0001552800-21-000005 | 10-K | XBRL Viewer

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Mar. 09, 2021	Jun. 30, 2020
Document And Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-35629
Entity Registrant Name	TILE SHOP HOLDINGS, INC.
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	45-5538095
Entity Address, Address Line 1	14000 Carlson Parkway
Entity Address City Or Town	Plymouth
Entity Address State Or Province	MN
Entity Address Postal Zip Code	55441
City Area Code	763
Local Phone Number	852-2950
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		51,669,719
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Amendment Flag	false
Document Fiscal Period Focus	FY
Entity Central Index Key	0001552800
Entity Public Float			$ 39,286,147

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 9,617	$ 9,104
Restricted cash	655	815
Receivables, net	2,975	3,370
Inventories	74,296	97,620
Income tax receivable	8,116	3,090
Other current assets, net	8,995	8,180
Total Current Assets	104,654	122,179
Property, plant and equipment, net	99,035	130,461
Right of use asset	132,374	137,737
Deferred tax assets	5,341	7,196
Other assets	1,286	2,241
Total Assets	342,690	399,814
Current liabilities:
Accounts payable	15,382	18,181
Income tax payable	93	87
Current portion of lease liability	27,223	26,993
Other accrued liabilities	34,106	24,589
Total Current Liabilities	76,804	69,850
Long-term debt, net		63,000
Long-term lease liability, net	122,678	131,451
Financing lease obligation, net		274
Other long-term liabilities	4,146	4,340
Total Liabilities	203,628	268,915
Stockholders’ Equity:
Common stock, par value $0.0001; authorized: 100,000,000 shares; issued and outstanding: 51,701,080 and 50,806,674 shares, respectively	5	5
Preferred stock, par value $0.0001; authorized: 10,000,000 shares; issued and outstanding: 0 shares
Additional paid-in-capital	158,556	156,482
Accumulated deficit	(19,487)	(25,518)
Accumulated other comprehensive loss	(12)	(70)
Total Stockholders' Equity	139,062	130,899
Total Liabilities and Stockholders' Equity	$ 342,690	$ 399,814

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Consolidated Balance Sheets [Abstract]
Common stock, par value (per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	51,701,080	50,806,674
Common stock, shares outstanding	51,701,080	50,806,674
Preferred stock, par value (per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Operations [Abstract]
Net sales	$ 325,057	$ 340,351	$ 357,254
Cost of sales	103,532	104,232	105,915
Gross profit	221,525	236,119	251,339
Selling, general and administrative expenses	215,149	237,476	233,201
Income (loss) from operations	6,376	(1,357)	18,138
Interest expense	(1,874)	(3,792)	(2,690)
Other income		12	152
Income (loss) before income taxes	4,502	(5,137)	15,600
Benefit (provision) for income taxes	1,529	674	(5,158)
Net income (loss)	$ 6,031	$ (4,463)	$ 10,442
Income (loss) per common share:
Basic	$ 0.12	$ (0.09)	$ 0.20
Diluted	$ 0.12	$ (0.09)	$ 0.20
Weighted average shares outstanding:
Basic	49,957,356	50,624,309	51,907,619
Diluted	50,583,742	50,624,309	52,089,160

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income (loss)	$ 6,031	$ (4,463)	$ 10,442
Currency translation adjustment	58	(14)	(55)
Other comprehensive income (loss)	58	(14)	(55)
Comprehensive income (loss)	$ 6,089	$ (4,477)	$ 10,387

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Stockholders' Equity - USD ($)	Adoption of Lease Standard [Member] Retained Earnings (Deficit) [Member]	Adoption of Lease Standard [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Deficit) [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Total
Beginning balance at Dec. 31, 2017	$ (60,000)	$ (60,000)	$ 5,000	$ 180,109,000	$ (36,239,000)	$ (1,000)	$ 143,874,000
Beginning balance (in shares) at Dec. 31, 2017			52,156,850
Issuance of restricted shares (in shares)			682,646
Cancellation of restricted shares (in shares)			(131,617)
Stock based compensation				2,669,000			2,669,000
Tax withholdings related to net share settlements of stock based compensation awards				(119,000)			(119,000)
Dividends paid				(10,404,000)			(10,404,000)
Foreign currency translation adjustments						(55,000)	(55,000)
Net income (loss)					10,442,000		10,442,000
Balance at Dec. 31, 2018	$ 4,802,000	$ 4,802,000	$ 5,000	172,255,000	(25,857,000)	(56,000)	146,347,000
Balance (in shares) at Dec. 31, 2018			52,707,879
Issuance of restricted shares (in shares)			781,697
Cancellation of restricted shares (in shares)			(375,879)
Repurchase of common stock				(10,456,000)			(10,456,000)
Repurchase of common stock (in shares)			(2,307,023)
Stock based compensation				2,645,000			2,645,000
Tax withholdings related to net share settlements of stock based compensation awards				(256,000)			(256,000)
Dividends paid				(7,706,000)			(7,706,000)
Foreign currency translation adjustments						(14,000)	(14,000)
Net income (loss)					(4,463,000)		(4,463,000)
Balance at Dec. 31, 2019			$ 5,000	156,482,000	(25,518,000)	(70,000)	$ 130,899,000
Balance (in shares) at Dec. 31, 2019			50,806,674				50,806,674
Issuance of restricted shares (in shares)			1,090,759
Cancellation of restricted shares (in shares)			(116,594)
Stock based compensation				2,241,000			$ 2,241,000
Tax withholdings related to net share settlements of stock based compensation awards			$ (79,759)	(167,000)			(167,000)
Foreign currency translation adjustments						58,000	58,000
Net income (loss)					6,031,000		6,031,000
Balance at Dec. 31, 2020			$ 5,000	$ 158,556,000	$ (19,487,000)	$ (12,000)	$ 139,062,000
Balance (in shares) at Dec. 31, 2020			51,701,080				51,701,080

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Stockholders' Equity [Abstract]
Dividends declared per share	$ 0.15	$ 0.20

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows From Operating Activities
Net income (loss)	$ 6,031,000	$ (4,463,000)	$ 10,442,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	31,336,000	33,546,000	28,396,000
Amortization of debt issuance costs	473,000	595,000	756,000
Loss on disposals of property, plant and equipment		399,000	353,000
Impairment charges	2,155,000	0	652,000
Non-cash lease expense	24,025,000	23,230,000	2,386,000
Stock based compensation	2,241,000	2,645,000	2,669,000
Deferred income taxes	1,855,000	(1,621,000)	4,429,000
Changes in operating assets and liabilities:
Receivables	394,000	(286,000)	(703,000)
Inventories	23,323,000	12,475,000	(24,836,000)
Other current assets, net	(327,000)	(184,000)	(2,410,000)
Accounts payable	(3,207,000)	(4,503,000)	(8,201,000)
Income tax receivable / payable	(5,020,000)	357,000	2,229,000
Accrued expenses and other liabilities	(17,683,000)	(23,627,000)	2,008,000
Net cash provided by operating activities	65,596,000	38,563,000	18,170,000
Cash Flows From Investing Activities
Purchases of property, plant and equipment	(1,968,000)	(27,000,000)	(35,287,000)
Proceeds from insurance		610,000	1,033,000
Proceeds from the sale of property, plant and equipment			111,000
Net cash used in investing activities	(1,968,000)	(26,390,000)	(34,143,000)
Cash Flows From Financing Activities
Payments of long-term debt and financing lease obligations	(127,262,000)	(53,204,000)	(103,267,000)
Advances on line of credit	64,100,000	63,000,000	129,095,000
Dividends paid		(7,706,000)	(10,404,000)
Repurchases of common stock		(10,456,000)
Employee taxes paid for shares withheld	(167,000)	(256,000)	(119,000)
Debt issuance costs			(374,000)
Net cash (used in) provided by financing activities	(63,329,000)	(8,622,000)	14,931,000
Effect of exchange rate changes on cash	54,000	(14,000)	(52,000)
Net change in cash, cash equivalents and restricted cash	353,000	3,537,000	(1,094,000)
Cash, cash equivalents and restricted cash beginning of period	9,919,000	6,382,000	7,476,000
Cash, cash equivalents and restricted cash end of period	10,272,000	9,919,000	6,382,000
Cash, cash equivalents and restricted cash end of period	10,272,000	6,382,000	7,476,000
Supplemental disclosure of cash flow information
Purchases of property, plant and equipment included in accounts payable and accrued expenses	407,000	98,000	3,974,000
Cash paid for interest	1,976,000	3,735,000	2,625,000
Cash paid for income taxes, net of refunds	$ 1,608,000	$ 471,000	$ 1,507,000

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 1: Summary of Significant Accounting Policies

Nature of Business

Tile Shop Holdings, Inc. (“Holdings”, and together with its wholly owned subsidiaries, the “Company”) was incorporated in Delaware in June 2012. On August 21, 2012, Holdings consummated the transactions contemplated pursuant to that certain Contribution and Merger Agreement dated as of June 27, 2012, among Holdings, JWC Acquisition Corp., a publicly-held Delaware corporation (“JWCAC”), The Tile Shop, LLC, a privately-held Delaware limited liability company (“The Tile Shop”), and certain other parties. Through a series of transactions, The Tile Shop was contributed to and became a subsidiary of Holdings and Holdings effected a business combination with and became a successor issuer to JWCAC.

The Company is a specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories in the United States. Natural stone products include marble, travertine, granite, quartz, sandstone, slate, and onyx tiles. Man-made products include ceramic, porcelain, glass, cement, wood look, and metal tiles. The majority of the tile products are sold under the Company's proprietary Rush River and Fired Earth brand names. The Company purchases tile products, accessories and tools directly from its network of suppliers. The Company manufactures its own setting and maintenance materials, such as thinset, grout and sealer, under the Superior brand name. As of December 31, 2020, the Company operated 142 stores in 31 states and the District of Columbia, with an average size of approximately 20,000 square feet. The Company also has a sourcing office located in China.

Basis of Presentation

The consolidated financial statements of Holdings include the accounts of its wholly owned subsidiaries and variable interest entities for which the Company is the primary beneficiary. See Note 14, “New Markets Tax Credit,” for the discussion of financing arrangements involving certain entities that are variable interest entities that are included in these consolidated financial statements. All significant intercompany transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. The Company’s estimates and judgments are based on historical experience and various other assumptions that it believes are reasonable under the circumstances. The amount of assets and liabilities reported on the Company's balance sheets and the amounts of income and expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, the accounting for revenue recognition and related reserves for sales returns, useful lives of property, plant and equipment, determining impairment of property, plant and equipment and right of use assets, accounting for leases, valuation of inventory, and income taxes. Actual results may differ from these estimates.

Reclassification

Certain amounts in the prior year financial statements have been reclassified for comparative purposes to conform to the presentation for the year ended December 31, 2020. Specifically, the Company elected to change the way it presents cash flows from operating leases in its Statement of Cash Flows. In the twelve months ended December 31, 2019, the Company presented the net change in the right of use asset and lease liabilities as a change in leases within the operating section of the Statement of Cash Flows. During the third quarter of 2020, the Company determined it would be more appropriate to disaggregate this activity. The amortization of the right of use assets is now presented as a non-cash lease expense within the operating section of the Statement of Cash Flows. Lease payments, net of the accretion of lease liabilities, are now presented as a change in accrued expenses and other liabilities within the operating section of the Statement of Cash Flows.

Prior to the adoption of Accounting Standards Codification (“ASC”) 842, Leases, effective January 1, 2019, the Company presented the non-cash change in deferred rent as deferred rent within the operating section of the Statement of Cash Flows. This balance is now presented as a non-cash lease expense within the operating section of the Statement of Cash Flows.

The impact of this change on the Statement of Cash Flows presented as of December 31, 2019 and 2018 follows:


		For the year ended December 31, 2019
		Previously Reported		Adjustments		As Revised
Change in leases	$	(1,900)	$	1,900	$	-
Non-cash lease expense		-		23,230		23,230
Changes in operating assets and liabilities:
Accrued expenses and other liabilities		1,503		(25,130)		(23,627)
Net cash provided by operating activities	$	38,563	$	-	$	38,563


		For the year ended December 31, 2018
		Previously Reported		Adjustments		As Revised
Change in leases	$	2,386	$	(2,386)	$	-
Non-cash lease expense		-		2,386		2,386
Net cash provided by operating activities	$	18,170	$	-	$	18,170

The change in classification has no impact on the Company’s pretax earnings, earnings per share, net cash provided by operating activities, or balance sheets in any period.

Cash and Cash Equivalents

The Company had cash and cash equivalents of $9.6 million and $9.1 million at December 31, 2020 and 2019, respectively. The Company considers all highly liquid investments with a maturity date of three months or less when purchased to be cash equivalents. The Company accepts a range of debit and credit cards, and these transactions are generally transmitted to a bank for reimbursement within 24 hours. The payments due from the banks for these debit and credit card transactions are generally received, or settled, within 24 to 48 hours of the transmission date. The Company considers all debit and credit card transactions that settle in less than seven days to be cash and cash equivalents. Amounts due from the banks for these transactions classified as cash and cash equivalents totaled $1.9 million and $1.5 million at December 31, 2020 and 2019, respectively.

Restricted Cash

Cash and cash equivalents that are restricted as to withdrawal or are under the terms of use for current operations are included in the restricted balance on the balance sheet.

Trade Receivables

Trade receivables are carried at original invoice amount less an estimate made for doubtful accounts. Management determines the allowance for doubtful accounts on a specific identification basis as well as by using historical experience applied to an aging of accounts. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received. The allowance for doubtful accounts was $0.2 million and $0.3 million as of December 31, 2020 and 2019, respectively. The Company does not accrue interest on accounts receivable.

Inventories

The Company’s inventory consists of manufactured items and purchased merchandise held for resale. Inventories are stated at the lower of cost (determined using the moving average cost method) or net realizable value. The Company capitalizes the cost of inbound freight, duties, and receiving and handling costs to bring purchased materials into its distribution network. The labor and overhead costs incurred in connection with the production process are included in the value of manufactured finished goods.

Inventories were comprised of the following as of December 31:



	2020		2019
	(in thousands)
Finished goods	$	72,619	$	95,435
Raw materials		1,677		2,185
Total	$	74,296	$	97,620

The Company provides provisions for losses related to shrinkage and other amounts that are otherwise not expected to be fully recoverable. These provisions are calculated based on historical shrinkage, selling price, margin and current business trends. These estimates have calculations that require management to make assumptions based on the current rate of sales, age, salability and profitability of inventory, historical percentages that can be affected by changes in our merchandising mix, customer preferences, rates of sell through and changes in actual shrinkage trends. The provision for losses related to shrinkage and other amounts was $0.6 million and $0.2 million as of December 31, 2020 and 2019, respectively.

Income Taxes

The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax liabilities and assets are determined based on the difference between the financial statement basis and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company estimates the degree to which tax assets and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction. A valuation allowance for such tax assets and loss carryforwards is provided when it is determined to be more likely than not that the benefit of such deferred tax asset will not be realized in future periods. If it becomes more likely than not that a tax asset will be used, the related valuation allowance on such assets would be reduced.

The Company records interest and penalties relating to uncertain tax positions in income tax expense. As of December 31, 2020 and 2019, the Company has not recognized any liabilities for uncertain tax positions nor has the Company accrued interest and penalties related to uncertain tax positions.

Revenue Recognition

Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration received in exchange for those goods or services. The Company recognizes service revenue, which consists primarily of freight charges for home delivery, when the service has been rendered. The Company is required to charge and collect sales and other taxes on sales to the Company's customers and remit these taxes back to government authorities. Total revenues do not include sales tax because the Company is a pass-through conduit for collecting and remitting sales tax. Sales are reduced by an allowance for anticipated sales returns that the Company estimates based on historical returns.

The Company generally requires customers to pay a deposit when purchasing inventory that is not regularly carried at the store location, or not currently in stock. These deposits are included in other current accrued liabilities until the customer takes possession of the merchandise.

Sales Return Reserve

Customers may return purchased items for an exchange or refund. The process to establish a sales return reserve contains uncertainties because it requires management to make assumptions and to apply judgment to estimate future returns and exchanges. The customer may receive a refund or exchange the original product for a replacement of equal or similar quality for a period of three months from the time of original purchase. Products received back under this policy are reconditioned pursuant to state laws and resold. The Company records a reserve for estimated product returns, based on historical return trends together with current product sales performance.

Cost of Sales and Selling, General and Administrative Expenses

The primary costs classified in each major expense category are:

Cost of Sales

Materials cost;

Shipping and transportation expenses to bring products into the Company's distribution centers;

Custom and duty expenses;

Customer shipping and handling expenses;

Physical inventory losses;

Costs incurred at distribution centers in connection with the receiving process; and

Labor and overhead costs incurred to manufacture inventory

Selling, General & Administrative (sometimes referred to as “SG&A”) Expenses

All compensation costs for store, corporate and distribution employees;

Occupancy, utilities and maintenance costs of store and corporate facilities;

Shipping and transportation expenses to move inventory from the Company's distribution centers to the Company's stores;

Depreciation and amortization; and

Advertising costs

Stock Based Compensation

The Company recognizes expense for its stock based compensation based on the fair value of the awards on the grant date. The Company may issue incentive awards in the form of stock options, restricted stock awards and other equity awards to employees and non-employee directors. Compensation expense is recognized on a straight-line basis over the requisite service period, net of actual forfeitures. Certain awards are also subject to forfeiture if the Company fails to attain its Adjusted EBITDA targets. The Company adjusts the cumulative expense recognized on awards with performance conditions based on a probability of achieving the performance condition.

Concentration of Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and bank deposits. By their nature, all such instruments involve risks, including credit risks of non-performance by counterparties. A substantial portion of the Company's cash and cash equivalents and bank deposits are invested with banks with high investment grade credit ratings.

Segments

The Company’s operations consist primarily of retail sales of natural stone and man-made tiles, setting and maintenance materials, and related accessories in stores located in the United States. The Company’s chief operating decision maker only reviews the consolidated results of the Company and accordingly, the Company has concluded it has one reportable segment.

Advertising Costs

Advertising costs were $4.6 million, $9.2 million and $8.3 million for the years ended December 31, 2020, 2019 and 2018, respectively, and are included in selling, general and administrative expenses in the consolidated statements of operations. The Company’s advertising consists primarily of digital media, direct marketing, events, traditional print media and mobile advertisements that is expensed at the time the media is distributed.

Pre-opening Costs

The Company’s pre-opening costs are those typically associated with the opening of a new store and generally include rent expense, compensation costs and promotional costs. The Company expenses pre-opening costs as incurred which are recorded in selling, general and administrative expenses. During the years ended December 31, 2020, 2019 and 2018, the Company recorded pre-opening costs of $0.1 million, $0.6 million and $0.1 million, respectively.

Property, Plant and Equipment

Property, plant and equipment and leasehold improvements are recorded at cost. Improvements are capitalized while repairs and maintenance costs are charged to selling, general and administrative expenses when incurred. Property, plant and equipment are depreciated or amortized using the straight-line method over each asset’s estimated useful life. Leasehold improvements and fixtures at leased locations are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the

asset. The cost and accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and any gain or loss thereon is included in other income and expense.



	Asset life (in years)
Buildings and building improvements		40
Leasehold improvements	5	–	20
Furniture and fixtures	2	–	7
Machinery and equipment	5	–	10
Computer equipment and software	3	–	7
Vehicles		5

The Company evaluates potential impairment losses on long-lived assets used in operations at the individual retail store level, which is the lowest level at which cash flows can be identified, when events and circumstances indicate that the assets may be impaired, and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. If impairment exists and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets, an impairment loss is recorded based on the excess of the carrying value of the asset group over its fair value. Fair value is measured using discounted cash flows or independent opinions of value, as appropriate. During the fiscal years ended December 31, 2020 and 2018, the Company recorded asset impairment charges of $2.2 million and $0.7 million, respectively, which were classified in selling, general and administrative expenses. No impairment charges were recorded during the year ended December 31, 2019.

Internal Use Software

The Company capitalizes software development costs incurred during the application development stage related to new software or major enhancements to the functionality of existing software that is developed solely to meet the Company’s internal operational needs and when there are no plans to market the software externally. Costs capitalized include external direct costs of materials and services and internal compensation costs. Any costs during the preliminary project stage or related to training or maintenance are expensed as incurred. Capitalization ceases when the software project is substantially complete and ready for its intended use. The capitalization and ongoing assessment of recoverability of development costs requires judgment by management with respect to certain external factors, including, but not limited to, technological and economic feasibility, and estimated economic life. As of December 31, 2020 and 2019, $6.0 million and $7.5 million was included in computer equipment and software, respectively. The internal use software costs are amortized over estimated useful lives of three to seven years. There was $1.5 million, $1.6 million and $0.3 million of amortization expense related to capitalized software during the years ended December 31, 2020, 2019 and 2018, respectively.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in right of use assets and lease liabilities on the consolidated balance sheets. The right of use assets and lease liabilities are recognized as the present value of the future minimum lease payments over the lease term at commencement date. As most of the leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The right of use asset is also adjusted for any lease payments made and lease incentives. The Company’s lease terms may include options to extend or terminate the lease typically at its own discretion. The Company regularly evaluates the renewal options and when such options are reasonably certain of exercise, the Company includes the renewal period in its lease term. Certain lease arrangements contain provisions requiring the Company to restore the leased property to its original condition at the end of the lease. The fair values of these obligations are recorded as liabilities on a discounted basis, which occurs at the time the Company enters into the lease arrangement. In the estimation of fair value, the Company uses assumptions and judgements regarding such factors as the existence of a legal obligation for an asset retirement obligation, estimated amounts and timing of settlements, discount rates and inflation rates. The costs associated with these liabilities are capitalized and depreciated over the lease term and the liabilities are accreted over the same period. Asset retirement obligations were $1.9 million as of December 31, 2020 and 2019, and are included in other long-term liabilities.

Self-Insurance

The Company is self-insured for certain employee health and workers’ compensation claims. The Company estimates a liability for aggregate losses below stop-loss coverage limits based on estimates of the ultimate costs to be incurred to settle known claims and claims not reported as of the balance sheet date. The estimated liability is not discounted and is based on a number of assumptions and factors including historical trends, and economic conditions. As of both December 31, 2020 and 2019, an accrual of $0.6 million related to estimated employee health claims was included in other accrued liabilities. As of December 31, 2020 and 2019, an accrual

of $1.7 million and $1.9 million related to estimated workers’ compensation claims was included in other accrued liabilities, respectively.

The Company has standby letters of credit outstanding related to the Company's workers’ compensation and employee health insurance policies. As of December 31, 2020 and 2019, the standby letters of credit totaled $2.4 million and $1.3 million, respectively.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (the “FASB”) issued a final standard that primarily requires organizations that lease assets to recognize the rights and obligations created by those leases on the consolidated balance sheet. This standard also requires expanded disclosures to help financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. We adopted this standard effective January 1, 2019, using a modified retrospective approach through a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption.

This standard provided a number of optional practical expedients in transition. The Company elected the package of three practical expedients permitted under the transition guidance within this standard, which, among other things, allowed the Company to carryforward the historical lease classification. The Company did not separate non-lease components from lease components by class of underlying assets and the Company did not apply the recognition requirements of the standard to short-term leases, as allowed by the standard.

The Company also elected to apply the hindsight practical expedient. The election of the hindsight practical expedient resulted in the shortening of lease terms for certain existing leases and the useful lives of corresponding leasehold improvements. In the application of the hindsight practical expedient, the Company considered recent investments in leased properties and the overall real estate strategy, which resulted in the determination that most renewal options would not be reasonably certain in determining the expected lease term.

Upon adopting this standard, the Company established a right of use asset of $147.2 million and lease liabilities of $169.9 million, reduced deferred rent by $44.6 million, and recorded a cumulative effect adjustment to retained earnings of $22.0 million. This retained earnings impact was due to the election of the hindsight practical expedient, which resulted in a decrease in the cumulative difference between the straight-line rent expense and rental payments that had been made between the inception of each lease and January 1, 2019. The change in the useful life assigned to certain leasehold improvements resulted in a $15.3 million reduction in fixed assets and retained earnings. The net impact of the cumulative effect adjustments also resulted in a $1.7 million reduction of deferred tax assets and a corresponding adjustment to retained earnings. The adoption of this standard did not have a material impact on net income or cash flows for the year ended December 31, 2019.

Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued a final standard on accounting for credit losses. The new standard was initially effective for the Company in 2020, and requires a change in credit loss calculations using the expected loss method. In November 2019, the FASB issued Accounting Standards Update 2019-10, “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” which, among other things, defers the effective date of Accounting Standards Update 2016-13, the standard on accounting for credit losses, for public filers that are considered smaller reporting companies as defined by the Securities and Exchange Commission to fiscal years beginning after December 15, 2022, including interim periods within those years. Early adoption is permitted. The Company intends to early adopt the standard effective January 1, 2021. The Company has evaluated the effect of the new standard on its consolidated financial statements and related disclosures, and has determined the impact will be immaterial.

In March 2020, the FASB issued guidance providing optional expedients and exceptions to account for the effects of reference rate reform to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The optional guidance is effective as of the beginning of the reporting period when the election is made through December 31, 2022. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

Impact of the COVID-19 Pandemic

12 Months Ended

Dec. 31, 2020

Impact of the COVID-19 Pandemic [Abstract]

Impact of the COVID-19 Pandemic

Note 2: Impact of the COVID-19 Pandemic

The COVID-19 pandemic has had a significant impact on the Company’s operations in 2020, and is likely to continue to have an impact on the Company in the future. The Company experienced a sharp decline in traffic toward the end of the first quarter of 2020 following the onset of COVID-19 in the United States and actions taken by state and local governments to encourage shelter in place practices. In response to this development, the Company took steps to reduce SG&A expenses by eliminating a portion of its workforce, reducing store hours, curtailing advertising spending, reducing the number of replenishment trucks sent from its distribution centers to its stores and limiting other SG&A spending when possible.

The Company also took steps to conserve cash that included working with its landlords to defer rent payments for many of its retail locations throughout the second quarter of 2020. As of December 31, 2020, the deferred rent balance was $2.1 million. The deferred rent balance is recorded as a liability within the current portion of lease liability and long-term lease liability, net balances. The majority of the remaining payments are expected to occur between the first quarter of 2021 and the third quarter of 2021. Additionally, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) contains provisions providing for the deferral of the employer portion of social security taxes incurred through the end of 2020. As of December 31, 2020, the Company had deferred $2.7 million in social security tax payments. The deferred amounts are recorded as a liability within other current accrued liabilities in the Company’s consolidated balance sheets.

Revenues

12 Months Ended

Dec. 31, 2020

Revenues [Abstract]

Revenues

Note 3: Revenues

On January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09 (Topic 606), “Revenue from Contracts with Customers,” using the modified retrospective method applied to those contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under Topic 605. The adoption of Topic 606 had a cumulative impact adjustment to opening retained earnings of $0.1 million as of January 1, 2018 and did not have an impact on revenues recognized for the year ended December 31, 2018.

Revenue Recognition

The following table presents revenues disaggregated by product category:



	Years Ended December 31,
	2020		2019
Man-made tiles	46	%	47	%
Natural stone tiles	29		29
Setting and maintenance materials	14		13
Accessories	9		10
Delivery service	2		1
	100	%	100	%

The Company generates revenues by selling tile products, setting and maintenance materials, accessories, and delivery services to its customers through its store locations. The timing of revenue recognition coincides with the transfer of control of goods and services ordered by the customer, which falls into one of three categories described below:

Revenue recognized when an order is placed – If a customer places an order in a store and the contents of their order are available, the Company recognizes revenue concurrent with the exchange of goods for consideration from the customer.

Revenue recognized when an order is picked up – If a customer places an order for items held in a centralized distribution center, the Company requests a deposit from the customer at the time they place the order. Subsequently when the contents of the customer’s order are delivered to the store, the customer returns to the store and picks up the items that were ordered. The Company recognizes revenue on this transaction when the customer picks up their order.

Revenue recognized when an order is delivered – If a customer places an order in a store and requests delivery of their order, the Company prepares the contents of their order, initiates the delivery service, and recognizes revenue once the contents of the customer’s order are delivered.

The Company determines the transaction price of its contracts based on the pricing established at the time a customer places an order. The transaction price does not include sales tax as the Company is a pass-through conduit for collecting and remitting sales tax. Any discounts applied to an order are allocated proportionately to the base price of the goods and services ordered. Deposits made by customers are recorded in other accrued liabilities. Deferred revenues associated with customer deposits are recognized at the time the Company transfers control of the items ordered or renders the delivery service. In the event an order is partially fulfilled as of the end of a reporting period, revenue will be recognized based on the transaction price allocated to the goods delivered and services rendered. The customer deposit balance was $12.2 million and $7.7 million as of December 31, 2020 and 2019, respectively. Revenues recognized during the year ended December 31, 2020 that were included in the customer deposit balance as of the beginning of the period were $7.7 million.

The Company extends financing to qualified professional customers who apply for credit. The accounts receivable balance was $3.0 million and $3.4 million as of December 31, 2020 and 2019, respectively. Customers who qualify for an account receive 30-day payment terms. The Company expects that the customer will pay for the goods and services ordered within one year from the date the order is placed. Accordingly, the Company qualifies for the practical expedient outlined in ASC 606-10-32-18 and does not adjust the promised amount of consideration for the effects of the financing component.

Customers may return purchased items for an exchange or refund. The Company records a reserve for estimated product returns based on the historical returns trends and the current product sales performance. The Company presents the sales returns reserve as an other current accrued liability and the estimated value of the inventory that will be returned as an other current asset in the Consolidated Balance Sheet. The components of the sales returns reserve reflected in the Consolidated Balance Sheet as of December 31, 2020 and 2019 are as follows:



	(in thousands)
	December 31,		December 31,
	2020		2019
Other current accrued liabilities	$	4,957	$	5,434
Other current assets		1,516		1,659
Sales returns reserve, net	$	3,441	$	3,775

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 4: Property, Plant and Equipment

Property, plant and equipment consisted of the following at December 31:



	2020		2019
	(in thousands)
Land	$	904	$	904
Building and building improvements		25,731		25,733
Leasehold improvements		97,507		97,077
Furniture and fixtures		142,501		146,913
Machinery and equipment		30,205		30,420
Computer equipment and software		45,217		45,473
Vehicles		5,005		4,722
Construction in progress		766		2,159
Total property, plant and equipment		347,836		353,401
Less accumulated depreciation		(248,801)		(222,940)
Total property, plant and equipment, net	$	99,035	$	130,461

Depreciation expense on property and equipment, including financing leases, was $31.3 million, $33.5 million and $28.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. Property, plant and equipment is measured at fair value when an impairment is recognized and the related assets are written down to fair value. During the years ended December 31, 2020 and 2018, the Company recorded asset impairment charges of $2.2 million and $0.7 million, respectively. No impairment charges were recorded during the year ended December 31, 2019.

Other Accrued Liabilities

12 Months Ended

Dec. 31, 2020

Other Accrued Liabilities [Abstract]

Other Accrued Liabilities

Note 5: Other Accrued Liabilities

Other accrued liabilities consisted of the following at December 31:



	2020		2019
	(in thousands)
Customer deposits	$	12,225	$	7,727
Sales returns reserve		4,957		5,434
Accrued wages and salaries		6,561		4,064
Payroll and sales taxes		4,958		2,764
Other current liabilities		5,405		4,600
Total other accrued liabilities	$	34,106	$	24,589

Long-term Debt

12 Months Ended

Dec. 31, 2020

Long-term Debt [Abstract]

Long-term Debt

Note 6: Long-term Debt

Long-term debt, net of debt issuance costs, consisted of the following at December 31:



	2020		2019
	(in thousands)
Total debt obligations	$	-	$	63,000
Less: current portion		-		-
Debt obligations, net of current portion	$	-	$	63,000

On September 18, 2018, Holdings and its operating subsidiary, The Tile Shop, entered into a credit agreement with Bank of America, N.A., Fifth Third Bank and Citizens Bank (the “Credit Agreement”). The Credit Agreement provides the Company with a senior credit facility consisting of a $100.0 million revolving line of credit through September 18, 2023. Borrowings pursuant to the Credit Agreement initially bear interest at a LIBOR or base rate. The LIBOR-based rate ranges from LIBOR plus 1.50% to 2.25% depending on the Company’s rent adjusted leverage ratio. The base rate is equal to the greatest of (a) the Federal funds rate plus 0.50%, (b) the Bank of America “prime rate,” and (c) the Eurodollar rate plus 1.00%, in each case plus 0.50% to 1.25% depending on the Company’s rent adjusted leverage ratio. At December 31, 2020, the LIBOR-based interest rate was 1.90% and the base rate was 4.00%.

The Credit Agreement is secured by virtually all of the assets of the Company, including but not limited to, inventory, receivables, equipment and real property. The Credit Agreement contains customary events of default, conditions to borrowings, and restrictive covenants, including restrictions on the Company’s ability to dispose of assets, make acquisitions, incur additional debt, incur liens, or make investments. The Credit Agreement also includes financial and other covenants, including covenants to maintain certain fixed charge coverage ratios and consolidated total rent adjusted leverage ratios. The Company was in compliance with the covenants as of December 31, 2020.

The Company did not have any borrowings outstanding on the revolving line of credit as of December 31, 2020. The Company has standby letters of credit outstanding related to its workers’ compensation and medical insurance policies. As of December 31, 2020 and 2019, the standby letters of credit totaled $2.4 million and $1.3 million, respectively. There was $97.6 million available for borrowing on the revolving line of credit as of December 31, 2020, which may be used to support the Company’s growth and for working capital purposes.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 7: Commitments and Contingencies

Legal proceedings:

The Company is, from time to time, party to lawsuits, threatened lawsuits, disputes and other claims arising in the normal course of business. The Company assesses its liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that the Company will incur a loss and the amount of the loss can be reasonably estimated, the Company records a liability in its consolidated financial statements. These legal accruals may be increased or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of the loss is not estimable, the Company does not record an accrual, consistent with applicable accounting guidance. In the opinion of management, while the outcome of such claims and disputes cannot be predicted with certainty, the Company’s ultimate liability in connection with these matters is not expected to have a material adverse effect on its results of operations, financial position, or cash flows. However, legal proceedings are inherently uncertain. As a result, the outcome of a particular matter or a combination of matters may

be material to the Company’s results of operations for a particular period, depending upon the size of the loss or the Company’s income for that particular period.

As previously disclosed, the Company was a nominal defendant and certain current and former directors were individual defendants in litigation brought by K-Bar Holdings LLC and Wynnefield Capital, Inc. (“Plaintiffs”), in the Delaware Court of Chancery (the “Action”), in November 2019. Plaintiffs pleaded the Action as a derivative claim on behalf of the Company and also on behalf of a putative class of certain holders of the Company’s common stock as of October 18, 2019 (the “Putative Class”). Plaintiffs alleged breaches of fiduciary duty in connection with, among other things, the Company’s decision to delist from The Nasdaq Stock Market LLC and deregister its common stock under the Securities Exchange Act of 1934, as amended. As previously disclosed, on June 30, 2020, the Company, the individual defendants, and Plaintiffs reached an agreement to settle all claims in the Action, which was documented in a Stipulation of Settlement dated August 7, 2020 (the “Stipulation of Settlement”). Among other terms, the Stipulation of Settlement provided for a settlement fund of $12.0 million, which was funded by the Company’s insurers, and which will be distributed to members of the Putative Class pursuant to an allocation and claims distribution process proposed by the Plaintiffs and approved by the Court. The Stipulation of Settlement was approved by the Court on October 12, 2020. The Court also granted the Plaintiffs’ counsel a $2.7 million award of attorneys’ fees in connection with the settlement of the derivative claims. During the three-month period ended December 31, 2020, the Company’s insurers made payments to the Plaintiffs’ counsel and the settlement fund in accordance with the Court’s order.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Note 8: Leases

The Company leases its retail stores, certain distribution space, and office space. Leases generally have a term of ten to fifteen years, and contain renewal options. Assets acquired under operating leases are included in the Company’s right of use assets in the accompanying consolidated balance sheet. The Company’s lease agreements do not contain significant residual value guarantees, restrictions or covenants. The depreciable life of assets and leasehold improvements is limited by the expected lease term.

In accordance with the FASB’s April 2020 Staff Q&A regarding rent concessions related to the effects of the COVID-19 pandemic, the Company has elected to account for the concessions verbally agreed to by landlords that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee as though enforceable rights and obligations for those concessions existed in the original lease agreements, and the Company has elected to not re-measure the related lease liabilities and right-of-use assets. For qualifying rent abatement concessions, the Company has recorded negative lease expense for the amount of the concession during the period of relief. During the year ended December 31, 2020, the Company recognized $0.1 million of negative lease expense related to rent abatement concessions. For qualifying deferrals of rental payments, the Company has recognized a non-interest bearing payable classified as a Current portion of lease liability in the Consolidated Balance Sheet in lieu of recognizing a decrease in cash for the lease payment that would have been made based on the original terms of the lease agreement. The deferred rent payment balance will be reduced in future periods as amounts due are repaid. The deferred rent balance outstanding as of December 31, 2020 was $2.1 million. The majority of the remaining repayments are expected to occur between the first quarter of 2021 and the third quarter of 2021.


Leases (in thousands)	Classification		December 31, 2020		December 31, 2019
Assets
Operating lease assets	Right of use asset	$	132,374	$	137,737
Financing lease assets	Property, plant and equipment, net of accumulated depreciation		-		113
Total leased assets		$	132,374	$	137,850

Liabilities
Current
Operating	Current portion of lease liability	$	27,223	$	26,993
Financing	Other accrued liabilities		-		162
Noncurrent
Operating	Long-term lease liability, net		122,678		131,451
Financing	Financing lease obligation, net		-		274
Total lease liabilities		$	149,901	$	158,880


			Year Ended December 31,
Lease cost (in thousands)	Classification		2020		2019
Operating lease cost	SG&A expenses	$	33,167	$	32,571
Financing lease cost
Amortization of leased assets	SG&A expenses		49		49
Interest on lease liabilities	Interest expense		54		76
Variable lease cost⁽¹⁾	SG&A expenses		13,854		13,529
Short term lease cost	SG&A expenses		709		876
Net lease cost		$	47,833	$	47,101

⁽¹⁾Variable lease costs consist primarily of taxes, insurance, and common area or other maintenance costs for the Company’s leased facilities.


Maturity of Lease Liabilities (in thousands)	Operating Leases
2021	$	37,003
2022		35,737
2023		31,478
2024		24,898
2025		18,605
Thereafter		34,795
Total lease payments		182,516
Less: interest		(32,615)
Present value of lease liabilities	$	149,901


		Year Ended December 31,
Other Information (in thousands)		2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(37,242)	$	35,054
Operating cash flows from financing leases	$	43	$	64
Financing cash flows from financing leases	$	(162)	$	204
Lease right-of-use assets obtained or modified in exchange for lease obligations	$	19,278	$	5,993


Lease Term and Discount Rate	December 31, 2020		December 31, 2019
Weighted average remaining term (years)
Operating leases	5.8		6.8
Financing leases	-		2.4
Weighted average discount rate
Operating leases	6.43	%	6.23	%
Financing leases	-	%	14.73	%

Disclosures Related to Periods Prior to the Adoption of the New Lease Standard

Operating Leases:

The Company leases buildings and office space under various operating lease agreements. In addition to rent, most leases require payments of real estate taxes, insurance, and common area maintenance. The leases generally have an initial lease term of ten to fifteen years and contain renewal options and escalation clauses. For leases that contain fixed escalation of the minimum rent or rent holidays, rent expense is recognized on a straight-line basis through the end of the lease term including assumed renewals. The difference between the straight-line rent amounts and amounts payable under the leases is recorded as deferred rent. For the year ended December 31, 2018, rent expense was $35.4 million.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2020

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

Note 9: Fair Value of Financial Instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. To measure fair value, the Company uses a three-tier valuation hierarchy based upon observable and non-observable inputs:

Level 1 – Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date.

Level 2 – Significant other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including:

Quoted prices for similar assets or liabilities in active markets;

Quoted prices for identical or similar assets or liabilities in non-active markets;

Inputs other than quoted prices that are observable for the asset or liability; and

Inputs that are derived principally from or corroborated by other observable market data.

Level 3 – Significant unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment.

The following table sets forth by level within the fair value hierarchy the Company’s financial assets that were accounted for at fair value on a recurring basis at December 31, 2020 and 2019 according to the valuation techniques the Company uses to determine their fair values. There have been no transfers of assets among the fair value hierarchies presented.



	Pricing	Fair Value at
	Category	December 31, 2020		December 31, 2019
Assets		(in thousands)
Cash and cash equivalents	Level 1	$	9,617	$	9,104
Restricted cash	Level 1		655		815

The following methods and assumptions were used to estimate the fair value of each class of financial instrument. There have been no changes in the valuation techniques used by the Company to value the Company’s financial instruments.

Cash and cash equivalents: Consists of cash on hand and bank deposits. The value was measured using quoted market prices in active markets. The carrying amount approximates fair value.

Restricted cash: Consists of cash and cash equivalents held in bank deposit accounts restricted as to withdrawal or that are under the terms of use for current operations. The value was measured using quoted market prices in active markets. The carrying amount approximates fair value.

The carrying value of accounts receivable and accounts payable approximates their estimated fair values due to the short maturities of these instruments.

Fair value measurements also apply to certain non-financial assets and liabilities measured at fair value on a nonrecurring basis. Property, plant and equipment and right of use assets are measured at fair value when an impairment is recognized and the related assets are written down to fair value. During the years ended December 31, 2020 and 2018, the Company recognized charges in selling, general, and administrative expenses to write-down property, plant, and equipment and right of use assets to their estimated fair values of $2.2 million and $0.7 million, respectively. No impairment charges were recorded during the year ended December 31, 2019. The Company measured the fair value of these assets based on projected cash flows, an estimated risk-adjusted rate of return, and market rental rates for comparable properties. Projected cash flows are considered Level 3 inputs. Market rental rates for comparable properties are considered Level 2 inputs.

The carrying value of the Company’s borrowings under its Credit Agreement approximates fair value based upon Level 2 inputs of the market interest rates available to the Company for debt obligations with similar risks and maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions

Note 10: Related Party Transactions

On July 9, 2018, Fumitake Nishi, a former Company employee and the brother-in-law of Robert A. Rucker, the Company’s former Interim Chief Executive Officer and President, former member of the Company’s Board of Directors, and current holder of more than 5% of the Company’s common stock, informed the Company he had reacquired a majority of the equity of one of its key vendors, Nanyang Helin Stone Co. Ltd (“Nanyang”). Mr. Nishi also has an ownership interest in Tilestyling Co. Ltd (“Tile Style”), a vendor from which the Company started acquiring product in 2020. Nanyang and Tile Style supply the Company with natural stone products, including hand-crafted mosaics, listellos and other accessories. The Company paid $7.6 million, $5.1 million, and $12.0 million to Nanyang in connection with purchases made during the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020 and 2019, the accounts payable due to Nanyang were $0.2 million and $1.4 million, respectively. The Company paid $0.7 million to Tile Style in connection with purchases made during the year ended December 31, 2020. The Company did not make any purchases from Tile Style during the years ended December 31, 2019 or December 31, 2018. As of December 31, 2020, the accounts payable balance due to Tile Style was $0.1 million. The Company did not have any outstanding payable balances due to Tile Style as of December 31, 2019. Mr. Nishi’s employment with the Company was terminated on January 1, 2014 as a result of several violations of the Company’s code of business conduct and ethics policy. Certain of those violations involved his undisclosed ownership of Nanyang at that time.

Management and the Audit Committee have evaluated these relationships and determined that it would be in the Company’s best interests to continue purchasing products from Nanyang and to begin purchasing products from Tile Style. The Company believes Nanyang and Tile Style each provide an important combination of quality, product availability and pricing, and relying solely on other vendors to supply similar product to the Company would not be in the Company’s best interests. The Company and the Audit Committee will continue to review future purchases from Nanyang and Tile Style and compare the pricing for products purchased from each of Nanyang and Tile Style to the pricing of same or similar products purchased from unrelated vendors.

The Company employed Adam Rucker, son of Robert A. Rucker, the Company’s former Interim Chief Executive Officer and President, former member of the Company’s Board of Directors, and current holder of more than 5% of the Company’s common stock, as a Director of Information Technology through December 12, 2018. He was paid $29,025 severance in 2019. In fiscal year 2018, the Company paid Adam Rucker a total of $112,000. Adam Rucker also received the standard benefits provided to other Company employees during fiscal year 2018.

Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2020

Income (Loss) Per Common Share [Abstract]

Income (Loss) Common Per Share

Note 11: Income (loss) per common share

Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding, after taking into consideration all dilutive potential common shares outstanding during the period. Dilutive shares were excluded from the calculation of diluted net loss per share for the year ended December 31, 2019, as their effect was antidilutive as a result of the net loss incurred for that period. Therefore, dilutive weighted average number of shares outstanding and diluted net loss per share were the same as basic weighted average number of shares outstanding and basic net loss per share for the year ended December 31, 2019.

Basic and diluted net income (loss) per share was calculated as follows:



	2020		2019		2018
	(in thousands, except share and per share data)
Net income (loss)	$	6,031	$	(4,463)	$	10,442
Weighted average shares outstanding - basic		49,957,356		50,624,309		51,907,619
Effect of dilutive securities attributable to stock based awards		626,386		-		181,541
Weighted average shares outstanding - diluted		50,583,742		50,624,309		52,089,160
Basic net income (loss) per share	$	0.12	$	(0.09)	$	0.20
Diluted net income (loss) per share	$	0.12	$	(0.09)	$	0.20
Anti-dilutive securities excluded from earnings per share calculation		1,482,552		2,251,652		1,508,616

Equity Incentive Plans

12 Months Ended

Dec. 31, 2020

Equity Incentive Plans [Abstract]

Equity Incentive Plans

Note 12: Equity Incentive Plans

2012 Plan:

Under the 2012 Omnibus Award Plan, 5,000,000 shares of the Company’s common stock are reserved for issuance pursuant to a variety of stock based compensation awards, including stock options, and restricted stock awards.

Stock Options:

During the year ended December 31, 2020, the Company did not grant any stock options to its employees. During the year ended December 31, 2019 and 2018, the Company granted stock options to its employees that included service condition requirements. The options provide for certain acceleration of vesting and cancellation of options under different circumstances, such as a change in control, death, disability and termination of service. The Company recognizes compensation expense on a straight-line basis over the requisite service period, net of actual forfeitures.

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model. The assumptions used in the option valuation models are outlined in the following table:



	2020		2019		2018
Risk-free interest rate		–		2.50%	2.75%	–	3.08%
Expected life (in years)		–		6	5	–	6
Expected volatility		–		56%	55%	–	57%
Dividend yield		–		3%	2%	–	4%

The computation of the expected volatility assumptions used in the option valuation models was based on historical volatilities of the Company. The Company used the “simplified” method to calculate the expected term of options granted due to the lack of adequate historical data. The risk-free interest rate was based on the U.S. Treasury yield at the time of grant. The expected dividend yield was determined using the historical dividend payout and a trailing twelve month closing stock price on the grant date. To the extent that actual outcomes differ from the Company's assumptions, the Company is not required to true up grant-date fair value-based expense to final intrinsic values. The weighted average fair value of stock options granted was $2.57 and $3.10 during the years ended December 31, 2019 and 2018, respectively.

Stock based compensation related to options for the years ended December 31, 2020, 2019 and 2018 was $0.4 million, $0.7 million, and $1.0 million, respectively, and was included in selling, general and administrative expenses in the consolidated statements of operations. As of December 31, 2020, the total future compensation cost related to non-vested options not yet recognized in the consolidated statement of operations was $0.4 million and is expected to be recognized over a weighted average period of 1.6 years.

The following table summarizes stock option activity during the years ended December 31, 2020, 2019 and 2018:



	Shares	Weighted ‎Average ‎Exercise ‎Price		Weighted Avg. Grant Date Fair Value		Weighted Avg. ‎Remaining ‎Contractual ‎Term (Years)	Aggregate ‎Intrinsic ‎Value ‎(in thousands)
Balance, January 1, 2018	1,732,564	$	14.74	$	6.95	4.5	$	365
Granted	176,380	$	7.19	$	3.10
Exercised	-	$	-	$	-
Cancelled/Forfeited	(520,865)	$	18.59	$	8.69
Balance, December 31, 2018	1,388,079	$	12.34	$	5.80	4.9	$	-
Granted	334,134	$	6.26	$	2.57
Exercised	-	$	-	$	-
Cancelled/Forfeited	(468,219)	$	10.66	$	4.81
Balance, December 31, 2019	1,253,994	$	11.34	$	5.31	4.7	$	-
Granted	-	$	-	$	-
Exercised	-	$	-	$	-
Cancelled/Forfeited	(243,547)	$	12.91	$	5.91
Balance, December 31, 2020	1,010,447	$	10.96	$	5.16	4.6	$	-
Exercisable at December 31, 2020	810,920	$	11.83	$	5.66	3.9
Vested and expected to vest, December 31, 2020	1,010,447	$	10.96	$	5.16	4.6	$	-

The aggregate intrinsic value is the difference between the exercise price and the closing price of the Company’s stock on December 31. No stock options were exercised during fiscal year 2020.

Options outstanding as of December 31, 2020 were as follows:



Range of Exercise Price				Weighted Average
			Options	Exercise Price		Remaining Contractual ‎Life-Years
$5.00	to	$10.00	686,887	$	8.31	4.99
$10.01	to	$15.00	144,060	$	12.52	4.05
$15.01	to	$20.00	120,500	$	17.83	3.96
$20.01	to	$25.00	51,000	$	23.17	2.76
$25.01	to	$30.00	8,000	$	29.44	2.56

Restricted Stock:

The Company awards restricted common shares to selected employees and non-employee directors. Recipients are not required to provide any consideration upon vesting of the award. Restricted stock awards are subject to certain restrictions on transfer, and all or part of the shares awarded may be subject to forfeiture upon the occurrence of certain events, including employment termination. Certain awards are also subject to forfeiture if the Company fails to attain its Adjusted EBITDA or other performance targets. The restricted common stock is valued at its grant date fair value and expensed over the requisite service period or the vesting term of the awards. The Company adjusts the cumulative expense recognized on awards with performance conditions based on the probability of achieving the performance condition.

The following table summarizes restricted stock activity during the years ended December 31, 2020, 2019 and 2018:



	Shares	Weighted Avg. Grant Date Fair Value
Nonvested, January 1, 2018	275,168	$	13.03
Granted	682,646	$	6.61
Vested	(63,680)	$	15.88
Forfeited	(131,617)	$	8.70
Nonvested, December 31, 2018	762,517	$	7.80
Granted	781,697	$	4.36
Vested	(170,677)	$	7.95
Forfeited	(375,879)	$	7.39
Nonvested, December 31, 2019	997,658	$	5.23
Granted	1,090,759	$	1.12
Vested	(329,326)	$	5.34
Forfeited	(116,594)	$	5.22
Nonvested, December 31, 2020	1,642,497	$	2.48

The total expense associated with restricted stock for the years ended December 31, 2020, 2019, and 2018 was $1.8 million, $1.9 million, and $1.7 million, respectively. As of December 31, 2020, there was $2.9 million of total unrecognized expense related to unvested restricted stock awards, which are expected to vest, and will be expensed over a weighted average period of 2.1 years. The fair value of restricted stock granted in fiscal years 2020 and 2019 was $1.2 million and $3.4 million, respectively. The total fair value of restricted stock that vested in fiscal years 2020 and 2019 was $0.6 million and $0.7 million, respectively. Using the closing stock price of $4.30 on December 31, 2020, the 1,642,497 restricted shares outstanding and expected to vest as of December 31, 2020 had an intrinsic value of $7.1 million.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Income Taxes

Note 13: Income Taxes

The components of the provision for income taxes consisted of the following:



	Years Ended December 31,
	2020		2019		2018
	(in thousands)
Current
Federal	$	(3,632)	$	324	$	734
State		190		479		638
International		31		144		23
Total Current		(3,411)		947		1,395
Deferred
Federal		1,522		(1,296)		2,839
State		377		(261)		844
International		(17)		(64)		80
Total Deferred		1,882		(1,621)		3,763
Total (Benefit) Provision for Income Taxes	$	(1,529)	$	(674)	$	5,158

A majority of the Company's income is from domestic operations.

On March 27, 2020, the CARES Act was signed into law. The CARES Act includes a wide variety of tax and non-tax provisions aimed to provide relief to individuals and businesses adversely affected by the COVID-19 pandemic, including an array of tax benefits and incentives for businesses, including the deferral of certain employer payroll taxes. Additionally, the CARES Act modified the rules associated with net operating losses and made technical corrections to tax depreciation methods for qualified improvement property. As a result of the CARES Act tax law changes, for the year ended December 31, 2020, we recognized a $3.4 million tax benefit related to our ability to carryback net operating losses to prior years that had higher tax rates. The carryback claims of the 2019 U.S. federal income tax return are currently filed with the IRS, and the anticipated refund is $8.9 million. Additionally, starting in the second quarter of 2020 and continuing through the year ended December 31, 2020, the Company deferred payments associated with employer related payroll taxes of approximately $2.7 million under the CARES Act with expected payments in late 2021 and 2022.

The following table reflects the effective income tax rate reconciliation for the years ended December 31, 2020, 2019 and 2018:



	2020		2019		2018
Federal statutory rate	21.0	%	21.0	%	21.0	%
Tax reform	-		-		(1.1)
State income taxes, net of the federal tax benefit	7.6		3.7		5.7
Stock based compensation	12.6		(7.3)		7.6
Remeasurement of deferred tax assets	(0.1)		(1.1)		0.3
Tax credits	(0.9)		2.6		(0.8)
Uncollectible state receivables	-		(5.6)		-
Impact of CARES Act	(76.1)		-		-
Other	1.9		(0.2)		0.4
Effective tax rate	(34.0)	%	13.1	%	33.1	%

The Company’s effective tax rate was (34.0%) in 2020 and 13.1% in 2019. The tax benefit recognized during 2020 and the improvement in the effective tax rate was primarily due to the enactment of the CARES Act, which gave the Company the ability to carry back federal net operating losses to years with a federal statutory tax rate of 35%.

The Company’s effective tax rate for 2019 was 13.1%, compared to 33.1% in 2018, a decrease of 20.0%. Income tax expense in 2018 included stock based compensation charges, which increased the Company’s effective tax rate by 7.6%. Income tax benefit in 2019 included tax shortfall charges and the write-off of uncollectible state receivables, which decreased the Company’s effective tax rate by 12.9%.
‎

Components of net deferred income taxes were as follows at December 31:



	2020		2019
	(in thousands)
Deferred income tax assets:
Section 743 carryforward	$	11,215	$	12,915
Inventory		1,324		1,829
Stock based compensation		1,019		1,290
Operating lease liabilities⁽¹⁾		38,981		41,203
Net operating loss & credit carryforwards		362		3,495
Other		3,520		2,120
Total deferred income tax assets	$	56,421	$	62,852

Deferred income tax liabilities
Depreciation		12,642		15,279
Operating lease right-of-use assets⁽¹⁾		36,516		37,910
Other		1,922		2,467
Total deferred income tax liabilities		51,080		55,656
Net deferred income tax assets	$	5,341	$	7,196

(1)See Note 1: Summary of Significant Accounting Policies, regarding the impact of the adoption of ASC Topic 842: Leases

As of December 31, 2020, the Company had $0.4 million of state tax effected net operating losses, with all amounts before limitation impacts and valuation allowances. The state tax attribute carryovers will expire after five years to indefinite carryover period.

The Company has recognized the tax consequences of all foreign unremitted earnings and management has no specific plans to indefinitely reinvest the unremitted earnings of its foreign subsidiary as of December 31, 2020. As of December 31, 2020, the total undistributed earnings of the Company's non-U.S. subsidiary was approximately $0.6 million. The Company has provided no deferred taxes on withholding taxes, state taxes, and foreign currency gains and losses due on the repatriation of those earnings.

The Company records interest and penalties through income tax relating to uncertain tax positions. As of December 31, 2020, 2019 and 2018, the Company has not recognized any liabilities for uncertain tax positions nor has the Company accrued interest and penalties related to uncertain tax positions.

The Company's federal income tax returns for fiscal years 2017 through 2019 tax years are still subject to examination in the U.S. Various state and foreign jurisdiction tax years remain open to examination. The Company believes that any potential assessment would be immaterial to its consolidated financial statements.

New Markets Tax Credit

12 Months Ended

Dec. 31, 2020

New Markets Tax Credit [Abstract]

New Markets Tax Credit

Note 14: New Markets Tax Credit

2016 New Markets Tax Credit

In December 2016, the Company entered into a financing transaction with U.S. Bank Community, LLC (“U.S. Bank”) related to a $9.2 million expansion of the Company’s facility in Durant, Oklahoma. U.S. Bank made a capital contribution to, and Tile Shop Lending, Inc. (“Tile Shop Lending”) made a loan to, Twain Investment Fund 192 LLC (the “Investment Fund”) under a qualified New Markets Tax Credit (“NMTC”) program. The NMTC program was provided for in the Community Renewal Tax Relief Act of 2000 (the “Act”) and is intended to induce capital investment in qualified lower income communities. The Act permits taxpayers to claim credits against their federal income taxes for up to 39% of qualified investments in the equity of community development entities (“CDEs”). CDEs are privately managed investment institutions that are certified to make qualified low-income community investments.

In this transaction, Tile Shop Lending loaned $6.7 million to the Investment Fund at an interest rate of 1.37% per year and with a maturity date of December 31, 2046. The Investment Fund then contributed the loan to a CDE, which, in turn, loaned the funds on similar terms to Tile Shop of Oklahoma, LLC, an indirect, wholly-owned subsidiary of Holdings. The proceeds of the loans from the CDEs (including loans representing the capital contribution made by U.S. Bank, net of syndication fees) were used to partially fund the distribution center project.

In December 2016, U.S. Bank contributed $3.2 million to the Investment Fund and, by virtue of such contribution, is entitled to substantially all of the tax benefits derived from the NMTC, while the Company effectively received net loan proceeds equal to U.S. Bank’s contributions to the Investment Fund. This transaction includes a put/call provision whereby the Company may be obligated or entitled to repurchase U.S. Bank’s interest. The Company believes that U.S. Bank will exercise the put option in December 2023 at the end of the recapture period. The value attributed to the put/call is de minimis. The NMTC is subject to 100% recapture for a period of seven years as provided in the Internal Revenue Code. The Company is required to be in compliance with various regulations and contractual provisions that apply to the NMTC arrangement. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, could require the Company to indemnify U.S. Bank for any loss or recapture of NMTCs related to the financing until such time as the obligation to deliver tax benefits is relieved. The Company does not anticipate any credit recaptures will be required in connection with this arrangement.

The Company has determined that the financing arrangement with the Investment Fund and CDEs constitutes a variable interest entity (“VIE”). The ongoing activities of the Investment Fund – collecting and remitting interest and fees and NMTC compliance – were all considered in the initial design and are not expected to significantly affect economic performance throughout the life of the Investment Fund. Management considered the contractual arrangements that obligate the Company to deliver tax benefits and provide various other guarantees to the structure; U.S. Bank’s lack of a material interest in the underlying economics of the project; and the fact that the Company is obligated to absorb losses of the Investment Fund. The Company concluded that it is the primary beneficiary of the VIE and consolidated the Investment Fund, as a VIE, in accordance with the accounting standards for consolidation. In 2016, U.S. Bank contributed $3.2 million, net of syndication fees, to the Investment Fund. The Company incurred $1.3 million of syndication fees in connection with this transaction. The Company is recognizing the benefit of this net $1.9 million contribution over the seven-year compliance period as it is being earned through the on-going compliance with the conditions of the NMTC program. As of December 31, 2020, the balance of the contribution liability for this arrangement was $1.4 million, of which $0.5 million was classified as other accrued liabilities on the consolidated balance sheet and $0.9 million was classified as other long-term liabilities on the consolidated balance sheet.

The Company is able to request reimbursement for certain expenditures made in connection with the expansion of the distribution center in Durant, Oklahoma from the Investment Fund. Expenditures that qualify for reimbursement include building costs, equipment purchases, and other expenditures tied to the expansion of the facility. As of December 31, 2020, the remaining balance in the Investment Fund available for reimbursement to the Company was $0.7 million.

2013 New Markets Tax Credit

In July 2013, the Company entered into a financing transaction with U.S. Bank and Chase Community Equity (“Chase”, and collectively with U.S. Bank, the “investors”) related to the $19.1 million acquisition, rehabilitation, and construction of the Company’s distribution center and manufacturing facilities in Durant, Oklahoma. In this transaction, Tile Shop Lending loaned $13.5 million to the Tile Shop Investment Fund LLC. The investors contributed $5.6 million to the Tile Shop Investment Fund LLC. The investors were entitled to the tax benefits derived from the NMTC by virtue of their contribution while the Company received the proceeds, net of syndication fees, to apply toward the construction project. This transaction included a put/call provision whereby the Company may have been obligated or entitled to repurchase the investors’ interest. The value attributed to the put/call prior to the exercise of the put option was de minimis. The NMTC was subject to 100% recapture for a period of seven years as provided in the Internal Revenue Code. The Company was required to be in compliance with various regulations and contractual provisions that applied to the NMTC arrangement. Non-compliance with applicable requirements could have resulted in projected tax benefits not being realized and, therefore, could have required the Company to indemnify the investors for any loss or recapture of NMTCs related to the financing until such time as the obligation to deliver tax benefits was relieved. No credit recaptures were required in connection with this arrangement.

The Company determined that this financing arrangement constituted a VIE. The ongoing activities of the Tile Shop Investment Fund LLC – collecting and remitting interest and fees and NMTC compliance – were all considered in the initial design and are not expected to significantly affect economic performance throughout the life of the Tile Shop Investment Fund LLC. Management considered the contractual arrangements that obligated the Company to deliver tax benefits and provide various other guarantees to the structure; the investors’ lack of a material interest in the underlying economics of the project; and the fact that the Company is obligated to absorb losses of The Tile Shop Investment Fund LLC. The Company concluded that it is the primary beneficiary of the VIE and consolidated the Tile Shop Investment Fund LLC, as a VIE, in accordance with the accounting standards for consolidation. In 2013, the investors contributed $5.6 million, net of syndication fees, to the Tile Shop Investment Fund LLC. The Company incurred $1.2 million of syndication fees in connection with this transaction. The Company recognized the benefit of this net $4.4 million contribution over the seven-year compliance period as it was earned through the on-going compliance with the conditions of the NMTC program.

In July 2020, the investors exercised the put option to purchase the investors’ interest in the Tile Shop Investment Fund LLC at the end of the tax credit recapture period. This transaction did not have a significant impact on the Company’s financial position, results of operations, or cash flows.

Retirement Savings Plan

12 Months Ended

Dec. 31, 2020

Retirement Savings Plan [Abstract]

Retirement Savings Plan

Note 15: Retirement Savings Plan

The Company has a 401(k) profit sharing plan covering substantially all full-time employees. Employee contributions are limited to the maximum amount allowable by the Internal Revenue Code. The Company matched $1.5 million, $1.6 million, and $1.6 million of employee contributions in 2020, 2019, and 2018, respectively, and made no discretionary contributions for any of the years presented.

Quarterly Financial Data

12 Months Ended

Dec. 31, 2020

Quarterly Financial Data [Abstract]

Quarterly Financial Data

Note 16: Quarterly Financial Data (Unaudited)

Quarterly results of operations for the years ended December 31, 2020 and 2019 are summarized below (in thousands, except per share amounts):



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter

2020
Net sales	$	94,279		67,730		81,492		81,556
Gross profit		64,955		45,414		55,304		55,852
Income (loss) from operations		2,594		(1,794)		2,901		2,675
Net income (loss)		3,502		(760)		1,914		1,375
Basic earnings (loss) per share		0.07		(0.02)		0.04		0.03
Diluted earnings (loss) per share		0.07		(0.02)		0.04		0.03

2019
Net sales	$	86,908	$	88,903	$	85,944	$	78,596
Gross profit		61,842		61,360		59,169		53,748
Income (loss) from operations		2,894		798		(635)		(4,414)
Net income (loss)		1,320		(154)		(1,383)		(4,246)
Basic earnings (loss) per share		0.03		-		(0.03)		(0.09)
Diluted earnings (loss) per share		0.03		-		(0.03)		(0.09)

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies [Abstract]

Nature of Business

Basis of Presentation

Use of Estimates

Reclassification

The impact of this change on the Statement of Cash Flows presented as of December 31, 2019 and 2018 follows:


		For the year ended December 31, 2019
		Previously Reported		Adjustments		As Revised
Change in leases	$	(1,900)	$	1,900	$	-
Non-cash lease expense		-		23,230		23,230
Changes in operating assets and liabilities:
Accrued expenses and other liabilities		1,503		(25,130)		(23,627)
Net cash provided by operating activities	$	38,563	$	-	$	38,563


		For the year ended December 31, 2018
		Previously Reported		Adjustments		As Revised
Change in leases	$	2,386	$	(2,386)	$	-
Non-cash lease expense		-		2,386		2,386
Net cash provided by operating activities	$	18,170	$	-	$	18,170

The change in classification has no impact on the Company’s pretax earnings, earnings per share, net cash provided by operating activities, or balance sheets in any period.

Cash and Cash Equivalents

Restricted Cash

Cash and cash equivalents that are restricted as to withdrawal or are under the terms of use for current operations are included in the restricted balance on the balance sheet.

Trade Receivables

Inventories

Inventories were comprised of the following as of December 31:



	2020		2019
	(in thousands)
Finished goods	$	72,619	$	95,435
Raw materials		1,677		2,185
Total	$	74,296	$	97,620

Income Taxes

Revenue Recognition

Sales Return Reserve

Cost of Sales and Selling, General and Administrative Expenses

The primary costs classified in each major expense category are:

Cost of Sales

Materials cost;

Shipping and transportation expenses to bring products into the Company's distribution centers;

Custom and duty expenses;

Customer shipping and handling expenses;

Physical inventory losses;

Costs incurred at distribution centers in connection with the receiving process; and

Labor and overhead costs incurred to manufacture inventory

Selling, General & Administrative (sometimes referred to as “SG&A”) Expenses

All compensation costs for store, corporate and distribution employees;

Occupancy, utilities and maintenance costs of store and corporate facilities;

Shipping and transportation expenses to move inventory from the Company's distribution centers to the Company's stores;

Depreciation and amortization; and

Advertising costs

Stock Based Compensation

Concentration of Risk

Segments

Advertising Costs

Pre-opening Costs

Property, Plant and Equipment

asset. The cost and accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and any gain or loss thereon is included in other income and expense.



	Asset life (in years)
Buildings and building improvements		40
Leasehold improvements	5	–	20
Furniture and fixtures	2	–	7
Machinery and equipment	5	–	10
Computer equipment and software	3	–	7
Vehicles		5

Internal Use Software

Leases

Self-Insurance

of $1.7 million and $1.9 million related to estimated workers’ compensation claims was included in other accrued liabilities, respectively.

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies [Abstract]

Impact of Reclassifications on the Statement of Cash Flows


		For the year ended December 31, 2019
		Previously Reported		Adjustments		As Revised
Change in leases	$	(1,900)	$	1,900	$	-
Non-cash lease expense		-		23,230		23,230
Changes in operating assets and liabilities:
Accrued expenses and other liabilities		1,503		(25,130)		(23,627)
Net cash provided by operating activities	$	38,563	$	-	$	38,563


		For the year ended December 31, 2018
		Previously Reported		Adjustments		As Revised
Change in leases	$	2,386	$	(2,386)	$	-
Non-cash lease expense		-		2,386		2,386
Net cash provided by operating activities	$	18,170	$	-	$	18,170

Schedule of Inventories



	2020		2019
	(in thousands)
Finished goods	$	72,619	$	95,435
Raw materials		1,677		2,185
Total	$	74,296	$	97,620

Summary of Estimated Useful Lives of Property, Plant and Equipment



	Asset life (in years)
Buildings and building improvements		40
Leasehold improvements	5	–	20
Furniture and fixtures	2	–	7
Machinery and equipment	5	–	10
Computer equipment and software	3	–	7
Vehicles		5

Revenues (Tables)

12 Months Ended

Dec. 31, 2020

Revenues [Abstract]

Schedule of Revenues Disaggregated by Product Category



	Years Ended December 31,
	2020		2019
Man-made tiles	46	%	47	%
Natural stone tiles	29		29
Setting and maintenance materials	14		13
Accessories	9		10
Delivery service	2		1
	100	%	100	%

Schedule of Components of Returns Reserve



	(in thousands)
	December 31,		December 31,
	2020		2019
Other current accrued liabilities	$	4,957	$	5,434
Other current assets		1,516		1,659
Sales returns reserve, net	$	3,441	$	3,775

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment



	2020		2019
	(in thousands)
Land	$	904	$	904
Building and building improvements		25,731		25,733
Leasehold improvements		97,507		97,077
Furniture and fixtures		142,501		146,913
Machinery and equipment		30,205		30,420
Computer equipment and software		45,217		45,473
Vehicles		5,005		4,722
Construction in progress		766		2,159
Total property, plant and equipment		347,836		353,401
Less accumulated depreciation		(248,801)		(222,940)
Total property, plant and equipment, net	$	99,035	$	130,461

Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Other Accrued Liabilities [Abstract]

Schedule of Other Accrued Liabilities



	2020		2019
	(in thousands)
Customer deposits	$	12,225	$	7,727
Sales returns reserve		4,957		5,434
Accrued wages and salaries		6,561		4,064
Payroll and sales taxes		4,958		2,764
Other current liabilities		5,405		4,600
Total other accrued liabilities	$	34,106	$	24,589

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Long-term Debt [Abstract]

Schedule of Long-Term Debt



	2020		2019
	(in thousands)
Total debt obligations	$	-	$	63,000
Less: current portion		-		-
Debt obligations, net of current portion	$	-	$	63,000

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Lease Assets and Liabilities


Leases (in thousands)	Classification		December 31, 2020		December 31, 2019
Assets
Operating lease assets	Right of use asset	$	132,374	$	137,737
Financing lease assets	Property, plant and equipment, net of accumulated depreciation		-		113
Total leased assets		$	132,374	$	137,850

Liabilities
Current
Operating	Current portion of lease liability	$	27,223	$	26,993
Financing	Other accrued liabilities		-		162
Noncurrent
Operating	Long-term lease liability, net		122,678		131,451
Financing	Financing lease obligation, net		-		274
Total lease liabilities		$	149,901	$	158,880

Summary of Lease Cost


			Year Ended December 31,
Lease cost (in thousands)	Classification		2020		2019
Operating lease cost	SG&A expenses	$	33,167	$	32,571
Financing lease cost
Amortization of leased assets	SG&A expenses		49		49
Interest on lease liabilities	Interest expense		54		76
Variable lease cost⁽¹⁾	SG&A expenses		13,854		13,529
Short term lease cost	SG&A expenses		709		876
Net lease cost		$	47,833	$	47,101

⁽¹⁾Variable lease costs consist primarily of taxes, insurance, and common area or other maintenance costs for the Company’s leased facilities.

Maturity Of Lease Liabilities


Maturity of Lease Liabilities (in thousands)	Operating Leases
2021	$	37,003
2022		35,737
2023		31,478
2024		24,898
2025		18,605
Thereafter		34,795
Total lease payments		182,516
Less: interest		(32,615)
Present value of lease liabilities	$	149,901

Summary of Other Lease Information


		Year Ended December 31,
Other Information (in thousands)		2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(37,242)	$	35,054
Operating cash flows from financing leases	$	43	$	64
Financing cash flows from financing leases	$	(162)	$	204
Lease right-of-use assets obtained or modified in exchange for lease obligations	$	19,278	$	5,993

Lease Term and Discount Rate


Lease Term and Discount Rate	December 31, 2020		December 31, 2019
Weighted average remaining term (years)
Operating leases	5.8		6.8
Financing leases	-		2.4
Weighted average discount rate
Operating leases	6.43	%	6.23	%
Financing leases	-	%	14.73	%

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value of Financial Instruments [Abstract]

Summary of Fair Value of Financial Assets Measured on a Recurring Basis



	Pricing	Fair Value at
	Category	December 31, 2020		December 31, 2019
Assets		(in thousands)
Cash and cash equivalents	Level 1	$	9,617	$	9,104
Restricted cash	Level 1		655		815

Income (Loss) Per Common Share (Tables)

12 Months Ended

Dec. 31, 2020

Income (Loss) Per Common Share [Abstract]

Schedule of Basic and Diluted Net Income (Loss) Per Share



	2020		2019		2018
	(in thousands, except share and per share data)
Net income (loss)	$	6,031	$	(4,463)	$	10,442
Weighted average shares outstanding - basic		49,957,356		50,624,309		51,907,619
Effect of dilutive securities attributable to stock based awards		626,386		-		181,541
Weighted average shares outstanding - diluted		50,583,742		50,624,309		52,089,160
Basic net income (loss) per share	$	0.12	$	(0.09)	$	0.20
Diluted net income (loss) per share	$	0.12	$	(0.09)	$	0.20
Anti-dilutive securities excluded from earnings per share calculation		1,482,552		2,251,652		1,508,616

Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2020

Equity Incentive Plans [Abstract]

Summary of Assumptions Used in Option Valuation



	2020		2019		2018
Risk-free interest rate		–		2.50%	2.75%	–	3.08%
Expected life (in years)		–		6	5	–	6
Expected volatility		–		56%	55%	–	57%
Dividend yield		–		3%	2%	–	4%

Summary of Stock Option Activity



	Shares	Weighted ‎Average ‎Exercise ‎Price		Weighted Avg. Grant Date Fair Value		Weighted Avg. ‎Remaining ‎Contractual ‎Term (Years)	Aggregate ‎Intrinsic ‎Value ‎(in thousands)
Balance, January 1, 2018	1,732,564	$	14.74	$	6.95	4.5	$	365
Granted	176,380	$	7.19	$	3.10
Exercised	-	$	-	$	-
Cancelled/Forfeited	(520,865)	$	18.59	$	8.69
Balance, December 31, 2018	1,388,079	$	12.34	$	5.80	4.9	$	-
Granted	334,134	$	6.26	$	2.57
Exercised	-	$	-	$	-
Cancelled/Forfeited	(468,219)	$	10.66	$	4.81
Balance, December 31, 2019	1,253,994	$	11.34	$	5.31	4.7	$	-
Granted	-	$	-	$	-
Exercised	-	$	-	$	-
Cancelled/Forfeited	(243,547)	$	12.91	$	5.91
Balance, December 31, 2020	1,010,447	$	10.96	$	5.16	4.6	$	-
Exercisable at December 31, 2020	810,920	$	11.83	$	5.66	3.9
Vested and expected to vest, December 31, 2020	1,010,447	$	10.96	$	5.16	4.6	$	-

Summary of Stock Options Outstanding



Range of Exercise Price				Weighted Average
			Options	Exercise Price		Remaining Contractual ‎Life-Years
$5.00	to	$10.00	686,887	$	8.31	4.99
$10.01	to	$15.00	144,060	$	12.52	4.05
$15.01	to	$20.00	120,500	$	17.83	3.96
$20.01	to	$25.00	51,000	$	23.17	2.76
$25.01	to	$30.00	8,000	$	29.44	2.56

Summary of Restricted Stock Activity



	Shares	Weighted Avg. Grant Date Fair Value
Nonvested, January 1, 2018	275,168	$	13.03
Granted	682,646	$	6.61
Vested	(63,680)	$	15.88
Forfeited	(131,617)	$	8.70
Nonvested, December 31, 2018	762,517	$	7.80
Granted	781,697	$	4.36
Vested	(170,677)	$	7.95
Forfeited	(375,879)	$	7.39
Nonvested, December 31, 2019	997,658	$	5.23
Granted	1,090,759	$	1.12
Vested	(329,326)	$	5.34
Forfeited	(116,594)	$	5.22
Nonvested, December 31, 2020	1,642,497	$	2.48

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Schedule of Components of Provision for Income Taxes



	Years Ended December 31,
	2020		2019		2018
	(in thousands)
Current
Federal	$	(3,632)	$	324	$	734
State		190		479		638
International		31		144		23
Total Current		(3,411)		947		1,395
Deferred
Federal		1,522		(1,296)		2,839
State		377		(261)		844
International		(17)		(64)		80
Total Deferred		1,882		(1,621)		3,763
Total (Benefit) Provision for Income Taxes	$	(1,529)	$	(674)	$	5,158

Schedule of Effective Income Tax Rate Reconciliation



	2020		2019		2018
Federal statutory rate	21.0	%	21.0	%	21.0	%
Tax reform	-		-		(1.1)
State income taxes, net of the federal tax benefit	7.6		3.7		5.7
Stock based compensation	12.6		(7.3)		7.6
Remeasurement of deferred tax assets	(0.1)		(1.1)		0.3
Tax credits	(0.9)		2.6		(0.8)
Uncollectible state receivables	-		(5.6)		-
Impact of CARES Act	(76.1)		-		-
Other	1.9		(0.2)		0.4
Effective tax rate	(34.0)	%	13.1	%	33.1	%

Schedule of Components of Net Deferred Income Taxes



	2020		2019
	(in thousands)
Deferred income tax assets:
Section 743 carryforward	$	11,215	$	12,915
Inventory		1,324		1,829
Stock based compensation		1,019		1,290
Operating lease liabilities⁽¹⁾		38,981		41,203
Net operating loss & credit carryforwards		362		3,495
Other		3,520		2,120
Total deferred income tax assets	$	56,421	$	62,852

Deferred income tax liabilities
Depreciation		12,642		15,279
Operating lease right-of-use assets⁽¹⁾		36,516		37,910
Other		1,922		2,467
Total deferred income tax liabilities		51,080		55,656
Net deferred income tax assets	$	5,341	$	7,196

Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Data [Abstract]

Schedule of Quarterly Results of Operations



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter

2020
Net sales	$	94,279		67,730		81,492		81,556
Gross profit		64,955		45,414		55,304		55,852
Income (loss) from operations		2,594		(1,794)		2,901		2,675
Net income (loss)		3,502		(760)		1,914		1,375
Basic earnings (loss) per share		0.07		(0.02)		0.04		0.03
Diluted earnings (loss) per share		0.07		(0.02)		0.04		0.03

2019
Net sales	$	86,908	$	88,903	$	85,944	$	78,596
Gross profit		61,842		61,360		59,169		53,748
Income (loss) from operations		2,894		798		(635)		(4,414)
Net income (loss)		1,320		(154)		(1,383)		(4,246)
Basic earnings (loss) per share		0.03		-		(0.03)		(0.09)
Diluted earnings (loss) per share		0.03		-		(0.03)		(0.09)

Summary of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) ft² store state segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of stores \| store	142
Number of states in which entity operates \| state	31
Cash and cash equivalents	$ 9,617,000	$ 9,104,000	$ 5,557,000
Due from banks	1,900,000	1,500,000
Allowance for doubtful accounts	200,000	300,000
Inventory, provision for shrinkage and other	600,000	200,000
Liability for uncertain tax positions	0	0	0
Income tax interest and penalties related to uncertain tax positions	$ 0	0	0
Sales return period	3 months
Advertising costs	$ 4,600,000	9,200,000	8,300,000
Pre-opening costs	100,000	600,000	100,000
Asset impairment charges	2,155,000	0	652,000
Capitalized software	6,000,000.0	7,500,000
Capitalized software, depreciation expense	1,500,000	1,600,000	300,000
Asset retirement obligations	1,900,000	1,900,000
Self-insurance liability, current	600,000	600,000
Workers' compensation liability, current	1,700,000	1,900,000
Lease liabilities	149,901,000	158,880,000
Retained earnings (accumulated deficit)	(19,487,000)	(25,518,000)
Property, plant and equipment, net	99,035,000	130,461,000
Deferred tax assets	$ 5,341,000	7,196,000
Number of reportable segment \| segment	1
Average [Member]
Summary Of Significant Accounting Policies [Line Items]
Area of stores \| ft²	20,000
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Capitalized software, estimated useful life	3 years
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Capitalized software, estimated useful life	7 years
Letter of Credit [Member] \| Credit Agreement [Member]
Summary Of Significant Accounting Policies [Line Items]
Credit facility, amount outstanding	$ 2,400,000	$ 1,300,000
Accounting Standards Update 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Right of use asset			147,200,000
Lease liabilities			169,900,000
Deferred rent			(44,600,000)
Retained earnings (accumulated deficit)			22,000,000.0
Property, plant and equipment, net			15,300,000
Deferred tax assets			$ 1,700,000

Summary of Significant Accounting Policies (Impact of Reclassifications on the Statement of Cash Flows) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Non-cash lease expense	$ 24,025	$ 23,230	$ 2,386
Accrued expenses and other liabilities	(17,683)	(23,627)	2,008
Net cash provided by operating activities	$ 65,596	38,563	18,170
Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in leases		(1,900)	2,386
Accrued expenses and other liabilities		1,503
Net cash provided by operating activities		38,563	18,170
Adjustments [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in leases		1,900	(2,386)
Non-cash lease expense		23,230	$ 2,386
Accrued expenses and other liabilities		$ (25,130)

Summary of Significant Accounting Policies (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Summary of Significant Accounting Policies [Abstract]
Finished goods	$ 72,619	$ 95,435
Raw materials	1,677	2,185
Total	$ 74,296	$ 97,620

Summary of Significant Accounting Policies (Summary of Estimated Useful Lives of Property, Plant and Equipment) (Details)	12 Months Ended
	Dec. 31, 2020
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Asset life (in years)	40 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Asset life (in years)	5 years
Minimum [Member] \| Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Asset life (in years)	5 years
Minimum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Asset life (in years)	2 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Asset life (in years)	5 years
Minimum [Member] \| Computer Equipment And Software [Member]
Property, Plant and Equipment [Line Items]
Asset life (in years)	3 years
Maximum [Member] \| Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Asset life (in years)	20 years
Maximum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Asset life (in years)	7 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Asset life (in years)	10 years
Maximum [Member] \| Computer Equipment And Software [Member]
Property, Plant and Equipment [Line Items]
Asset life (in years)	7 years

Impact of the COVID-19 Pandemic (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Impact of the COVID-19 Pandemic [Abstract]
Deferred rent	$ 2.1
Deferred social security tax payments	$ 2.7

Revenues (Narrative) (Details) - USD ($)	3 Months Ended								12 Months Ended
Revenues (Narrative) (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer Disclosure [Line Items]
Cumulative impact adjustment to retained earnings	$ (19,487,000)				$ (25,518,000)				$ (19,487,000)	$ (25,518,000)
Revenues	81,556,000	$ 81,492,000	$ 67,730,000	$ 94,279,000	78,596,000	$ 85,944,000	$ 88,903,000	$ 86,908,000	325,057,000	340,351,000	$ 357,254,000
Customer deposit balance	12,225,000				7,727,000				12,225,000	7,727,000
Customer deposit balance, revenues recognized									7,700,000
Accounts receivable	$ 2,975,000				$ 3,370,000				$ 2,975,000	$ 3,370,000
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] \| Accounting Standards Update 2014-09 [Member]
Revenue from Contract with Customer Disclosure [Line Items]
Cumulative impact adjustment to retained earnings											100,000
Revenues											$ 0

Revenues (Schedule of Revenues Disaggregated by Product Category) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenue	100.00%	100.00%
Man-Made Tiles [Member]
Disaggregation of Revenue [Line Items]
Total revenue	46.00%	47.00%
Natural Stone Tiles [Member]
Disaggregation of Revenue [Line Items]
Total revenue	29.00%	29.00%
Setting And Maintenance Materials [Member]
Disaggregation of Revenue [Line Items]
Total revenue	14.00%	13.00%
Accessories [Member]
Disaggregation of Revenue [Line Items]
Total revenue	9.00%	10.00%
Delivery Service [Member]
Disaggregation of Revenue [Line Items]
Total revenue	2.00%	1.00%

Revenues (Schedule of Components of Returns Reserve) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Revenues [Abstract]
Other current accrued liabilities	$ 4,957	$ 5,434
Other current assets	1,516	1,659
Sales returns reserve, net	$ 3,441	$ 3,775

Property, Plant and Equipment (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation	$ 31,336,000	$ 33,546,000	$ 28,396,000
Asset impairment charges	$ 2,155,000	$ 0	$ 652,000

Property, Plant and Equipment (Summary of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 347,836	$ 353,401
Less accumulated depreciation	(248,801)	(222,940)
Total property, plant and equipment, net	99,035	130,461
Land [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	904	904
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	25,731	25,733
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	97,507	97,077
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	142,501	146,913
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	30,205	30,420
Computer Equipment And Software [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	45,217	45,473
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	5,005	4,722
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 766	$ 2,159

Other Accrued Liabilities (Schedule of Other Accrued Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Accrued Liabilities [Abstract]
Customer deposits	$ 12,225	$ 7,727
Sales returns reserve	4,957	5,434
Accrued wages and salaries	6,561	4,064
Payroll and sales taxes	4,958	2,764
Other current liabilities	5,405	4,600
Total other accrued liabilities	$ 34,106	$ 24,589

Long-term Debt (Narrative) (Details) - USD ($)	12 Months Ended
Long-term Debt (Narrative) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, amount outstanding	$ 0
Credit Agreement [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 100,000,000.0
Credit facility, expiration date	Sep. 18, 2023
Credit facility, available borrowing capacity	$ 97,600,000
Credit Agreement [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Credit facility effective interest rate	1.90%
Credit Agreement [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	1.50%
Credit Agreement [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	2.25%
Credit Agreement [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Credit facility effective interest rate	4.00%
Credit Agreement [Member] \| Base Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	0.50%
Credit Agreement [Member] \| Base Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	1.25%
Credit Agreement [Member] \| Base Rate - Federal Funds [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	0.50%
Credit Agreement [Member] \| Base Rate - Eurodollar [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	1.00%
Credit Agreement [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Credit facility, amount outstanding	$ 2,400,000	$ 1,300,000

Long-term Debt (Schedule of Long-Term Debt) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Long-term Debt [Abstract]
Total debt obligations	$ 63,000
Debt obligations, net of current portion	$ 63,000

Commitments and Contingencies (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Commitments and Contingencies [Abstract]
Settlement amount	$ 12.0
Settlement amount, attorney's fees	$ 2.7

Leases (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
COVID related rent abatement concessions	$ 0.1
COVID related Deferred rent	$ 2.1
Rent expense		$ 35.4
Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating lease term	10 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating lease term	15 years

Leases (Schedule of Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease assets	$ 132,374	$ 137,737
Financing lease assets		113
Total leased assets	132,374	137,850
Current operating lease liabilities	27,223	26,993
Current finance lease liabilities		162
Noncurrent operating lease liabilities	122,678	131,451
Noncurrent finance lease liabilities		274
Total lease liabilities	$ 149,901	$ 158,880

Leases (Summary of Lease Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 33,167	$ 32,571
Financing lease cost, Amortization of leased assets	49	49
Financing lease cost, Interest on lease liabilities	54	76
Variable lease cost	13,854	13,529
Short-term lease cost	709	876
Net lease cost	$ 47,833	$ 47,101

Leases (Maturity of Lease Liabilities) (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 37,003
2022	35,737
2023	31,478
2024	24,898
2025	18,605
Thereafter	34,795
Total lease payments	182,516
Less: interest	(32,615)
Present value of lease liabilities	$ 149,901

Leases (Summary of Other Lease Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ (37,242)
Operating cash flows from operating leases		$ 35,054
Operating cash flows from financing leases	43	64
Financing cash flows from financing leases	(162)	204
Lease right-of-use assets obtained or modified in exchange for lease obligations	$ 19,278	$ 5,993

Leases (Lease Term and Discount Rate) (Details)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining term (years), Operating leases	5 years 9 months 18 days	6 years 9 months 18 days
Weighted average remaining term (years), Financing leases	0 years	2 years 4 months 24 days
Weighted-average discount rate, Operating leases	6.43%	6.23%
Weighted-average discount rate, Financing leases		14.73%

Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value of Financial Instruments [Abstract]
Fair value transfers	$ 0	$ 0
Asset impairment charges	$ 2,155,000	$ 0	$ 652,000

Fair Value of Financial Instruments (Summary of Fair Value of Financial Assets Measured on a Recurring Basis) (Details) - Level 1 [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 9,617	$ 9,104
Restricted cash	$ 655	$ 815

Related Party Transactions (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Robert Rucker [Member]
Related Party Transaction [Line Items]
Ownership interest	5.00%
Director Of Information Technology [Member]
Related Party Transaction [Line Items]
Amount of related party transaction		$ 29,025	$ 112,000
Nanyang Helin Stone Company [Member]
Related Party Transaction [Line Items]
Payments to related party	$ 7,600,000	5,100,000	12,000,000.0
Related party payables due	200,000	1,400,000
Tile Style [Member]
Related Party Transaction [Line Items]
Payments to related party	700,000	0	$ 0
Related party payables due	$ 100,000	$ 0

Income (Loss) Per Common Share (Schedule of Basic and Diluted Net Income (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income (Loss) Per Common Share [Abstract]
Net income (loss)	$ 1,375	$ 1,914	$ (760)	$ 3,502	$ (4,246)	$ (1,383)	$ (154)	$ 1,320	$ 6,031	$ (4,463)	$ 10,442
Weighted average shares outstanding - basic									49,957,356	50,624,309	51,907,619
Effect of dilutive securities attributable to stock based awards									626,386		181,541
Weighted average shares outstanding - diluted									50,583,742	50,624,309	52,089,160
Basic net income (loss) per share	$ 0.03	$ 0.04	$ (0.02)	$ 0.07	$ (0.09)	$ (0.03)		$ 0.03	$ 0.12	$ (0.09)	$ 0.20
Diluted net income (loss) per share	$ 0.03	$ 0.04	$ (0.02)	$ 0.07	$ (0.09)	$ (0.03)		$ 0.03	$ 0.12	$ (0.09)	$ 0.20
Anti-dilutive securities excluded from earnings per share calculation									1,482,552	2,251,652	1,508,616

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Equity Incentive Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Plan 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance	5,000,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of options granted		$ 2.57	$ 3.10
Stock-based compensation expense	$ 0.4	$ 0.7	$ 1.0
Compensation cost not yet recognized	$ 0.4
Compensation cost not yet recognized, weighted average period for recognition	1 year 7 months 6 days
Shares granted	0	334,134	176,380
Stock option exercises (in shares)	0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1.8	$ 1.9	$ 1.7
Compensation cost not yet recognized	$ 2.9
Compensation cost not yet recognized, weighted average period for recognition	2 years 1 month 6 days
Total fair value of shares vested	$ 0.6	0.7
Fair value of restricted stock granted	$ 1.2	$ 3.4
Share price	$ 4.30
Restricted stock outstanding	1,642,497
Intrinsic value of outstanding shares expected to vest	$ 7.1

Equity Incentive Plans (Summary of Assumptions Used in Option Valuation) (Details) - Stock Options [Member]	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.50%
Expected life (in years)	6 years
Expected volatility	56.00%
Dividend yield	3.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		2.75%
Expected life (in years)		5 years
Expected volatility		55.00%
Dividend yield		2.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		3.08%
Expected life (in years)		6 years
Expected volatility		57.00%
Dividend yield		4.00%

Equity Incentive Plans (Summary of Stock Option Activity) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Beginning Balance	1,253,994	1,388,079	1,732,564
Shares, Granted	0	334,134	176,380
Shares, Exercised	0
Shares, Cancelled/Forfeited	(243,547)	(468,219)	(520,865)
Shares, Ending Balance	1,010,447	1,253,994	1,388,079	1,732,564
Shares, Exercisable	810,920
Shares, Vested and expected to vest	1,010,447
Weighted Average Exercise Price, Beginning Balance	$ 11.34	$ 12.34	$ 14.74
Weighted Average Exercise Price, Granted		6.26	7.19
Weighted Average Exercise Price, Cancelled/Forfeited	12.91	10.66	18.59
Weighted Average Exercise Price, Ending Balance	10.96	11.34	12.34	$ 14.74
Weighted Average Exercise Price, Exercisable	11.83
Weighted Average Exercise Price, Vested and expected to vest	10.96
Weighted Avg Grant Date Fair Value, Beginning Balance	5.31	5.80	6.95
Weighted Avg Grant Date Fair Value, Granted		2.57	3.10
Weighted Avg Grant Date Fair Value, Cancelled/Forfeited	5.91	4.81	8.69
Weighted Avg Grant Date Fair Value, Ending Balance	$ 5.16	$ 5.31	$ 5.80	$ 6.95
Weighted Avg Grant Date Fair Value, Exercisable	5.66
Weighted Avg Grant Date Fair Value, Vested and expected to vest	$ 5.16
Weighted Avg Remaining Contractual Term (Years), Options Outstanding	4 years 7 months 6 days	4 years 8 months 12 days	4 years 10 months 24 days	4 years 6 months
Weighted Avg Remaining Contractual Term (Years), Exercisable	3 years 10 months 24 days
Weighted Avg Remaining Contractual Term (Years), Vested and expected to vest	4 years 7 months 6 days
Aggregate Intrinsic Value, Share Outstanding				$ 365

Equity Incentive Plans (Summary of Stock Options Outstanding) (Details) - Stock Options [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options	1,010,447	1,253,994	1,388,079	1,732,564
Exercise Price	$ 10.96	$ 11.34	$ 12.34	$ 14.74
Remaining Contractual Life-Years	4 years 7 months 6 days	4 years 8 months 12 days	4 years 10 months 24 days	4 years 6 months
$5.00 to $10.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Lower Limit	$ 5.00
Range of Exercise Price, Upper Limit	$ 10.00
Options	686,887
Exercise Price	$ 8.31
Remaining Contractual Life-Years	4 years 11 months 26 days
$10.01 to $15.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Lower Limit	$ 10.01
Range of Exercise Price, Upper Limit	$ 15.00
Options	144,060
Exercise Price	$ 12.52
Remaining Contractual Life-Years	4 years 18 days
$15.01 to $20.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Lower Limit	$ 15.01
Range of Exercise Price, Upper Limit	$ 20.00
Options	120,500
Exercise Price	$ 17.83
Remaining Contractual Life-Years	3 years 11 months 15 days
$20.01 to $25.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Lower Limit	$ 20.01
Range of Exercise Price, Upper Limit	$ 25.00
Options	51,000
Exercise Price	$ 23.17
Remaining Contractual Life-Years	2 years 9 months 3 days
$25.01 to $30.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Lower Limit	$ 25.01
Range of Exercise Price, Upper Limit	$ 30.00
Options	8,000
Exercise Price	$ 29.44
Remaining Contractual Life-Years	2 years 6 months 21 days

Equity Incentive Plans (Summary of Restricted Stock Activity) (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Nonvested, Beginning Balance	997,658	762,517	275,168
Shares, Granted	1,090,759	781,697	682,646
Shares, Vested	(329,326)	(170,677)	(63,680)
Shares, Forfeited	(116,594)	(375,879)	(131,617)
Shares, Nonvested, Ending Balance	1,642,497	997,658	762,517
Weighted Avg Grant Date Fair Value, Nonvested, Beginning Balance	$ 5.23	$ 7.80	$ 13.03
Weighted Avg Grant Date Fair Value, Granted	1.12	4.36	6.61
Weighted Avg Grant Date Fair Value, Vested	5.34	7.95	15.88
Weighted Avg Grant Date Fair Value, Forfeited	5.22	7.39	8.70
Weighted Avg Grant Date Fair Value, Nonvested, Ending Balance	$ 2.48	$ 5.23	$ 7.80

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes Disclosure [Line Items]
Effective income tax rate	(34.00%)	13.10%	33.10%
Federal statutory rate	21.00%	21.00%	21.00%	35.00%
Increase (decrease) in effective tax rate		(20.00%)
Stock based compensation	12.60%	(7.30%)	7.60%
Tax shortfall charges and write-off of uncollectible state receivables		12.90%
Undistributed foreign earnings	$ 600,000
Undistributed foreign earnings, deferred tax assets	0
CARES Act Law, tax benefit recognized	3,400,000
Anticipated refund amount	8,900,000
CARES Act Law, deferred payments, employer related payroll taxes	2,700,000
Liability for uncertain tax positions	0	$ 0	$ 0
Income tax interest and penalties related to uncertain tax positions	0	$ 0	$ 0
State [Member]
Income Taxes Disclosure [Line Items]
Operating loss carryforwards	$ 400,000
State [Member] \| Minimum [Member]
Income Taxes Disclosure [Line Items]
Operating losses and tax credit carryforward, expiration period	5 years

Income Taxes (Schedule of Components of Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Abstract]
Current, Federal	$ (3,632)	$ 324	$ 734
Current, State	190	479	638
Current, International	31	144	23
Total Current	(3,411)	947	1,395
Deferred, Federal	1,522	(1,296)	2,839
Deferred, State	377	(261)	844
Deferred, International	(17)	(64)	80
Total Deferred	1,882	(1,621)	3,763
Total (Benefit) Provision for Income Taxes	$ (1,529)	$ (674)	$ 5,158

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%	35.00%
Tax reform			(1.10%)
State income taxes, net of the federal tax benefit	7.60%	3.70%	5.70%
Stock based compensation	12.60%	(7.30%)	7.60%
Remeasurement of deferred tax assets	(0.10%)	(1.10%)	0.30%
Tax credits	(0.90%)	2.60%	(0.80%)
Uncollectible state receivables		(5.60%)
Impact of CARES Act	(76.10%)
Other	1.90%	(0.20%)	0.40%
Effective tax rate	(34.00%)	13.10%	33.10%

Income Taxes (Schedule of Components of Net Deferred Income Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Abstract]
Section 743 carryforward	$ 11,215	$ 12,915
Inventory	1,324	1,829
Stock based compensation	1,019	1,290
Operating lease liabilities	38,981	41,203
Net operating loss & credit carryforwards	362	3,495
Other	3,520	2,120
Total deferred income tax assets	56,421	62,852
Depreciation	12,642	15,279
Operating lease right-of-use assets	36,516	37,910
Other	1,922	2,467
Total deferred income tax liabilities	51,080	55,656
Net deferred income tax assets	$ 5,341	$ 7,196

New Markets Tax Credit (Narrative) (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Jul. 31, 2013	Dec. 31, 2016	Dec. 31, 2020
New Market Tax Credit Disclosure [Line Items]
Investment fund cash			$ 0.7
Chase and US Bank [Member]
New Market Tax Credit Disclosure [Line Items]
Contribution to affiliate	$ 5.6
Twain Investment Fund 192 [Member]
New Market Tax Credit Disclosure [Line Items]
Net proceeds from contribution		$ 1.9
Contribution liability compliance period			7 years
Contribution liability			$ 1.4
Contribution liability, current			0.5
Contribution liability, noncurrent			$ 0.9
Twain Investment Fund 192 [Member] \| Tile Shop Holdings [Member]
New Market Tax Credit Disclosure [Line Items]
Syndicate costs		1.3
Twain Investment Fund 192 [Member] \| Tile Shop Lending [Member]
New Market Tax Credit Disclosure [Line Items]
Loan amount		$ 6.7
Loan interest rate		1.37%
Loan maturity date			Dec. 31, 2046
Tile Shop Investment Fund [Member]
New Market Tax Credit Disclosure [Line Items]
Contribution to affiliate	4.4
Contribution liability compliance period			7 years
Tile Shop Investment Fund [Member] \| Tile Shop Holdings [Member]
New Market Tax Credit Disclosure [Line Items]
Syndicate costs	1.2
Tile Shop Investment Fund [Member] \| Tile Shop Lending [Member]
New Market Tax Credit Disclosure [Line Items]
Loan amount	13.5
U.S. Bank Community [Member] \| Twain Investment Fund 192 [Member]
New Market Tax Credit Disclosure [Line Items]
Contribution to affiliate		$ 3.2
U.S. Bank Community [Member] \| Oklahoma [Member]
New Market Tax Credit Disclosure [Line Items]
Financing agreement project cost		$ 9.2
U.S. Bank Community [Member] \| Oklahoma [Member] \| Maximum [Member]
New Market Tax Credit Disclosure [Line Items]
Percent of qualitifed investments that can be claimed			39.00%
Chase and US Bank [Member]
New Market Tax Credit Disclosure [Line Items]
Contribution to affiliate	5.6
Chase and US Bank [Member] \| Oklahoma [Member]
New Market Tax Credit Disclosure [Line Items]
Financing agreement project cost	$ 19.1

Retirement Savings Plan (Narrative) (Details) - USD ($)	12 Months Ended
Retirement Savings Plan (Narrative) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Savings Plan [Abstract]
Matching contribution amount	$ 1,500,000	$ 1,600,000	$ 1,600,000
Discretionary contribution amount	$ 0	$ 0	$ 0

Quarterly Financial Data (Schedule of Quarterly Results of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Data [Abstract]
Net sales	$ 81,556	$ 81,492	$ 67,730	$ 94,279	$ 78,596	$ 85,944	$ 88,903	$ 86,908	$ 325,057	$ 340,351	$ 357,254
Gross profit	55,852	55,304	45,414	64,955	53,748	59,169	61,360	61,842	221,525	236,119	251,339
Income (loss) from operations	2,675	2,901	(1,794)	2,594	(4,414)	(635)	798	2,894	6,376	(1,357)	18,138
Net income (loss)	$ 1,375	$ 1,914	$ (760)	$ 3,502	$ (4,246)	$ (1,383)	$ (154)	$ 1,320	$ 6,031	$ (4,463)	$ 10,442
Basic earnings (loss) per share	$ 0.03	$ 0.04	$ (0.02)	$ 0.07	$ (0.09)	$ (0.03)		$ 0.03	$ 0.12	$ (0.09)	$ 0.20
Diluted earnings (loss) per share	$ 0.03	$ 0.04	$ (0.02)	$ 0.07	$ (0.09)	$ (0.03)		$ 0.03	$ 0.12	$ (0.09)	$ 0.20

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details