Net proceeds from the sale of other assets |
0
|
555
|
| Capital expenditures |
(8,790)
|
(7,830)
|
| Net cash used in investing activities |
(9,415)
|
(22,939)
|
| Cash flows from financing activities: |
|
|
| Borrowings from the revolving credit facility |
36,800
|
27,100
|
| Payments against the revolving credit facility |
(42,400)
|
(59,700)
|
| Payments against the revolving credit facility |
0
|
39,063
|
| Payments against the term loan |
(5,625)
|
(5,625)
|
| Payments on other long-term debt and obligations under capital leases |
(723)
|
(689)
|
| Payments on contingent consideration recorded at acquisition date |
(101)
|
0
|
| Proceeds from the exercise of stock options and employee stock purchase plan contributions |
544
|
457
|
| Taxes paid on restricted stock vestings and exercise of non-qualified options |
(509)
|
(528)
|
| Dividends paid on common stock |
(1,668)
|
(831)
|
| Payment of loan origination costs related to the credit facility |
0
|
(717)
|
| Excess tax deficiency of equity compensation |
0
|
(229)
|
| Net cash used in financing activities |
(13,682)
|
(1,699)
|
| Net increase (decrease) in cash and cash equivalents |
(2,851)
|
348
|
| Cash and cash equivalents at beginning of period |
3,286
|
535
|
| Cash and cash equivalents at end of period |
$ 435
|
$ 883
|