0001552800-23-000013 | 10-Q | XBRL Viewer

Revenues

9 Months Ended

Sep. 30, 2023

Note 3: Revenues

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. Sales taxes are excluded from revenues.

The following table presents revenues disaggregated by product category:



	For the three months ended				For the nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
Man-made tiles⁽¹⁾	54	%	51	%	53	%	50	%
Natural stone tiles	21		25		22		25
Setting and maintenance materials	15		15		15		15
Accessories	8		7		8		7
Delivery service	2		2		2		3
Total	100	%	100	%	100	%	100	%

⁽¹⁾Man-made tile revenues include sales of luxury vinyl tile products.

The Company generates revenues by selling tile products, setting and maintenance materials, accessories, and delivery services to its customers through its store locations and online. 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 $12.5 million and $11.3 million as of September 30, 2023 and December 31, 2022, respectively. Revenues recognized during the nine months ended September 30, 2023 that were included in the customer deposit balance as of the beginning of the period were $11.1 million.

The Company extends financing to qualified professional customers who apply for credit. Customers who qualify for an account receive 30-day payment terms. The accounts receivable balance was $3.5 million and $3.4 million at September 30, 2023 and December 31, 2022, respectively. 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 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 Sheets as of September 30, 2023 and December 31, 2022 were as follows:


	(in thousands)
	September 30,		December 31,
	2023		2022
Other current accrued liabilities	$	4,089	$	4,993
Other current assets		1,347		1,687
Sales returns reserve, net	$	2,742	$	3,306

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted Flag	false
Non-Rule 10b5-1 Arrangement Adopted Flag	false
Rule 10b5-1 Arrangement Terminated Flag	false
Non-Rule 10b5-1 Arrangement Terminated Flag	false

Other Accrued Liabilities (Schedule of Other Accrued Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Accrued Liabilities [Abstract]
Customer deposits	$ 12,477	$ 11,315
Sales returns reserve	4,089	4,993
Accrued wages and salaries	5,871	6,040
Payroll and sales taxes	2,381	2,286
Other current liabilities	7,938	7,282
Total other accrued liabilities	$ 32,756	$ 31,916

Income Taxes	9 Months Ended
Sep. 30, 2023
Income Taxes [Abstract]
Income Taxes	Note 5: Income Taxes The provision for income taxes was $0.5 million and $1.4 million for the third quarter of 2023 and 2022, respectively. The decrease in income tax expense was primarily due to a decrease in pre-tax earnings during the third quarter of 2023 as compared to the third quarter of 2022. The Company’s effective tax rate for the three months ended September 30, 2023 and 2022 was 22.4% and 26.3%, respectively. The decrease in the effective tax rate is largely due to tax benefits associated with employee equity award vestings. The provision for income taxes was $3.3 million and $5.0 million for the nine months ended September 30, 2023 compared with the nine months ended September 30, 2022. The decrease in income tax expense was primarily due to a decrease in pre-tax earnings. The Company’s effective tax rate for the nine months ended September 30, 2023 and 2022 was 26.1% and 25.9%, respectively. The Company records interest and penalties relating to uncertain tax positions in income tax expense. As of both September 30, 2023 and 2022, the Company had not recognized any liabilities for uncertain tax positions, nor had interest and penalties related to uncertain tax positions been accrued.

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Taxes [Abstract]

Income Taxes

Note 5: Income Taxes

The provision for income taxes was $0.5 million and $1.4 million for the third quarter of 2023 and 2022, respectively. The decrease in income tax expense was primarily due to a decrease in pre-tax earnings during the third quarter of 2023 as compared to the third quarter of 2022. The Company’s effective tax rate for the three months ended September 30, 2023 and 2022 was 22.4% and 26.3%, respectively. The decrease in the effective tax rate is largely due to tax benefits associated with employee equity award vestings.

The provision for income taxes was $3.3 million and $5.0 million for the nine months ended September 30, 2023 compared with the nine months ended September 30, 2022. The decrease in income tax expense was primarily due to a decrease in pre-tax earnings. The Company’s effective tax rate for the nine months ended September 30, 2023 and 2022 was 26.1% and 25.9%, respectively.

The Company records interest and penalties relating to uncertain tax positions in income tax expense. As of both September 30, 2023 and 2022, the Company had not recognized any liabilities for uncertain tax positions, nor had interest and penalties related to uncertain tax positions been accrued.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Restatement of Previously Issued Financial Statements

9 Months Ended

Sep. 30, 2023

Restatement of Previously Issued Financial Statements [Abstract]

Restatement of Previously Issued Financial Statements

Note 2: Restatement of Previously Issued Financial Statements

In connection with the preparation of the unaudited interim financial statements for the period ended September 30, 2023, the Company identified an error related to operating lease agreements that were extended prior to the end of the second quarter of 2023, but not reflected in the unaudited financial information as of the quarter ended June 30, 2023. The Company assessed the materiality of the error identified in accordance with the SEC’s Staff Accounting Bulletin No. 99 and concluded that the changes were material and that certain of the unaudited interim consolidated financial statements should be restated.

The impact of this change on the unaudited Consolidated Balance Sheet presented as of June 30, 2023 follows:



(in thousands)	As reported		Adjustment		As restated
Right of use asset	$	114,616	$	2,152	$	116,768
Total Assets		325,439		2,152		327,591
Long-term lease liability, net		98,845		2,152		100,997
Total Liabilities		208,850		2,152		211,002
Total Liabilities and Stockholders' Equity		325,439		2,152		327,591

The impact of the error was immaterial to the unaudited Consolidated Statements of Income, Consolidated Statements of Stockholders’ Equity and the Consolidated Statement of Cash Flows for the period ended June 30, 2023 and do not require restatement.

Leases (Narrative) (Details)	Sep. 30, 2023
Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating lease term	10 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating lease term	15 years

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Beginning balance at Dec. 31, 2021	$ 5	$ 126,920	$ (4,713)	$ 12	$ 122,224
Beginning balance (in shares) at Dec. 31, 2021	51,963,377
Issuance of restricted shares (in shares)	592,396
Cancellation of restricted shares (in shares)	(258,038)
Stock based compensation		1,617			1,617
Tax withholdings related to net share settlements of stock based compensation awards		(724)			(724)
Tax withholdings related to net share settlements of stock based compensation awards (in shares)	(118,783)
Repurchases of common stock			(15,545)		(15,545)
Repurchases of common stock (in shares)	(4,094,592)
Foreign currency translation adjustments				(87)	(87)
Net income			14,250		14,250
Balance at Sep. 30, 2022	$ 5	127,813	(6,008)	(75)	121,735
Balance (in shares) at Sep. 30, 2022	48,084,360
Beginning balance at Jun. 30, 2022	$ 5	127,298	5,714	(29)	132,988
Beginning balance (in shares) at Jun. 30, 2022	52,270,922
Cancellation of restricted shares (in shares)	(77,292)
Stock based compensation		563			563
Tax withholdings related to net share settlements of stock based compensation awards		(48)			(48)
Tax withholdings related to net share settlements of stock based compensation awards (in shares)	(14,678)
Repurchases of common stock			(15,545)		(15,545)
Repurchases of common stock (in shares)	(4,094,592)
Foreign currency translation adjustments				(46)	(46)
Net income			3,823		3,823
Balance at Sep. 30, 2022	$ 5	127,813	(6,008)	(75)	121,735
Balance (in shares) at Sep. 30, 2022	48,084,360
Beginning balance at Dec. 31, 2022	$ 4	127,997	(19,180)	(52)	$ 108,769
Beginning balance (in shares) at Dec. 31, 2022	44,377,445				44,377,445
Issuance of restricted shares (in shares)	611,154
Issuance of common stock upon exercise of options		4			$ 4
Issuance of common stock upon exercise of options (in shares)	1,790
Cancellation of restricted shares (in shares)	(329,536)
Stock based compensation		1,072			1,072
Tax withholdings related to net share settlements of stock based compensation awards		(491)			(491)
Tax withholdings related to net share settlements of stock based compensation awards (in shares)	(99,299)
Foreign currency translation adjustments				(34)	(34)
Net income			9,435		9,435
Balance at Sep. 30, 2023	$ 4	128,582	(9,745)	(86)	$ 118,755
Balance (in shares) at Sep. 30, 2023	44,561,554				44,561,554
Beginning balance at Jun. 30, 2023	$ 4	128,257	(11,589)	(83)	$ 116,589
Beginning balance (in shares) at Jun. 30, 2023	44,567,055
Issuance of common stock upon exercise of options		4			4
Issuance of common stock upon exercise of options (in shares)	1,790
Stock based compensation		366			366
Tax withholdings related to net share settlements of stock based compensation awards		(45)			(45)
Tax withholdings related to net share settlements of stock based compensation awards (in shares)	(7,291)
Foreign currency translation adjustments				(3)	(3)
Net income			1,844		1,844
Balance at Sep. 30, 2023	$ 4	$ 128,582	$ (9,745)	$ (86)	$ 118,755
Balance (in shares) at Sep. 30, 2023	44,561,554				44,561,554

Inventories

9 Months Ended

Sep. 30, 2023

Inventories [Abstract]

Inventories

Note 4: Inventories

Inventories are stated at the lower of cost (determined using the moving average cost method) or net realizable value. Inventories consist primarily of merchandise held for sale. Inventories were comprised of the following as of September 30, 2023 and December 31, 2022:



	(in thousands)
	September 30,		December 31,
	2023		2022
Finished goods	$	97,463	$	119,517
Raw materials		1,247		1,435
Total	$	98,710	$	120,952

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. The provision for losses related to shrinkage and other amounts was $1.0 million and $0.7 million as of September 30, 2023 and December 31, 2022, respectively.

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 6: Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding, after taking into consideration all dilutive potential shares outstanding during the period.

Basic and diluted earnings per share were calculated as follows:


	(dollars in thousands, except per share data)
	For the three months ended				For the nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income	$	1,844	$	3,823	$	9,435	$	14,250
Weighted average shares outstanding - basic		43,522,768		50,423,923		43,385,316		50,674,870
Effect of dilutive securities attributable to stock based awards		210,938		293,503		170,672		405,534
Weighted average shares outstanding - diluted		43,733,706		50,717,426		43,555,988		51,080,404
Income per common share:
Basic	$	0.04	$	0.08	$	0.22	$	0.28
Diluted	$	0.04	$	0.08	$	0.22	$	0.28
Anti-dilutive securities excluded from earnings per share calculation		312,217		1,176,621		515,226		821,794

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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	44,561,554	44,377,445
Common stock, shares outstanding	44,561,554	44,377,445
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

Revenues (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
Revenues (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenues [Abstract]
Customer deposit balance	$ 12,477	$ 11,315
Customer deposit balance, revenues recognized	11,100
Accounts receivable	$ 3,501	$ 3,411

Inventories (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventories [Abstract]
Inventory, provision for shrinkage and other	$ 1.0	$ 0.7

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Cash Flows From Operating Activities
Net income	$ 9,435,000	$ 14,250,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,394,000	19,011,000
Amortization of debt issuance costs	193,000	363,000
Gain on disposals of property, plant and equipment	(51,000)
Impairment charges	618,000	0
Non-cash lease expense	19,561,000	19,418,000
Stock based compensation	1,072,000	1,617,000
Deferred income taxes	2,066,000	320,000
Changes in operating assets and liabilities:
Receivables, net	(90,000)	(902,000)
Inventories	22,242,000	(24,305,000)
Other current assets, net	(302,000)	(3,479,000)
Accounts payable	2,490,000	1,831,000
Income tax receivable / payable	3,533,000	(263,000)
Accrued expenses and other liabilities	(20,989,000)	(20,676,000)
Net cash provided by operating activities	56,172,000	7,185,000
Cash Flows From Investing Activities
Purchases of property, plant and equipment	(11,046,000)	(10,340,000)
Proceeds from the sale of property, plant and equipment	58,000
Net cash used in investing activities	(10,988,000)	(10,340,000)
Cash Flows From Financing Activities
Payments of long-term debt	(50,400,000)	(45,000,000)
Advances on line of credit	15,000,000	70,400,000
Proceeds from exercise of stock options	4,000
Employee taxes paid for shares withheld	(491,000)	(724,000)
Repurchases of common stock		(15,545,000)
Debt issuance costs		(360,000)
Net cash (used in) provided by financing activities	(35,887,000)	8,771,000
Effect of exchange rate changes on cash	(30,000)	(75,000)
Net change in cash, cash equivalents and restricted cash	9,267,000	5,541,000
Cash, cash equivalents and restricted cash beginning of period	7,759,000	10,013,000
Cash, cash equivalents and restricted cash end of period	17,026,000	15,554,000
Cash and cash equivalents	16,371,000	12,423,000
Restricted cash	655,000	3,131,000
Cash, cash equivalents and restricted cash end of period	17,026,000	15,554,000
Supplemental disclosure of cash flow information
Purchases of property, plant and equipment included in accounts payable and accrued expenses	986,000	129,000
Cash paid for interest	1,960,000	882,000
Cash (received) paid for income taxes, net	$ (2,266,000)	$ 4,922,000

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

Note 9: Leases

The Company leases its retail stores, certain distribution space, and office space. Leases generally have an initial 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. Leasehold improvements are amortized using the straight-line method over the shorter of the original lease term, the renewal term if the lease renewal is reasonably certain or the useful life of the improvement.

Leases (in thousands)	Classification		September 30, 2023		December 31, 2022
Assets
Operating lease assets	Right of use asset	$	119,619	$	118,501
Total leased assets		$	119,619	$	118,501

Liabilities
Current
Operating	Current portion of lease liability	$	27,214	$	27,866
Noncurrent
Operating	Long-term lease liability, net		103,786		103,353
Total lease liabilities		$	131,000	$	131,219


		Three Months Ended
Lease cost (in thousands)	Classification		September 30, 2023		September 30, 2022
Operating lease cost	SG&A expenses	$	9,052	$	7,848
Variable lease cost⁽¹⁾	SG&A expenses		3,800		3,709
Short term lease cost	SG&A expenses		42		104
Net lease cost		$	12,894	$	11,661


		Nine Months Ended
Lease cost (in thousands)	Classification		September 30, 2023		September 30, 2022
Operating lease cost	SG&A expenses	$	26,890	$	25,130
Variable lease cost⁽¹⁾	SG&A expenses		11,179		10,670
Short term lease cost	SG&A expenses		223		346
Net lease cost		$	38,292	$	36,146

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


	Nine Months Ended
Other Information (in thousands)		September 30, 2023		September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	28,619	$	28,147
Lease right-of-use assets obtained or modified in exchange for lease obligations	$	21,769	$	12,420

Revenues (Schedule of Revenues Disaggregated by Product Category) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	100.00%	100.00%	100.00%	100.00%
Man-Made Tiles [Member]
Disaggregation of Revenue [Line Items]
Total revenue	54.00%	51.00%	53.00%	50.00%
Natural Stone Tiles [Member]
Disaggregation of Revenue [Line Items]
Total revenue	21.00%	25.00%	22.00%	25.00%
Setting And Maintenance Materials [Member]
Disaggregation of Revenue [Line Items]
Total revenue	15.00%	15.00%	15.00%	15.00%
Accessories [Member]
Disaggregation of Revenue [Line Items]
Total revenue	8.00%	7.00%	8.00%	7.00%
Delivery Service [Member]
Disaggregation of Revenue [Line Items]
Total revenue	2.00%	2.00%	2.00%	3.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventories [Abstract]
Finished goods	$ 97,463	$ 119,517
Raw materials	1,247	1,435
Total	$ 98,710	$ 120,952

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Oct. 30, 2023
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Sep. 30, 2023
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
Security 12b Title	Common Stock, $0.0001 par value
Trading Symbol	TTSH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		44,530,888
Document Fiscal Year Focus	2023
Amendment Flag	false
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001552800

Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventories [Abstract]

Schedule of Inventories



	(in thousands)
	September 30,		December 31,
	2023		2022
Finished goods	$	97,463	$	119,517
Raw materials		1,247		1,435
Total	$	98,710	$	120,952

Long-term Debt (Narrative) (Details) $ in Millions	9 Months Ended
Long-term Debt (Narrative) (Details) $ in Millions	Sep. 30, 2023 USD ($)
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Standby letters of credit	$ 1.7
Credit Agreement [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, initiation date	Sep. 30, 2022
Borrowings outstanding	$ 75.0
Credit facility, amount outstanding	10.0
Credit facility, available borrowing capacity	$ 63.3
Credit Agreement [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio	120.00%
Credit Agreement [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Rent adjusted leverage ratio	350.00%
Credit Agreement [Member] \| SOFR Rate [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility effective interest rate	6.92%
Credit Agreement [Member] \| Term SOFR Rate [Member] \| Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	1.25%
Credit Agreement [Member] \| Term SOFR Rate [Member] \| Maximum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	1.75%
Credit Agreement [Member] \| Daily Simple SOFR Rate [Member] \| Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	1.25%
Credit Agreement [Member] \| Daily Simple SOFR Rate [Member] \| Maximum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	1.75%
Credit Agreement [Member] \| Alternate Base Rate [Member] \| Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	0.25%
Credit Agreement [Member] \| Alternate Base Rate [Member] \| Maximum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	0.75%

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2023

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

Note 10: 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 September 30, 2023 and December 31, 2022 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	September 30, 2023		December 31, 2022
Assets		(in thousands)
Cash and cash equivalents	Level 1	$	16,371	$	5,948
Restricted cash	Level 1		655		1,811

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.

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 three and nine months ended September 30, 2023 the Company recorded $0.0 million and $0.6 million, respectively, of impairment charges in selling, general and administrative expenses to write-down property, plant and equipment and right of use assets to their estimated fair values. 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. No impairment charges were recorded during the three or nine months ended September 30, 2022.

- 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

New Markets Tax Credit

9 Months Ended

Sep. 30, 2023

New Markets Tax Credit [Abstract]

New Markets Tax Credit

Note 12: 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 September 30, 2023, the balance of the contribution liability for this arrangement was $0.1 million, which was classified as other accrued 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 September 30, 2023, the remaining balance in the Investment Fund available for reimbursement to the Company was $0.7 million.

Revenues (Schedule of Components of Returns Reserve) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenues [Abstract]
Other current accrued liabilities	$ 4,089	$ 4,993
Other current assets	1,347	1,687
Sales returns reserve, net	$ 2,742	$ 3,306

Other Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Other Accrued Liabilities [Abstract]

Schedule of Other Accrued Liabilities



	(in thousands)
	September 30,		December 31,
	2023		2022
Customer deposits	$	12,477	$	11,315
Sales returns reserve		4,089		4,993
Accrued wages and salaries		5,871		6,040
Payroll and sales taxes		2,381		2,286
Other current liabilities		7,938		7,282
Total other accrued liabilities	$	32,756	$	31,916

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Lease Assets and Liabilities

Leases (in thousands)	Classification		September 30, 2023		December 31, 2022
Assets
Operating lease assets	Right of use asset	$	119,619	$	118,501
Total leased assets		$	119,619	$	118,501

Liabilities
Current
Operating	Current portion of lease liability	$	27,214	$	27,866
Noncurrent
Operating	Long-term lease liability, net		103,786		103,353
Total lease liabilities		$	131,000	$	131,219

Summary of Lease Cost


		Three Months Ended
Lease cost (in thousands)	Classification		September 30, 2023		September 30, 2022
Operating lease cost	SG&A expenses	$	9,052	$	7,848
Variable lease cost⁽¹⁾	SG&A expenses		3,800		3,709
Short term lease cost	SG&A expenses		42		104
Net lease cost		$	12,894	$	11,661


		Nine Months Ended
Lease cost (in thousands)	Classification		September 30, 2023		September 30, 2022
Operating lease cost	SG&A expenses	$	26,890	$	25,130
Variable lease cost⁽¹⁾	SG&A expenses		11,179		10,670
Short term lease cost	SG&A expenses		223		346
Net lease cost		$	38,292	$	36,146

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

Summary of Other Lease Information


	Nine Months Ended
Other Information (in thousands)		September 30, 2023		September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	28,619	$	28,147
Lease right-of-use assets obtained or modified in exchange for lease obligations	$	21,769	$	12,420

Long-term Debt

9 Months Ended

Sep. 30, 2023

Long-term Debt [Abstract]

Long-term Debt

Note 8: Long-term Debt

On September 30, 2022, Holdings and its operating subsidiary, The Tile Shop, LLC, and certain subsidiaries of each entered into a Credit Agreement with JPMorgan Chase Bank, N.A. and the lenders party thereto, including Fifth Third Bank (the “Credit Agreement”). The Credit Agreement provides the Company with a senior credit facility consisting of a $75.0 million revolving line of credit through September 30, 2027. Borrowings pursuant to the Credit Agreement initially bear interest at a rate per annum equal to: (i) Adjusted Term SOFR Rate (as defined in the Credit Agreement), plus a margin ranging from 1.25% to 1.75%; (ii) Adjusted Daily Simple SOFR (as defined in the Credit Agreement), plus a margin ranging from 1.25% to 1.75%; or (iii) the Alternate Base Rate (as defined in the Credit Agreement), plus a margin ranging from 0.25% to 0.75%. The margin is determined based on The Tile Shop, LLC’s Rent Adjusted Leverage Ratio (as defined in the Credit Agreement). Borrowings outstanding as of September 30, 2023 were SOFR-based interest rate loans. The SOFR-based interest rate was 6.92% on September 30, 2023.

The Credit Agreement is secured by virtually all of the assets of the Company, including, but not limited to, inventory, accounts receivable, equipment and general intangibles. The Credit Agreement contains customary events of default, conditions to borrowing and restrictive covenants, including restrictions on the Company’s ability to dispose of assets, engage in acquisitions or mergers, make distributions on or repurchases of capital stock, incur additional debt, incur liens or make investments. The Credit Agreement also includes financial and other covenants, including covenants to maintain a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of no less than 1.20 to 1.00 and a Rent Adjusted Leverage Ratio (as defined in the Credit Agreement) of no greater than 3.50 to 1.00. The Company was in compliance with the covenants as of September 30, 2023.

Borrowings outstanding consisted of $10.0 million on the revolving line of credit as of September 30, 2023. As of September 30, 2023, there was $63.3 million available for borrowing on the revolving line of credit, which may be used to purchase inventory, acquire assets to maintain our stores and distribution centers, build new stores and general corporate purposes.

The Company has standby letters of credit outstanding related to its workers compensation plan and property leases. Standby letters of credit totaled $1.7 million as of September 30, 2023 and were secured by the Company’s credit facility.

Background

9 Months Ended

Sep. 30, 2023

Background [Abstract]

Background

Note 1: Background

Tile Shop Holdings, Inc. (“Holdings,” and together with its wholly owned subsidiaries, the “Company”) was incorporated in Delaware in June 2012.

The Company is a specialty retailer of natural stone, man-made and luxury vinyl tiles, setting and maintenance materials, and related accessories in the United States. The Company manufactures its own setting and maintenance materials, such as thinset, grout, and sealers. The Company’s primary market is retail sales to consumers, contractors, designers and home builders. As of September 30, 2023, the Company had 143 stores in 31 states and the District of Columbia, with an average size of approximately 20,000 square feet. The Company has distribution centers located in Michigan, New Jersey, Oklahoma, Virginia and Wisconsin. The Company also has a sourcing office located in China.

The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023.

These statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The accounting policies used in preparing these Consolidated Financial Statements are the same as those described in Note 1 to the Consolidated Financial Statements in such Form 10-K.

Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value of Financial Instruments [Abstract]
Asset impairment charges	$ 0.0	$ 0	$ 618,000	$ 0

Leases (Schedule of Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease assets	$ 119,619	$ 116,768	$ 118,501
Total leased assets	119,619		118,501
Current portion of lease liability	27,214		27,866
Long-term lease liability, net	103,786	$ 100,997	103,353
Total lease liabilities	$ 131,000		$ 131,219

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 16,371	$ 5,948
Restricted cash	655	1,811
Receivables, net	3,501	3,411
Inventories	98,710	120,952
Income tax receivable	435	3,859
Other current assets, net	10,352	10,422
Total Current Assets	130,024	146,403
Property, plant and equipment, net	65,133	71,095
Right of use asset	119,619	118,501
Deferred tax assets	4,470	6,536
Other assets	3,461	3,287
Total Assets	322,707	345,822
Current liabilities:
Accounts payable	26,247	23,506
Income tax payable	113	3
Current portion of lease liability	27,214	27,866
Other accrued liabilities	32,756	31,916
Total Current Liabilities	86,330	83,291
Long-term debt	10,000	45,400
Long-term lease liability, net	103,786	103,353
Other long-term liabilities	3,836	5,009
Total Liabilities	203,952	237,053
Stockholders’ Equity:
Common stock, par value $0.0001; authorized: 100,000,000 shares; issued and outstanding: 44,561,554 and 44,377,445 shares, respectively	4	4
Preferred stock, par value $0.0001; authorized: 10,000,000 shares; issued and outstanding: 0 shares
Additional paid-in capital	128,582	127,997
Accumulated deficit	(9,745)	(19,180)
Accumulated other comprehensive loss	(86)	(52)
Total Stockholders' Equity	118,755	108,769
Total Liabilities and Stockholders' Equity	$ 322,707	$ 345,822

Leases (Summary of Other Lease Information) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 28,619	$ 28,147
Lease right-of-use assets obtained or modified in exchange for lease obligations	$ 21,769	$ 12,420

Restatement of Previously Issued Financial Statements (Tables)

9 Months Ended

Sep. 30, 2023

Restatement of Previously Issued Financial Statements [Abstract]

Summary of Impact of Restatement



(in thousands)	As reported		Adjustment		As restated
Right of use asset	$	114,616	$	2,152	$	116,768
Total Assets		325,439		2,152		327,591
Long-term lease liability, net		98,845		2,152		100,997
Total Liabilities		208,850		2,152		211,002
Total Liabilities and Stockholders' Equity		325,439		2,152		327,591

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 1,844	$ 3,823	$ 9,435	$ 14,250
Currency translation adjustment	(3)	(46)	(34)	(87)
Other comprehensive income	(3)	(46)	(34)	(87)
Comprehensive income	$ 1,841	$ 3,777	$ 9,401	$ 14,163

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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+ Details

Background (Policy)	9 Months Ended
Background (Policy)	Sep. 30, 2023
Background [Abstract]
Nature of Business	The Company is a specialty retailer of natural stone, man-made and luxury vinyl tiles, setting and maintenance materials, and related accessories in the United States. The Company manufactures its own setting and maintenance materials, such as thinset, grout, and sealers. The Company’s primary market is retail sales to consumers, contractors, designers and home builders. As of September 30, 2023, the Company had 143 stores in 31 states and the District of Columbia, with an average size of approximately 20,000 square feet. The Company has distribution centers located in Michigan, New Jersey, Oklahoma, Virginia and Wisconsin. The Company also has a sourcing office located in China.
Basis of Presentation	The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. These statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The accounting policies used in preparing these Consolidated Financial Statements are the same as those described in Note 1 to the Consolidated Financial Statements in such Form 10-K.

Revenues (Tables)

9 Months Ended

Sep. 30, 2023

Revenues [Abstract]

Schedule of Revenues Disaggregated by Product Category



	For the three months ended				For the nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
Man-made tiles⁽¹⁾	54	%	51	%	53	%	50	%
Natural stone tiles	21		25		22		25
Setting and maintenance materials	15		15		15		15
Accessories	8		7		8		7
Delivery service	2		2		2		3
Total	100	%	100	%	100	%	100	%

⁽¹⁾Man-made tile revenues include sales of luxury vinyl tile products.

Schedule of Components of Returns Reserve


	(in thousands)
	September 30,		December 31,
	2023		2022
Other current accrued liabilities	$	4,089	$	4,993
Other current assets		1,347		1,687
Sales returns reserve, net	$	2,742	$	3,306

Restatement of Previously Issued Financial Statements (Summary of Impact of Restatement) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Right of use asset	$ 119,619	$ 116,768	$ 118,501
Total Assets	322,707	327,591	345,822
Long-term lease liability, net	103,786	100,997	103,353
Total Liabilities	203,952	211,002	237,053
Total Liabilities and Stockholders' Equity	$ 322,707	327,591	$ 345,822
As Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Right of use asset		114,616
Total Assets		325,439
Long-term lease liability, net		98,845
Total Liabilities		208,850
Total Liabilities and Stockholders' Equity		325,439
Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Right of use asset		2,152
Total Assets		2,152
Long-term lease liability, net		2,152
Total Liabilities		2,152
Total Liabilities and Stockholders' Equity		$ 2,152

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+ Details

- Definition

Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.

+ References + Details

Equity Incentive Plans

9 Months Ended

Sep. 30, 2023

Equity Incentive Plans [Abstract]

Equity Incentive Plans

Note 11: Equity Incentive Plans

On July 20, 2021, the Company’s stockholders approved the 2021 Omnibus Equity Compensation Plan (the “2021 Plan”). The 2021 Plan replaced the 2012 Omnibus Award Plan (the “Prior Plan”). Awards granted under the Prior Plan that were outstanding on the date of stockholder approval remained outstanding in accordance with their terms. The maximum number of shares that may be delivered with respect to awards under the 2021 Plan is 3,500,000 shares, subject to adjustment in certain circumstances. Shares tendered or withheld to pay the exercise price of a stock option or to cover tax withholding will not be added back to the number of shares available under the 2021 Plan. To the extent that any award under the 2021 Plan, or any award granted under the Prior Plan prior to stockholder approval of the 2021 Plan, is forfeited, canceled, surrendered or otherwise terminated without the issuance of shares or an award is settled only in cash, the shares subject to such awards granted but not delivered will be added to the number of shares available for awards under the 2021 Plan.

Stock options:

The Company measures and recognizes compensation expense for all stock based awards at fair value. The financial statements for the three and nine months ended September 30, 2023 and 2022 include compensation expense for the portion of outstanding awards that vested during those periods. The Company recognizes stock based compensation expenses on a straight-line basis over the requisite service period of the award, which is generally the option vesting term. The Company did not record any stock based compensation related to stock options during the three months ended September 30, 2023. Total stock based compensation expense related to stock options was less than $0.1 million for the three months ended September 30, 2022. Total stock based compensation expense related to stock options was less than $0.1 million and $0.1 million for the nine months ended September 30, 2023 and 2022, respectively. Stock based compensation expense pertaining to stock options is included in selling, general and administrative expenses in the accompanying Consolidated Statements of Income.

As of September 30, 2023, the Company had fully vested outstanding stock options to purchase 368,217 shares of common stock at a weighted average exercise price of $9.49 per share.

Restricted stock:

The Company awards restricted common shares to selected employees and to 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 certain performance targets. The restricted 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. Total stock based compensation expense related to restricted stock was $0.4 million and $0.5 million for the three months ended September 30, 2023 and 2022, respectively. Total stock based compensation expense related to restricted stock was $1.1 million and $1.5 million for the nine months ended September 30, 2023 and 2022, respectively. Stock based compensation expense pertaining to restricted stock awards is included in selling, general and administrative expenses in the accompanying Consolidated Statements of Income.

As of September 30, 2023, the Company had 1,034,748 unvested outstanding restricted common shares.

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value of Financial Instruments [Abstract]

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



	Pricing	Fair Value at
	Category	September 30, 2023		December 31, 2022
Assets		(in thousands)
Cash and cash equivalents	Level 1	$	16,371	$	5,948
Restricted cash	Level 1		655		1,811

Equity Incentive Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
2021 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	3,500,000		3,500,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0.0
Stock options outstanding	368,217		368,217
Stock options outstanding, weighted average exercise price	$ 9.49		$ 9.49
Employee Stock Option \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 0.1	$ 0.1	$ 0.1
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0.4	$ 0.5	$ 1.1	$ 1.5
Restricted stock outstanding	1,034,748		1,034,748

Background (Narrative) (Details)	Sep. 30, 2023 ft² store state
Background [Abstract]
Number of stores \| store	143
Number of states in which entity operates \| state	31
Area of stores \| ft²	20,000

Earnings Per Share (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 1,844	$ 3,823	$ 9,435	$ 14,250
Weighted average shares outstanding - basic	43,522,768	50,423,923	43,385,316	50,674,870
Effect of dilutive securities attributable to stock based awards	210,938	293,503	170,672	405,534
Weighted average shares outstanding - diluted	43,733,706	50,717,426	43,555,988	51,080,404
Basic income per common share	$ 0.04	$ 0.08	$ 0.22	$ 0.28
Diluted income per common share	$ 0.04	$ 0.08	$ 0.22	$ 0.28
Anti-dilutive securities excluded from earnings per share calculation	312,217	1,176,621	515,226	821,794

- Definition

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

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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.

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+ Details

- Definition

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

+ References

+ Details

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	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 16,371	$ 5,948
Restricted cash	$ 655	$ 1,811

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share


	(dollars in thousands, except per share data)
	For the three months ended				For the nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income	$	1,844	$	3,823	$	9,435	$	14,250
Weighted average shares outstanding - basic		43,522,768		50,423,923		43,385,316		50,674,870
Effect of dilutive securities attributable to stock based awards		210,938		293,503		170,672		405,534
Weighted average shares outstanding - diluted		43,733,706		50,717,426		43,555,988		51,080,404
Income per common share:
Basic	$	0.04	$	0.08	$	0.22	$	0.28
Diluted	$	0.04	$	0.08	$	0.22	$	0.28
Anti-dilutive securities excluded from earnings per share calculation		312,217		1,176,621		515,226		821,794

New Markets Tax Credit (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2023	Dec. 31, 2016
New Market Tax Credit Disclosure [Line Items]
Investment fund cash		$ 0.7
Twain Investment Fund 192 [Member]
New Market Tax Credit Disclosure [Line Items]
Net proceeds from contribution	$ 1.9
Contribution liability		$ 0.1
Twain Investment Fund 192 [Member] \| Tile Shop Holdings [Member]
New Market Tax Credit Disclosure [Line Items]
Syndicate costs	1.3		$ 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
U.S. Bank Community [Member] \| Twain Investment Fund 192 [Member]
New Market Tax Credit Disclosure [Line Items]
Contribution to affiliate	$ 3.2		3.2
U.S. Bank Community [Member] \| Oklahoma [Member]
New Market Tax Credit Disclosure [Line Items]
Financing agreement project cost	$ 9.2		$ 9.2

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Consolidated Statements of Income [Abstract]
Net sales	$ 92,112	$ 97,154	$ 292,688	$ 307,230
Cost of sales	32,549	32,542	104,285	104,754
Gross profit	59,563	64,612	188,403	202,476
Selling, general and administrative expenses	56,734	59,109	173,715	182,459
Income from operations	2,829	5,503	14,688	20,017
Interest expense	(453)	(319)	(1,920)	(786)
Income before income taxes	2,376	5,184	12,768	19,231
Provision for income taxes	(532)	(1,361)	(3,333)	(4,981)
Net income	$ 1,844	$ 3,823	$ 9,435	$ 14,250
Income per common share:
Basic	$ 0.04	$ 0.08	$ 0.22	$ 0.28
Diluted	$ 0.04	$ 0.08	$ 0.22	$ 0.28
Weighted average shares outstanding:
Basic	43,522,768	50,423,923	43,385,316	50,674,870
Diluted	43,733,706	50,717,426	43,555,988	51,080,404

Leases (Summary of Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 9,052	$ 7,848	$ 26,890	$ 25,130
Variable lease cost	3,800	3,709	11,179	10,670
Short term lease cost	42	104	223	346
Net lease cost	$ 12,894	$ 11,661	$ 38,292	$ 36,146

Other Accrued Liabilities

9 Months Ended

Sep. 30, 2023

Other Accrued Liabilities [Abstract]

Other Accrued Liabilities

Note 7: Other Accrued Liabilities

Other accrued liabilities consisted of the following:



	(in thousands)
	September 30,		December 31,
	2023		2022
Customer deposits	$	12,477	$	11,315
Sales returns reserve		4,089		4,993
Accrued wages and salaries		5,871		6,040
Payroll and sales taxes		2,381		2,286
Other current liabilities		7,938		7,282
Total other accrued liabilities	$	32,756	$	31,916

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Taxes [Abstract]
Provision for income taxes	$ 532,000	$ 1,361,000	$ 3,333,000	$ 4,981,000
Effective income tax rate	22.40%	26.30%	26.10%	25.90%
Liability for uncertain tax positions	$ 0	$ 0	$ 0	$ 0
Income tax interest and penalties related to uncertain tax positions			$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details