0001016281-23-000071 | 10-Q | XBRL Viewer

CREDIT FACILITY AND ACQUISITION DEBT

At March 31, 2023, our senior secured revolving credit facility (the “Credit Facility”) was comprised of: (i) a $250.0 million revolving credit facility, including a $15.0 million subfacility for letters of credit and a $10.0 million swingline, and (ii) an accordion or incremental option allowing for future increases in the facility size by an additional amount of up to $75.0 million in the aggregate in the form of increased revolving commitments or incremental term loans. The final maturity of the Credit Facility will occur on May 13, 2026.

Our obligations under the Credit Facility are unconditionally guaranteed on a joint and several basis by the same subsidiaries which guarantee the Senior Notes (as defined in Note 12) and certain of our subsequently acquired or organized domestic subsidiaries (collectively, the “Subsidiary Guarantors”).

The Credit Facility contains customary affirmative covenants, including, but not limited to, covenants with respect to the use of proceeds, payment of taxes and other obligations, continuation of the Company’s business and the maintenance of existing rights and privileges, the maintenance of property and insurance, amongst others.

In addition, the Credit Facility also contains customary negative covenants, including, but not limited to, covenants that restrict (subject to certain exceptions) the ability of the Company and the Subsidiary Guarantors to incur indebtedness, grant liens, make investments, engage in mergers and acquisitions, and pay dividends and other restricted payments, and certain financial maintenance covenants. At March 31, 2023, we were subject to the following financial covenants under our Credit Facility: (A) a Total Leverage Ratio not to exceed 6.00 to 1.00 and (B) a Fixed Charge Coverage Ratio (as defined in the Credit Facility) of not less than 1.20 to 1.00 as of the end of any period of four consecutive fiscal quarters. These financial maintenance covenants are calculated for the Company and its subsidiaries on a consolidated basis. We were in compliance with all of the covenants contained in our Credit Facility as of March 31, 2023.

Our Credit Facility and acquisition debt consisted of the following (in thousands):


	December 31, 2022		March 31, 2023
Credit Facility	$	190,700	$	213,600
Debt issuance costs, net of accumulated amortization of $1,926 and $2,064, respectively	(1,864)		(1,720)
Total Credit Facility	$	188,836	$	211,880

Acquisition debt	$	3,993	$	3,971
Less: current portion	(555)		(567)
Total acquisition debt, net of current portion	$	3,438	$	3,404

At March 31, 2023, we had outstanding borrowings under the Credit Facility of $213.6 million. We also had one letter of credit for $2.3 million under the Credit Facility. The letter of credit will expire on November 27, 2023 and is expected to automatically renew annually and secures our obligations under our various self-insured policies. At March 31, 2023, we had $34.1 million of availability under the Credit Facility.

Outstanding borrowings under our Credit Facility bear interest at a prime rate or the Bloomberg Short-Term Bank Yield Index (“BSBY”) rate, plus an applicable margin based on our leverage ratio. At March 31, 2023, the prime rate margin was equivalent to 2.375% and the BSBY rate margin was 3.375%. The weighted average interest rate on our Credit Facility was 2.1% and 7.9% for the three months ended March 31, 2022 and 2023, respectively.

The interest expense and amortization of debt issuance costs related to our Credit Facility are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Credit Facility interest expense	$	847	$	3,811
Credit Facility amortization of debt issuance costs	88		138

Acquisition debt consists of deferred purchase price and promissory notes payable to sellers. A majority of the deferred purchase price and notes bear no interest and are discounted at imputed interest rates ranging from 7.3% to 10.0%. Original maturities range from nine to twenty years.

The imputed interest expense related to our acquisition debt is as follows (in thousands):


	Three months ended March 31,
	2022		2023
Acquisition debt imputed interest expense	$	80	$	71

Intangible and Other Non-Current Assets

3 Months Ended

Mar. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Intangible and Other Non-Current Assets

INTANGIBLE AND OTHER NON-CURRENT ASSETS

Intangible and other non-current assets are as follows (in thousands):


	December 31, 2022		March 31, 2023
Tradenames	$	25,610	$	29,074
Capitalized commissions on preneed contracts, net of accumulated amortization of $2,990 and $3,179, respectively	4,048		4,161
Prepaid agreements not-to-compete, net of accumulated amortization of $3,515 and $3,646, respectively	1,877		1,750
Internal-use software, net of accumulated amortization of $200 and $262, respectively	1,271		1,966
Other	124		303
Intangible and other non-current assets, net	$	32,930	$	37,254

Tradenames

During the three months ended March 31, 2023, we increased the value of our tradenames by $3.6 million related to our 2023 business combination, described in Note 3 to the Consolidated Financial Statements.

Capitalized Commissions

We capitalize sales commissions and other direct selling costs related to preneed cemetery merchandise and services and preneed funeral trust contracts as these costs are incremental and recoverable costs of obtaining a contract with a customer. Our capitalized commissions on preneed contracts are amortized on a straight-line basis over the average maturity period of ten years for our preneed funeral trust contracts and eight years for our preneed cemetery merchandise and services contracts.

Amortization expense was $170,000 and $189,000 for the three months ended March 31, 2022 and 2023, respectively.

Prepaid Agreements

Prepaid agreements not-to-compete are amortized over the term of the respective agreements, generally ranging from one to ten years. Amortization expense was $148,000 and $131,000 for the three months ended March 31, 2022 and 2023, respectively.

Internal-use Software

Internal-use software is amortized on a straight-line basis typically over three to five years. Amortization expense was $56,000 and $62,000 for the three months ended March 31, 2022 and 2023, respectively.

The aggregate amortization expense for our capitalized commissions, prepaid agreements and internal-use software as of March 31, 2023 is as follows (in thousands):


	Capitalized Commissions		Prepaid Agreements		Internal-use Software
Years ending December 31,
Remainder of 2023	$	729	$	415	$	194
2024	715		424		297
2025	650		377		386
2026	584		262		374
2027	518		142		373
Thereafter	965		130		342
Total amortization expense	$	4,161	$	1,750	$	1,966

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company

Carriage Services, Inc. (“Carriage,” the “Company,” “we,” “us,” or “our”) is a leading provider of funeral and cemetery services and merchandise in the United States. Our operations are reported in two business segments: Funeral Home Operations, which currently accounts for approximately 70% of our total revenue and Cemetery Operations, which currently accounts for approximately 30% of our total revenue. At March 31, 2023, we operated 173 funeral homes in 26 states and 32 cemeteries in 11 states.

Our funeral home operations are principally service businesses that generate revenue from sales of burial and cremation services and related merchandise, such as caskets and urns. Funeral services include consultation, the removal and preparation of remains, the use of funeral home facilities for visitation and memorial services and transportation services. We provide funeral services and products on both an “atneed” (time of death) and “preneed” (planned prior to death) basis.

Our cemetery operations generate revenue primarily through sales of cemetery interment rights (primarily grave sites, lawn crypts, mausoleum spaces and niches), related cemetery merchandise (such as memorial markers, outer burial containers and monuments) and services (interments, inurnments and installation of cemetery merchandise). We provide cemetery services and products on both an atneed and preneed basis.

Principles of Consolidation and Interim Condensed Disclosures

Use of Estimates

The preparation of our Consolidated Financial Statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses. On an ongoing basis, we evaluate our critical estimates and judgments, which include those related to the impairment of goodwill and the fair value measurements used in business combinations. These policies are considered critical because they may result in fluctuations in our reported results from period to period due to the significant judgments, estimates and assumptions about complex and inherently uncertain matters and because the use of different judgments, assumptions or estimates could have a material impact on our financial condition or results of operations. Actual results may differ from these estimates and such estimates may change if the underlying conditions or assumptions change. Historical performance should not be viewed as indicative of future performance because there can be no assurance the margins, operating income and net earnings, as a percentage of revenue, will be consistent from period to period.

Cash and Cash Equivalents

We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Inventory

Inventory consists primarily of caskets, outer burial containers and cemetery monuments and markers and is recorded at the lower of its cost basis or net realizable value. Inventory is relieved using specific identification in fulfillment of performance obligations on our contracts.

Deferred Revenue

During the three months ended March 31, 2023, we withdrew $7.0 million of realized capital gains and earnings from our preneed cemetery trust investments. In certain states, we are allowed to make these withdrawals prior to the delivery of preneed merchandise and service contracts. The realized capital gains and earnings withdrawn increase our cash flow from operations, but are not recognized as revenue in our Consolidated Statements of Operations, however, they reduce our Preneed cemetery trust investment and increase Deferred preneed cemetery revenue.

Property, Plant and Equipment

Property, plant and equipment is comprised of the following (in thousands):


	December 31, 2022		March 31, 2023
Land	$	84,405	$	85,845
Buildings and improvements	251,778		261,203
Furniture, equipment and automobiles	70,522		73,374
Property, plant and equipment, at cost	406,705		420,422
Less: accumulated depreciation	(128,599)		(131,109)
Property, plant and equipment, net	$	278,106	$	289,313

During the three months ended March 31, 2023, we acquired $12.6 million of property, plant and equipment related to our 2023 business combination, described in Note 3 to the Consolidated Financial Statements.

During the three months ended March 31, 2022, we acquired real property for $2.6 million. We also divested two funeral homes that had a carrying value of property, plant and equipment of $0.7 million, which was included in the loss on the sale of divestitures and recorded in Net loss on divestitures, disposals and impairment charges.

Our growth and maintenance capital expenditures totaled $4.6 million and $2.9 million for the three months ended March 31, 2022 and 2023, respectively, for property, plant and equipment. In addition, we recorded depreciation expense of $3.4 million and $3.5 million for the three months ended March 31, 2022 and 2023, respectively.

Cemetery Property

Cemetery property was $104.2 million and $113.3 million, net of accumulated amortization of $59.0 million and $59.8 million at December 31, 2022 and March 31, 2023, respectively. When cemetery property is sold, the value of the cemetery property (interment right costs) is expensed as amortization using the specific identification method in the period in which the sale of the interment right is recognized as revenue. Our growth capital expenditures for cemetery property development totaled $2.3 million and $2.1 million for the three months ended March 31, 2022 and 2023, respectively. We recorded amortization expense for cemetery interment rights of $1.3 million and $1.2 million for the three months ended March 31, 2022 and 2023, respectively.

During the three months ended March 31, 2023, we acquired cemetery property for $9.0 million related to our 2023 business combination, described in Note 3 to the Consolidated Financial Statements. We also divested two cemeteries that had a carrying value of cemetery property of $0.8 million, which was included in the loss on the sale of divestitures and recorded in Net loss on divestitures, disposals and impairment charges on our Consolidated Statements of Operations.

Income Taxes

Income tax expense was $5.1 million and $3.5 million for the three months ended March 31, 2022 and 2023, respectively. Our operating tax rate before discrete items was 26.5% and 28.9% for the three months ended March 31, 2022 and 2023, respectively.

Subsequent Events

We have evaluated events and transactions during the period subsequent to March 31, 2023 through the date the financial statements were issued for potential recognition or disclosure in the accompanying financial statements covered by this report.

Trust Investments (Tables)

3 Months Ended

Mar. 31, 2023

Preneed Trust Investments [Abstract]

Components of preneed cemetery trust investments

The components of Preneed cemetery trust investments on our Consolidated Balance Sheet are as follows (in thousands):


	December 31, 2022		March 31, 2023
Preneed cemetery trust investments, at market value	$	98,269	$	89,473
Less: allowance for contract cancellation	(3,204)		(3,014)
Preneed cemetery trust investments	$	95,065	$	86,459

Cost and fair market values associated with preneed cemetery trust investments

The cost and market values associated with preneed cemetery trust investments at March 31, 2023 are detailed below (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	4,677	$	—	$	—	$	4,677
Fixed income securities:

U.S. agency obligations	2	803		—		(55)		748
Foreign debt	2	11,679		728		(703)		11,704
Corporate debt	2	15,241		168		(5,260)		10,149
Preferred stock	2	12,012		438		(1,701)		10,749
Certificates of deposit	2	79		—		(8)		71
Common stock	1	39,861		4,811		(7,491)		37,181
Limited partnership fund		3,730		10		—		3,740
Mutual funds:
Equity	1	572		—		(72)		500
Fixed income	2	11,803		11		(3,029)		8,785
Trust securities		$	100,457	$	6,166	$	(18,319)	$	88,304
Accrued investment income		$	1,169					$	1,169
Preneed cemetery trust investments								$	89,473
Market value as a percentage of cost								87.9%

The cost and market values associated with preneed cemetery trust investments at December 31, 2022 are detailed below (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	10,434	$	—	$	—	$	10,434
Fixed income securities:
U.S. agency obligations	2	803		—		(72)		731
Foreign debt	2	12,241		910		(644)		12,507
Corporate debt	2	15,066		104		(4,139)		11,031
Preferred stock	2	12,560		436		(1,789)		11,207
Certificate of deposit	2	79		—		(8)		71

Common stock	1	42,929		5,102		(6,228)		41,803
Mutual funds:
Equity	1	362		—		(33)		329
Fixed income	2	12,324		10		(3,310)		9,024
Trust Securities		$	106,798	$	6,562	$	(16,223)	$	97,137
Accrued investment income		$	1,132					$	1,132
Preneed cemetery trust investments								$	98,269
Market value as a percentage of cost								91.0%

Estimated maturities of fixed preneed cemetery trust income securities

The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):


Due in one year or less	$	1,291
Due in one to five years	9,682
Due in five to ten years	4,285
Thereafter	18,163
Total fixed income securities	$	33,421

Schedule of fair market value and unrealized loss on cemetery merchandise and service trust investments

The following table summarizes our fixed income securities (excluding mutual funds) within our preneed cemetery trust investments in an unrealized loss position at March 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	March 31, 2023
	In Loss Position Less than 12 months				In Loss Position Greater than 12 months				Total
	Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses
Fixed income securities:
U.S. agency obligations	$	—	$	—	$	748	$	(55)	$	748	$	(55)
Foreign debt	3,899		(309)		1,649		(394)		5,548		(703)
Corporate debt	4,032		(566)		3,084		(4,694)		7,116		(5,260)
Preferred stock	4,460		(974)		4,794		(727)		9,254		(1,701)
Certificates of deposit	—		—		71		(8)		71		(8)
Total fixed income securities with an unrealized loss	$	12,391	$	(1,849)	$	10,346	$	(5,878)	$	22,737	$	(7,727)

The following table summarizes our fixed income securities (excluding mutual funds) within our preneed cemetery trust investments in an unrealized loss position at December 31, 2022, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	December 31, 2022
	In Loss Position Less than 12 months				In Loss Position Greater than 12 months				Total
	Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses
Fixed income securities:
U.S. agency obligations	$	732	$	(72)	$	—	$	—	$	732	$	(72)
Foreign debt	5,394		(308)		744		(336)		6,138		(644)
Corporate debt	8,037		(3,922)		563		(217)		8,600		(4,139)
Preferred stock	7,146		(1,271)		2,517		(518)		9,663		(1,789)
Certificates of deposit	71		(8)		—		—		71		(8)
Total fixed income securities with an unrealized loss	$	21,380	$	(5,581)	$	3,824	$	(1,071)	$	25,204	$	(6,652)

The following table summarizes our fixed income securities (excluding mutual funds) within our cemetery perpetual care trust investment in an unrealized loss position at March 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	March 31, 2023
	In Loss Position Less than 12 months				In Loss Position Greater than 12 months				Total
	Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses
Fixed income securities:
Foreign debt	$	3,204	$	(273)	$	1,300	$	(310)	$	4,504	$	(583)
Corporate debt	2,930		(410)		2,098		(3,620)		5,028		(4,030)
Preferred stock	3,862		(812)		4,037		(545)		7,899		(1,357)

Total fixed income securities with an unrealized loss	$	9,996	$	(1,495)	$	7,435	$	(4,475)	$	17,431	$	(5,970)

The following table summarizes our fixed income securities (excluding mutual funds) within our perpetual care trust investment in an unrealized loss position at December 31, 2022, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	December 31, 2022
	In Loss Position Less than 12 months				In Loss Position Greater than 12 months				Total
	Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses
Fixed income securities:
Foreign debt	$	4,123	$	(218)	$	554	$	(252)	$	4,677	$	(470)
Corporate debt	5,413		(2,818)		371		(143)		5,784		(2,961)
Preferred stock	6,066		(1,032)		1,659		(342)		7,725		(1,374)

Total fixed income securities with an unrealized loss	$	15,602	$	(4,068)	$	2,584	$	(737)	$	18,186	$	(4,805)

Preneed cemetery trust investment security transactions

Preneed cemetery trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Investment income	$	491	$	590
Realized gains	2,023		1,273
Realized losses	(63)		(877)
Unrealized gains (losses), net	6,877		(12,153)
Expenses and taxes	(364)		(306)
Net change in deferred preneed cemetery receipts held in trust	(8,964)		11,473
	$	—	$	—

Purchases and sales of investments in preneed cemetary trusts

Purchases and sales of investments in the preneed cemetery trusts are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Purchases	$	(1,315)	$	(6,354)
Sales	200		3,045

Components of preneed funeral trust investments

The components of Preneed funeral trust investments on our Consolidated Balance Sheet are as follows (in thousands):


	December 31, 2022		March 31, 2023
Preneed funeral trust investments, at market value	$	107,995	$	104,795
Less: allowance for contract cancellation	(3,442)		(3,429)
Preneed funeral trust investments	$	104,553	$	101,366

Estimated maturities of fixed preneed funeral trust income securities

The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):


Due in one year or less	$	1,204
Due in one to five years	8,770
Due in five to ten years	4,022
Thereafter	16,958
Total fixed income securities	$	30,954

The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):


Due in one year or less	$	817
Due in one to five years	6,400
Due in five to ten years	3,243
Thereafter	14,847
Total fixed income securities	$	25,307

Cost and fair market values associated with preneed funeral trust investments

The cost and market values associated with preneed funeral trust investments at March 31, 2023 are detailed below (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	23,031	$	—	$	—	$	23,031
Fixed income securities:
U.S treasury debt	1	484		—		(35)		449

Foreign debt	2	11,219		709		(661)		11,267
Corporate debt	2	13,980		156		(4,787)		9,349
Preferred stock	2	11,084		426		(1,621)		9,889

Common stock	1	36,620		4,625		(6,688)		34,557
Limited partnership fund		3,633		11		—		3,644
Mutual funds:
Equity	1	431		—		(64)		367
Fixed income	2	10,247		11		(2,667)		7,591
Other investments	2	3,556		—		—		3,556
Trust securities		$	114,285	$	5,938	$	(16,523)	$	103,700
Accrued investment income		$	1,095					$	1,095
Preneed funeral trust investments								$	104,795
Market value as a percentage of cost								90.7%

The cost and market values associated with preneed funeral trust investments at December 31, 2022 are detailed below (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	29,641	$	—	$	—	$	29,641
Fixed income securities:
U.S. treasury debt	1	484		—		(45)		439
Foreign debt	2	10,851		818		(555)		11,114
Corporate debt	2	12,735		89		(3,443)		9,381
Preferred stock	2	10,730		391		(1,564)		9,557

Common stock	1	36,478		4,485		(5,187)		35,776
Mutual funds:
Equity	1	326		—		(30)		296
Fixed income	2	9,907		9		(2,691)		7,225
Other investments	2	3,592		—		—		3,592
Trust securities		$	114,744	$	5,792	$	(13,515)	$	107,021
Accrued investment income		$	974					$	974
Preneed funeral trust investments								$	107,995
Market value as a percentage of cost								93.3%

The following table reflects the cost and market values associated with the trust investments held in cemetery perpetual care trust funds at March 31, 2023 (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	2,703	$	—	$	—	$	2,703
Fixed income securities:

Foreign debt	2	8,926		514		(583)		8,857
Corporate debt	2	11,344		180		(4,030)		7,494
Preferred stock	2	10,004		309		(1,357)		8,956

Common stock	1	28,291		3,469		(5,319)		26,441
Limited partnership fund		2,637		8		—		2,645
Mutual funds:
Equity	1	419		—		(54)		365
Fixed Income	2	9,188		30		(2,240)		6,978
Trust securities		$	73,512	$	4,510	$	(13,583)	$	64,439
Accrued investment income		$	883					$	883
Cemetery perpetual care investments								$	65,322
Market value as a percentage of cost								87.7%

The following table reflects the cost and market values associated with the trust investments held in cemetery perpetual care trust funds at December 31, 2022 (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	5,326	$	—	$	—	$	5,326
Fixed income securities:
Foreign debt	2	8,746		600		(470)		8,876
Corporate debt	2	10,540		118		(2,961)		7,697
Preferred stock	2	9,831		287		(1,374)		8,744

Common stock	1	28,625		3,443		(4,297)		27,771
Mutual funds:
Equity	1	345		2		(22)		325
Fixed income	2	9,046		26		(2,310)		6,762
Trust securities		$	72,459	$	4,476	$	(11,434)	$	65,501
Accrued investment income		$	806					$	806
Cemetery perpetual care investments								$	66,307
Market value as a percentage of cost								90.4%

Schedule of fair market value and unrealized loss on preneed funeral trust investments

The following table summarizes our fixed income securities (excluding mutual funds) within our preneed funeral trust investment in an unrealized loss position at March 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	March 31, 2023
	In Loss Position Less than 12 months				In Loss Position Greater than 12 months				Total
	Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses
Fixed income securities:
U.S. treasury debt	$	—	$	—	$	449	$	(35)	$	449	$	(35)
Foreign debt	3,749		(302)		1,520		(359)		5,269		(661)
Corporate debt	3,904		(550)		2,548		(4,237)		6,452		(4,787)
Preferred stock	3,888		(899)		4,545		(722)		8,433		(1,621)

Total fixed income securities with an unrealized loss	$	11,541	$	(1,751)	$	9,062	$	(5,353)	$	20,603	$	(7,104)

The following table summarizes our fixed income securities (excluding mutual funds) within our preneed funeral trust investment in an unrealized loss position at December 31, 2022, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	December 31, 2022
	In Loss Position Less than 12 months				In Loss Position Greater than 12 months				Total
	Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses
Fixed income securities:
U.S. treasury debt	$	439	$	(45)	$	—	$	—	$	439	$	(45)
Foreign debt	4,766		(274)		626		(281)		5,392		(555)
Corporate debt	6,742		(3,248)		506		(195)		7,248		(3,443)
Preferred stock	5,908		(1,099)		2,261		(465)		8,169		(1,564)

Total fixed income securities with an unrealized loss	$	17,855	$	(4,666)	$	3,393	$	(941)	$	21,248	$	(5,607)

Preneed funeral trust investment security transactions

Preneed funeral trust investment security transactions recorded in Other, net on the Consolidated Statements of Operations are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Investment income	$	366	$	486
Realized gains	1,743		1,240
Realized losses	(58)		(837)
Unrealized gains (losses), net	6,527		(10,585)
Expenses and taxes	(215)		(192)
Net change in deferred preneed funeral receipts held in trust	(8,363)		9,888
	$	—	$	—

Purchases and sales of investments in preneed funeral trusts

Purchases and sales of investments in the preneed funeral trusts are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Purchases	$	(590)	$	(6,063)
Sales	500		2,943

Purchases and sales of investments in the cemetery perpetual care trusts are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Purchases	$	(131)	$	(4,401)
Sales	—		2,210

Components of care trusts' corpus

Care trusts’ corpus on our Consolidated Balance Sheet represent the corpus of those trusts plus undistributed income. The components of Care trusts’ corpus are as follows (in thousands):


	December 31, 2022		March 31, 2023
Cemetery perpetual care trust investments, at market value	$	66,307	$	65,322
Obligations due from trust	(812)		(970)
Care trusts’ corpus	$	65,495	$	64,352

Cemetery perpetual care trust investment security transactions recorded on Consolidated Statements of Operations

Cemetery perpetual care trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Realized gains	$	250	$	160
Realized losses	(8)		(177)
Unrealized gains (losses), net	4,728		(9,073)
Net change in care trusts’ corpus	(4,970)		9,090
Total	$	—	$	—

Cemetery perpetual care trust investment security transactions recorded in Other revenue are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Investment income	$	2,762	$	3,197
Realized losses, net	(346)		(456)
Total	$	2,416	$	2,741

Trust Investments (Cost and fair market value associated with preneed funeral trust investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Preneed Cemetery Trust Investments [Member]
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 100,457	$ 106,798
Unrealized Gains	6,166	6,562
Unrealized Losses	(18,319)	(16,223)
Fair Market Value	88,304	97,137
Preneed cemetery trust investments	$ 89,473	$ 98,269
Preneed cemetery trust investments, fair market value as a percentage of cost (in Percent)	87.90%	91.00%
Preneed Cemetery Trust Investments [Member] \| Accrued investment income
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 1,169	$ 1,132
Fair Market Value	1,169	1,132
Preneed Funeral Trust Investments [Member]
Debt and Equity Securities, FV-NI [Line Items]
Cost	114,285	114,744
Unrealized Gains	5,938	5,792
Unrealized Losses	(16,523)	(13,515)
Fair Market Value	103,700	107,021
Preneed cemetery trust investments	$ 104,795	$ 107,995
Preneed cemetery trust investments, fair market value as a percentage of cost (in Percent)	90.70%	93.30%
Preneed Funeral Trust Investments [Member] \| Accrued investment income
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 1,095	$ 974
Fair Market Value	1,095	974
Fair Value, Inputs, Level 1 [Member] \| Preneed Cemetery Trust Investments [Member] \| Cash and Money Market Accounts [Member]
Debt and Equity Securities, FV-NI [Line Items]
Cost	4,677	10,434
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	4,677	10,434
Fair Value, Inputs, Level 1 [Member] \| Preneed Cemetery Trust Investments [Member] \| Common stock
Debt and Equity Securities, FV-NI [Line Items]
Cost	39,861	42,929
Unrealized Gains	4,811	5,102
Unrealized Losses	(7,491)	(6,228)
Fair Market Value	37,181	41,803
Fair Value, Inputs, Level 1 [Member] \| Preneed Funeral Trust Investments [Member] \| Cash and Money Market Accounts [Member]
Debt and Equity Securities, FV-NI [Line Items]
Cost	23,031	29,641
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	23,031	29,641
Fair Value, Inputs, Level 1 [Member] \| Preneed Funeral Trust Investments [Member] \| U.S. Treasury Debt [Member]
Debt and Equity Securities, FV-NI [Line Items]
Cost	484	484
Unrealized Gains	0	0
Unrealized Losses	(35)	(45)
Fair Market Value	449	439
Fair Value, Inputs, Level 1 [Member] \| Preneed Funeral Trust Investments [Member] \| Common stock
Debt and Equity Securities, FV-NI [Line Items]
Cost	36,620	36,478
Unrealized Gains	4,625	4,485
Unrealized Losses	(6,688)	(5,187)
Fair Market Value	34,557	35,776
Fair Value, Inputs, Level 1 [Member] \| Preneed Funeral Trust Investments [Member] \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Cost		326
Unrealized Gains		0
Unrealized Losses		(30)
Fair Market Value		296
Fair Value, Inputs, Level 2 [Member] \| Preneed Cemetery Trust Investments [Member] \| Foreign debt
Debt and Equity Securities, FV-NI [Line Items]
Cost	11,679	12,241
Unrealized Gains	728	910
Unrealized Losses	(703)	(644)
Fair Market Value	11,704	12,507
Fair Value, Inputs, Level 2 [Member] \| Preneed Cemetery Trust Investments [Member] \| Corporate debt
Debt and Equity Securities, FV-NI [Line Items]
Cost	15,241	15,066
Unrealized Gains	168	104
Unrealized Losses	(5,260)	(4,139)
Fair Market Value	10,149	11,031
Fair Value, Inputs, Level 2 [Member] \| Preneed Cemetery Trust Investments [Member] \| Preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Cost	12,012	12,560
Unrealized Gains	438	436
Unrealized Losses	(1,701)	(1,789)
Fair Market Value	10,749	11,207
Fair Value, Inputs, Level 2 [Member] \| Preneed Cemetery Trust Investments [Member] \| Mortgage-backed securities
Debt and Equity Securities, FV-NI [Line Items]
Cost	79	79
Unrealized Gains	0	0
Unrealized Losses	(8)	(8)
Fair Market Value	71	71
Fair Value, Inputs, Level 2 [Member] \| Preneed Cemetery Trust Investments [Member] \| Fixed income
Debt and Equity Securities, FV-NI [Line Items]
Cost	11,803	12,324
Unrealized Gains	11	10
Unrealized Losses	(3,029)	(3,310)
Fair Market Value	8,785	9,024
Fair Value, Inputs, Level 2 [Member] \| Preneed Cemetery Trust Investments [Member] \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Cost	572	362
Unrealized Gains	0	0
Unrealized Losses	(72)	(33)
Fair Market Value	500	329
Fair Value, Inputs, Level 2 [Member] \| Preneed Cemetery Trust Investments [Member] \| U.S. agency obligations
Debt and Equity Securities, FV-NI [Line Items]
Cost	803	803
Unrealized Gains	0	0
Unrealized Losses	(55)	(72)
Fair Market Value	748	731
Fair Value, Inputs, Level 2 [Member] \| Preneed Funeral Trust Investments [Member] \| Foreign debt
Debt and Equity Securities, FV-NI [Line Items]
Cost	11,219	10,851
Unrealized Gains	709	818
Unrealized Losses	(661)	(555)
Fair Market Value	11,267	11,114
Fair Value, Inputs, Level 2 [Member] \| Preneed Funeral Trust Investments [Member] \| Corporate debt
Debt and Equity Securities, FV-NI [Line Items]
Cost	13,980	12,735
Unrealized Gains	156	89
Unrealized Losses	(4,787)	(3,443)
Fair Market Value	9,349	9,381
Fair Value, Inputs, Level 2 [Member] \| Preneed Funeral Trust Investments [Member] \| Preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Cost	11,084	10,730
Unrealized Gains	426	391
Unrealized Losses	(1,621)	(1,564)
Fair Market Value	9,889	9,557
Fair Value, Inputs, Level 2 [Member] \| Preneed Funeral Trust Investments [Member] \| Fixed Income Securities [Member]
Debt and Equity Securities, FV-NI [Line Items]
Cost	10,247	9,907
Unrealized Gains	11	9
Unrealized Losses	(2,667)	(2,691)
Fair Market Value	7,591	7,225
Fair Value, Inputs, Level 2 [Member] \| Preneed Funeral Trust Investments [Member] \| Other Investments [Member]
Debt and Equity Securities, FV-NI [Line Items]
Cost	3,556	3,592
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	3,556	$ 3,592
Fair Value, Inputs, Level 2 [Member] \| Preneed Funeral Trust Investments [Member] \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Cost	431
Unrealized Gains	0
Unrealized Losses	(64)
Fair Market Value	$ 367

Stockholders' Equity (ESPP) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock from employee stock purchase plan, shares		21,656			13,293
Employee Stock Purchase Plan Weighted Average Purchase Price Of Shares Purchased (in USD per share)		$ 24.28			$ 45.33
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		4.75%	4.77%	4.53%
Share-based compensation expense		$ 252			$ 199
Dividend yield		1.30%
Expected volatility		53.51%
Expected holding period (years)		9 months	6 months	3 months
ESPP \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.72%
Expected holding period (years)	1 year

CREDIT FACILITY AND ACQUISITION DEBT (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Long-term Debt

Our Credit Facility and acquisition debt consisted of the following (in thousands):


	December 31, 2022		March 31, 2023
Credit Facility	$	190,700	$	213,600
Debt issuance costs, net of accumulated amortization of $1,926 and $2,064, respectively	(1,864)		(1,720)
Total Credit Facility	$	188,836	$	211,880

Acquisition debt	$	3,993	$	3,971
Less: current portion	(555)		(567)
Total acquisition debt, net of current portion	$	3,438	$	3,404

The imputed interest expense related to our acquisition debt is as follows (in thousands):


	Three months ended March 31,
	2022		2023
Acquisition debt imputed interest expense	$	80	$	71

The interest expense and amortization of debt discount and debt issuance costs related to our Senior Notes are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Senior Notes interest expense	$	4,250	$	4,250
Senior Notes amortization of debt discount	121		127

Senior Notes amortization of debt issuance costs	34		36

Schedule of Line of Credit Facilities

The interest expense and amortization of debt issuance costs related to our Credit Facility are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Credit Facility interest expense	$	847	$	3,811
Credit Facility amortization of debt issuance costs	88		138

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Components of Lease Expense

Trust Investments (Estimated maturities of fixed preneed funeral trust income securities) (Details) - Preneed Funeral Trust Investments [Member] $ in Thousands	Mar. 31, 2023 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Due in one year or less	$ 1,204
Due in one to five years	8,770
Due in five to ten years	4,022
Thereafter	16,958
Total fixed income securities	$ 30,954

Trust Investments (Preneed funeral trust investment security transactions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Total		$ 0
Preneed Funeral Trust Investments [Member]
Debt and Equity Securities, FV-NI [Line Items]
Unrealized gains (losses), net	$ (10,585)	6,527
Total	0	0
Preneed Funeral Trust Investments [Member] \| Interest Income and Other, Net [Member]
Debt and Equity Securities, FV-NI [Line Items]
Investment income	486	366
Expenses and taxes	(192)	(215)
Total	9,888	(8,363)
Realized gains	1,240	1,743
Realized losses	$ (837)	$ (58)

(Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

The components of lease cost are as follows (in thousands):


		Three months ended March 31,
	Income Statement Classification	2022		2023
Operating lease cost	Facilities and grounds expense(1)	$	848	$	875
Short-term lease cost	Facilities and grounds expense(1)	102		94
Variable lease cost	Facilities and grounds expense(1)	7		58

Finance lease cost:
Depreciation of leased assets	Depreciation and amortization(2)	$	108	$	108
Interest on lease liabilities	Interest expense	113		105
Total finance lease cost		221		213
Total lease cost		$	1,178	$	1,240



(1)			Facilities and grounds expense is included within Cost of service and General, administrative and other on our Consolidated Statements of Operations.
(2)			Depreciation and amortization expense is included within Field depreciation expense and General, administrative and other on our Consolidated Statements of Operations.

Supplemental cash flow information related to our leases is as follows (in thousands):


	Three months ended March 31,
	2022		2023
Cash paid for operating leases included in operating activities	$	897	$	951
Cash paid for finance leases included in financing activities	213		223

Right-of-use assets obtained in exchange for new leases is as follows (in thousands):


	Three months ended March 31,
	2022		2023
Right-of-use assets obtained in exchange for new operating lease liabilities	$	178	$	908
Right-of-use assets obtained in exchange for new finance lease liabilities	—		—

Supplemental balance sheet information related to leases is as follows (in thousands):


Lease Type	Balance Sheet Classification	December 31, 2022		March 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	17,060	$	17,486

Finance lease right-of-use assets	Property, plant and equipment, net	$	6,770	$	6,770
Accumulated depreciation	Property, plant and equipment, net	(2,881)		(2,989)
Finance lease right-of-use assets, net		$	3,889	$	3,781

Operating lease current liabilities	Current portion of operating lease obligations	$	2,203	$	2,477
Finance lease current liabilities	Current portion of finance lease obligations	414		411
Total current lease liabilities		$	2,617	$	2,888

Operating lease non-current liabilities	Obligations under operating leases, net of current portion	$	17,315	$	17,395
Finance lease non-current liabilities	Obligations under finance leases, net of current portion	4,743		4,641
Total non-current lease liabilities		$	22,058	$	22,036

Total lease liabilities		$	24,675	$	24,924

The average lease terms and discount rates at March 31, 2023 are as follows:


	Weighted-average remaining lease term (years)	Weighted-average discount rate
Operating leases	8.5	8.1	%
Finance leases	11.3	8.1	%

Maturities of Operating Lease Liabilities

The aggregate future lease payments for non-cancelable operating and finance leases at March 31, 2023 are as follows (in thousands):


	Operating		Finance
Lease payments due:
Remainder of 2023	$	2,938	$	647
2024	3,895		791
2025	3,604		736
2026	3,490		746
2027	3,349		746
Thereafter	9,996		4,063
Total lease payments	27,272		7,729
Less: Interest	(7,400)		(2,677)
Present value of lease liabilities	$	19,872	$	5,052

Maturities of Financing Lease Liabilities

The aggregate future lease payments for non-cancelable operating and finance leases at March 31, 2023 are as follows (in thousands):


	Operating		Finance
Lease payments due:
Remainder of 2023	$	2,938	$	647
2024	3,895		791
2025	3,604		736
2026	3,490		746
2027	3,349		746
Thereafter	9,996		4,063
Total lease payments	27,272		7,729
Less: Interest	(7,400)		(2,677)
Present value of lease liabilities	$	19,872	$	5,052

Goodwill

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

The following table presents changes in goodwill in the accompanying Consolidated Balance Sheet (in thousands):


	December 31, 2022		March 31, 2023
Goodwill at the beginning of the period	$	391,972	$	410,137
Increase in goodwill related to acquisitions	19,511		13,612
Decrease in goodwill related to divestitures	(901)		—
Decrease in goodwill related to assets held for sale	(445)		—
Goodwill at the end of the period	$	410,137	$	423,749

During the three months ended March 31, 2023, we recognized $13.6 million in goodwill related to our 2023 business combination; $5.7 million was allocated to our cemetery segment and $7.9 million was allocated to our funeral home segment.

CREDIT FACILITY AND ACQUISITION DEBT Imputed Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Series of Individually Immaterial Business Acquisitions
Debt Instrument [Line Items]
Acquisition debt imputed interest expense	$ 71	$ 80

SEGMENT REPORTING (Revenue, pre-tax income and total and total assets by segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 95,514	$ 98,161
Operating Income (Loss)	20,634	25,151
Income (loss) before income taxes:	12,346	21,484
Total assets	1,224,984		$ 1,192,950
Funeral
Segment Reporting Information [Line Items]
Revenues	70,085	74,355
Operating Income (Loss)	22,192	25,463
Income (loss) before income taxes:	22,333	27,209
Total assets	795,205		779,500
Cemetery
Segment Reporting Information [Line Items]
Revenues	25,429	23,806
Operating Income (Loss)	8,613	8,218
Income (loss) before income taxes:	8,672	8,259
Total assets	412,342		396,389
Corporate
Segment Reporting Information [Line Items]
Operating Income (Loss)	(10,171)	(8,530)
Income (loss) before income taxes:	(18,659)	(13,984)
Total assets	17,437		$ 17,061
Services
Segment Reporting Information [Line Items]
Revenues	48,207	49,737
Services \| Funeral
Segment Reporting Information [Line Items]
Revenues	43,602	45,516
Services \| Cemetery
Segment Reporting Information [Line Items]
Revenues	4,605	4,221
Merchandise
Segment Reporting Information [Line Items]
Revenues	26,903	28,386
Merchandise \| Funeral
Segment Reporting Information [Line Items]
Revenues	22,969	25,285
Merchandise \| Cemetery
Segment Reporting Information [Line Items]
Revenues	3,934	3,101
Cemetery property
Segment Reporting Information [Line Items]
Revenues	13,108	13,226
Cemetery property \| Funeral
Segment Reporting Information [Line Items]
Revenues	0	0
Cemetery property \| Cemetery
Segment Reporting Information [Line Items]
Revenues	13,108	13,226
Other revenue
Segment Reporting Information [Line Items]
Revenues	7,296	6,812
Other revenue \| Funeral
Segment Reporting Information [Line Items]
Revenues	3,514	3,554
Other revenue \| Cemetery
Segment Reporting Information [Line Items]
Revenues	$ 3,782	$ 3,258

Receivables Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Trade and financed receivables	$ 23,194	$ 23,947
Other receivables	1,767	1,524
Allowance for credit losses	(1,074)	(1,013)
Accounts receivable, net	23,887	24,458
Funeral
Segment Reporting Information [Line Items]
Trade and financed receivables	8,441	9,518
Other receivables	598	643
Allowance for credit losses	(299)	(311)
Accounts receivable, net	8,740	9,850
Cemetery
Segment Reporting Information [Line Items]
Trade and financed receivables	14,753	14,429
Other receivables	699	833
Allowance for credit losses	(775)	(702)
Accounts receivable, net	14,677	14,560
Corporate
Segment Reporting Information [Line Items]
Trade and financed receivables	0	0
Other receivables	470	48
Allowance for credit losses	0	0
Accounts receivable, net	$ 470	$ 48

Supplementary Data (Details) - USD ($) $ in Thousands	3 Months Ended
Supplementary Data (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Other current assets:
Prepaid expenses	$ 3,582		$ 4,077
Other current assets	5,406		149
Total other current assets	8,988		4,733
Acquisition debt	567		555
Finance lease obligations	411		414
Operating lease obligations	2,477		2,203
Total current portion of debt and lease obligations	3,455		3,172
Accrued liabilities:
Accrued incentive compensation	5,348		12,140
Accrued insurance	4,265		3,051
Unrecognized tax benefit	3,316		3,294
Accrued vacation	3,538		3,430
Accrued interest	6,713		2,329
Accrued salaries and wages	3,875		2,263
Employee meetings and award trips	798		746
Accrued commissions	640		743
Income tax payable	3,380		459
Accrued ad valorem and franchise taxes	1,165		455
Other accrued liabilities	532		222
Federal income taxes payable	1,340		1,489
Total accrued liabilities	34,910		30,621
Other long-term liabilities:
Incentive compensation	552		2,541
Other long-term liabilities	386		524
Total other long-term liabilities	938		3,065
Cash paid for interest	3,782	$ 927
Cash paid for taxes	230	1,540
Unsettled share repurchases	0	$ 2,784
Federal income taxes receivable
Other current assets:
Income taxes receivable	$ 0		$ 507

Receivables Amortized cost basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
2023	$ 7,754
2022	23,937
2021	11,623
2020	6,185
2019	3,092
Prior	2,112
Receivables From Preneed Funeral Trust Gross	$ 54,703	$ 53,936

Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill at the beginning of year	$ 410,137	$ 391,972
Increase in goodwill related to acquisitions	13,612	19,511
Decrease in goodwill related to divestitures	0	(901)
Decrease in goodwill related to assets held for sale	0	445
Goodwill at the end of the period	423,749	410,137
Increase in goodwill related to acquisitions	13,612	$ 19,511
Cemetery
Goodwill [Roll Forward]
Increase in goodwill related to acquisitions	5,700
Increase in goodwill related to acquisitions	5,700
Funeral
Goodwill [Roll Forward]
Increase in goodwill related to acquisitions	7,900
Increase in goodwill related to acquisitions	$ 7,900

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 8,844	$ 16,402
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,769	4,783
Provision for credit losses	699	837
Stock-based compensation expense	2,141	1,607
Deferred income tax expense (benefit)	(178)	76
Amortization of intangibles	321	318
Amortization of debt issuance costs	174	122
Amortization and accretion of debt	127	121
Net loss on divestitures, disposals and impairment charges	241	767
(Gain) loss on property damage, net of insurance claims	271	(1,899)
Gain on sale of real property	(530)	0
Changes in operating assets and liabilities that provided (used) cash:
Accounts and preneed receivables	120	(504)
Inventories, prepaid and other current assets	884	2,913
Intangible and other non-current assets	(1,277)	(340)
Preneed funeral and cemetery trust investments	5,356	(201)
Accounts payable	(246)	(987)
Accrued and other liabilities	1,924	(9,999)
Deferred preneed funeral and cemetery revenue	8,132	628
Deferred preneed funeral and cemetery receipts held in trust	(5,903)	1,157
Net cash provided by operating activities	25,869	15,801
Cash flows from investing activities:
Acquisitions of businesses and real property	(44,000)	(2,575)
Proceeds from divestitures and sale of other assets	1,275	1,026
Proceeds from insurance claims	421	676
Capital expenditures	(4,982)	(6,883)
Net cash used in investing activities	(47,286)	(7,756)
Cash flows from financing activities:
Borrowings from the credit facility	51,700	70,700
Payments against the credit facility	(28,800)	(51,900)
Payments on acquisition debt and obligations under finance leases	(127)	(100)
Proceeds from the exercise of stock options and employee stock purchase plan contributions	526	663
Taxes paid on restricted stock vestings and exercise of stock options	(98)	(289)
Dividends paid on common stock	(1,661)	(1,725)
Purchase of treasury stock	0	(25,655)
Net cash provided by (used in) financing activities	21,540	(8,306)
Net increase (decrease) in cash and cash equivalents	123	(261)
Cash and cash equivalents at beginning of period	1,170	1,148
Cash and cash equivalents at end of period	$ 1,293	$ 887

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table sets forth the computation of the basic and diluted earnings per share (in thousands, except per share data):


	Three months ended March 31,
	2022		2023
Numerator for basic and diluted earnings per share:
Net income	$	16,402	$	8,844
Less: Earnings allocated to unvested restricted stock	(15)		(71)
Income attributable to common stockholders	$	16,387	$	8,773

Denominator:
Denominator for basic earnings per common share - weighted average shares outstanding	15,244		14,758
Effect of dilutive securities:
Stock options	409		99

Performance awards	716		611
Denominator for diluted earnings per common share - weighted average shares outstanding	16,369		15,468

Basic earnings per common share:	$	1.07	$	0.59
Diluted earnings per common share:	$	1.00	$	0.57

For the three months ended March 31, 2023, 1,129,210 stock options were excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect. For the three months ended March 31, 2022, no stock options were excluded from the computation of diluted earnings per share.

Our performance awards are considered to be contingently issuable shares because their issuance is contingent upon the satisfaction of certain performance and service conditions. At March 31, 2023, we had satisfied certain performance criteria for the first, second and third predetermined growth targets of our performance awards to be considered outstanding. Therefore, we included these awards in the computation of diluted earnings per share as of the beginning of the reporting period.

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS We evaluated our financial assets and liabilities for those that met the criteria of the disclosure requirements and fair value framework. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate the fair values of those instruments due to the short-term nature of the instruments. The fair values of our receivables on preneed cemetery contracts are impracticable to estimate because of the lack of a trading market and the diverse number of individual contracts with varying terms. Our acquisition debt and Credit Facility (as defined in Note 11) and Senior Notes (as defined in Note 12) are classified within Level 2 of the Fair Value Measurements hierarchy. At March 31, 2023, the carrying value and fair value of our Credit Facility was $213.6 million. We believe that our Credit Facility bears interest at a rate that approximates prevailing market rates for instruments with similar characteristics and therefore, the carrying value of our Credit Facility approximates fair value. We estimate the fair value of our acquisition debt utilizing an income approach, which uses a present value calculation to discount payments based on current market rates as of the reporting date. At March 31, 2023, the carrying value of our acquisition debt was $4.0 million, which approximated its fair value. The fair value of our Senior Notes was $328.2 million at March 31, 2023 based on the last traded or broker quoted price. We identified investments in fixed income securities, common stock and mutual funds presented within the preneed and perpetual care trust investments categories on our Consolidated Balance Sheet as having met the criteria for fair value measurement. Where quoted prices are available in an active market, investments held by the trusts are classified as Level 1 investments pursuant to the three-level valuation hierarchy. Our Level 1 investments include cash, U.S. treasury debt, common stock and equity mutual funds. Where quoted market prices are not available for the specific security, then fair values are estimated by using quoted prices of similar securities in active markets or inputs other than quoted prices that can corroborate observable market data. These investments are fixed income securities, including U.S. agency obligations, foreign debt, corporate debt, preferred stocks, certificates of deposit and fixed income mutual funds and other investments, all of which are classified within Level 2 of the valuation hierarchy. In addition, we have an investment in a limited partnership fund, whose fair value has been estimated using the net asset value per share practical expedient described in ASC 820-10-35-59, Fair Value Measurement of Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) and therefore, has not been classified in the fair value hierarchy. The value of the investments in this fund cannot be redeemed because the investments include restrictions that do not allow for redemption within the first 12 months after acquisition. Our unfunded commitment for this investment at March 31, 2023 is $10.0 million. Our receivables from preneed funeral trusts represent assets in trusts which are controlled and operated by third parties in which we do not have a controlling financial interest (less than 50%) in the trust assets. We account for these investments at cost. See Notes 8 and 9 to our Consolidated Financial Statements for the fair value hierarchy levels of our trust investments.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment

Property, plant and equipment is comprised of the following (in thousands):


	December 31, 2022		March 31, 2023
Land	$	84,405	$	85,845
Buildings and improvements	251,778		261,203
Furniture, equipment and automobiles	70,522		73,374
Property, plant and equipment, at cost	406,705		420,422
Less: accumulated depreciation	(128,599)		(131,109)
Property, plant and equipment, net	$	278,106	$	289,313

CREDIT FACILITY AND ACQUISITION DEBT Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Credit Facility amortization of debt issuance costs	$ 174	$ 122
Credit Agreement
Debt Instrument [Line Items]
Acquisition debt imputed interest expense	3,811	847
Line of Credit
Debt Instrument [Line Items]
Credit Facility amortization of debt issuance costs	$ 138	$ 88

CREDIT FACILITY AND ACQUISITION DEBT (Long-term Debt Table) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Accumulated amortization, debt issuance costs	$ 2,064	$ 1,926
Current maturities on long-term debt	(567)	(555)
Long-term Debt, Excluding Current Maturities	3,404	3,438
Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, net of accumulated amortization of $226 and $262, respectively	(1,720)
Revolving Credit Facility \| Credit Agreement 2018
Debt Instrument [Line Items]
Long-term Debt	213,600	190,700
Revolving Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs, net of accumulated amortization of $226 and $262, respectively		(1,864)
Term Loan \| Credit Agreement
Debt Instrument [Line Items]
Long-term Debt	211,880	188,836
Acquisition Debt, Deferred Purchase Price [Member] \| Notes Payable, Other Payables
Debt Instrument [Line Items]
Long-term Debt	$ 3,971	$ 3,993

Trust Investments (Purchases and sales of investments in the perpetual care trusts) (Details) - Preneed Funeral Trust Investments [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Gain (Loss) on Securities [Line Items]
Purchases	$ 4,401	$ 131
Sales	$ 2,210	$ 0

DIVESTED OPERATIONS (Details) $ in Thousands	3 Months Ended
DIVESTED OPERATIONS (Details) $ in Thousands	Mar. 31, 2023 USD ($) divestiture	Mar. 31, 2022 USD ($) divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures and sale of other assets \| $	$ 1,275	$ 1,026
Funeral
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses sold \| divestiture	1	2
Proceeds from divestitures and sale of other assets \| $	$ 800	$ 900
Cemetery
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses sold \| divestiture	2

- Maturities of Operating and Financing Lease Liabilities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Operating
Remainder of 2023	$ 2,938
2024	3,895
2025	3,604
2026	3,490
2027	3,349
Thereafter	9,996
Total lease payments	27,272
Less: Interest	(7,400)
Present value of lease liabilities	19,872
Finance
Remainder of 2023	647
2024	791
2025	736
2026	746
2027	746
Thereafter	4,063
Total lease payments	7,729
Less: Interest	(2,677)
Present value of lease liabilities	$ 5,052

Senior Notes (Narrative) (Details) $ in Millions	3 Months Ended
Senior Notes (Narrative) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Senior Notes 4.25%
Debt Instrument [Line Items]
Debt Instrument, Term	74 months
Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Fair Value	$ 328.2
Senior Note Two \| Senior Notes 4.25%
Debt Instrument [Line Items]
Stated interest rate percentage	4.25%
Senior Note Two \| Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Unamortized Debt Issuance Costs	4.30%
Senior Note One \| Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Discount Rate	4.42%

LEASES - Right-of-use Assets Obtained in Exchange for New Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 908	$ 178
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Total	Director	Common stock	Common stock Director	Additional Paid-in Capital	Additional Paid-in Capital Director	Retained Earnings	Treasury Stock
Beginning balance, shares outstanding at Dec. 31, 2021			15,332,000
Beginning Balance at Dec. 31, 2021	$ 128,015,000		$ 263,000		$ 236,809,000		$ 135,462,000	$ (244,519,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 16,402,000						16,402,000
Issuance of common stock from employee stock purchase plan, shares	13,293		13,000
Issuance of common stock from employee stock purchase plan	$ 603,000		$ 0		603,000
Isuuance of common stock, shares				3,000
Issuance of common stock		$ 147,000				$ 147,000
Exercise of stock options, shares	18,736		9,000
Exercise of stock options	$ (22,000)				(22,000)
Cancellation and retirement of restricted common stock, shares			(5,000)
Cancellation and surrender of common and restricted stock	(207,000)				(207,000)
Stock-based compensation expense	1,460,000				1,460,000
Dividends on common stock	$ (1,725,000)				(1,725,000)
Treasury stock acquired, shares	(490,000)		(490,000)
Treasury stock acquired	$ (26,010,000)							(26,010,000)
Other, shares			27,000
Other	1,358,000				1,358,000
Ending balance, shares outstanding at Mar. 31, 2022			14,889,000
Ending Balance at Mar. 31, 2022	120,021,000		$ 263,000		238,423,000		151,864,000	(270,529,000)
Beginning balance, shares outstanding at Dec. 31, 2022			14,732,000
Beginning Balance at Dec. 31, 2022	137,134,000		$ 264,000		238,780,000		176,843,000	(278,753,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 8,844,000						8,844,000
Issuance of common stock from employee stock purchase plan, shares	21,656		22,000
Issuance of common stock from employee stock purchase plan	$ 526,000				526,000
Isuuance of common stock, shares				4,000
Issuance of common stock, shares			30,000
Issuance of common stock	$ 826,000	$ 112,000			826,000	$ 112,000
Issuance of restricted common stock, shares			142,000
Issuance of restricted common stock			$ 2,000		(2,000)
Exercise of stock options, shares	12,000		1,000
Exercise of stock options	$ (21,000)				(21,000)
Cancellation and retirement of restricted common stock, shares			(4,000)
Cancellation and surrender of common and restricted stock	(77,000)				(77,000)
Stock-based compensation expense	1,203,000				1,203,000
Dividends on common stock	$ (1,661,000)				(1,661,000)
Treasury stock acquired, shares	0
Treasury stock acquired	$ 0
Other, shares			8,000
Other	276,000				276,000
Ending balance, shares outstanding at Mar. 31, 2023			14,935,000
Ending Balance at Mar. 31, 2023	$ 147,162,000		$ 266,000		$ 239,962,000		$ 185,687,000	$ (278,753,000)

DIVESTED OPERATIONS Divested business (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Revenue	$ 66	$ 137
Operating income	26	2
Net loss on divestitures	(82)	(703)
Income tax benefit	16	186
Net loss from divested operations, after tax	$ (40)	$ (515)

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

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Recently Issued Accounting Standards	3 Months Ended
Recently Issued Accounting Standards	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS Credit Losses - Vintage Disclosures In March 2022, the FASB issued ASU, Financial Instruments - Credit Losses (“Topic 326”) to make the requirement to disclose gross write-offs by class of financing receivable and major security type consistent for all public business entities. The amendment in this update provides specific guidance on the disclosure for current period write-offs by year of origination for financing receivables. This amendment is effective for fiscal years beginning after December 15, 2022, and therefore was effective for us beginning January 1, 2023. Our adoption of these amendments had no impact on our consolidated financial statements.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Preneed Trust Investments [Abstract]

Trust Investments

3 Months Ended

Mar. 31, 2023

Trust Investments

TRUST INVESTMENTSPreneed trust investments represent trust fund assets that we are generally permitted to withdraw as the services and merchandise are provided to customers. Preneed funeral and cemetery contracts are secured by payments from customers, less amounts not required by law to be deposited into trust. These earnings are recognized in Other revenue on our Consolidated Statements of Operations, when a service is performed or merchandise is delivered. Trust management fees charged by CSV RIA are included as revenue in the period in which they are earned. Our investments are diversified across multiple industry segments using a balanced allocation strategy to minimize long-term risk. We do not intend to sell and it is likely that we will not be required to sell the securities prior to their anticipated recovery.

Cemetery perpetual care trust investments represent a portion of the proceeds from the sale of cemetery property interment rights that we are required by various state laws to deposit into perpetual care trust funds. The income earned from these perpetual care trusts offsets maintenance expenses for cemetery property and memorials. This trust fund income is recognized in Other revenue.

Changes in the fair value of our trust fund assets (Preneed funeral, cemetery and perpetual care trust investments) are offset by changes in the fair value of our trust fund liabilities (Deferred preneed funeral and cemetery receipts held in trust and Care trusts’ corpus) and reflected in Other, net. There is no impact on earnings until such time the services are performed or the merchandise is delivered, causing the contract to be withdrawn from the trust in accordance with state regulations and the gain or loss is allocated to the contract.

We rely on our trust investments to provide funding for the various contractual obligations that arise upon maturity of the underlying preneed contracts. Because of the long-term relationship between the establishment of trust investments and the required performance of the underlying contractual obligations, the impact of current market conditions that may exist at any given time is not necessarily indicative of our ability to generate profit on our future performance obligations.

Preneed Cemetery Trust Investments

The components of Preneed cemetery trust investments on our Consolidated Balance Sheet are as follows (in thousands):


	December 31, 2022		March 31, 2023
Preneed cemetery trust investments, at market value	$	98,269	$	89,473
Less: allowance for contract cancellation	(3,204)		(3,014)
Preneed cemetery trust investments	$	95,065	$	86,459

The cost and market values associated with preneed cemetery trust investments at March 31, 2023 are detailed below (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	4,677	$	—	$	—	$	4,677
Fixed income securities:

U.S. agency obligations	2	803		—		(55)		748
Foreign debt	2	11,679		728		(703)		11,704
Corporate debt	2	15,241		168		(5,260)		10,149
Preferred stock	2	12,012		438		(1,701)		10,749
Certificates of deposit	2	79		—		(8)		71
Common stock	1	39,861		4,811		(7,491)		37,181
Limited partnership fund		3,730		10		—		3,740
Mutual funds:
Equity	1	572		—		(72)		500
Fixed income	2	11,803		11		(3,029)		8,785
Trust securities		$	100,457	$	6,166	$	(18,319)	$	88,304
Accrued investment income		$	1,169					$	1,169
Preneed cemetery trust investments								$	89,473
Market value as a percentage of cost								87.9%

The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):


Due in one year or less	$	1,291
Due in one to five years	9,682
Due in five to ten years	4,285
Thereafter	18,163
Total fixed income securities	$	33,421

The cost and market values associated with preneed cemetery trust investments at December 31, 2022 are detailed below (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	10,434	$	—	$	—	$	10,434
Fixed income securities:
U.S. agency obligations	2	803		—		(72)		731
Foreign debt	2	12,241		910		(644)		12,507
Corporate debt	2	15,066		104		(4,139)		11,031
Preferred stock	2	12,560		436		(1,789)		11,207
Certificate of deposit	2	79		—		(8)		71

Common stock	1	42,929		5,102		(6,228)		41,803
Mutual funds:
Equity	1	362		—		(33)		329
Fixed income	2	12,324		10		(3,310)		9,024
Trust Securities		$	106,798	$	6,562	$	(16,223)	$	97,137
Accrued investment income		$	1,132					$	1,132
Preneed cemetery trust investments								$	98,269
Market value as a percentage of cost								91.0%


	March 31, 2023
	In Loss Position Less than 12 months				In Loss Position Greater than 12 months				Total
	Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses
Fixed income securities:
U.S. agency obligations	$	—	$	—	$	748	$	(55)	$	748	$	(55)
Foreign debt	3,899		(309)		1,649		(394)		5,548		(703)
Corporate debt	4,032		(566)		3,084		(4,694)		7,116		(5,260)
Preferred stock	4,460		(974)		4,794		(727)		9,254		(1,701)
Certificates of deposit	—		—		71		(8)		71		(8)
Total fixed income securities with an unrealized loss	$	12,391	$	(1,849)	$	10,346	$	(5,878)	$	22,737	$	(7,727)


	December 31, 2022
	In Loss Position Less than 12 months				In Loss Position Greater than 12 months				Total
	Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses
Fixed income securities:
U.S. agency obligations	$	732	$	(72)	$	—	$	—	$	732	$	(72)
Foreign debt	5,394		(308)		744		(336)		6,138		(644)
Corporate debt	8,037		(3,922)		563		(217)		8,600		(4,139)
Preferred stock	7,146		(1,271)		2,517		(518)		9,663		(1,789)
Certificates of deposit	71		(8)		—		—		71		(8)
Total fixed income securities with an unrealized loss	$	21,380	$	(5,581)	$	3,824	$	(1,071)	$	25,204	$	(6,652)

Preneed cemetery trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Investment income	$	491	$	590
Realized gains	2,023		1,273
Realized losses	(63)		(877)
Unrealized gains (losses), net	6,877		(12,153)
Expenses and taxes	(364)		(306)
Net change in deferred preneed cemetery receipts held in trust	(8,964)		11,473
	$	—	$	—

Purchases and sales of investments in the preneed cemetery trusts are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Purchases	$	(1,315)	$	(6,354)
Sales	200		3,045

Preneed Funeral Trust Investments

Preneed funeral trust investments represent trust fund assets that we are permitted to withdraw as services and merchandise are provided to customers. Preneed funeral contracts are secured by payments from customers, less retained amounts not required to be deposited into trust.

The components of Preneed funeral trust investments on our Consolidated Balance Sheet are as follows (in thousands):


	December 31, 2022		March 31, 2023
Preneed funeral trust investments, at market value	$	107,995	$	104,795
Less: allowance for contract cancellation	(3,442)		(3,429)
Preneed funeral trust investments	$	104,553	$	101,366

The cost and market values associated with preneed funeral trust investments at March 31, 2023 are detailed below (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	23,031	$	—	$	—	$	23,031
Fixed income securities:
U.S treasury debt	1	484		—		(35)		449

Foreign debt	2	11,219		709		(661)		11,267
Corporate debt	2	13,980		156		(4,787)		9,349
Preferred stock	2	11,084		426		(1,621)		9,889

Common stock	1	36,620		4,625		(6,688)		34,557
Limited partnership fund		3,633		11		—		3,644
Mutual funds:
Equity	1	431		—		(64)		367
Fixed income	2	10,247		11		(2,667)		7,591
Other investments	2	3,556		—		—		3,556
Trust securities		$	114,285	$	5,938	$	(16,523)	$	103,700
Accrued investment income		$	1,095					$	1,095
Preneed funeral trust investments								$	104,795
Market value as a percentage of cost								90.7%

The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):


Due in one year or less	$	1,204
Due in one to five years	8,770
Due in five to ten years	4,022
Thereafter	16,958
Total fixed income securities	$	30,954

The cost and market values associated with preneed funeral trust investments at December 31, 2022 are detailed below (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	29,641	$	—	$	—	$	29,641
Fixed income securities:
U.S. treasury debt	1	484		—		(45)		439
Foreign debt	2	10,851		818		(555)		11,114
Corporate debt	2	12,735		89		(3,443)		9,381
Preferred stock	2	10,730		391		(1,564)		9,557

Common stock	1	36,478		4,485		(5,187)		35,776
Mutual funds:
Equity	1	326		—		(30)		296
Fixed income	2	9,907		9		(2,691)		7,225
Other investments	2	3,592		—		—		3,592
Trust securities		$	114,744	$	5,792	$	(13,515)	$	107,021
Accrued investment income		$	974					$	974
Preneed funeral trust investments								$	107,995
Market value as a percentage of cost								93.3%


	March 31, 2023
	In Loss Position Less than 12 months				In Loss Position Greater than 12 months				Total
	Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses
Fixed income securities:
U.S. treasury debt	$	—	$	—	$	449	$	(35)	$	449	$	(35)
Foreign debt	3,749		(302)		1,520		(359)		5,269		(661)
Corporate debt	3,904		(550)		2,548		(4,237)		6,452		(4,787)
Preferred stock	3,888		(899)		4,545		(722)		8,433		(1,621)

Total fixed income securities with an unrealized loss	$	11,541	$	(1,751)	$	9,062	$	(5,353)	$	20,603	$	(7,104)


	December 31, 2022
	In Loss Position Less than 12 months				In Loss Position Greater than 12 months				Total
	Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses
Fixed income securities:
U.S. treasury debt	$	439	$	(45)	$	—	$	—	$	439	$	(45)
Foreign debt	4,766		(274)		626		(281)		5,392		(555)
Corporate debt	6,742		(3,248)		506		(195)		7,248		(3,443)
Preferred stock	5,908		(1,099)		2,261		(465)		8,169		(1,564)

Total fixed income securities with an unrealized loss	$	17,855	$	(4,666)	$	3,393	$	(941)	$	21,248	$	(5,607)

Preneed funeral trust investment security transactions recorded in Other, net on the Consolidated Statements of Operations are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Investment income	$	366	$	486
Realized gains	1,743		1,240
Realized losses	(58)		(837)
Unrealized gains (losses), net	6,527		(10,585)
Expenses and taxes	(215)		(192)
Net change in deferred preneed funeral receipts held in trust	(8,363)		9,888
	$	—	$	—

Purchases and sales of investments in the preneed funeral trusts are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Purchases	$	(590)	$	(6,063)
Sales	500		2,943

Cemetery Perpetual Care Trust Investments

Care trusts’ corpus on our Consolidated Balance Sheet represent the corpus of those trusts plus undistributed income. The components of Care trusts’ corpus are as follows (in thousands):


	December 31, 2022		March 31, 2023
Cemetery perpetual care trust investments, at market value	$	66,307	$	65,322
Obligations due from trust	(812)		(970)
Care trusts’ corpus	$	65,495	$	64,352

The following table reflects the cost and market values associated with the trust investments held in cemetery perpetual care trust funds at March 31, 2023 (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	2,703	$	—	$	—	$	2,703
Fixed income securities:

Foreign debt	2	8,926		514		(583)		8,857
Corporate debt	2	11,344		180		(4,030)		7,494
Preferred stock	2	10,004		309		(1,357)		8,956

Common stock	1	28,291		3,469		(5,319)		26,441
Limited partnership fund		2,637		8		—		2,645
Mutual funds:
Equity	1	419		—		(54)		365
Fixed Income	2	9,188		30		(2,240)		6,978
Trust securities		$	73,512	$	4,510	$	(13,583)	$	64,439
Accrued investment income		$	883					$	883
Cemetery perpetual care investments								$	65,322
Market value as a percentage of cost								87.7%

The estimated maturities of the fixed income securities (excluding mutual funds) included above are as follows (in thousands):


Due in one year or less	$	817
Due in one to five years	6,400
Due in five to ten years	3,243
Thereafter	14,847
Total fixed income securities	$	25,307

The following table reflects the cost and market values associated with the trust investments held in cemetery perpetual care trust funds at December 31, 2022 (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	5,326	$	—	$	—	$	5,326
Fixed income securities:
Foreign debt	2	8,746		600		(470)		8,876
Corporate debt	2	10,540		118		(2,961)		7,697
Preferred stock	2	9,831		287		(1,374)		8,744

Common stock	1	28,625		3,443		(4,297)		27,771
Mutual funds:
Equity	1	345		2		(22)		325
Fixed income	2	9,046		26		(2,310)		6,762
Trust securities		$	72,459	$	4,476	$	(11,434)	$	65,501
Accrued investment income		$	806					$	806
Cemetery perpetual care investments								$	66,307
Market value as a percentage of cost								90.4%


	March 31, 2023
	In Loss Position Less than 12 months				In Loss Position Greater than 12 months				Total
	Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses
Fixed income securities:
Foreign debt	$	3,204	$	(273)	$	1,300	$	(310)	$	4,504	$	(583)
Corporate debt	2,930		(410)		2,098		(3,620)		5,028		(4,030)
Preferred stock	3,862		(812)		4,037		(545)		7,899		(1,357)

Total fixed income securities with an unrealized loss	$	9,996	$	(1,495)	$	7,435	$	(4,475)	$	17,431	$	(5,970)


	December 31, 2022
	In Loss Position Less than 12 months				In Loss Position Greater than 12 months				Total
	Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses		Fair Market Value		Unrealized Losses
Fixed income securities:
Foreign debt	$	4,123	$	(218)	$	554	$	(252)	$	4,677	$	(470)
Corporate debt	5,413		(2,818)		371		(143)		5,784		(2,961)
Preferred stock	6,066		(1,032)		1,659		(342)		7,725		(1,374)

Total fixed income securities with an unrealized loss	$	15,602	$	(4,068)	$	2,584	$	(737)	$	18,186	$	(4,805)

Cemetery perpetual care trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Realized gains	$	250	$	160
Realized losses	(8)		(177)
Unrealized gains (losses), net	4,728		(9,073)
Net change in care trusts’ corpus	(4,970)		9,090
Total	$	—	$	—

Cemetery perpetual care trust investment security transactions recorded in Other revenue are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Investment income	$	2,762	$	3,197
Realized losses, net	(346)		(456)
Total	$	2,416	$	2,741

Purchases and sales of investments in the cemetery perpetual care trusts are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Purchases	$	(131)	$	(4,401)
Sales	—		2,210

Trust Investments (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Preneed Cemetery Trust Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 100,457	$ 106,798
Preneed Funeral Trust Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 114,285	$ 114,744

Trust Investments (Preneed cemetery trust investment security transactions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Total		$ 0
Preneed Cemetery Trust Investments [Member]
Debt and Equity Securities, FV-NI [Line Items]
Unrealized gains (losses), net	$ (12,153)	6,877
Total	0	0
Preneed Cemetery Trust Investments [Member] \| Interest Income and Other, Net [Member]
Debt and Equity Securities, FV-NI [Line Items]
Investment income	590	491
Expenses and taxes	(306)	(364)
Increase (decrease) in deferred preneed cemetery receipts held in trust	11,473	(8,964)
Realized gains	1,273	2,023
Realized losses	$ (877)	$ (63)

Senior Notes (Notes)

3 Months Ended

Mar. 31, 2023

Senior Notes

SENIOR NOTES

The carrying value of our 4.25% senior notes due 2029 (the “Senior Notes”) is reflected on our Consolidated Balance Sheet as follows (in thousands):


	December 31, 2022		March 31, 2023
Long-term liabilities:
Principal amount	$	400,000	$	400,000

Debt discount, net of accumulated amortization of $794 and $921, respectively	(3,706)		(3,579)
Debt issuance costs, net of accumulated amortization of $226 and $262, respectively	(1,051)		(1,015)
Carrying value of the Senior Notes	$	395,243	$	395,406

At March 31, 2023, the fair value of the Senior Notes, which are Level 2 measurements, was $328.2 million.

The Senior Notes were issued under an indenture, dated as of May 13, 2021 (the “Indenture”), among the Company, the Subsidiary Guarantors and Wilmington Trust, National Association, as trustee. The Senior Notes are unsecured, senior obligations and are fully and unconditionally guaranteed on a senior unsecured basis, jointly and severally by each of the Subsidiary Guarantors. The Senior Notes mature on May 15, 2029, unless earlier redeemed or purchased and bear interest at 4.25% per year, which is payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2021.

The Indenture contains restrictive covenants limiting our ability and our Restricted Subsidiaries (as defined in the Indenture) to, among other things, incur additional indebtedness or issue certain preferred shares, create liens on certain assets

to secure debt, pay dividends or make other equity distributions, purchase or redeem capital stock, make certain investments, sell assets, agree to certain restrictions on the ability of Restricted Subsidiaries to make payments to us, consolidate, merge, sell or otherwise dispose of all or substantially all assets, or engage in transactions with affiliates. The Indenture also contains customary events of default.

The interest expense and amortization of debt discount and debt issuance costs related to our Senior Notes are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Senior Notes interest expense	$	4,250	$	4,250
Senior Notes amortization of debt discount	121		127

Senior Notes amortization of debt issuance costs	34		36

The debt discount and the debt issuance costs are being amortized using the effective interest method over the remaining term of approximately 74 months of the Senior Notes. The effective interest rate on the unamortized debt discount and the unamortized debt issuance costs for the Senior Notes for both the three months ended March 31, 2022 and 2023 was 4.42% and 4.30%, respectively.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Trust Investments (Unrealized losses on preneed funeral trust investments) (Details) - Preneed Funeral Trust Investments [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	$ 11,541	$ 17,855
In Loss Position Less than 12 months, Unrealized Losses	(1,751)	(4,666)
In Loss Position Greater than 12 months, Fair Market Value	9,062	3,393
In Loss Position Greater than 12 months, Unrealized Losses	(5,353)	(941)
Total, Fair Market Value	20,603	21,248
Total, Unrealized Losses	(7,104)	(5,607)
US agency obligations [Member]
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	0	439
In Loss Position Less than 12 months, Unrealized Losses	0	45
In Loss Position Greater than 12 months, Fair Market Value	449	0
In Loss Position Greater than 12 months, Unrealized Losses	35	0
Total, Fair Market Value	449	439
Total, Unrealized Losses	35	45
Foreign debt
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	3,749	4,766
In Loss Position Less than 12 months, Unrealized Losses	(302)	(274)
In Loss Position Greater than 12 months, Fair Market Value	1,520	626
In Loss Position Greater than 12 months, Unrealized Losses	(359)	(281)
Total, Fair Market Value	5,269	5,392
Total, Unrealized Losses	(661)	(555)
Corporate debt
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	3,904	6,742
In Loss Position Less than 12 months, Unrealized Losses	(550)	(3,248)
In Loss Position Greater than 12 months, Fair Market Value	2,548	506
In Loss Position Greater than 12 months, Unrealized Losses	(4,237)	(195)
Total, Fair Market Value	6,452	7,248
Total, Unrealized Losses	(4,787)	(3,443)
Preferred stock
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	3,888	5,908
In Loss Position Less than 12 months, Unrealized Losses	(899)	(1,099)
In Loss Position Greater than 12 months, Fair Market Value	4,545	2,261
In Loss Position Greater than 12 months, Unrealized Losses	(722)	(465)
Total, Fair Market Value	8,433	8,169
Total, Unrealized Losses	$ (1,621)	$ (1,564)

Stockholders' Equity Performance Awards Assumptions (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Performance awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0	3,750

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	26,562,368	26,359,876
Common stock, shares outstanding	14,934,550	14,732,058
Treasury stock, shares	11,627,818	11,627,818

Intangible and Other Non-Current Assets (Tables)

3 Months Ended

Mar. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure

Intangible and other non-current assets are as follows (in thousands):


	December 31, 2022		March 31, 2023
Tradenames	$	25,610	$	29,074
Capitalized commissions on preneed contracts, net of accumulated amortization of $2,990 and $3,179, respectively	4,048		4,161
Prepaid agreements not-to-compete, net of accumulated amortization of $3,515 and $3,646, respectively	1,877		1,750
Internal-use software, net of accumulated amortization of $200 and $262, respectively	1,271		1,966
Other	124		303
Intangible and other non-current assets, net	$	32,930	$	37,254

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The aggregate amortization expense for our capitalized commissions, prepaid agreements and internal-use software as of March 31, 2023 is as follows (in thousands):


	Capitalized Commissions		Prepaid Agreements		Internal-use Software
Years ending December 31,
Remainder of 2023	$	729	$	415	$	194
2024	715		424		297
2025	650		377		386
2026	584		262		374
2027	518		142		373
Thereafter	965		130		342
Total amortization expense	$	4,161	$	1,750	$	1,966

Stockholders' Equity Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Mar. 01, 2020	Mar. 01, 2019	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Dividends declared per common share (in dollars per Share)	$ 0.1125	$ 0.1125	$ 0.1125	$ 0.1125
Dividends	$ 1,661	$ 1,725

Basis of Presentation and Summary of Significant Accounting Policies (Operations) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment funeral_home state cemeteries divestiture	Mar. 31, 2022 USD ($) divestiture	Dec. 31, 2022 USD ($)
Organization Description and Operations [Line Items]
Number of business segments \| segment	2
Realized capital gains	$ 7,000
Payments to acquire real estate	12,600
Proceeds from sale of property		$ 2,600
Growth and maintenance capital expenditures	(2,900)	(4,600)
Depreciation expense	3,500	3,400
Property, plant and equipment, gross	113,300		$ 104,200
Accumulated amortization	(59,800)		$ (59,000)
Growth capital expenditures	(2,100)	(2,300)
Amortization of cemetery interment rights	1,200	1,300
Total benefit for income taxes	$ 3,502	$ 5,082
Income taxes before discrete items	28.90%	26.50%
Funeral homes
Organization Description and Operations [Line Items]
Carrying value of divestitures		$ 700
Funeral homes
Organization Description and Operations [Line Items]
Revenue, Percentage	70.00%
Number of owned and operated funeral homes (in Funeral Homes) \| funeral_home	173
Number of states in which Company operates \| state	26
Number of businesses sold \| divestiture		2
Cemeteries
Organization Description and Operations [Line Items]
Revenue, Percentage	30.00%
Number of states in which Company operates \| state	11
Number of owned and operated cemeteries (in Cemetaries) \| cemeteries	32
Payments to acquire real estate	$ 9,000
Carrying value of divestitures	$ 800
Number of businesses sold \| divestiture	2

Business Combinations (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Mar. 22, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 423,749	$ 410,137	$ 391,972
Bakersfield, California
Business Acquisition [Line Items]
Current assets		7,087
Property, plant & equipment		12,577
Cemetery property		9,035
Goodwill		13,612
Intangible and other non-current assets		3,763
Assumed liabilities	$ (300)
Deferred revenue		(1,774)
Purchase price		$ 44,000

Intangible and Other Non-Current Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Other Assets, Noncurrent	$ 303		$ 124
Deferred Costs and Other Assets	37,254		32,930
Amortization of intangibles	321	$ 318
Amortization of intangibles	189	170
Accumulated Amortization of Other Deferred Costs	$ 3,179		2,990
Minimum
Finite-Lived Intangible Assets [Line Items]
Service Contract, Term	8 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Service Contract, Term	10 years
Trade Names
Finite-Lived Intangible Assets [Line Items]
Other Assets, Noncurrent	$ 29,074		25,610
Indefinite-Lived Intangible Assets Acquired	3,600
Capitalized Commissions
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	4,161		4,048
Prepaid Agreements
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	1,750		1,877
Finite-Lived Intangible Assets, Accumulated Amortization	3,646		3,515
Amortization of intangibles	$ 131	148
Prepaid Agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Service Contract, Term	1 year
Prepaid Agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Service Contract, Term	10 years
Internal-use Software
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	$ 1,966		1,271
Finite-Lived Intangible Assets, Accumulated Amortization	262		$ 200
Amortization of intangibles	$ 62	$ 56
Internal-use Software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	3 years
Internal-use Software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, useful life	5 years

- Carrying Values of Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 17,486	$ 17,060
Finance lease right-of-use assets	6,770	6,770
Accumulated depreciation	(2,989)	(2,881)
Finance lease right-of-use assets, net	3,781	3,889
Operating lease obligations	2,477	2,203
Finance lease obligations	411	414
Total current lease liabilities	2,888	2,617
Obligations under operating leases, net of current portion	17,395	17,315
Finance lease non-current liabilities	4,641	4,743
Total non-current lease liabilities	22,036	22,058
Total lease liabilities	$ 24,924	$ 24,675

Stockholders' Equity (Weighted Average Assumptions) (Details) - shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	1.30%
Expected volatility	53.51%
Risk-free interest rate	4.75%	4.77%	4.53%
Expected holding period (years)	9 months	6 months	3 months
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	1.38%
Expected volatility	43.68%
Risk-free interest rate	4.27%
Expected holding period (years)	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	214,191

Trust Investments (Fixed income securities within our perpetual care trust investment in an unrealized loss position) (Details) - Preneed Funeral Trust Investments [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Market Value
In Loss Position Less than 12 months, Fair Market Value	$ 9,996	$ 15,602
In Loss Position Greater than 12 months, Fair Market Value	7,435	2,584
Total, Fair Market Value	17,431	18,186
Unrealized Losses
In Loss Position Less than 12 months, Unrealized Losses	(1,495)	(4,068)
In Loss Position Greater than 12 months, Unrealized Losses	(4,475)	(737)
Total, Unrealized Losses	(5,970)	(4,805)
Foreign debt
Fair Market Value
In Loss Position Less than 12 months, Fair Market Value	3,204	4,123
In Loss Position Greater than 12 months, Fair Market Value	1,300	554
Total, Fair Market Value	4,504	4,677
Unrealized Losses
In Loss Position Less than 12 months, Unrealized Losses	(273)	(218)
In Loss Position Greater than 12 months, Unrealized Losses	(310)	(252)
Total, Unrealized Losses	(583)	(470)
Corporate debt
Fair Market Value
In Loss Position Less than 12 months, Fair Market Value	2,930	5,413
In Loss Position Greater than 12 months, Fair Market Value	2,098	371
Total, Fair Market Value	5,028	5,784
Unrealized Losses
In Loss Position Less than 12 months, Unrealized Losses	(410)	(2,818)
In Loss Position Greater than 12 months, Unrealized Losses	(3,620)	(143)
Total, Unrealized Losses	(4,030)	(2,961)
Preferred stock
Fair Market Value
In Loss Position Less than 12 months, Fair Market Value	3,862	6,066
In Loss Position Greater than 12 months, Fair Market Value	4,037	1,659
Total, Fair Market Value	7,899	7,725
Unrealized Losses
In Loss Position Less than 12 months, Unrealized Losses	(812)	(1,032)
In Loss Position Greater than 12 months, Unrealized Losses	(545)	(342)
Total, Unrealized Losses	$ (1,357)	$ (1,374)

Business Combinations (Tables)

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Estimated fair values of the assets acquired and liabilities assumed in this transaction as of the closing date are as follows (in thousands):


	Estimated Fair Values
Current assets	$	7,087

Property, plant & equipment	12,577
Cemetery property	9,035
Goodwill	13,612
Intangible and other non-current assets	3,763
Assumed liabilities	(300)


Deferred revenue	(1,774)
Purchase price	$	44,000

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed for this business (in thousands):


Acquisition Date	Type of Business	Market	Assets Acquired (Excluding Goodwill)		Goodwill Recorded		Liabilities and Debt Assumed
March 22, 2023	Three Funeral Homes, Two Cemeteries and One Cremation Focused Business	Bakersfield, CA	$	32,462	$	13,612	$	(2,074)

Trust Investments (Cost and fair market values associated with preneed cemetery trust investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Preneed Cemetery Trust Investments [Member]
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 100,457	$ 106,798
Unrealized Gains	6,166	6,562
Unrealized Losses	(18,319)	(16,223)
Fair Market Value	88,304	97,137
Preneed cemetery trust investments	$ 89,473	$ 98,269
Preneed cemetery trust investments, fair market value as a percentage of cost (in Percent)	87.90%	91.00%
Preneed Cemetery Trust Investments [Member] \| Accrued investment income
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 1,169	$ 1,132
Fair Market Value	1,169	1,132
Preneed Funeral Trust Investments [Member]
Debt and Equity Securities, FV-NI [Line Items]
Total	114,285	114,744
Unrealized Gains	5,938	5,792
Unrealized Losses	(16,523)	(13,515)
Fair Market Value	103,700	107,021
Preneed cemetery trust investments	$ 104,795	$ 107,995
Preneed cemetery trust investments, fair market value as a percentage of cost (in Percent)	90.70%	93.30%
Preneed Funeral Trust Investments [Member] \| Accrued investment income
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 1,095	$ 974
Fair Market Value	1,095	974
Fair Value, Inputs, Level 1 [Member] \| Preneed Cemetery Trust Investments [Member] \| Cash and money market accounts
Debt and Equity Securities, FV-NI [Line Items]
Total	4,677	10,434
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	4,677	10,434
Fair Value, Inputs, Level 1 [Member] \| Preneed Cemetery Trust Investments [Member] \| Common stock
Debt and Equity Securities, FV-NI [Line Items]
Total	39,861	42,929
Unrealized Gains	4,811	5,102
Unrealized Losses	(7,491)	(6,228)
Fair Market Value	37,181	41,803
Fair Value, Inputs, Level 1 [Member] \| Preneed Cemetery Trust Investments [Member] \| Limited partnership fund
Debt and Equity Securities, FV-NI [Line Items]
Total	3,730
Unrealized Gains	10
Unrealized Losses	0
Fair Market Value	3,740
Fair Value, Inputs, Level 1 [Member] \| Preneed Funeral Trust Investments [Member] \| Cash and money market accounts
Debt and Equity Securities, FV-NI [Line Items]
Total	23,031	29,641
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	23,031	29,641
Fair Value, Inputs, Level 1 [Member] \| Preneed Funeral Trust Investments [Member] \| Common stock
Debt and Equity Securities, FV-NI [Line Items]
Total	36,620	36,478
Unrealized Gains	4,625	4,485
Unrealized Losses	(6,688)	(5,187)
Fair Market Value	34,557	35,776
Fair Value, Inputs, Level 1 [Member] \| Preneed Funeral Trust Investments [Member] \| Limited partnership fund
Debt and Equity Securities, FV-NI [Line Items]
Total	3,633
Unrealized Gains	11
Unrealized Losses	0
Fair Market Value	3,644
Fair Value, Inputs, Level 1 [Member] \| Preneed Funeral Trust Investments [Member] \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Total		326
Unrealized Gains		0
Unrealized Losses		(30)
Fair Market Value		296
Fair Value, Inputs, Level 2 [Member] \| Preneed Cemetery Trust Investments [Member] \| U.S. agency obligations
Debt and Equity Securities, FV-NI [Line Items]
Total	803	803
Unrealized Gains	0	0
Unrealized Losses	(55)	(72)
Fair Market Value	748	731
Fair Value, Inputs, Level 2 [Member] \| Preneed Cemetery Trust Investments [Member] \| Foreign debt
Debt and Equity Securities, FV-NI [Line Items]
Total	11,679	12,241
Unrealized Gains	728	910
Unrealized Losses	(703)	(644)
Fair Market Value	11,704	12,507
Fair Value, Inputs, Level 2 [Member] \| Preneed Cemetery Trust Investments [Member] \| Corporate debt
Debt and Equity Securities, FV-NI [Line Items]
Total	15,241	15,066
Unrealized Gains	168	104
Unrealized Losses	(5,260)	(4,139)
Fair Market Value	10,149	11,031
Fair Value, Inputs, Level 2 [Member] \| Preneed Cemetery Trust Investments [Member] \| Preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Total	12,012	12,560
Unrealized Gains	438	436
Unrealized Losses	(1,701)	(1,789)
Fair Market Value	10,749	11,207
Fair Value, Inputs, Level 2 [Member] \| Preneed Cemetery Trust Investments [Member] \| Mortgage-backed securities
Debt and Equity Securities, FV-NI [Line Items]
Total	79	79
Unrealized Gains	0	0
Unrealized Losses	(8)	(8)
Fair Market Value	71	71
Fair Value, Inputs, Level 2 [Member] \| Preneed Cemetery Trust Investments [Member] \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Total	572	362
Unrealized Gains	0	0
Unrealized Losses	(72)	(33)
Fair Market Value	500	329
Fair Value, Inputs, Level 2 [Member] \| Preneed Cemetery Trust Investments [Member] \| Fixed income
Debt and Equity Securities, FV-NI [Line Items]
Total	11,803	12,324
Unrealized Gains	11	10
Unrealized Losses	(3,029)	(3,310)
Fair Market Value	8,785	9,024
Fair Value, Inputs, Level 2 [Member] \| Preneed Funeral Trust Investments [Member] \| Foreign debt
Debt and Equity Securities, FV-NI [Line Items]
Total	11,219	10,851
Unrealized Gains	709	818
Unrealized Losses	(661)	(555)
Fair Market Value	11,267	11,114
Fair Value, Inputs, Level 2 [Member] \| Preneed Funeral Trust Investments [Member] \| Corporate debt
Debt and Equity Securities, FV-NI [Line Items]
Total	13,980	12,735
Unrealized Gains	156	89
Unrealized Losses	(4,787)	(3,443)
Fair Market Value	9,349	9,381
Fair Value, Inputs, Level 2 [Member] \| Preneed Funeral Trust Investments [Member] \| Preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Total	11,084	10,730
Unrealized Gains	426	391
Unrealized Losses	(1,621)	(1,564)
Fair Market Value	9,889	$ 9,557
Fair Value, Inputs, Level 2 [Member] \| Preneed Funeral Trust Investments [Member] \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Total	431
Unrealized Gains	0
Unrealized Losses	(64)
Fair Market Value	$ 367

CREDIT FACILITY AND ACQUISITION DEBT (Narrative) (Details)		3 Months Ended
	Sep. 29, 2020 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022	Dec. 31, 2022 USD ($)
Debt Covenant To Actual Ratios [Line Items]
Revolving credit facility present accordion provisions		$ 75,000,000
Deferred payments	$ 2,300,000
Line of Credit \| Prime Rate Option
Debt Covenant To Actual Ratios [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.375%
Line of Credit \| Libor Margin Option
Debt Covenant To Actual Ratios [Line Items]
Debt Instrument, Basis Spread on Variable Rate		3.375%
Revolving Credit Facility \| Credit Agreement 2018
Debt Covenant To Actual Ratios [Line Items]
Long-term Debt		$ 213,600,000		$ 190,700,000
Minimum \| Deferred Purchase Price Notes
Debt Covenant To Actual Ratios [Line Items]
Debt Instrument, Imputed Interest Rate		7.30%
Debt Instrument, Term		9 years
Maximum \| Deferred Purchase Price Notes
Debt Covenant To Actual Ratios [Line Items]
Debt Instrument, Imputed Interest Rate		10.00%
Debt Instrument, Term		20 years
Ratio Actual
Debt Covenant To Actual Ratios [Line Items]
Ratio of indebtedness to net capital (in Ratio) (below at March 31, 2015)		6.00
Term Loan
Debt Covenant To Actual Ratios [Line Items]
Revolving credit facility, maximum borrowing capacity		$ 250,000,000
Letter of Credit
Debt Covenant To Actual Ratios [Line Items]
Revolving credit facility, maximum borrowing capacity		15,000,000.0
Swingline
Debt Covenant To Actual Ratios [Line Items]
Revolving credit facility, maximum borrowing capacity		10,000,000.0
Revolving Credit Facility \| Revolving Credit Facility, Secured, Floating Rate \| Line of Credit
Debt Covenant To Actual Ratios [Line Items]
Long-term Debt		213,600,000
Remaining borrowing capacity		$ 34,100,000
Revolving Credit Facility \| Revolving Credit Facility, Secured, Floating Rate \| Credit Agreement
Debt Covenant To Actual Ratios [Line Items]
Debt Instrument, Interest Rate During Period		7.90%	2.10%
Revolving Credit Facility \| Ratio Actual \| Revolving Credit Facility, Secured, Floating Rate \| Line of Credit
Debt Covenant To Actual Ratios [Line Items]
Ratio of earnings to fixed cost obligations (in Ratio)		1.20

Earnings Per Share (EPS Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Less: Earnings allocated to unvested restricted stock	$ 8,844	$ 16,402
Income attributable to common stockholders	(71)	(15)
Income attributable to common stockholders	$ 8,773	$ 16,387
Denominator [Abstract]
Denominator for basic earnings per common share - weighted average shares outstanding	14,758,000	15,244,000
Weighted average number of common and common equivalent shares outstanding for diluted EPS computation	15,468,000	16,369,000
Basic and Diluted earnings per common share:
Continuing operations (in dollars per Share)	$ 0.59	$ 1.07
Continuing operations (in dollars per Share)	$ 0.57	$ 1.00
Antidilutive securities excluded from computation of diluted EPS	1,129,210	0
Stock options
Denominator [Abstract]
Effect of dilutive securities, share options (in shares)	99,000	409,000
Performance awards
Denominator [Abstract]
Effect of dilutive securities, share options (in shares)	611,000	716,000

Receivables from Preneed Trusts (Receivables from preneed funeral trust funds) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables From Preneed Trusts [Abstract]
Preneed trust funds, at cost	$ 20,975	$ 20,594
Less: Allowance for contract cancellation	(629)	(618)
Receivables from preneed trusts, net	$ 20,346	$ 19,976

Stockholders' Equity Stockholders' Equity (Stock-Based Compensation Plans) (Details) - USD ($)			3 Months Ended
	Feb. 19, 2022	Apr. 16, 2021	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Exercise of stock options, shares			12,000	18,736
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price				$ 25.88
Payment, Tax Withholding, Share-based Payment Arrangement			$ 98,000	$ 289,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period, Description			10,145	8,125
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 25.43
Share-based Compensation Arrangement by Share-based Payment Award, Options, Returned for Payroll Taxes			729	1,601
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price			$ 11.70
Treasury stock acquired, shares			0	490,000
Treasury Stock Acquired, Average Cost Per Share			$ 0	$ 53.08
Treasury Stock, Value, Acquired, Cost Method			$ 0	$ 26,010,000
Advsior
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			163	93
Share Based Compensation Arrangement By Share Based Payment Award, Options, Aggregate Grant Date Fair Value			$ 5,000	$ 5,000
Stock options
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			214,191
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value			$ 100,000	500,000
Proceeds from Stock Options Exercised			0	60,000
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation			$ 21,000	$ 82,000
Dividend yield			1.38%
Expected volatility			43.68%
Risk-free interest rate			4.27%
Expected holding period (years)			4 years
Stock options \| Black-Scholes
Class of Stock [Line Items]
Share price at grant date				$ 49.48
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period			92,440	7,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures Fair Valueriod			$ 1,231,000	$ 71,000
Stock options \| Black-Scholes \| Five Year Vesting Period
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			214,191	58,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Options, Grants in Period, Aggregate Grant Date Market Value			$ 2,506,000	$ 959,000
Stock options \| Black-Scholes \| Seven Year Vesting Period
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			0	310,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Options, Grants in Period, Aggregate Grant Date Market Value			$ 0	$ 5,388,000
Stock options \| Monte-Carlo Pricing Model
Class of Stock [Line Items]
Share price at grant date			$ 32.69
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			142,020	0
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Forfeited In Period, Fair Value			$ 79,000	$ 31,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Aggregate Grant Date Market Value			$ 4,634,000	$ 0
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation			1,434	4,185
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation			$ 49,000	$ 207,000
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited			2,400	1,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 32.63
Performance awards
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			0	3,750
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Granted In Period, Fair Value			$ 0	$ 162,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			40,804	6,987
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Forfeited In Period, Fair Value			$ 1,119,000	$ 67,000
Good to Great Awards
Class of Stock [Line Items]
Share price at grant date	$ 49.48	$ 32.69
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			8,444	27,448
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Forfeited In Period, Fair Value			$ 300,000	$ 1,400,000

LEASES

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

LEASES

Our lease obligations consist of operating and finance leases related to real estate, equipment and vehicles. The components of lease cost are as follows (in thousands):


		Three months ended March 31,
	Income Statement Classification	2022		2023
Operating lease cost	Facilities and grounds expense(1)	$	848	$	875
Short-term lease cost	Facilities and grounds expense(1)	102		94
Variable lease cost	Facilities and grounds expense(1)	7		58

Finance lease cost:
Depreciation of leased assets	Depreciation and amortization(2)	$	108	$	108
Interest on lease liabilities	Interest expense	113		105
Total finance lease cost		221		213
Total lease cost		$	1,178	$	1,240



(1)			Facilities and grounds expense is included within Cost of service and General, administrative and other on our Consolidated Statements of Operations.
(2)			Depreciation and amortization expense is included within Field depreciation expense and General, administrative and other on our Consolidated Statements of Operations.

Supplemental cash flow information related to our leases is as follows (in thousands):


	Three months ended March 31,
	2022		2023
Cash paid for operating leases included in operating activities	$	897	$	951
Cash paid for finance leases included in financing activities	213		223

Right-of-use assets obtained in exchange for new leases is as follows (in thousands):


	Three months ended March 31,
	2022		2023
Right-of-use assets obtained in exchange for new operating lease liabilities	$	178	$	908
Right-of-use assets obtained in exchange for new finance lease liabilities	—		—

Supplemental balance sheet information related to leases is as follows (in thousands):


Lease Type	Balance Sheet Classification	December 31, 2022		March 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	17,060	$	17,486

Finance lease right-of-use assets	Property, plant and equipment, net	$	6,770	$	6,770
Accumulated depreciation	Property, plant and equipment, net	(2,881)		(2,989)
Finance lease right-of-use assets, net		$	3,889	$	3,781

Operating lease current liabilities	Current portion of operating lease obligations	$	2,203	$	2,477
Finance lease current liabilities	Current portion of finance lease obligations	414		411
Total current lease liabilities		$	2,617	$	2,888

Operating lease non-current liabilities	Obligations under operating leases, net of current portion	$	17,315	$	17,395
Finance lease non-current liabilities	Obligations under finance leases, net of current portion	4,743		4,641
Total non-current lease liabilities		$	22,058	$	22,036

Total lease liabilities		$	24,675	$	24,924

The average lease terms and discount rates at March 31, 2023 are as follows:


	Weighted-average remaining lease term (years)	Weighted-average discount rate
Operating leases	8.5	8.1	%
Finance leases	11.3	8.1	%

The aggregate future lease payments for non-cancelable operating and finance leases at March 31, 2023 are as follows (in thousands):


	Operating		Finance
Lease payments due:
Remainder of 2023	$	2,938	$	647
2024	3,895		791
2025	3,604		736
2026	3,490		746
2027	3,349		746
Thereafter	9,996		4,063
Total lease payments	27,272		7,729
Less: Interest	(7,400)		(2,677)
Present value of lease liabilities	$	19,872	$	5,052

At March 31, 2023, we had no significant operating or finance leases that had not yet commenced.

LEASES

Our lease obligations consist of operating and finance leases related to real estate, equipment and vehicles. The components of lease cost are as follows (in thousands):


		Three months ended March 31,
	Income Statement Classification	2022		2023
Operating lease cost	Facilities and grounds expense(1)	$	848	$	875
Short-term lease cost	Facilities and grounds expense(1)	102		94
Variable lease cost	Facilities and grounds expense(1)	7		58

Finance lease cost:
Depreciation of leased assets	Depreciation and amortization(2)	$	108	$	108
Interest on lease liabilities	Interest expense	113		105
Total finance lease cost		221		213
Total lease cost		$	1,178	$	1,240



(1)			Facilities and grounds expense is included within Cost of service and General, administrative and other on our Consolidated Statements of Operations.
(2)			Depreciation and amortization expense is included within Field depreciation expense and General, administrative and other on our Consolidated Statements of Operations.

Supplemental cash flow information related to our leases is as follows (in thousands):


	Three months ended March 31,
	2022		2023
Cash paid for operating leases included in operating activities	$	897	$	951
Cash paid for finance leases included in financing activities	213		223

Right-of-use assets obtained in exchange for new leases is as follows (in thousands):


	Three months ended March 31,
	2022		2023
Right-of-use assets obtained in exchange for new operating lease liabilities	$	178	$	908
Right-of-use assets obtained in exchange for new finance lease liabilities	—		—

Supplemental balance sheet information related to leases is as follows (in thousands):


Lease Type	Balance Sheet Classification	December 31, 2022		March 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	17,060	$	17,486

Finance lease right-of-use assets	Property, plant and equipment, net	$	6,770	$	6,770
Accumulated depreciation	Property, plant and equipment, net	(2,881)		(2,989)
Finance lease right-of-use assets, net		$	3,889	$	3,781

Operating lease current liabilities	Current portion of operating lease obligations	$	2,203	$	2,477
Finance lease current liabilities	Current portion of finance lease obligations	414		411
Total current lease liabilities		$	2,617	$	2,888

Operating lease non-current liabilities	Obligations under operating leases, net of current portion	$	17,315	$	17,395
Finance lease non-current liabilities	Obligations under finance leases, net of current portion	4,743		4,641
Total non-current lease liabilities		$	22,058	$	22,036

Total lease liabilities		$	24,675	$	24,924

The average lease terms and discount rates at March 31, 2023 are as follows:


	Weighted-average remaining lease term (years)	Weighted-average discount rate
Operating leases	8.5	8.1	%
Finance leases	11.3	8.1	%

The aggregate future lease payments for non-cancelable operating and finance leases at March 31, 2023 are as follows (in thousands):


	Operating		Finance
Lease payments due:
Remainder of 2023	$	2,938	$	647
2024	3,895		791
2025	3,604		736
2026	3,490		746
2027	3,349		746
Thereafter	9,996		4,063
Total lease payments	27,272		7,729
Less: Interest	(7,400)		(2,677)
Present value of lease liabilities	$	19,872	$	5,052

At March 31, 2023, we had no significant operating or finance leases that had not yet commenced.

DIVESTED OPERATIONS

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

DIVESTED OPERATIONS

During the three months ended March 31, 2023, we sold one funeral home and two cemeteries for an aggregate of $0.8 million. During the three months ended March 31, 2022, we sold two funeral homes for an aggregate of $0.9 million.

The operating results of these divested funeral homes and cemeteries are reflected on our Consolidated Statements of Operations as shown in the table below (in thousands):


	Three months ended March 31,
	2022		2023
Revenue	$	137	$	66

Operating income	2		26
Loss on divestitures(1)	(703)		(82)
Income tax benefit	186		16
Net loss from divested operations, after tax	$	(515)	$	(40)

(1)

Loss on divestitures is recorded in Net loss on divestitures, disposals and impairments charges on our Consolidated Statements of Operations.

Trust Investments (Components of preneed cemetery trust investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Preneed cemetery trust investments	$ 86,459	$ 95,065
Preneed Cemetery Trust Investments [Member]
Debt and Equity Securities, FV-NI [Line Items]
Preneed cemetery trust investments, at market value	89,473	98,269
Less: allowance for contract cancellation	(3,014)	(3,204)
Preneed cemetery trust investments	$ 86,459	$ 95,065

SEGMENT REPORTING

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

Revenue, disaggregated by major source for each of our reportable segments was as follows (in thousands):


Three months ended March 31, 2023
	Funeral		Cemetery		Total
Services	$	43,602	$	4,605	$	48,207
Merchandise	22,969		3,934		26,903
Cemetery property	—		13,108		13,108
Other revenue	3,514		3,782		7,296
Total	$	70,085	$	25,429	$	95,514


Three months ended March 31, 2022
	Funeral		Cemetery		Total
Services	$	45,516	$	4,221	$	49,737
Merchandise	25,285		3,101		28,386
Cemetery property	—		13,226		13,226
Other revenue	3,554		3,258		6,812
Total	$	74,355	$	23,806	$	98,161

The following table presents operating income (loss), income (loss) before income taxes and total assets (in thousands):


	Funeral		Cemetery		Corporate		Consolidated



Operating income (loss):
Three months ended March 31, 2023	$	22,192	$	8,613	$	(10,171)	$	20,634
Three months ended March 31, 2022	25,463		8,218		(8,530)		25,151




Income (loss) before income taxes:
Three months ended March 31, 2023	$	22,333	$	8,672	$	(18,659)	$	12,346
Three months ended March 31, 2022	27,209		8,259		(13,984)		21,484




Total assets:
March 31, 2023	$	795,205	$	412,342	$	17,437	$	1,224,984
December 31, 2022	779,500		396,389		17,061		1,192,950

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Receivables From Preneed Trusts [Abstract]

Receivables from Preneed Trusts (Tables)

3 Months Ended

Mar. 31, 2023

Receivables from Preneed Trusts


	December 31, 2022		March 31, 2023
Preneed funeral trust funds, at cost	$	20,594	$	20,975
Less: allowance for contract cancellation	(618)		(629)
Receivables from preneed funeral trusts, net	$	19,976	$	20,346

Composition of Assets Held in Trust

The composition of the preneed funeral trust funds at March 31, 2023 is as follows (in thousands):


	Historical Cost Basis		Fair Value
Cash and cash equivalents	$	6,191	$	6,191
Fixed income investments	12,031		12,031
Mutual funds and common stocks	2,750		2,518
Annuities	3		3
Total	$	20,975	$	20,743

The composition of the preneed funeral trust funds at December 31, 2022 is as follows (in thousands):


	Historical Cost Basis		Fair Value
Cash and cash equivalents	$	6,071	$	6,071
Fixed income investments	11,795		11,795
Mutual funds and common stocks	2,725		2,440
Annuities	3		3
Total	$	20,594	$	20,309

Senior Notes (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying value of our 4.25% senior notes due 2029 (the “Senior Notes”) is reflected on our Consolidated Balance Sheet as follows (in thousands):


	December 31, 2022		March 31, 2023
Long-term liabilities:
Principal amount	$	400,000	$	400,000

Debt discount, net of accumulated amortization of $794 and $921, respectively	(3,706)		(3,579)
Debt issuance costs, net of accumulated amortization of $226 and $262, respectively	(1,051)		(1,015)
Carrying value of the Senior Notes	$	395,243	$	395,406

Schedule of Long-term Debt

Our Credit Facility and acquisition debt consisted of the following (in thousands):


	December 31, 2022		March 31, 2023
Credit Facility	$	190,700	$	213,600
Debt issuance costs, net of accumulated amortization of $1,926 and $2,064, respectively	(1,864)		(1,720)
Total Credit Facility	$	188,836	$	211,880

Acquisition debt	$	3,993	$	3,971
Less: current portion	(555)		(567)
Total acquisition debt, net of current portion	$	3,438	$	3,404

The imputed interest expense related to our acquisition debt is as follows (in thousands):


	Three months ended March 31,
	2022		2023
Acquisition debt imputed interest expense	$	80	$	71

The interest expense and amortization of debt discount and debt issuance costs related to our Senior Notes are as follows (in thousands):


	Three months ended March 31,
	2022		2023
Senior Notes interest expense	$	4,250	$	4,250
Senior Notes amortization of debt discount	121		127

Senior Notes amortization of debt issuance costs	34		36

Schedule of Earnings Per Share, Basic and Diluted

Senior Notes (Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 174	$ 122
Senior Notes
Debt Instrument [Line Items]
Acquisition debt imputed interest expense	4,250	4,250
Accretion of debt discount, net of debt premium on senior notes	127	121
Amortization of debt issuance costs	$ 36	$ 34

Receivables (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Receivables (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ 1,074		$ 1,013
Unearned finance charges associated with receivables	4,912		4,894
Provision for credit losses	$ 699	$ 837
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Service Contract, Term	8 years
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Service Contract, Term	10 years
Preneed Cemetery Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ 1,390		1,283
Provision for credit losses	252
Funeral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	299		311
Balances due on undelivered cemetery preneed contracts	(10,400)		(8,900)
Cemetery
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	775		702
Balances due on undelivered cemetery preneed contracts	$ (11,900)		$ (11,600)

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

The following table sets forth the computation of the basic and diluted earnings per share (in thousands, except per share data):


	Three months ended March 31,
	2022		2023
Numerator for basic and diluted earnings per share:
Net income	$	16,402	$	8,844
Less: Earnings allocated to unvested restricted stock	(15)		(71)
Income attributable to common stockholders	$	16,387	$	8,773

Denominator:
Denominator for basic earnings per common share - weighted average shares outstanding	15,244		14,758
Effect of dilutive securities:
Stock options	409		99

Performance awards	716		611
Denominator for diluted earnings per common share - weighted average shares outstanding	16,369		15,468

Basic earnings per common share:	$	1.07	$	0.59
Diluted earnings per common share:	$	1.00	$	0.57

Trust Investments (Components of Care trusts’ corpus) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Gain (Loss) on Securities [Line Items]
Care trusts’ corpus	$ 64,352	$ 65,495
Perpetual Care Trust Invesments [Member]
Gain (Loss) on Securities [Line Items]
Cemetery perpetual care trust investments, at market value	65,322	66,307
Obligations due from trust	(970)	(812)
Care trusts’ corpus	$ 64,352	$ 65,495

Receivables

3 Months Ended

Mar. 31, 2023

Preneed Cemetery Receivables [Abstract]

Receivables

RECEIVABLES

Accounts Receivable

Our funeral receivables are recorded in Accounts receivable, net and primarily consist of amounts due for funeral services already performed.

Atneed cemetery receivables and preneed cemetery receivables with payments expected to be received within one year from the balance sheet date are also recorded in Accounts receivable, net. Preneed cemetery receivables with payments expected to be received beyond one year from the balance sheet date are recorded in Preneed cemetery receivables, net.

Accounts receivable is comprised of the following (in thousands):


	March 31, 2023
	Funeral		Cemetery		Corporate		Total
Trade and financed receivables	$	8,441	$	14,753	$	—	$	23,194
Other receivables	598		699		470		1,767
Allowance for credit losses	(299)		(775)		—		(1,074)
Accounts receivable, net	$	8,740	$	14,677	$	470	$	23,887


	December 31, 2022
	Funeral		Cemetery		Corporate		Total
Trade and financed receivables	$	9,518	$	14,429	$	—	$	23,947
Other receivables	643		833		48		1,524
Allowance for credit losses	(311)		(702)		—		(1,013)
Accounts receivable, net	$	9,850	$	14,560	$	48	$	24,458

Other receivables include supplier rebates, commissions due from third party insurance companies and perpetual care income receivables. We do not provide an allowance for credit losses for these receivables as we have historically not had any collectability issues nor do we expect any in the foreseeable future.

The following table summarizes the activity in our allowance for credit losses by segment (in thousands):


	January 1, 2023		Provision for Credit Losses		Write Offs		Recoveries		March 31, 2023
Trade and financed receivables:
Funeral	$	(311)	$	(295)	$	621	$	(314)	$	(299)
Cemetery	(702)		(152)		79		—		(775)
Total allowance for credit losses on Trade and financed receivables	$	(1,013)	$	(447)	$	700	$	(314)	$	(1,074)

Balances due on undelivered preneed funeral trust contracts have been reclassified to reduce Deferred preneed funeral revenue on our Consolidated Balance Sheet of $8.9 million and $10.4 million at December 31, 2022 and March 31, 2023, respectively. As these performance obligations are to be completed after the date of death, we cannot quantify the recognition of revenue in future periods. However, we estimate an average maturity period of ten years for preneed funeral contracts.

Preneed Cemetery Receivables

Our preneed cemetery receivables are comprised of the following (in thousands):


	December 31, 2022		March 31, 2023
Interment rights	$	45,351	$	45,875
Merchandise and services	8,585		8,828
Unearned finance charges	4,894		4,912
Preneed cemetery receivables	$	58,830	$	59,615

The components of our preneed cemetery receivables are as follows (in thousands):


	December 31, 2022		March 31, 2023
Preneed cemetery receivables	$	58,830	$	59,615
Less: unearned finance charges	(4,894)		(4,912)
Preneed cemetery receivables, at amortized cost	$	53,936	$	54,703
Less: allowance for credit losses	(1,985)		(2,165)
Less: balances due on undelivered cemetery preneed contracts	(11,552)		(11,870)
Less: amounts in accounts receivable	(13,727)		(13,978)
Preneed cemetery receivables, net	$	26,672	$	26,690

The following table summarizes the activity in our allowance for credit losses for Preneed cemetery receivables, net (in thousands):


	January 1, 2023		Provision for Credit Losses		Write Offs		March 31, 2023
Total allowance for credit losses on Preneed cemetery receivables, net	$	(1,283)	$	(252)	$	145	$	(1,390)

The amortized cost basis of our preneed cemetery receivables by year of origination at March 31, 2023 is as follows (in thousands):


	2023		2022		2021		2020		2019		Prior		Total
Total preneed cemetery receivables, at amortized cost	$	7,754	$	23,937	$	11,623	$	6,185	$	3,092	$	2,112	$	54,703

The aging of past due preneed cemetery receivables at March 31, 2023 is as follows (in thousands):


	31-60 Past Due		61-90 Past Due		91-120 Past Due		>120 Past Due		Total Past Due		Current		Total
Recognized revenue	$	874	$	399	$	277	$	2,254	$	3,804	$	39,029	$	42,833
Deferred revenue	220		114		56		1,080		1,470		15,312		16,782
Total contracts	$	1,094	$	513	$	333	$	3,334	$	5,274	$	54,341	$	59,615

Balances due on undelivered preneed cemetery contracts have been reclassified to reduce Deferred preneed cemetery revenue on our Consolidated Balance Sheet. The transaction price allocated to preneed merchandise and service performance obligations that were unfulfilled were $11.6 million and $11.9 million at December 31, 2022 and March 31, 2023, respectively. As these performance obligations are to be completed after the date of death, we cannot quantify the recognition of revenue in future periods. However, we estimate an average maturity period of eight years for preneed cemetery contracts.

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Disaggregation of Revenue

Revenue, disaggregated by major source for each of our reportable segments was as follows (in thousands):


Three months ended March 31, 2023
	Funeral		Cemetery		Total
Services	$	43,602	$	4,605	$	48,207
Merchandise	22,969		3,934		26,903
Cemetery property	—		13,108		13,108
Other revenue	3,514		3,782		7,296
Total	$	70,085	$	25,429	$	95,514


Three months ended March 31, 2022
	Funeral		Cemetery		Total
Services	$	45,516	$	4,221	$	49,737
Merchandise	25,285		3,101		28,386
Cemetery property	—		13,226		13,226
Other revenue	3,554		3,258		6,812
Total	$	74,355	$	23,806	$	98,161

Revenue, pre-tax income and total and total assets by segments

The following table presents operating income (loss), income (loss) before income taxes and total assets (in thousands):


	Funeral		Cemetery		Corporate		Consolidated



Operating income (loss):
Three months ended March 31, 2023	$	22,192	$	8,613	$	(10,171)	$	20,634
Three months ended March 31, 2022	25,463		8,218		(8,530)		25,151




Income (loss) before income taxes:
Three months ended March 31, 2023	$	22,333	$	8,672	$	(18,659)	$	12,346
Three months ended March 31, 2022	27,209		8,259		(13,984)		21,484




Total assets:
March 31, 2023	$	795,205	$	412,342	$	17,437	$	1,224,984
December 31, 2022	779,500		396,389		17,061		1,192,950

- Lease Term and Discount Rate (Details)	Mar. 31, 2023
Weighted-average remaining lease term (years)
Operating leases	8 years 6 months
Finance leases	11 years 3 months 18 days
Weighted-average discount rate
Operating leases	8.10%
Finance leases	8.10%

Business Combinations

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Business Combinations

BUSINESS COMBINATIONS

On March 22, 2023, we acquired a business consisting of three funeral homes, two cemeteries and one cremation focused business in the Bakersfield, California area for $44.0 million in cash. We acquired substantially all of the assets and assumed certain operating liabilities of this business.

The pro forma impact of this acquisition on prior periods is not presented, as the impact is not significant to our reported results. The results of the acquired business are reflected in our Consolidated Statements of Operations from the date of acquisition.

The measurement period to determine the fair values of acquired identifiable assets and assumed liabilities will end at the earlier of 12 months from the date of the acquisition or as soon as we receive the information we are seeking about facts and circumstances that existed as of the acquisition date. We recorded provisional estimates for the assets and liabilities acquired as our valuations have not been finalized at March 31, 2023.

Estimated fair values of the assets acquired and liabilities assumed in this transaction as of the closing date are as follows (in thousands):


	Estimated Fair Values
Current assets	$	7,087

Property, plant & equipment	12,577
Cemetery property	9,035
Goodwill	13,612
Intangible and other non-current assets	3,763
Assumed liabilities	(300)


Deferred revenue	(1,774)
Purchase price	$	44,000

The intangible and other non-current assets relate to the fair value of tradenames and right-of-use operating lease assets. The assumed liabilities relate to operating lease obligations. We did not estimate a fair value for cemetery perpetual care assets and liabilities for this acquisition as this information was not yet available. However, these trust assets and liabilities offset in our Consolidated Balance Sheet.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed for this business (in thousands):


Acquisition Date	Type of Business	Market	Assets Acquired (Excluding Goodwill)		Goodwill Recorded		Liabilities and Debt Assumed
March 22, 2023	Three Funeral Homes, Two Cemeteries and One Cremation Focused Business	Bakersfield, CA	$	32,462	$	13,612	$	(2,074)

We did not acquire any businesses during the three months ended March 31, 2022.

Receivables from Preneed Trusts Receivables from Preneed Trusts (Composition of Assets Held in Trusts) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Historical Cost Basis
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	$ 20,975	$ 20,594
Historical Cost Basis \| Cash and cash equivalents
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	6,191	6,071
Historical Cost Basis \| Fixed income investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	12,031	11,795
Historical Cost Basis \| Mutual funds and common stocks
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	2,750	2,725
Historical Cost Basis \| Annuities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	3	3
Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	20,743	20,309
Fair Value \| Cash and cash equivalents
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	6,191	6,071
Fair Value \| Fixed income investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	12,031	11,795
Fair Value \| Mutual funds and common stocks
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	2,518	2,440
Fair Value \| Annuities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	$ 3	$ 3

Goodwill (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table presents changes in goodwill in the accompanying Consolidated Balance Sheet (in thousands):


	December 31, 2022		March 31, 2023
Goodwill at the beginning of the period	$	391,972	$	410,137
Increase in goodwill related to acquisitions	19,511		13,612
Decrease in goodwill related to divestitures	(901)		—
Decrease in goodwill related to assets held for sale	(445)		—
Goodwill at the end of the period	$	410,137	$	423,749

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Business Combinations (Assets Acquired) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Oct. 25, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill Recorded	$ 423,749	$ 410,137		$ 391,972
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Assets Acquired (Excluding Goodwill)			$ 32,462,000
Goodwill Recorded			13,612,000
Liabilities and Debt Assumed			$ (2,074,000)